Abstract
Gavrilenko’s paper gives a profound analysis of the growth record and determinants of the Russian economy and reasons why the growth potential is not fully exploited. Main impediments to structural change and thus to growth are seen in institutional deficiencies leading to inter-firm and inter-sectoral immobility of capital. Of the capital earned in the energy sector and invested in Russia, too little flows to other parts of the economy where it could yield higher returns. And it is not even efficiently invested in the energy sector which urgently needs upgrading of technical equipment. Furthermore, the capital available is not fully invested in Russia but taken overseas (Cyprus, Switzerland and the Netherlands are important examples). Capital flight is prevalent.1 Obviously, the link between capital available and domestic investment and hence growth is impeded.
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Jungnickel, R. (2004). Comments on: Macroeconomic Situation in Russia: Growth, Investment and Capital Flows. In: Gavrilenkov, E., Welfens, P.J.J., Wiegert, R. (eds) Economic Opening Up and Growth in Russia. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-24729-6_15
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DOI: https://doi.org/10.1007/978-3-540-24729-6_15
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