Economics and economic policy of Russia

2023/2024

Academic Year

ENG

Instruction in English

4

ECTS credits

Delivered at:

International College of Economics and Finance

Course type:

Elective course

When:

3 year, 1, 2 module

Instructors

Arkhipov, Artem V.

Voskoboynikov, Ilya

Course Syllabus

Abstract

a. Pre-requisites Students are supposed to be competent in basic economic theory and economic statistics. Students are also expected to be familiar with the introduction to macroeconomics. b. Abstract: The course examines the economic development of Russia from mid 19th century to the present. It focuses both on long-term economic trends and the economic causes and consequences of particular events (like 1998 default). The course covers recent Russian economic history, structural and technological changes, the economic geography of Russia, major sectors and industries, living standards and social policy, institutions, economic policy, and Russia's role in the global economy. It focuses on the available sources of data on Russian economy and provides insight into the data-based analysis of Russia’s strengths, weaknesses, and future challenges.

Learning Objectives

• (1) Provide a detailed understanding of the evolution of the Russian economy from mid 19th century to the present in terms of economic systems and institutions, natural, human and capital resources, industrial and regional composition, growth factors, and living standards;
• (2) Make students familiar with important measures of economic policies and performances, the sources and consequences for these measures;
• (3) Develop the critical thinking skills in economic analysis.

Expected Learning Outcomes

• By the end of the course, a student who is successful in this course will: 1) be able to apply his training in economics to ‘real-world’ contexts;
• 2) interpret the past and current economic issues and economic policies in Russia.

Course Contents

• Key historical trends affecting the current state of the Russian economy
• Economic specialisation of Russia and how the government tries to improve it
• From natural resources to innovations: what is done for that transformation and what is planned to do
• The regions of Russia: economic disparity, variety of specialisations and cases of successful development (Kaluga region, Yakutia).
• Introduction to the economics of growth
• Labor and human capital in Russia
• Fixed capital as an input
• Sources of growth in Russia
• Income, Inequality and Standards of living. Money-based and quantitative indicators
• Genesis of the Russian economic-model. From 1998 Default to hyper resilience to sanctions
• FX market evolution. From fixed to floating rate and then to the budget rule
• Russian economic relations with foreign countries
• Russian monetary policy: evolution and efficiency
• Budget system and tax policy in Russia
• Sustainable development goals and Russia in comparison with G20

Assessment Elements

• Home assignments
  Written home assignments.
• Class activity
  In-class quizzes, discussions and so on
• October midterm
  Written closed book midterm exam.
• December final exam
  Written closed book final exam (includes material from both modules).

Interim Assessment

• 2023/2024 2nd module
  0.15 * Class activity + 0.45 * December final exam + 0.15 * Home assignments + 0.25 * October midterm

Bibliography

Recommended Core Bibliography

• Weil, D. N. (2016). Economic Growth : International Edition (Vol. Third edition). Abingdon, Oxon: Routledge. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=nlebk&AN=1244212

Recommended Additional Bibliography

• Нуреев, Р. М., Экономическая история России (опыт институционального анализа) : учебное пособие / Р. М. Нуреев, Ю. В. Латов. — Москва : КноРус, 2016. — 268 с. — ISBN 978-5-406-05506-9. — URL: https://book.ru/book/920206 (дата обращения: 25.08.2023). — Текст : электронный.