An Analysis of Medium-and-Long Term Developments of the Russian Economy

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This research project aims to reveal the existing conditions of the Russian economy when it has passed more than ten years since the commencement of transition to a market economy in the Russian Federation. We made an effort to answer the following two questions; (1) whether a market economy has already established itself in Russia or not, (2) whether recent high growth rates of the Russian economy will be sustainable in the future or not. For this purpose, we focused mainly upon four research topics, namely, on trends of the development of the Russian economy since 1992, on progress of economic reforms, on macroeconomic developments, and on movements of the corporate and microeconomic system.Our conclusion is as follows. First, the Russian economy is judged to be a market economy, on the ground that it enjoys sustainable high growth rates on the basis of market institutions transplanted from outside since 1992. Secondly, this evaluation is supported by the microeconomic fact that corporate governance has formed extensively now among Russian enterprises. Thirdly, the formation of financial markets lags behind, which is one of the most serious defects of the Russian economy. Fourthly the Russian economy has a challenge of a decline in population in the long run, but it has a vast possibility of economic developments on the basis of technical catch-up through importation of ordinary technology from the developed countries.The above-mentioned outcomes from the collaboration of the project members have been published in several refereed international journals and academic books.