| On some approaches of public administration to stimulating economic growth |
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Аuthors: Mikhail V. Ershov Dr. Sc. (Econ.), Professor, Director of the Center for Monetary Policy and Financial Markets. Financial University under the Government of the Russian Federation Anna S. Tanasova Cand. Sc. (Econ.), Deputy Head of the Center for Monetary Policy and Financial Markets. Financial University under the Government of the Russian Federation Elena Yu. Sokolova Cand. Sc. (Econ.), Leading Researcher of the Center for Monetary Policy and Financial Markets. Financial University under the Government of the Russian Federation Abstract. The article observes the mechanisms and levers of public administration aimed at stimulating economic growth in a fundamentally new environment, i.e. post-crisis recovery in the world and in Russia characterized by arrested economic development and constantly shrinking real income of households in the Russian Federation. The Russian economy also suffers from a decline in domestic demand. Under such conditions, the country pursues a restricting monetary and fiscal policy. The methodological framework of the study embraces the theoretical principles of strategic management and new public management. The authors apply a wide range of qualitative methods of analysis, as well as retrospective, structural-functional and system-based approaches. The paper analyses domestic demand in Russia and views it as an important object of public administration and one of the central factors in economic growth. The current level of domestic demand is insufficient and hampers economic growth. At the same time, external demand for Russian export goods may decrease due to the slowdown in global growth. In the event of severe destabilization, external risks in the financial markets may adversely affect the Russian economy. We conclude that it is highly necessary to increase the efficiency of internal factors as sources of economic growth in Russia through the active use of public management mechanisms. The paper discusses the measures of public administration employed by other countries to stimulate their economic growth amid similar conditions and finds that the Russian regulatory authorities have powerful, but yet unused, levers at their disposal. The research results may be useful for public authorities and institutions when implementing monetary and fiscal policy. Keywords: public administration; monetary policy; central banks; economic growth. |
