УРАЛЬСКАЯ АКАДЕМИЯ ГОСУДАРСТВЕННОЙ СЛУЖБЫ Antirecession policy in Italy and Russia: policy implementation, appraisal of results Ustinov Aleksandr
Structure of research Analysis of antirecession policy in economic crisis of 2008 -2009 in Italy and Russia Goal General description of the economy of the countries Identifying factors which defined the antirecession policy Research stages Analysis of the antirecession policy of Russia and Italy Results of the antirecession policy of Russia and Italy Outcome Specific character of the antirecession policy of Russia and Italy was analysed, and conclusions concerning the effectiveness of certain measures were made drawn Object Economy of the Italy and Russia Subject Antirecession policy 2
Strengths of the economy Italy Domestic transnational companies: Fiat, Ferrari, Lamborghini, Olivetti, Benetton… Russia Government transnational companies : VTB 24, Sberbank, Gazprom, Avtovaz, etc. Many family-owned business enterprises The presence of conglomerates including oligarchic (transnational companies such as RUSAL, Interros etc. ) Development of light industry Industry specialization in the production of heavy industrial and primary sector Tourism development* by 12% of GDP natural-climatic and resource potential 3
Weaknesses of the economy Italy Russia Significant level of informal sector High level of corruption Substantial budget sector Significant territorial disparities in the economy High taxation Focus on low value added products The relative weakness of the scientific and technical capacity Active state intervention in the economy Has a strong light industrial and medium-sized and family-owned business enterprises. Weakness of the economy is the excessive bureaucracy and corruption. High industrial potential, availability of large industrial enterprises. Weakness of the economy is the excessive bureaucracy and corruption. 4
Impact of the crisis on Italy and Russia The deterioration of economic indicators before crisis period Russia Italy Unemployment rate Russia Italy Russia Budget deficit (% GDP) Italy GDP growth The growth of the informal sector The rapid degradation of large enterprises The decline of industry The need to increase social spending * Increasing political instability * As a result: General deterioration of socio-economic and political environment * the deteriorating socio-economic status 5
Antirecession policy in Italy Mainly aimed at solving budgetary problems Freezing public sector wages Reduction of salaries for some officials Reduction in expenditure on education * Raising the retirement age for women Reduction of budget expenditures Reducing of backward regions funding Bulk sale of the state car fleet Sale of public property, including objects of cultural heritage Increase of budget income Taxpayers check, the fight against defaulters Banning of any payment in cash purchases of more than 5 thousand Euros. Determining factor in antirecession policy was the state budget * Dzhelmini’s reform: reduction of scholarships, reduction of the number of teachers 6
Antirecession policy in Russia Stage 1 (end 2008 - beginning 2009) Meetings, planning * Reduction in expenditure on social sphere Increased refinancing Costs on the infrastructure were reduced Stage 2 (2009) Growth of social obligations Spending of the stabilization fund Reduction of the refinancing rate; various credit programs for citizens and enterprises Target support of most priority sectors Support of strategic ventures in the “manual mode” by the government of Russian Federation Antirecession policy evolved from the policy of the budget economy to the policy of economy support and priority enterprises support *- actions were impulsive and caused a general panic 7
Outcome of antirecession policy + Reduction unemployment + Stabilizing the social environment + Preservation of the existing structure of economy + Return to the previous rate of economic growth (5 -7% by year) Budget stabilization - Maintaining high informal sector - Maintaining ineffective institutions 8
Comparative analisis of antirecession policy in… Italy Russia None Save the social stability Save the budget stability Cost (budget) methods 1 2 goals Methods and techniques Active macroeconomic management 1 Direct management 2 External assistance, including EU external borrowing Sources Budget and savings Low income and low expenditure Directions Enterprises Educational reform Institutions involved «manual mode» by Prime ministry Fighting corruption 9
Main points of analysis Common factors for antirecession policies of Russia and Italy Implementation of anti-crisis policy was defined by: The policy goals resulted in: Methods Structure of the economy Political situation Results Was the result of unpopular tough and consistent measures Italy Sources of financing Policy directions Goals were achieved Success Depended on using resources and direct management Russia 10
Main sources 1. “Italia in russian” // Economic situation in Italy before 90 -th // http: //www. italiaru. it/page/ekonomika-italii 2. Italian economy // www. itali. com 3. Italy: policy // http: //www. polpred. com/? cnt=66&art=10086 4. Antirecession measures in Italy // RNA Itali // http: //www. rian. ru/world/20100526/238627272. html 5. What expect from Italian economy ? http: //www. newsland. ru/News/Detail/id/595938/ 6. Official portal of Prime-minister of the Russian Federation // Main measures of antirecession policy // http: //premier. gov. ru/anticrisis/3. html 7. Antirecession program for 2009 // http: //www. rg. ru/2009/03/20/programma-antikrisis-dok. html 8. Official portal of Italy for investors and tourists http: //www. italia. it/en/home. html 9. La republica // Crisis in Italy: what expect? http: //www. repubblica. it/ 10. International Monetary Fund // Rating by GDP http: //www. imf. org/external/pubs/ft/weo/ 11. Human Development Index and its component //http: //hdr. undp. org/en/media/HDR_2010_EN_Table 1. pdf 11
Thanks for your attention 12
Скачать презентацию УРАЛЬСКАЯ АКАДЕМИЯ ГОСУДАРСТВЕННОЙ СЛУЖБЫ Antirecession policy in Italy
Ustinov Policy.ppt