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The pandemic crisis: The mechanisms of development and solutions for economic policy

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  • Shirov, A.

    (Institute of Economic Forecasting RAS, Moscow, Russia)

Abstract

The new coronavirus pandemic has created new challenges for experts in economic analysis and substantiation of economic policy. The difference between a pandemic crisis and the mechanisms of a traditional business cycle crisis requires a description of the key mechanisms of its development. The relatively more favorable macroeconomic results of the Russian economy in 2020 were determined both by its structural features and by the parameters of economic policy. At the same time, the crisis led to significant social losses, which resulted in an increase in excess mortality and a decrease in real incomes of the population, and unemployment rising. The crisis has shown the impossibility of targeted support for all the affected segments of the population. In this regard, a rapid recovery of economic activity on the basis of state support can be the most effective way to restore the level and quality of life of the population.

Suggested Citation

  • Shirov, A., 2021. "The pandemic crisis: The mechanisms of development and solutions for economic policy," Journal of the New Economic Association, New Economic Association, vol. 49(1), pages 209-216.
    • Handle: RePEc:nea:journl:y:2021:i:49:p:209-216
    DOI: 10.31737/2221-2264-2021-49-1-11
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    References listed on IDEAS

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    1. S. Aleksashenko & V. Mironov & D. Miroshnichenko., 2011. "Crisis and Anti-crisis Package in Russia: Targets, Scale, Efficiency," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
    2. Loayza,Norman V. & Sanghi,Apurva & Shaharuddin,Nurlina Binti & Wuester,Lucie Johanna, 2020. "Recovery from the Pandemic Crisis : Balancing Short-Term and Long-Term Concerns," Research and Policy Briefs 152797, The World Bank.
    3. C. T. Vidya & K. P. Prabheesh, 2020. "Implications of COVID-19 Pandemic on the Global Trade Networks," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(10), pages 2408-2421, August.
    4. A. G. Aganbegyan & A. N. Klepach & B. N. Porfiryev & M. N. Uzyakov & A. A. Shirov, 2020. "Post-Pandemic Recovery: The Russian Economy and the Transition to Sustainable Social and Economic Development," Studies on Russian Economic Development, Springer, vol. 31(6), pages 599-605, November.
    5. Makin, Anthony J. & Layton, Allan, 2021. "The global fiscal response to COVID-19: Risks and repercussions," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 340-349.
    6. C. T. Vidya & K. P. Prabheesh, 2020. "Implications of COVID-19 Pandemic on the Global Trade Networks," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(10), pages 2408-2421, August.
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    Citations

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    Cited by:

    1. Oleg A. Golovanov & Alexander N. Tyrsin & Elena V. Vasilyeva, 2022. "Assessing the Impact of the COVID-19 Pandemic on the Trends in Socio-Economic Development of an Industrial Region in Russia," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 21(2), pages 257-281.
    2. M. Yu. Malkina, 2022. "The Resilience of the Russian Regional Economies to the 2020 Pandemic," Regional Research of Russia, Springer, vol. 12(3), pages 309-320, September.
    3. Marina Yurievna Malkina, 2022. "Resilience of the Russian Regional Economies to the 2020 Pandemic," Spatial Economics=Prostranstvennaya Ekonomika, Economic Research Institute, Far Eastern Branch, Russian Academy of Sciences (Khabarovsk, Russia), issue 1, pages 101-124.
    4. M. Yu. Malkina, 2022. "Revenues of Russian Subfederal Budgets under the Pandemic: A Spatial Reversal," Regional Research of Russia, Springer, vol. 12(4), pages 544-555, December.
    5. N. N. Mikheeva, 2023. "Household Income and Consumption in Regions during the Pandemic," Regional Research of Russia, Springer, vol. 13(2), pages 287-295, June.

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    Keywords

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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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