Virtual economy in the context of the Russian Federation is a scientific term, [1] meaning a number of widespread unorthodox features of the Russian economy [1] in transition. Among these features are non-monetary payments on payments , accompanied by a multiplicity of forms and instruments of payment, and the ensuing plurality of prices; stable debt [1] (long delays in settlements), non-payments.
The first practice of Russian multi-price and multicurrency settlements was described by K. Bendukidze . A serious attempt to analyze such features of the Russian economy was made by the Interdepartmental Balance Commission, headed by P. Karpov. The publication of the commission’s report produced a “slight sensation” [1] at the end of 1997. The very concept of “virtual economy” was introduced into the scientific circulation by foreign researchers K. Gaddy and B. Ickes. The term was popularized thanks to the journalistic work of Yu. Latynina [1] .
The essence of the virtual economy is that the nominally set, declared and registered prices are overstated, and the real calculations are made at lower prices. As a result, the declared volumes of production, profits and GDP are overestimated in comparison with the real ones. [1] According to the approximate calculations of the Institute of Economic Analysis , based on the data of the State Statistics Committee of the Russian Federation, the virtual GDP for January – July 1998 amounted to 17% of legal GDP on an annualized basis [1] ( legal GDP is highlighted here, since in Russia shadow GDP is taken into account when calculating official GDP).
Literature
- Gaddy C., Ickes B. To Restructure or Not to Restructure: Informal Activities and Enterprise Behavior in Transition. Preliminary Draft, February 1998;
- Gaddy C., Ickes B. Russian Virtual Economy. - Foreign Affairs. 1998, vol. 77, No. 5;
- Johnson S., Kaufman D., Shleifer A. The Unofficial Economy in Transition. Brookings papers on
Economic Activity, 1997, vol. 2, p. 159-239;
- Tompsson W. The Price of Everything and the Value of Nothing? Price Formation and Deformation in Contemporary Russia. University of London, 1998
Links
- ↑ 1 2 3 4 5 6 7 Illarionov A. How the Russian financial crisis was organized // Issues of Economics