Financial instruments of crisis reversal in the Russian economy

Abstract

Aim. To study the economic crises that occurred in the Russian Federation (RF) from 1991 to 2022 from the point of view of analyzing the causes of their occurrence and the factors of reversal, as well as identifying the chances of overcoming the stages of slowdown and decline in economic dynamics, including those associated with digitalization.Objectives. To reveal the causes of economic crises by identifying the risks realized during this or that crisis; to determine the financial instruments of economic crises reversal in the Russian economy since 1991; to identify the chances of the economic system to overcome the stages of slowdown and decline in economic dynamics and to turn the economic system to sustainable growth.Methods. General scientific methods, including comparative, retrospective and analogy methods, were used as methodological tools.Results. The article identifies the realized risks of economic crises in the Russian Federation, from the crisis of 1991 to the crisis of 2022. As chances of economic growth in the period of digital transformation of the economy and the financial sector, the risks of innovative financial technologies, risks of digitalization of the banking sector, risks of insurance and financial services were identified. Financial and non-financial tools to turn the economic crisis to the recovery period and subsequent sustainable growth were identified.Conclusions. Any crisis is based not only on factors that aggravate and destabilize its parameters, but also on factors that present new chances for further economic development. When assessing economic dynamics during crises, one should take into account the realized risks, possible chances and tools for economic turnaround, including financial and non-financial instruments. Financial instruments, which allow to implement extraordinary management decisions, serve as instruments of turnaround. Additional state budget expenditures from the reserve fund (until 2017) or from the national welfare fund represent corrective financing in periods of uncertainty and are associated with emergency management decisions during crises, including during a special military operation. The main task of the regulator is to limit the negative effects of realized internal and external risks.