The development strategy and planning in Russia: principles and economic policy

The basic problems of strategic development of the Russian economy over the past quarter century are considered. The "zigzagging effect" is shown at the level of formulating strategic objectives, which has influenced the development of particular regions of the country to different extents, depending on their initial status and potential. The main principles of elaborating the development strategy and strategic planning are formulated. It is shown how the current macroeconomic policy (strategy) can form a “structural framework” of the economy, which will provide either the opportunity or inability to achieve strategic goals of development. The model «2x2» - “investment-savings”, “financial and non-financial” sector - is proposed, from which it follows that the reason for the difficulties of a strategic nature consists in the growth of the financial sector, inefficient institutions regulating and determining its mode of operation, which requires changes in the country’s monetary and financial policies. The process of strategic planning must culminate in elaboration of the development strategy, it should imply unified principles and approaches at various levels of regional and federal governance. The prospect for this study can be seen in the problem of distribution of the monetary and fiscal policy effect (in the framework of fiscal federalism) in the regional perspective. The proposed model can become a simple initial scheme within which the parameter of institutional bias of the financial sector must be determined for different regions in order to identify methods to rectify this regional divergence.