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LONG-TERM GROWTH PROSPECTS FOR THE RUSSIAN ECONOMY

The analysis shows that public transportation investment can have significant impacts on the economy, and thus represent an important public policy consideration. However, economic impacts should not be equated with the value of total societal benefits associated with public transportation investment. Care should also be taken to recognize the short-term effect of public transportation spending as well as the longer-term benefits of sustained transportation investment on travel times, costs and economic productivity. Both may be useful considerations for public information and investment decisions. . | EUROPEAN CENTRAL BANK EUROSYSTEM LONG-TERM GROWTH PROSPECTS FOR THE RUSSIAN ECONOMY OCCASIONAL PAPER SERIES by Roland Beck Annette Kamps and Elitza Mileva NO 58 MARCH 2007 EUROPEAN CENTRAL BANK EUROSYSTEM In 2007 all ECB publications feature a motif taken from the 20 banknote. OCCASIONAL PAPER SERIES NO 58 I MARCH 2007 LONG-TERM GROWTH PROSPECTS FOR THE RUSSIAN ECONOMY 1 by Roland Beck Annette Kamps and Elitza Mileva This paper can be downloaded without charge from http www.ecb.int or from the Social Science Research Network electronic library at http ssrn.com abstract_id 967603 I Corresponding author Roland Beck European Central Bank Kaiserstrasse 29 60311 Frankfurt am Main Germany email roland.beck@ecb.int. The paper has been written while Annette Kamps Kiel Institute for the World Economy and Elitza Mileva Fordham University were affiliated with the European Central Bank. It is an extended version of a background paper prepared for the Joint High-Level Eurosystem-Bank of Russia Seminar that took place in Dresden on II-I2 October 2006. The opinions expressed in this paper are those of the authors and do not necessarily reflect the views of the European Central Bank. The paper benefited from comments by participants at the High-Level Eurosystem-Bank of Russia seminar as well as Georges Pineau Francesco Mazzaferro and Adalbert Winkler of the European Central Bank Stephan Barisitz of the Osterreichische Nationalbank and Simon Ollus and Jouko Rautava of Suomen Pankki BOFIT . European Central Bank 2007 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Website http www.ecb.int Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Any reproduction publication or reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the author s . The views .