A theoretical interpretation of the oil prices impact on economic growth in contemporary Russia
This article analyzes the impact of global oil prices on Russia's economic growth and its growth rate in terms of output. It also reviews the mechanics of the long-term and short-term impacts on output resulting from changes in oil prices. The authors argue that the effect of oil prices on outp...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Voprosy Ekonomiki
2015-09-01
|
| Series: | Russian Journal of Economics |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2405473915000367 |
| _version_ | 1818542478564786176 |
|---|---|
| author | Georgy Idrisov Maria Kazakova Andrey Polbin |
| author_facet | Georgy Idrisov Maria Kazakova Andrey Polbin |
| author_sort | Georgy Idrisov |
| collection | DOAJ |
| description | This article analyzes the impact of global oil prices on Russia's economic growth and its growth rate in terms of output. It also reviews the mechanics of the long-term and short-term impacts on output resulting from changes in oil prices. The authors argue that the effect of oil prices on output has decreased dramatically under current economic conditions ever since the period of recovery growth in the early 2000s. The main conclusion of the paper is that, on the basis of classical models, a constant increase in oil prices cannot influence the long-term economic growth rate and only predetermines short-term transitional trends from one long-term equilibrium to another. |
| first_indexed | 2024-12-11T22:22:36Z |
| format | Article |
| id | doaj.art-a7ffda215fc34604badbb0368e8e0be5 |
| institution | Directory Open Access Journal |
| issn | 2405-4739 |
| language | English |
| last_indexed | 2024-12-11T22:22:36Z |
| publishDate | 2015-09-01 |
| publisher | Voprosy Ekonomiki |
| record_format | Article |
| series | Russian Journal of Economics |
| spelling | doaj.art-a7ffda215fc34604badbb0368e8e0be52022-12-22T00:48:24ZengVoprosy EkonomikiRussian Journal of Economics2405-47392015-09-011325727210.1016/j.ruje.2015.12.004A theoretical interpretation of the oil prices impact on economic growth in contemporary RussiaGeorgy Idrisov0Maria Kazakova1Andrey Polbin2Russian Presidential Academy of National Economy and Public Administration, Moscow, RussiaRussian Presidential Academy of National Economy and Public Administration, Moscow, RussiaRussian Presidential Academy of National Economy and Public Administration, Moscow, RussiaThis article analyzes the impact of global oil prices on Russia's economic growth and its growth rate in terms of output. It also reviews the mechanics of the long-term and short-term impacts on output resulting from changes in oil prices. The authors argue that the effect of oil prices on output has decreased dramatically under current economic conditions ever since the period of recovery growth in the early 2000s. The main conclusion of the paper is that, on the basis of classical models, a constant increase in oil prices cannot influence the long-term economic growth rate and only predetermines short-term transitional trends from one long-term equilibrium to another.http://www.sciencedirect.com/science/article/pii/S2405473915000367oil priceseconomic growthsmall open economy |
| spellingShingle | Georgy Idrisov Maria Kazakova Andrey Polbin A theoretical interpretation of the oil prices impact on economic growth in contemporary Russia Russian Journal of Economics oil prices economic growth small open economy |
| title | A theoretical interpretation of the oil prices impact on economic growth in contemporary Russia |
| title_full | A theoretical interpretation of the oil prices impact on economic growth in contemporary Russia |
| title_fullStr | A theoretical interpretation of the oil prices impact on economic growth in contemporary Russia |
| title_full_unstemmed | A theoretical interpretation of the oil prices impact on economic growth in contemporary Russia |
| title_short | A theoretical interpretation of the oil prices impact on economic growth in contemporary Russia |
| title_sort | theoretical interpretation of the oil prices impact on economic growth in contemporary russia |
| topic | oil prices economic growth small open economy |
| url | http://www.sciencedirect.com/science/article/pii/S2405473915000367 |
| work_keys_str_mv | AT georgyidrisov atheoreticalinterpretationoftheoilpricesimpactoneconomicgrowthincontemporaryrussia AT mariakazakova atheoreticalinterpretationoftheoilpricesimpactoneconomicgrowthincontemporaryrussia AT andreypolbin atheoreticalinterpretationoftheoilpricesimpactoneconomicgrowthincontemporaryrussia AT georgyidrisov theoreticalinterpretationoftheoilpricesimpactoneconomicgrowthincontemporaryrussia AT mariakazakova theoreticalinterpretationoftheoilpricesimpactoneconomicgrowthincontemporaryrussia AT andreypolbin theoreticalinterpretationoftheoilpricesimpactoneconomicgrowthincontemporaryrussia |