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Influence Oil Price towards Macroeconomic Indicators in Russia

Author

Listed:
  • Anthony Nyangarika

    (School of Management and Economics, Beijing Institute of Technology, Beijing, China,)

  • Alexey Mikhaylov

    (Department of Financial Markets and Banks, Financial University Under the Government of the Russian Federation, Moscow, Russia,)

  • Ulf Henning Richter

    (Tongji University (School of Economics and Management), Shanghai, China.)

Abstract

This paper proposes the effect of oil price shocks on the Russian economic indicators using time series for the period 1991-2016 year to cover all of oil price shocks. The vector autoregressive and the Dickey-Fuller test were utilized to investigate the long-run and the short-run relationships between variables. From the results shows that one of the most important external impact factor is the world price of oil. The research suggests a positive and significant long-term relationship between oil prices and Russian GDP dynamics.

Suggested Citation

  • Anthony Nyangarika & Alexey Mikhaylov & Ulf Henning Richter, 2019. "Influence Oil Price towards Macroeconomic Indicators in Russia," International Journal of Energy Economics and Policy, Econjournals, vol. 9(1), pages 123-129.
    • Handle: RePEc:eco:journ2:2019-01-15
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    References listed on IDEAS

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    Cited by:

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    More about this item

    Keywords

    oil price shocks; GDP growth; forecasting; oil impact.;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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