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Russian economy in the face of the global decline of crude oil prices

Author

Listed:
  • Michal Wilinski

    (Nicolaus Copernicus University, Poland)

  • Agnieszka Wilinska

    (Nicolaus Copernicus University, Poland)

Abstract

The purpose of this article is to present problem in which the Russia found after the imposition of her economic and political sanctions by the European Union. It also shows the impact of the global figure the crude oil price to change the size of gross domestic product and the country's budget revenues. The models were to confirm the existence of consistent relationship between the studied variables and indicate the strength of this relationship, between the crude oil price and the size of Russia's GDP and exports in the country. The first model is indicative of the relationship between the change in the size of world crude oil prices and the value of gross domestic product. The second model shows the impact of world crude oil prices on the value of exports. The resulting models confirm that values and confirm the thesis of mine. An important element that should also pay attention to a problem related to the occurrence in the Russian economy Dutch disease. Russia's strong economic dependence on oil and natural gas causes such a violent change of the economic situation of the country from fluctuations in the world prices of crude oil and is a major cause of the economic crisis which took the Russian economy in 2014.

Suggested Citation

  • Michal Wilinski & Agnieszka Wilinska, 2015. "Russian economy in the face of the global decline of crude oil prices," Working Papers 154/2015, Institute of Economic Research, revised Jun 2015.
    • Handle: RePEc:pes:wpaper:2015:no154
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    More about this item

    Keywords

    crisis; Russia; crude oil;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics

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