IDEAS home Printed from https://ideas.repec.org/a/eco/journ2/2021-03-30.html
   My bibliography  Save this article

Energy Prices and Households Incomes Growth Proportions in Russia s Case Context

Author

Listed:
  • Nina Morozko

    (Financial University under the Government of the Russian Federation, Moscow, Russia.)

  • Natalia Morozko

    (Financial University under the Government of the Russian Federation, Moscow, Russia.)

  • Valentina Didenko

    (Financial University under the Government of the Russian Federation, Moscow, Russia.)

Abstract

The article describes the past and future energy and natural resources policies in Russia. The authors consider the main trends and prospects in the state energy policy. The article shows the relationship between the National Welfare Fund growth and the decline in consumption. The authors argue the ability of raw materials revenues to solve problems of social financing. The analysis relies on the VAR and VECM-model to test the generated hypotheses. The model explores changes in energy prices in proportion to changes in individual factors of social and savings policies, taking into account the random component. We take the two most important elements of population income - these are social payments and wages. The article provides an opportunity to reflect on the ability of the innovative distribution of oil and gas revenues to change current social policies. The study complements our knowledge of the lack of social financing and the need to increase the real level of income.

Suggested Citation

  • Nina Morozko & Natalia Morozko & Valentina Didenko, 2021. "Energy Prices and Households Incomes Growth Proportions in Russia s Case Context," International Journal of Energy Economics and Policy, Econjournals, vol. 11(3), pages 243-250.
    • Handle: RePEc:eco:journ2:2021-03-30
    as

    Download full text from publisher

    File URL: https://www.econjournals.com/index.php/ijeep/article/download/11147/5810
    Download Restriction: no
    File URL: https://www.econjournals.com/index.php/ijeep/article/view/11147/5810
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Herriges, Joseph A. & King, K.A., 1994. "Residential Demand for Electricity Under Block Rate Structures: Evidence from a Controlled Experiment," Staff General Research Papers Archive 1498, Iowa State University, Department of Economics.
    2. Hara, Keishiro & Uwasu, Michinori & Kishita, Yusuke & Takeda, Hiroyuki, 2015. "Determinant factors of residential consumption and perception of energy conservation: Time-series analysis by large-scale questionnaire in Suita, Japan," Energy Policy, Elsevier, vol. 87(C), pages 240-249.
    3. Guerrero-Escobar, Santiago & Hernandez-del-Valle, Gerardo & Hernandez-Vega, Marco, 2019. "Do heterogeneous countries respond differently to oil price shocks?," Journal of Commodity Markets, Elsevier, vol. 16(C).
    4. Akaike, Hirotugu, 1981. "Likelihood of a model and information criteria," Journal of Econometrics, Elsevier, vol. 16(1), pages 3-14, May.
    5. Rotemberg, Julio J & Woodford, Michael, 1996. "Imperfect Competition and the Effects of Energy Price Increases on Economic Activity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 550-577, November.
    6. Wang, Zhaohua & Zhang, Bin & Zhang, Yixiang, 2012. "Determinants of public acceptance of tiered electricity price reform in China: Evidence from four urban cities," Applied Energy, Elsevier, vol. 91(1), pages 235-244.
    7. Ben S. Bernanke & Mark Gertler & Mark W. Watson, 1997. "Systematic Monetary Policy and the Effects of Oil Price Shocks," Working Papers 1997-1, Princeton University. Economics Department..
    8. Kamerschen, David R. & Porter, David V., 2004. "The demand for residential, industrial and total electricity, 1973-1998," Energy Economics, Elsevier, vol. 26(1), pages 87-100, January.
    9. Martin S. Feldstein, 1972. "Equity and Efficiency in Public Sector Pricing: The Optimal Two-Part Tariff," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 86(2), pages 175-187.
    10. Todd Moss, 2011. "Oil to Cash: Fighting the Resource Curse through Cash Transfers," Working Papers id:3489, eSocialSciences.
    11. Ben S. Bernanke & Mark Gertler & Mark Watson, 1997. "Systematic Monetary Policy and the Effects of Oil Price Shocks," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(1), pages 91-157.
    12. L. S. Rzhanitsyna, 2019. "Dynamics of Social Spending in the Draft Federal Budget of Russia for 2019–2021," Studies on Russian Economic Development, Springer, vol. 30(4), pages 419-424, July.
    13. Christian Gianella, 2007. "A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade," OECD Economics Department Working Papers 537, OECD Publishing.
    14. Bernanke, Ben S & Gertler, Mark & Watson, Mark W, 2004. "Oil Shocks and Aggregate Macroeconomic Behavior: The Role of Monetary Policy: Reply," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(2), pages 287-291, April.
    15. Cologni, Alessandro & Manera, Matteo, 2008. "Oil prices, inflation and interest rates in a structural cointegrated VAR model for the G-7 countries," Energy Economics, Elsevier, vol. 30(3), pages 856-888, May.
    16. Herriges, Joseph A & King, Kathleen Kuester, 1994. "Residential Demand for Electricity under Inverted Block Rates: Evidence from a Controlled Experiment," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(4), pages 419-430, October.
    17. Marianne Bertrand & Sendhil Mullainathan, 2005. "Profitable Investments or Dissipated Cash?: Evidence on the Investment-Cash Flow Relationship From Oil and Gas Lease Bidding," Harvard Institute of Economic Research Working Papers 2063, Harvard - Institute of Economic Research.
    18. Gylfason, Thorvaldur & Herbertsson, Tryggvi Thor & Zoega, Gylfi, 1999. "A Mixed Blessing," Macroeconomic Dynamics, Cambridge University Press, vol. 3(2), pages 204-225, June.
    19. Hou, Keqiang & Mountain, Dean C. & Wu, Ting, 2016. "Oil price shocks and their transmission mechanism in an oil-exporting economy: A VAR analysis informed by a DSGE model," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 21-49.
    20. Anthony Nyangarika & Alexey Mikhaylov & Ulf Henning Richter, 2019. "Oil Price Factors: Forecasting on the Base of Modified Auto-regressive Integrated Moving Average Model," International Journal of Energy Economics and Policy, Econjournals, vol. 9(1), pages 149-159.
    21. Hoag, John H. & Wheeler, Mark, 1996. "Oil price shocks and employment: the case of Ohio coal mining," Energy Economics, Elsevier, vol. 18(3), pages 211-220, July.
    22. Jaehyung An & Mikhail Dorofeev & Shouxian Zhu, 2020. "Development of Energy Cooperation between Russia and China," International Journal of Energy Economics and Policy, Econjournals, vol. 10(1), pages 134-139.
    23. Alexey Mikhaylov, 2019. "Oil and Gas Budget Revenues in Russia after Crisis in 2015," International Journal of Energy Economics and Policy, Econjournals, vol. 9(2), pages 375-380.
    24. Alexei Yumashev & Beata Ślusarczyk & Sergey Kondrashev & Alexey Mikhaylov, 2020. "Global Indicators of Sustainable Development: Evaluation of the Influence of the Human Development Index on Consumption and Quality of Energy," Energies, MDPI, vol. 13(11), pages 1-13, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Bin Zhang & Li Sun & Mengyao Yang & Kin-Keung Lai & Bhagwat Ram, 2023. "A Robust Optimization Approach for Smart Energy Market Revenue Management," Energies, MDPI, vol. 16(19), pages 1-14, October.
    2. Mikhail Lvovitch Dorofeev, 2021. "Does Income Inequality Create Excessive Threats to the Sustainable Development of Russia? Evidence from Intercountry Comparisons via Analysis of Inequality Heatmaps," Economies, MDPI, vol. 9(4), pages 1-17, November.
    3. Selamet Joko Utomo & Titov Chuk's Mayvani & Mochamad Ali Imron, 2021. "Coal Energy and Macroeconomic Conditions," International Journal of Energy Economics and Policy, Econjournals, vol. 11(4), pages 426-432.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hou, Keqiang & Mountain, Dean C. & Wu, Ting, 2016. "Oil price shocks and their transmission mechanism in an oil-exporting economy: A VAR analysis informed by a DSGE model," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 21-49.
    2. Jaehyung An & Alexey Mikhaylov & Sang-Uk Jung, 2020. "The Strategy of South Korea in the Global Oil Market," Energies, MDPI, vol. 13(10), pages 1-8, May.
    3. Alan S. Blinder & Jeremy B. Rudd, 2008. "The Supply Shock Explanation of the Great Stagflation Revisited," Working Papers 1097, Princeton University, Department of Economics, Center for Economic Policy Studies..
    4. Fédéric Holm-Hadulla & Kirstin Hubrich, 2017. "Macroeconomic Implications of Oil Price Fluctuations : A Regime-Switching Framework for the Euro Area," Finance and Economics Discussion Series 2017-063, Board of Governors of the Federal Reserve System (U.S.).
    5. Paul Castillo & Carlos Montoro & Vicente Tuesta, 2005. "Inflation Premium and Oil Price Volatility," Working Papers Central Bank of Chile 350, Central Bank of Chile.
    6. Anna Kormilitsina, 2011. "Oil Price Shocks and the Optimality of Monetary Policy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 14(1), pages 199-223, January.
    7. Athanasios Triantafyllou & Dimitrios Bakas & Marilou Ioakimidis, 2023. "Commodity price uncertainty as a leading indicator of economic activity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4194-4219, October.
    8. Winkler, Roland C. & Wohltmann, Hans-Werner, 2006. "Anticipated Raw Materials Price Shocks and Monetary Policy Response - A New Keynesian Approach," Economics Working Papers 2006-19, Christian-Albrechts-University of Kiel, Department of Economics.
    9. Lang, Korbinian & Auer, Benjamin R., 2020. "The economic and financial properties of crude oil: A review," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
    10. Ioannidis, Christos & Ka, Kook, 2018. "The impact of oil price shocks on the term structure of interest rates," Energy Economics, Elsevier, vol. 72(C), pages 601-620.
    11. Francesca Rondina, 2017. "The Impact of Oil Price Changes in a New Keynesian Model of the U.S. Economy," Working Papers 1709E, University of Ottawa, Department of Economics.
    12. Munechika Katayama, 2013. "Declining Effects of Oil Price Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(6), pages 977-1016, September.
    13. Bhattacharya, Jyotirmoy, 2008. "Oil Shocks: How Destabilizing are they?," MPRA Paper 12116, University Library of Munich, Germany.
    14. Cheng, Dong & Shi, Xunpeng & Yu, Jian & Zhang, Dayong, 2019. "How does the Chinese economy react to uncertainty in international crude oil prices?," International Review of Economics & Finance, Elsevier, vol. 64(C), pages 147-164.
    15. Alan S. Blinder & Jeremy B. Rudd, 2013. "The Supply-Shock Explanation of the Great Stagflation Revisited," NBER Chapters, in: The Great Inflation: The Rebirth of Modern Central Banking, pages 119-175, National Bureau of Economic Research, Inc.
    16. Surajit Das & Sukanya Bose & N. R. Bhanumurthy, 2014. "Oil Price Shock, Pass-Through Policy and its Impact on India," India Studies in Business and Economics, in: Ratan Khasnabis & Indrani Chakraborty (ed.), Market, Regulations and Finance, edition 127, chapter 13, pages 231-253, Springer.
    17. Matteo Manera & Alessandro Cologni, 2006. "The Asymmetric Effects of Oil Shocks on Output Growth: A Markov-Switching Analysis for the G-7 Countries," Working Papers 2006.29, Fondazione Eni Enrico Mattei.
    18. Das, Debojyoti & Kannadhasan, M., 2020. "The asymmetric oil price and policy uncertainty shock exposure of emerging market sectoral equity returns: A quantile regression approach," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 563-581.
    19. Rondina, Francesca, 2012. "The role of model uncertainty and learning in the US postwar policy response to oil prices," Journal of Economic Dynamics and Control, Elsevier, vol. 36(7), pages 1009-1041.
    20. Jammazi, Rania & Aloui, Chaker, 2010. "Wavelet decomposition and regime shifts: Assessing the effects of crude oil shocks on stock market returns," Energy Policy, Elsevier, vol. 38(3), pages 1415-1435, March.

    More about this item

    Keywords

    energy prices; oil revenues; social benefits; wages;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eco:journ2:2021-03-30. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ilhan Ozturk (email available below). General contact details of provider: http://www.econjournals.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.