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Resource nationalism and credit growth in FSU countries

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  • Kalyuzhnova, Yelena
  • Nygaard, Christian

Abstract

This paper analyses the connection between resource nationalism and financial sector intervention in the FSU countries. We consider recent financial development in the FSU and the special features of energy rich emerging economies (Russia and Kazakhstan, in particular) which are influencing recent credit expansions. We find that the hydrocarbon sector has boosted boosting domestic credits through a number of direct and indirect routes. Recent decline in oil prices may change government attitudes to a continued resource nationalist strategy. Sovereign wealth funds that were established in a majority of energy rich emerging economies may, to the extent that they enable the selection of winners in specific economic sectors, create path dependency or exacerbate longer term allocative inefficiency arising from the governance structure associated with resource nationalism.

Suggested Citation

  • Kalyuzhnova, Yelena & Nygaard, Christian, 2009. "Resource nationalism and credit growth in FSU countries," Energy Policy, Elsevier, vol. 37(11), pages 4700-4710, November.
    • Handle: RePEc:eee:enepol:v:37:y:2009:i:11:p:4700-4710
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    1. Aleksandras Vytautas Rutkauskas & Viktorija Stasytytė & Nijolė Maknickienė, 2014. "Government debt as the integral portfolio of assets and liabilities generated by debt," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 15(1), pages 22-40, February.
    2. Doina-Ana Draniceanu & Elena-Doina Dascalu & Lucian-Florin Onisor, 2014. "Sovereign Wealth Funds –Activity, Development and Forecasting," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 168-183, December.
    3. Karatayev, Marat & Hall, Stephen & Kalyuzhnova, Yelena & Clarke, Michèle L., 2016. "Renewable energy technology uptake in Kazakhstan: Policy drivers and barriers in a transitional economy," Renewable and Sustainable Energy Reviews, Elsevier, vol. 66(C), pages 120-136.
    4. Wilhelm, Cindy, 2023. "‘In Guinea, there are two types of mining companies’: An analysis of the diverse local content approaches of the bauxite mining companies in Guinea," Resources Policy, Elsevier, vol. 83(C).

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