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The theoretical interpretation of the effect of oil prices on economic growth in modern Russia
[Теоретическая Интерпретация Влияния Нефтяных Цен На Экономический Рост В Современной России]

Author

Listed:
  • Idrisov, Georgiy (Идрисов, Георгий)

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy)

  • Kazakova, Maria (Казакова, Мария)

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy)

  • Polbin, Andrey (Полбин, Андрей)

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy)

Abstract

The paper discusses the theoretical impact of world oil prices on economic development and growth rate for the Russian economy. The long- and short-run mechanisms that oil price changes affect output are discussed. It is argued that the oil price changes influence on the output has significantly decreased compared with Russian economy recovery in the early 2000s. The main paper conclusion is that, based on the classical models, there are no arguments for the permanent oil prices increase affect the long-term economic growth, only short-term transient dynamics between two long-run equilibria may be interpreted.

Suggested Citation

  • Idrisov, Georgiy (Идрисов, Георгий) & Kazakova, Maria (Казакова, Мария) & Polbin, Andrey (Полбин, Андрей), 2014. "The theoretical interpretation of the effect of oil prices on economic growth in modern Russia
    [Теоретическая Интерпретация Влияния Нефтяных Цен На Экономический Рост В Современной России]
    ," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 150-171, October.
  • Handle: RePEc:rnp:ecopol:ep1452
    as

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    References listed on IDEAS

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