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Monthly Report No. 2/2019

Author

Listed:
  • Andrei V. Belyi
  • Peter Havlik
  • Artem Kochnev
  • Ilya B. Voskoboynikov

Abstract

Chart of the month The Russian economy and oil prices by Peter Havlik Opinion corner Russia’s new social contract in light of the oil taxation reforms by Andrei V. Belyi The fiscal rule and the foreign exchange market in Russia Stepping in the same river twice? by Artem Kochnev Last month the Central Bank of Russia announced its return to the foreign exchange market, according to the fiscal rule implemented in 2017. This note finds that the previous round of the currency interventions by the Bank of Russia was effective in stabilising exchange rate movements by counterbalancing the effects of the oil price changes on the Russian currency. Global slowdown and the Russian economy by Ilya B. Voskoboynikov The article reviews long-run sources of Russian economic growth and demonstrates that the stagnation of the Russian economy in the past decade can be considered in the context of the global productivity slowdown. Conventional industry growth accounting shows that in contrast to the transformational recession before 1998, the recent stagnation of 2008-2014 is primarily the outcome of a slowdown in total factor productivity (TFP) growth and a deterioration in the allocation of labour, rather than bottlenecks in capital inputs. Monthly and quarterly statistics for Central, East and Southeast Europe

Suggested Citation

  • Andrei V. Belyi & Peter Havlik & Artem Kochnev & Ilya B. Voskoboynikov, 2019. "Monthly Report No. 2/2019," wiiw Monthly Reports 2019-02, The Vienna Institute for International Economic Studies, wiiw.
    • Handle: RePEc:wii:mpaper:mr:2019-02
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    File URL: https://wiiw.ac.at/monthly-report-no-2-2019-dlp-4813.pdf
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    References listed on IDEAS

    as
    1. repec:zbw:bofitp:2017_018 is not listed on IDEAS
    2. Timmer,Marcel P. & Inklaar,Robert & O'Mahony,Mary & Ark,Bart van, 2013. "Economic Growth in Europe," Cambridge Books, Cambridge University Press, number 9781107412446.
    3. Voskoboynikov, Ilya B., 2012. "New measures of output, labour and capital in industries of the Russian economy," GGDC Research Memorandum GD-123, Groningen Growth and Development Centre, University of Groningen.
    4. Voskoboynikov, Ilya B., 2017. "Sources of long run economic growth in Russia before and after the global financial crisis," Russian Journal of Economics, Elsevier, vol. 3(4), pages 348-365.
    5. Timmer,Marcel P. & Inklaar,Robert & O'Mahony,Mary & Ark,Bart van, 2010. "Economic Growth in Europe," Cambridge Books, Cambridge University Press, number 9780521198875.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    oil price; balance of payments; oil taxation; social contract; ‘energy superpower’ concept; fiscal rule; foreign exchange market; growth accounting; total factor productivity; structural change; capital intensity;
    All these keywords.

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