The Oil-and-Gas Sector and Development of the Russian Economy

Valeriy Kryukov () and V.D. Marshak (v.d.marshak@mail.ru )

Journal "Region: Economics and Sociology", 2013, vol. 2

Abstract: The paper analyzes the theoretical issues of an institutional rent by presenting a case study for the Russian oil-and-gas sector and how this sector influences the economy under different conditions of the world market. The calculations are made by applying the dynamic optimization models for money flows in the national economy. We assess how hydrocarbon prices of the world market influence the GDP dynamics, consolidated budget, and direct investments, and what minimal level of the oil prices should be to ensure a minimal effective level of the economic development. Our calculations show that there are resources to diversify the federal fiscal revenue but very few effective projects to realize this.

Keywords: oil-and-gas sector; rent; money flows models; assessments; hydrocarbon prices; export (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:nos:regioe:2013-2_9

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