A theoretical interpretation of the oil prices impact on economic growth in contemporary Russia

Georgy Idrisov, Maria Kazakova and Andrey Polbin

Russian Journal of Economics, 2015, vol. 1, issue 3, 257-272

Abstract: This article analyzes the impact of global oil prices on Russia's economic growth and its growth rate in terms of output. It also reviews the mechanics of the long-term and short-term impacts on output resulting from changes in oil prices. The authors argue that the effect of oil prices on output has decreased dramatically under current economic conditions ever since the period of recovery growth in the early 2000s. The main conclusion of the paper is that, on the basis of classical models, a constant increase in oil prices cannot influence the long-term economic growth rate and only predetermines short-term transitional trends from one long-term equilibrium to another.

Keywords: oil prices; economic growth; small open economy (search for similar items in EconPapers)
JEL-codes: E32 E47 E52 F41 O41 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (27)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:rujoec:v:1:y:2015:i:3:p:257-272

DOI: 10.1016/j.ruje.2015.12.004

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