INDUSTRIAL TRANSFORMATION IN RESPONSE TO DETERIORATING TERMS OF TRADE

Georgy Idrisov

Russian Economic Development, 2016, issue 3, 62-69

Abstract: The deterioration of the terms of trade in Russia was the main trigger of sectoral transformation in 2015. Two major specific phenomena have been observed – the redistribution of the generated value added in favor of the extracting sector of the national economy (despite the plunge of world oil prices) and the absence of any relevant results in the sectors targeted for import substitution (despite the twofold weakening of the ruble). In order to achieve a prompt victory in industrial policy, in our opinion, it will be necessary to implement an export-oriented import substitution model, which will rely on concentration of resources in support of the production and exports of commodities along the value added chains starting in the Eurasian Economic Union (EAEU).

Keywords: Trade; Russian Economy; terms of trade (search for similar items in EconPapers)
JEL-codes: F12 F13 F14 (search for similar items in EconPapers)
Date: 2016
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