Can Russia's Military Expansion be Impossible Mission Force for its V-Shaped Growth Recovery under Declining Oil Prices?

Masaaki Kuboniwa ()

No 64, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

Abstract: This paper investigates whether Russia's expansion of military goods can be Impossible Mission Force (IMF) for its V-Shaped growth recovery under declining oil prices. Looking at long-run relationships between domestic outputs and international oil prices for 1995–2016, we focus on the impact of the military output expansion on growth of GDP and manufacturing for 2011–2016. We demonstrate that the military output expansion checked further growth retardation for 2012–2014 as a counter power against deteriorating oil prices or economic sanctions, while the military output expansion would not be likely to bolster up Russia's growth from 2015 onward without next oil windfalls.

Keywords: military goods; international oil price; Impossible Mission Force; growth (search for similar items in EconPapers)
JEL-codes: F51 F52 H56 L64 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2016-11
New Economics Papers: this item is included in nep-cis, nep-ene and nep-tra
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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/28272/RRC_WP_No64.pdf

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Persistent link: https://EconPapers.repec.org/RePEc:hit:rrcwps:64

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