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Russian economy in the face of the global decline of crude oil prices

Michal Wilinski () and Agnieszka Wilinska ()
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Michal Wilinski: Nicolaus Copernicus University, Poland
Agnieszka Wilinska: Nicolaus Copernicus University, Poland

No 154/2015, Working Papers from Institute of Economic Research

Abstract: The purpose of this article is to present problem in which the Russia found after the imposition of her economic and political sanctions by the European Union. It also shows the impact of the global figure the crude oil price to change the size of gross domestic product and the country's budget revenues. The models were to confirm the existence of consistent relationship between the studied variables and indicate the strength of this relationship, between the crude oil price and the size of Russia's GDP and exports in the country. The first model is indicative of the relationship between the change in the size of world crude oil prices and the value of gross domestic product. The second model shows the impact of world crude oil prices on the value of exports. The resulting models confirm that values and confirm the thesis of mine. An important element that should also pay attention to a problem related to the occurrence in the Russian economy Dutch disease. Russia's strong economic dependence on oil and natural gas causes such a violent change of the economic situation of the country from fluctuations in the world prices of crude oil and is a major cause of the economic crisis which took the Russian economy in 2014.

Keywords: crisis; Russia; crude oil (search for similar items in EconPapers)
JEL-codes: A11 A14 B16 B26 (search for similar items in EconPapers)
Date: 2015-06, Revised 2015-06
New Economics Papers: this item is included in nep-cis, nep-ene and nep-tra
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Published in Problemy gospodarki swiatowej TOM V, edited by Ilona Pietryka, Institute of Economic Research and Polish Economic Society Branch in Torun, Torun 2015

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Persistent link: https://EconPapers.repec.org/RePEc:pes:wpaper:2015:no154

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