Oil Price Shocks and Russia's Economic Growth: The Impacts and Policies for Overcoming Them
Author(s):
Abstract:
Considering Russias rich and vast oil resources, this country is one of the worlds greatest producers and exporters of this nonrenewable energy resource, and like other petrostates, receives a major part of its national income in this way. The dependence of Russias budget on oil has raised the significance of world oil price fluctuations for this country. Since 1970s, the global oil market has experienced numerous shocks, which have in turn, had significant effects on Russias economy. Therefore, the theoretical study of oil shocks and their historical impact on Russias economy, as well as the policies adopted by this country to reduce the effects of those shocks, is considered a practical issue for Irans oil-based economy. The outcomes of this research indicate the positive impact of historical oil shocks on Russias economic growth. The establishment of a stabilization fund in 2004 and its development into the Reserve Fund and the National Welfare Fund in 2010 are considered to be this countrys most important policy in reaction to oil price shocks.
Keywords:
Language:
English
Published:
World Sociopolitical Studies, Volume:1 Issue: 1, Summer 2017
Pages:
1 to 31
https://magiran.com/p1721738
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