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Abstract

Vol. 63, No. 2, pp. 128-142 (2012)

“Russian Economy and Oil —A Reappraisal—”
Masaaki Kuboniwa (Institute of Economic Research, Hitotsubashi University)

In this paper we further develop the comparative analysis of relationships between the Russian economy and oil prices. First, we demonstrate that the major macroeconomic variables in Russia have been largely exposed to changes in oil prices through terms of trade and trading gains for 1995-2011. Second, examining the relationships between oil-importing Central European economies, we show that they fared well under oil-shocks in the 2000s through improvements of their energy-efficiency and rapid growth of their exports to Russia. Third, we present weak relationships between oil prices and Soviet growth for 1960-1990. We also show a negative impact of oil prices on improvements of Soviet energy efficiency in contrast to modern Russia.