Becker Torbjörn

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This paper provides a detailed analysis of the link between Russia’s economic growth and international oil prices, both when it comes to actual outcomes and the forecasts that are crucial for policy makers and other economic actors. The strength of the relationship is staggering. Depending on measures and time periods used, international oil prices account for 50 to over 90 percent of Russia’s actual growth or forecast errors. Since international oil prices are exogenous to Russian policy makers it means that they do not really control the fate of their economy.

Available at : http://swopec.hhs.se/hasite/papers/hasite0038.pdf

(Accessed on january 2017)