Influence Oil Price towards Macroeconomic Indicators in Russia


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Authors

  • Anthony Nyangarika School of Management and Economics, Beijing Institute of Technology
  • Alexey Mikhaylov Financial University under the Government of the Russian Federation, Moscow, Russia http://orcid.org/0000-0003-2478-0307
  • Ulf Henning Richter Tongji University (School of Economics and Management

Abstract

This paper proposes the effect of oil price shocks on the Russian economic indicators using time series for the period 1991-2016 year to cover all of oil price shocks. The vector autoregressive and the Dickey-Fuller test were utilized to investigate the long-run and the short-run relationships between variables. From the results shows that one of the most important external impact factor is the world price of oil. The research suggests a positive and significant long-term relationship between oil prices and Russian GDP dynamics.Keywords: oil price shocks, GDP growth, forecasting, oil impact.JEL Classifications: C51, C58, F31, G12, G15DOI: https://doi.org/10.32479/ijeep.6807

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Author Biographies

Alexey Mikhaylov, Financial University under the Government of the Russian Federation, Moscow, Russia

Department of financial markets and banks, Ph. D in Economics

Ulf Henning Richter, Tongji University (School of Economics and Management

Department of Business Administration, Ph.D

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Published

2018-12-07

How to Cite

Nyangarika, A., Mikhaylov, A., & Richter, U. H. (2018). Influence Oil Price towards Macroeconomic Indicators in Russia. International Journal of Energy Economics and Policy, 9(1), 123–129. Retrieved from https://www.econjournals.com/index.php/ijeep/article/view/6807

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