Oil production cost, financial development, and economic growth in Russia

Bezhan Rustamov · Cahit Adaoğlu

23 citations0/0 files storedEnergy Sources Part B Economics Planning and Policy

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Natural Resources and Economic Development Energy, Environment, Economic Growth Market Dynamics and Volatility

Abstract

The study investigates the causal relationship between fossil energy sources, the production cost of oil and financial development on economic growth in Russia. The results show that Russian companies’ production cost of oil and oil prices cause economic growth and the one-way causality is negative. We also find that there is one-way positive causality from natural gas price, financial development, and education to economic growth. The negative oil price effect supports the resource curse hypothesis, whereas the positive natural gas price effect does not. Russian policies should focus on lowering companies’ production cost of oil, improving financial development and investing in education.

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References

1995Statistical inference in vector autoregressions with possibly integrated processes 2002Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis 1990Statistical Inference in Instrumental Variables Regression with I(1) Processes 2001The curse of natural resources 1961The Stages of Economic Growth: A Non-Communist Manifesto 2001Natural resources, education, and economic development 2006Political foundations of the resource curse 1993Sustaining Development in Mineral Economies: The Resource Curse Thesis

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