Do Institutional Quality and Oil Prices Matter for Economic Growth in Russia: An Empirical Study

Authors

  • Alexander Bass Financial university under the Government of Russian Fedeariton

Abstract

In this article we aim to assess the impact of institutional quality and world oil prices on performance of Russian manufacturing sector. Based on the data for the period 1996-2017 for Russia we explore the relationship between institutional quality, measured by the corruption perception index, world oil prices (Brent) and performance of Russian GDP using a VEC framework. For detecting the casual relationship, Granger causality test is applied. The results of the study show that oil prices, institutional quality and economic growth in Russia are cointegrated in the long-run. Yet short-run effects are statistically insignificant. Results of Granger causality test show unidirectional causality running from oil prices and institutional quality to economic growth.Keywords: oil prices, economic growth, institutional quality, vector autoregressionJEL Classifications:  D02, E01, L60, O13, Q41DOI: https://doi.org/10.32479/ijeep.7091

Downloads

Download data is not yet available.

Author Biography

Alexander Bass, Financial university under the Government of Russian Fedeariton

PhD in Economics, Department of financial markets and banks, Associate Professor

Downloads

Published

2018-12-07

How to Cite

Bass, A. (2018). Do Institutional Quality and Oil Prices Matter for Economic Growth in Russia: An Empirical Study. International Journal of Energy Economics and Policy, 9(1), 76–83. Retrieved from https://econjournals.org.tr/index.php/ijeep/article/view/7091

Issue

Vol. 9 No. 1 (2019)

Section

Articles

License

Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.