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Abstract
This book is an edited collection, bringing together well-known specialists from Russia, Japan, Western Europe and the USA, providing data about the Russian hydrocarbons sector, its size, economic significance, and taxation. It also offers data about the growth of the Stabilization Fund. In addition, it analyses the role of the hydrocarbons sector in Russia’s post-1998 economic boom, drawing attention to the contribution of remittances to Russia of the proceeds of raw material exports. With respect to international political economy, 'Russia’s Oil and Natural Gas' points out that Russia today, with its large energy exports, helps solve the problem of domestic energy shortages which plague many countries. In this way, Russia is currently a major contributor to world stability and the welfare of the energy importers.
It is well known that resource-rich countries may suffer from a 'resource curse'. Their economic performance in the medium and long-run may be adversely affected by the resource riches. This problem is particularly important for Russia, since it is the world's second largest producer and exporter of oil, largest producer and exporter of natural gas, and also exports other natural resources such as diamonds, platinum, nickel, coal, iron ore, timber, and grain. This book is an edited collection, bringing together well-known specialists from Russia, Japan, Western Europe and the USA, providing data about the Russian hydrocarbons sector, its size, economic significance, and taxation. It also offers data about the growth of the Stabilization Fund. In addition, it analyses the role of the hydrocarbons sector in Russia's post-1998 economic boom, drawing attention to the contribution of remittances to Russia of the proceeds of raw material exports. With respect to international political economy, 'Russia’s Oil and Natural Gas' points out that Russia today, with its large energy exports, helps solve the problem of domestic energy shortages which plague many countries. In this way, Russia is currently a major contributor to world stability and the welfare of the energy importers.
'Should be the recommended first read for anyone wishing to obtain knowledge and insights on the implications of the oil boom for Russia.' —John Litwack, Chief Economist for Russia, The World Bank
'A "grab bag" full of choice prizes offered by a stellar collection of European and American scholars. I recommend the collection to all serious students of the Russian economy.' —James R. Millar, Director of the Institute for European, Russian and Eurasian Studies, George Washington University
Michael Ellman is Professor of Economics at the University of Amsterdam and well known for his analysis of the Soviet regional show trials of 1937–38, the Soviet 1947 famine, and the collapse of the USSR. He was awarded the 1998 Kondratieff Prize for his contribution to the development of the social sciences.
'A very timely and provocative research conducted by a group of highly qualified experts... highlights one of the most critical challenges of national and global development.' —Leonid Todorov, Institute for the Economy in Transition
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Front Matter\r | i | ||
| Half Title\r | i | ||
| Advance Reviews\r | ii | ||
| Title\r | iii | ||
| Copyright\r | iv | ||
| Contents\r | v | ||
| List of Tables and Figures\r | vii | ||
| Preface\r | xi | ||
| Main Body\r | 1 | ||
| A. Overview\r | 1 | ||
| 1. The Issues, by Michael Ellman\r | 3 | ||
| 2. Energy and the Economy: An Introduction, by Peter Oppenheimer and Sergiy Maslichenko\r | 15 | ||
| Post-crisis Economic Growth in Russia\r | 15 | ||
| Size of the Oil and Gas Sector\r | 17 | ||
| Russia's Oil Sector and Living Standards in the 1990s\r | 18 | ||
| The 1998 Threshold\r | 21 | ||
| A Different Adjustment Process\r | 21 | ||
| Sustaining the Process\r | 23 | ||
| The Terms of Trade\r | 25 | ||
| Energy-sector Policy and Prospects\r | 27 | ||
| Bibliography\r | 32 | ||
| B. Financial Flows\r | 33 | ||
| 3. Price Differences, Taxes and the Stabilization Fund, by Shinichiro Tabata\r | 35 | ||
| The Hypothesis of 'Subsidies' Caused by Price Differences\r | 35 | ||
| The Case of Petroleum Products\r | 35 | ||
| The Case of Natural Gas\r | 40 | ||
| Tax Revenues from Oil and Gas\r | 41 | ||
| The Stabilization Fund\r | 46 | ||
| Influence of the Increase in World Market Prices of Oil on Tax Revenues\r | 46 | ||
| Concluding Remarks\r | 47 | ||
| Appendix on Taxation, 2003-2005\r | 48 | ||
| Bibliography\r | 53 | ||
| 4. Russia's Economic Contraction and Recovery 1992-2004: Compulsory Repatriation of Export Revenues and the Ambivalence of Liberalization, by Michael S. Bernstam and Alvin Rabushka \r | 55 | ||
| Socialism from Below: Third-party Billing\r | 57 | ||
| Facts: Fiscal Expectations, Surcharged Prices and the Self-enforceable Subsidy\r | 64 | ||
| The Reversal of Powers and the Fall of the Freedom to Charge\r | 92 | ||
| Output Suppression and Recovery\r | 97 | ||
| The Ambivalence of Liberalization and Privatization\r | 101 | ||
| C. Economic Policy Issues\r | 103 | ||
| 5. Sustaining Growth in a Hydrocarbon-Based Economy, by Rudiger Ahrend\r | 105 | ||
| The Policies and Developments Underlying Growth \r | 105 | ||
| The Challenge of Sustaining Growth: Managing a Resource-based Economy\r | 112 | ||
| The Challenge of Sustaining Growth: Achieving Successful Diversification\r | 121 | ||
| Conclusion\r | 124 | ||
| Bibliography\r | 124 | ||
| 6. The Road to Spontaneous Diversification, by Evgeny Gavrilenkov\r | 127 | ||
| Background\r | 127 | ||
| Economic Policy and Diversification\r | 131 | ||
| Medium-term Trends: More Changes Ahead\r | 140 | ||
| 7. Economic Growth and the Mobilization Model, by Gregory Khanin\r | 151 | ||
| Introduction\r | 151 | ||
| Contemporary Russian Macroeconomic Statistics and the Need for Alternative Estimates of the State of the Russian Economy\r | 151 | ||
| Preliminary Estimates of the Growth of the Russian GDP in 1999-2004\r | 153 | ||
| Analysis of the Economic Development of Russia in 1999-2004\r | 157 | ||
| Perspectives for the Russian Economy: The Inertial Scenario\r | 159 | ||
| The Historical Experience of Russia in Overcoming Economic Backwardness\r | 161 | ||
| The Technology of an Economic Leap in Russia\r | 163 | ||
| A Mobilization Scenario for the Contemporary Russian Economy\r | 164 | ||
| Could an Economic Leap be Successful in Today's Russia?\r | 170 | ||
| 8. The Importance of Geography, by Vladimir Kontorovich\r | 173 | ||
| Stunted Entrepreneurship | 173 | ||
| Regional Disparities in the Number of Small Businesses\r | 175 | ||
| Barriers to New Business Formation Across Regions\r | 176 | ||
| Geography and Firm Density\r | 178 | ||
| Discussion of the Results\r | 180 | ||
| Conclusion\r | 183 | ||
| Bibliography\r | 183 | ||
| D. Political Issues\r | 187 | ||
| 9. A Frozen Venezuela? The Resource Curse and Russian Politics, by William Tompson\r | 189 | ||
| Introduction\r | 189 | ||
| Russia's Resource Riches: A Political Curse? \r | 190 | ||
| Resource Wealth and Russian Politics: A 'Tillyan' View\r | 202 | ||
| Conclusion\r | 209 | ||
| Bibliography\r | 209 | ||
| End Matter\r | 213 | ||
| List of Contributors\r | 213 | ||
| Index\r | 215 | ||
| Series Page\r | 217 |