Russian Journal of Economics

Russian Journal of Economics

Volume 2, Issue 3, September 2016, Pages 279-301
Russian Journal of Economics

Terms of trade and Russian economic development,

https://doi.org/10.1016/j.ruje.2016.09.002Get rights and content
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Abstract

The paper discusses economic development trends in Russia in late 2014 and 2015 and reviews the basic mechanisms of how changes in the terms of trade affect the economic development of countries from a historical perspective and with a particular focus on those changes in the Russian economy that occurred in late 2014 and 2015. The authors demonstrate that structural reforms aimed at diversification of production and exports are necessary for sustainable economic development, for social stability and for reducing the impact of variability in the terms of trade on the Russian economy. During periods of instability in the government agenda's measures for the real and financial sectors, it is necessary not only to compensate economic agents losses caused by changes in the terms of trade but also to improve the economic structure and to develop and enhance the stability of the financial markets.

JEL

E0
O1
O4
F1

Keywords

economic development
terms of trade
GDP
GDI

Cited by (0)

The updated English version of the article published in Russian in Ekonomicheskaya Politika, 2015, No. 5, pp. 7–37.

Peer review under responsibility of Voprosy Ekonomiki.