Resource Rents and the Russian Economy
Eurasian Geography and Economics, Vol. 46, No. 8, pp. 559-583, December 2005
Posted: 27 Apr 2006
Abstract
This paper explores the role of energy resources in Russia. We offer a more inclusive definition of oil and gas rents than is traditionally given and analyze how the mechanisms for distributing those rents have changed over time. We show how fluctuations in the level of rents have played a key role in Russian economic performance. Oil rents, in particular, are shown to have varied widely over the past 35 years. We examine the role of the property rights regime and its effect on depletion rates. The paper examines how the distribution of rents affects the sustainability of production. We conclude with some reflections on the proper organization of the energy sector.
Keywords: resource rent, resource economy, transparency, Russian oil and gas, transition, property rights
JEL Classification: E60, O13, O17, Q43
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