Is Russia Still Driving Regional Economic Growth?

ByMarco Pani, Etibar Jafarov, Clinton R. Shiells

October 1, 2005

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper investigates whether the linkages between economic growth in Russia and growth in other countries in the region have weakened over time, particularly following the 1998 Russian crisis. It specifies an econometric model that includes standard growth determinants as well as Russian economic growth, and which allows for the effects of Russian growth to vary over time. The paper finds that Russian growth was indeed a significant determinant of regional economic growth prior to the Russian crisis, but that this link weakened significantly thereafter.

Subject: Consumer price indexes, Expenditure, Exports, Foreign exchange, Inflation, International trade, Prices, Real exchange rates

Keywords: Baltics, CIS, CIS country, coefficient estimate, Consumer price indexes, country dummy, Economic growth, Exports, government expenditure, growth regression, Inflation, Real exchange rates, Russia, Russia still, vis-à-vis Russia, WP

Pages:
42
Volume:
2005
DOI:
https://doi.org/10.5089/9781451862119.001
Issue:
192
Series:
Working Paper No. 2005/192
Stock No:
WPIEA2005192
ISBN:
9781451862119
ISSN:
1018-5941

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