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Industrial Transformation In Response To Deteriorating Terms Of Trade

Author

Listed:
  • Georgiy Idrisov

    (Gaidar Institute for Economic Policy)

Abstract

The deterioration of the terms of trade in Russia was the main trigger of sectoral transformation in 2015. Two major specific phenomena have been observed – the redistribution of the generated value added in favor of the extracting sector of the national economy (despite the plunge of world oil prices) and the absence of any relevant results in the sectors targeted for import substitution (despite the twofold weakening of the ruble). In order to achieve a prompt victory in industrial policy, in our opinion, it will be necessary to implement an export-oriented import substitution model, which will rely on concentration of resources in support of the production and exports of commodities along the value added chains starting in the Eurasian Economic Union (EAEU).

Suggested Citation

  • Georgiy Idrisov, 2016. "Industrial Transformation In Response To Deteriorating Terms Of Trade," Russian Economic Development, Gaidar Institute for Economic Policy, issue 3, pages 62-69, March.
    • Handle: RePEc:gai:recdev:705
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    More about this item

    Keywords

    Trade; Russian Economy; terms of trade;
    All these keywords.

    JEL classification:

    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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