Economic Analysis: Theory and Practice

Models of hydrocarbon markets development in emerging economies

Vol. 17, Iss. 4, APRIL 2018

Received: 27 December 2017

Received in revised form: 23 January 2018

Accepted: 5 February 2018

Available online: 27 April 2018


JEL Classification: F01, F43, F63

Pages: 637–651

Kosov M.E. Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Subject The article addresses the models of hydrocarbon market development in emerging economies. It includes a tactical area that relates to permanent use of resources available in the country, and a strategic area that relates to stock accounting inclusive of proven fields.
Objectives The purpose of the study is to disclose tactical, strategic and integral dependence of the Russian economy on oil, gas and coal production.
Methods I employ the methods of extrapolation, comparison, systematization, and econometric analysis.
Results I suggest using the indicators of tactical, strategic and integral dependence of the national economy on natural resources, which include oil, gas and coal. The findings may be helpful for monitoring the resource dependence of Russia and other developing countries.
Conclusions The paper offers a procedure for weighing individual resource characteristics that will enable a more accurate forecasting of the national economy development.

Keywords: emerging economies, development strategy, coal mining, oil and gas exports, budget


  1. Sachs J.D., Warner A.M. Natural Resource Abundance and Economic Growth. NBER Working Paper No. 5398, December, 1995. URL:
  2. Sachs J.D., Warner A.M. The Big Push, Natural Resource Booms and Growth. Journal of Development Economics, 1999, vol. 59, iss. 1, pp. 43–76. URL:
  3. Polterovich V.M., Popov V.V., Tonis A. [Mechanisms of resource curse and economic policy]. Voprosy Ekonomiki, 2007, no. 6, pp. 4–27. (In Russ.)
  4. Mau V.M., Ulyukaev A.V. [Global crisis and trends of economic development]. Voprosy Ekonomiki, 2014, no. 11, pp. 4–24. (In Russ.)
  5. Robinson J.A., Torvik R., Verdier T. Political Foundations of the Resource Curse. Journal of Development Economics, 2006, vol. 79, iss. 2, pp. 447–468. URL:
  6. Baland J., Francois P. Rent-seeking and Resource Booms. Journal of Development Economics, 2000, vol. 61, iss. 2, pp. 527–542. URL:
  7. Krugman P.R. The Narrow Moving Band, the Dutch Disease and the Competitive Consequences of Mrs. Thatcher: Notes on Trade in the Presence of Dynamic Scale Economies. Journal of Development Economics, 1987, vol. 27, iss. 1-2, pp. 41–55. URL:
  8. Knobel' A. [Risks of fiscal policy in countries rich in natural resources]. Ekonomicheskaya politika = Economic policy, 2013, no. 5, pp. 29–38. (In Russ.)
  9. Mehlum H., Moene K., Torvik R. Institutions and the Resource Curse. The Economic Journal, 2006, vol. 116, iss. 508, pp. 1–20. URL:
  10. Brunnschweiler C., Bulte E. The Resource Curse Revisited and Revised: A Tale of Paradoxes and Red Herrings. Journal of Environmental Economics and Management, 2008, vol. 55, iss. 3, pp. 248–264. URL:
  11. Corden M., Neary J.P. Booming Sector and De-Industrialization in a Small Open Economy. The Economic Journal, 1982, vol. 92, iss. 368, pp. 825–848. URL:
  12. Konte M. A Curse or a Blessing? Natural Resources in a Multiple Growth Regimes Analysis. Applied Economics, 2013, vol. 45, iss. 26, pp. 3760–3769. URL:
  13. Wantchekon L. Why do Resource Abundant Countries Have Authoritarian Governments? Journal of African Finance and Economic Development, 2002, vol. 5, iss. 2, pp. 57–77.
  14. Guriev S.M., Plekhanov A., Sonin K. [Economics of development based on commodity revenues]. Voprosy Ekonomiki, 2010, no. 3, pp. 4–23. (In Russ.)
  15. Matsuyama K. Agricultural Productivity, Comparative Advantage, and Economic Growth. Journal of Economic Theory, 1992, vol. 58, iss. 2, pp. 317–334. URL:
  16. Bykanova O.A., Akhmadeev R.G., Kosov M.E. et al. Assessment of the Economic Potential of Sovereign Wealth Funds. Journal of Applied Economic Sciences, 2017, vol. 12, iss. 1, pp. 70–84.
  17. Kryukov V.A., Pavlov E.O. [Approach to socio-economic assessment of resource regime in an oil and gas sector (for example USA)]. Voprosy Ekonomiki, 2012, no. 10, pp. 105–116. (In Russ.)
  18. Vasil'eva O. [Human capital accumulation and resources abundance]. Voprosy Ekonomiki, 2011, no. 12, pp. 66–77. (In Russ.)
  19. Kosov M.E., Akhmadeev R.G., Bykanova O.A. et al. Economic Practicability Substantiation of Financial Instrument Choice. Journal of Applied Economic Sciences, 2016, Fall, vol. 11, iss. 8, pp. 1613–1623.
  20. Khvostova I.E., Smolyakova E.E. [The role of exports and trade conditions in the country with a resource dependency]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2014, no. 42, pp. 24–35. URL: (In Russ.)
  21. Gylfason T. Natural Resources, Education, and Economic Development. European Economic Review, 2001, vol. 45, iss. 4-6, pp. 847–859. URL:

View all articles of issue


ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 17, Iss. 4
April 2018