Template-Type: ReDIF-Article 1.0
Author-Name:Georgiy Idrisov
Author-Name-First:Georgiy 
Author-Name-Last: Idrisov
Author-Workplace-Name:  Gaidar Institute for Economic Policy
Title:  INDUSTRIAL TRANSFORMATION IN RESPONSE TO DETERIORATING TERMS OF TRADE
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).
Classification-JEL: F12, F13, F14 
Keywords: Trade, Russian Economy, terms of trade
Journal: Russian Economic Developments
Year: 2016 
Issue: 3
Month: March
Pages: 62-69
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/705Idrisov.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:705