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A noted specialist on the Russian economy presents an assessment of the impact of the global financial crisis on the mechanism of the country's economic growth. Focusing on the demand side of the economic ledger, the author explores the question of whether Russia will be able to re-attain the high economic growth rates of the period from 2000 to 2007 after recovering from the crisis. The paper analyzes the sharp drop in production in 2008 and the first quarter of 2009, attributing most of the damage to liquidity problems and declines in the price of oil. Empirical evidence is based primarily on data collected by the author from the Central Bank of Russia and the country's federal bureau of statistics (Rosstat). Journal of Economic Literature, Classification Numbers: E010, E200, E660, F210, G010. 11 figures, 3 tables, 29 references. Key words: Russia, global financial crisis, economic growth, GDP, GDI, terms of trade, foreign trade, ruble exchange rate, money supply (M2), currency reserves, current account, FDI, private capital, banking system, oil prices, natural gas. DOI: 10.2747/1539-7216.50.6.682

A senior Japanese specialist on Russia's economy and its oil and natural gas sectors compares the influence of high oil prices on that economy as well as on Saudi Arabia's. The author provides a penetrating analysis of the relation between oil price increases and GDP growth, of the growth of GDP by final use, and of the accumulation of state budget surpluses in the world's two leading producers and exporters. Although brief references arc made to the drastic decline in the price of oil prompted by the global economic crisis that emerged in the fall of 2008, the paper is specifically focused on the impact of price increases that peaked in July. Journal of Economic Literature, Classification Numbers: E660, H200, H600, 0110, Q400.9 figures, 6 tables, 35 references. Key words: Russia; Saudi Arabia, GDP growth, GDP by final use, state budget surplus, accumulation of budget surpluses, oil exports, gas exports, money supply, currency exchange markets, inflation, sovereign wealth fund.

A senior Japanese specialist on Russia's economy and its oil- and gas-producing sectors analyzes the functions and performance of the Stabilization Fund of the Russian Federation and the new system replacing it in 2008. The Fund, created to diminish the effects of possible future decreases in oil prices on federal budget revenues and to absorb excess liquidity in the economy, was expected to exert a major curb on inflation. The author investigates the extent to which the latter, inflation-fighting role of the Fund has been fulfilled, given increases in the country's money supply and in state-regulated prices within the natural monopolies. Journal of Economic Literature, Classification Numbers: E50, E62, H20, H60.4 figures, 5 tables, 25 references. Key words: Russia, Stabilization Fund, oil and gas revenues, federal budget, inflation, natural monopolies, non--oil-gas balance, Dutch disease, fiscal policy.

A senior Japanese specialist on Russia's economy and its oil- and gas-producing sectors calculates that country's Revealed Comparative Advantage (RCA), Revealed Comparative Disadvantage (RCD), and Trade Specialization Index (TSI) on the basis of foreign trade data compiled by Russia's Federal Customs Service. The focus is on changes in comparative advantage of Russia's major export and import commodities over the 1994-2005 period. The results of the analyses make it possible to test the assertion that the increasing competitiveness of oil and gas exports (and secondarily those of armaments, selected base metals, roundwood, and fertilizers) must compensate for declining competitiveness in (and increasing imports of) meat, plastics, and automobile production and stagnation in the machinery sectors. Journal of Economic Literature, Classification Numbers: F02, F14, 011.4 figures, 8 tables, 11 references. Key words: Russia, Revealed Comparative Advantage, Revealed Comparative Disadvantage, Trade Specialization Index, Russian exports, Russian imports, Russia's competitiveness, Russian oil.

A noted economist and observer of post-Soviet affairs presents a study probing the influence of high oil prices on Russia's GDP growth. The paper analyzes the contributions to the country's GDP by sectors of origin and final use, and pays special attention to the influence of trade margins produced by oil and gas but recorded and placed by Goskomstat Rossii in Russia's trade sector. The author's interpretation of statistical data released by Goskomstat Rossii as well as by Russian customs authorities enables him to conclude that the present-day economic boom in Russia can be characterized as consumption-led growth fueled by oil and gas export revenues. Classification Numbers: C67, C82, E23, LT1, Q43.2 figures, 10 tables, 20 references. Key words: Russian oil, Russian gas, Russian GDP, value added, trade margins.

Two noted Japanese economists join forces with a Russian statistician to assess and analyze the size of Russia's oil and gas sector. The authors discuss the methodology favored by Goskomstat Rossii that is based on the System of National Accounts (SNA) and data supplied by enterprises, and introduce their alternative calculations to approximate the sector's share in the country's GDP. Their method is based on a modification of input-output tables, utilizing enterprise groups as units of statistical observation. Both methods are then compared and the resulting discrepancy traced to the sector's specific characteristics rather than to faulty methodological treatment by Goskomstat Rossii. Journal of Economic Literature, Classification Numbers: C67, C82, E23, L71, Q43. 7 tables, 21 references. Key words: Russian oil and gas, Russian GDP, value added, input-output tables, System of National Accounts.

A senior Japanese economist traces the flows of revenue derived from oil and gas exports through the Russian economy. The author examines the use of revenues and investigates their contribution to Russia's state and regional budgets in the form of taxes. After detailing the methodological difficulties encountered in measuring revenue streams statistically, he proceeds to approximate their magnitude through intensive use of input-output table data and budget statistics provided by the Russian Federation Ministry of Finance. His investigation of the list of destination countries for Russian oil and petroleum products exports has interesting implications for the study of capital flight from Russia to the West. Journal of Economic Literature, Classification Numbers: F14, H20, Q43. 10 tables, 37 references.

A novel filamentous bacterium, Bacillus sp., strain NAF001, and its forming of endospores and budding cells are discussed. The strain was isolated from suspended water of a domestic wastewater treatment tank. It formed long filamentous trichome and produced endospores and formed heat-resistant spore-like resting cells.

A senior Japanese economist briefly examines the causes of Russia's great economic depression of the 1990s, highlighting the important role of the ruble exchange rate. The author argues that 'liberalization' of exchange markets contributed substantially to the depression, because of the 'dual' nature of the Russian economy (strong energy sector and weak manufacturing sector).

The investment crisis in Russia is examined, based on data from Russian government statisticians. Recalculations of contributions to growth in gross domestic expenditure, fixes investments and source of financing are provided. The flight of capital, high investment costs and concentration of bank resources in the state bond market activities, are emphasized.

An examination of the System of National Accounts data of Russia shows that drastic changes have occurred in the structure and distribution of the Gross National Product (GDP) since 1989. Due to liberalization reforms focusing on foreign trade earnings, turnover tax and agricultural subsidies, since 1992 profits have been concentrated in specific industries. The transformation brings a decline in fixed capital formation, while the onslaught of foreign trade ushers in more services. The data focusing on origin, end use, and distribution of GDP, however, are not reliable sources of information.

The international reserves of Russia are growing rapidly. This research note is an attempt to consider the factors and reasons behind this increase. It concludes that the main factor of the increase in the international reserves of Russia since 2017 was the introduction of the new fiscal rule that enabled the increase in the Sovereign Wealth Fund and argues that the new rule was introduced to enhance economic security by making the public finances less sensitive to external developments. [ABSTRACT FROM AUTHOR]

An analysis of Russia's foreign trade statistics reveals two primary problems, the frequency of changes in the methods of processing and compiling statistics and the inconsistency in the statistics due to neglect of the exact foreign tradeover in Russia. The frequency of changes has hampered the comparison of economic data of two consecutive years for research analysis. Only the elimination of these two problems can enhance foreign trade statistics in Russia.