The role of Russian oil and gas complex in securing macroeconomic stability
The subject of the research is the factors of economy stabilization provided by the oil and gas complex. The goal is to develop new theoretical and methodological approaches to the analysis of macroeconomic stability of the Russian economy, to work out recommendations on improving the effectiveness of fiscal and monetary policy instruments functioning. The methodological basis of the research is a graphical and mathematical modeling, a system and functional analysis, the basic tools and techniques of neo-Keynesian and institutional economic thought. The clearly pronounced orientation of the modern Russian economy to mineral and other natural resource exploitation confirms the relevance of the study. The authors have conducted a macroeconomic analysis of fiscal and monetary policy, which depends on rent incomes in the oil and gas industry. The study shows the relationship of the State budget, the public debt, the gold and foreign currency reserves and exchange rates with rent potential of the Russian economy and prices for energy. The study also provides the structure of the State budget in oil-and-gas and non-oil-and-gas revenues, their dynamics and detailed description. The authors identify the influence of the Reserve Fund and the National Welfare Fund on macroeconomic stability of the country; consider foreign experience of promoting economic growth in oil-producing countries and possibilities of its use in the Russian economy. The analysis shows the importance of oil and gas complex in modern Russia, helps identify its opportunities and threats to stabilize the economy, improve the well-being of citizens, increase revenue, and stimulate manufacturers to make an efficient use of limited resources. The basic provisions of the study may be used in teaching economic disciplines.