文章基本信息

标题：Problems and Prospects of Development of the Oil Exchange Market in the Russian Federation
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作者：Marina V. Vasiljeva ; Vadim V. Ponkratov ; Elena Y. Kharlamova 等
期刊名称：International Journal of Energy Economics and Policy
电子版ISSN：2146-4553
出版年度：2019
卷号：9
期号：3
页码：77-86
DOI：10.32479/ijeep.7378
出版社：EconJournals
摘要：Based on the STIRPAT model and the EKC hypothesis, this study provides new evidences on the economic determinants of global emissions. The system-GMM estimations are used for the sample of 106 economies in the period of 1995-2012 to investigate the influences of income level, urbanization, industrialization, energy intensity, public expenditure, trade openness, FDI inflow, and especially shadow economy on total greenhouse emissions, CO2 emissions, CH4 emissions, and N2O emissions, respectively. This study contributes to the literature in three folds. First, the industrialization energy intensity are the main drivers for all emissions (excluding N2O). While, urbanization has positive effects on emissions excluding the case of CH4. Other drivers including public spending and economic integration (proxied by trade openness and FDI inflow) are also tested with interesting findings. Second, a higher level of shadow economy increases all emissions excluding CO2. Third, the determinants of emissions vary depending on the countries’ income level. The study is supported by a battery of robustness checks and by various estimations in the short and long-run to identify the importance of emissions’ drivers.
其他摘要：In the context of speculatively priced Russian oil on the world energy market, the oil exchange market development in the Russian Federation is updated. The purpose of the article was to rationalize conditions ensuring the crude oil market pricing by means of exchange trade development. The main objective of the scientific search was to justify state oil purchase as the main factor in improving the Russian oil exchange market liquidity at the present stage of its development. An optimal level of the ratio of public expenditures for oil exchange purchase to Russia’s GDP was determined. The optimal amount of public expenditures for oil exchange purchase for the second quarter of 2018 amounted to 2,384.64 billion rubles. The optimal amount of public expenditures for oil exchange purchase is 89.9 million tons per quarter. State procurement of such oil volumes as of today could ensure an increase in the oil exchange market liquidity. The research results may lay the groundwork for enhancing the state strategy efficiency to improve the pricing of Russia’s energy resources. Some practical focus areas substantiated in the article would contribute to the exchange market development at the present stage as a factor in the formation of an actual market price for Russian oil.
关键词：Oil Market; Oil Exchange Market; Participants in Oil Exchange Trade; Oligopolistic Oil Market; Russian Oil Industry
其他关键词：Oil Market; Oil Exchange Market; Participants in Oil Exchange Trade; Oligopolistic Oil Market; Russian Oil Industry