Authors : Elena Kuzmenko, Mansoor Maitah and KarelMalec Hosaen Hndi
Abstract: The present study is devoted to the analysis of the Russian institutional system’s quality and its connection with resource abundance of the country. The key question is whether natural resources are blessing or cursing for economic growth and institutional development in Russia. On the basis of the most authoritative indexes of institutional development we analyzed the dynamics of the Russian institutions evolution, made a series of comparisons between Russia and a number of resource abundant countries regarding to their institutional quality and associated with it economic success. The aim was to identify the position of Russia among resource abundant countries with respect to the quality of institutions and its influence on economic growth in the light of the puzzling phenomenon of Natural Resource Curse (NRC). The comparison was done among the following countries: Venezuela, Russia, Mexico, Australia, Canada and Norway. The analysis, being based on the results of econometric models of several we employs in turn index-verification of NRC institutional interpretation. The results show that Russian institutions are still far from production friendly ones what does’nt contribute to effective use of its natural resources and eventually to a robust economic progress; Russia remains under embezzlement mode.
Elena Kuzmenko, Mansoor Maitah and KarelMalec Hosaen Hndi, 2015. Russia among Resource Abundant Countries: Institutional Analysis in the Light of Natural Resource Curse Phenomenon. International Business Management, 9: 325-333.