approaches. On the one hand, by using a panel error correction model with a sample of 130 countries between 1980 and 2020, we …

neighbours in the CIS region. It stresses the importance of international oil prices as a determinant of policies and outcomes in … Russia is not an economic superpower globally, the size and importance of Russia for the CIS region is significant and thus … oil price changes also drive the economic development of non-fuel exporting CIS countries to a significant degree. …

. The analysis proposed is based on a panel data approach and the Arellano-Bond estimator for dynamic panels. We obtain … necessarily for developed countries. We then invert the causality direction of the analysis. Rather than explaining economic …, and investment in infrastructures. We employ a generalised least squares AR(1) panel data model. The results provide …