The overcoming directions of the structural economic crisis in oil exporters’ countries according the conditions of global oil prices’ instability (at the example of the Bolivarian Republic of Venezuela)
The article examines the dependence of the country's oil export economies (for example, Venezuela) on the state of the world oil markets through the analysis of the individual components of its socio-economic system. The subject of the study is the manifestation of the structural economic crisis in Venezuela in conditions of changes in oil prices in international markets. The goal is to identify the main causes of the structural economic crisis in Venezuela and to generalize the ways to overcome it. Objective: the consequences of the fall of world oil prices in 2014-2016 on the economic situation of Venezuela; A review of economic cooperation between Venezuela and key global players, in particular, the United States, the People's Republic of China, and the Russian Federation; The changes in the socioeconomic situation in Venezuela that were caused by export losses were analyzed and prospective ways of overcoming the crisis are presented. The study used the scientific methods: the method of comparison – in describing the bilateral political-economic relations between Venezuela and the developed countries of the West, on the one hand, and the new geopolitical partners of Venezuela on the other; analytical-empirical, statistical method and others. In analyzing the socio-economic indicators of Venezuela's economic development under conditions of recession, the cause-effect and the method of deduction – in identifying the weaknesses of the Venezuelan economy and the ways of smoothing the contradictions in conditions of oil and export dependence. On this basis, the following results were obtained: it was identified the main causes of the structural crisis in Venezuela and promising ways in stabilization of the monetary and financial situation in the economy (in particular, the introduction of cryptocurrencies with an attachment to oil as an additional source of financial resources in the country and searching the new sources of loan financing with using of the geopolitical aspect. Conclusions: the economic crisis in Venezuela caused by the over-dependence of economic development on oil exports and due to the ineffectiveness of the socio-economic system’s elements. The alignment of world prices does not allow for a deep recession’s quickly emerging, therefore, price fluctuations in world markets will aggravate the internal economic position and will provoke a socio-political crisis in the country.
EKSPYeRT ONLINE. (2016). Pyat prichin padeniya tsen na neft. Vzyato s http://expert.ru/2016/02/10/opyat-zagovoryi/
BP Deutschland. (n.d.). Statistical Review of World Energy 2014. Retrieved from https://www.bp.com/content/dam/bp country/de_de/PDFs/brochures/BP-statistical-review-of-world-energy-2014-full-report.pdf
Krasilshchikov, V. A. (2002). Latinskaya Amerika segodnya – Rossiya zavtra. Mir Rossii, 1, 40.
Statystychna baza Svitovogho banku. (n.d.). Statystychna baza Svitovogho banku. Vzjato z http://databank.worldbank.org/
International Monetary Fund. (2018, October). World Economic Outlook. Retrieved from http://www.imf.org/external/datamapper/datasets/WEO
Sjoghodni. (2015, serpenj 24). Nafta jde na dno: jak zminjuvalysja ciny na "chorne zoloto" z 1990 roku. Vzjato z https://ukr.segodnya.ua/economics/enews/neft-uhodit-na-dno-kak-menyalis-ceny-na-chernoe-zoloto-s-1990-goda-643509.html
Tema. (2014, ghrudenj 15). The Economist pro prychyny padinnja cin na naftu. Vzjato z http://tema.in.ua/article/8747.html
Ivanivsjkyj, Z. V. (2014). Vnutrishnja i zovnishnja polityka Venesuely v umovakh kryzy. Latynoamerykansjkyj istorychnyj aljmanakh, 14, T. 14, 224 – 225.
The Heritage Foundation. (n.d.). Venezuela Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. Retrieved form https://www.heritage.org/index/country/venezuela
The Observatory of Economic Complexity. (n.d.). Venezuela (VEN) Exports, Imports, and Trade Partners. Retrieved from https://atlas.media.mit.edu/ru/profile/country/ven/
TACC. (2018, fevral 14). Kak Venesuela stala dlya SShA novoy Kuboy. Vzyato s http://tass.ru/opinions/4953277
IPG Mezhdunarodnaya politika i obshchestvo. (2018, mart 9). Sostyazanie mozhno schitat otkrytym. Vzyato s https://www.ipg-journal.io/regiony/latinskaja-amerika/statja/show/sostjazanie-mozhno-schitat-otkrytym-488/
Сhina.org.cn. (2012, desember 12).Venezuela seeks to fuel oil links. Retrieved from http://www.china.org.cn/business/2012-12/02/content_27287270.htm
Khalidov, I. V. (2012). Sovremenaya deyatelnost konsortsiuma rosiyskikh i venesuelskikh neftyanykh kompaniy po osvoeniyu i kommertsializatsii resursov sverkhtyazheloy nefti basseyna Orinoko. (Avtoref. dis. kand. ekon. nauk).
Rossiyskiy gosudarstvennyy universitet nefti i gaza imeni I. M. Gubkina, Moskva.
Posolstvo Rossiyskoy Federatsii v Bolivarianskoy Respublike Venesuela. (n.d.). Posolstvo Rossiyskoy Federatsii v Bolivarianskoy Respublike Venesuela. Vzyato s https://venezuela.mid.ru/rossijsko-venesuel-skie-otnosenia
Novaya gazeta. (2017, avgust 30). Bolivar ne vyplatit kredit. Vzyato s https://www.novayagazeta.ru/articles/2017/08/30/73645-bolivar-ne-vyplatit-kredit
Central Intelligence Agency. (2018). International Trade Statistics Yearbook. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/fields/2116.html#ve
Lenta.ru. (2013, fevral 9). Venesuela provela devalvatsiyu natsionalnoy valyuty. Vzyato s https://lenta.ru/news/2013/02/09/bolivar/
Reuters. (2018, august 2). Venezuela’s Constituent Assembly legalizes money exchanges. Retrieved from https://www.reuters.com/article/us-venezuela-economy/venezuelas-constituent-assembly-legalizes-money-exchanges-idUSKBN1KN2IW
Dolartoday.(2018, august 17). Dolar Paralelo hoy Viernes Bs. 5409511,25 y Euro Bs. 6152399,43. Retrieved from https://dolartoday.com/dolar-paralelo-1979/
DW.com. (2018, fevral 21). Venesuela za den zarabotala na kriptovalyute 735 mln dollarov.Vzyato s https://www.dw.com/ru/венесуэла-за-день-заработала-на-криптовалюте-735-млн-долларов/a-42668830
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication of this work under the terms of a license Creative Commons Attribution License 4.0 International (CC BY 4.0).
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.