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Russia’s Accession to the World Trade Organization as an External Economic Factor of Inflation

Author: Natalya I. Zysman, Jr. lecturer of Political Economy Dept.; Vladimir V. Ilyashenko, Dr. Sc. (Ec.), Prof. of Political Economy Dept.

Abstract: Russia’s integration into the world economic space has both positive and negative consequences. Dependence of our country on the processes taking place in economic systems of other countries is mirrored in the dynamics of various economic indicators including price levels. The Russia’s accession to the World Trade Organization became one of the most significant steps having been undertaken recently on a way to the international cooperation. The article looks at the possible consequences of such decision in terms of inflation.

Key words: the World Trade Organization (the WTO); external economic factors; inflation; exchange rate; net export of capital; import; export; correlation; Pearson’s correlation coefficient.