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RESOURCES RENT IS THE KEY FACTOR OF ENERGY AND ECONOMIC POLICY
Abstract
The paper is devoted to a comprehensive study of the impact of rent received from energy resources on the economies of individual countries as a factor for the development of a balanced energy dialogue with the countries of the European Union. The research methodology consists of a three-stage sequential algorithm. The first stage is to calculate the absolute and relative profitability of extraction of energy resources. The second stage of the algorithm consists in clustering countries in terms of the level of dependence of the economy on rent from energy resources. The third stage of the algorithm is to determine the relationship between the degree of risk and the profitability of energy resources. The analysis made it possible to identify the inverse relationship between the level of extraction of energy resources and the level of economic development. As a rule, in countries with a low diversified economy, a larger amount of rent from energy resources is generated. It is established that a higher level of energy resources in the country does not affect the formation of a higher amount of rent. It has been proven that the greatest revenue per ton of production is observed in countries that are not among leaders in technological development of the economy and extraction. Thus, the level of reserves is not a key factor in the formation of rent. Moreover the global trend of the dependence of the economy on rent from energy resources has the cyclical nature and in recent years this dependence has been steadily decreasing.
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