Impact of natural resources on economic growth of transition countries: cis case

In the process of transition, trying to recover from the economic crises after the collapse of Soviet Union, many of the Commonwealth of Independent States (CIS)3 countries have become more natural resource dependent. Consequently, IFIs recommended macroeconomic policies consistent with the patterns of volatile growth performance characteristic to most resource-rich countries: prudent fiscal, monetary and trade policies. The implications of the recommended policies, especially those emphasising the liberalisation of international trade, capital and natural resource markets can be crucial for the development perspectives of those countries. Hence, the soundness of theoretical underpinnings and the extent of its applicability to transition economies becomes an important and interesting matter to scrutinise.