Trpí Rusko holandskou nemocí?

The aim of this bachelor thesis is to determine, whether we can detect symptoms of the so-called Dutch disease in the case of Russia. The Dutch disease is a concept, which tries to explain why countries possessing vast amounts of natural resources register relatively slower rates of economic growth -- a phenomenon known as the paradox of plenty. The Dutch disease is present in the economy in the form of the following symptoms: the real appreciation of the exchange rate, the growth of a non-traded economic sector, the growth of real wages and the decline of the manufacturing sector. In the case of Russia I can confirm the absolute presence of the first two and the partial presence of the third one. In the section concerning econometrics I constructed a model, which describes and analyzes the Russian real effective exchange rate. The prices of oil, the reserves of the central bank and the Balassa-Samuelson effect were proven to be significant. From the perspective of the country's de-industrialization, however, we cannot claim, that Russia "suffers" from Dutch disease.