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Working paper

Влияние налоговой политики на рациональность недропользования в условиях политической нестабильности

Манаков А. Г.
This article considers the relationship between government and private oil&gas company and analyses impact of different degrees of political instability. The model is elaborated which shows that in case of political instability and absence of government control over the methods of oil extraction, company would choose “predatory” methods of extraction. According to the model the “UKOS case” did a lot of harm to the current situation. The result followed from the fact that the government provided a high degree of political instability, i.e. increased the preference of “predatory” method of oil extraction and made regulation more complicated. The most important result of the model is a nonlinear effect of political instability on the required severity (measured by size of tax/penalty) of government policy. With stabilization of the political situation required severity of regulation increases to the certain level, after which regulation is not necessary.