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Falling Tax Compliance and the Rise of the Virtual Budget in Russia

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  • Brian Aitken

    (International Monetary Fund)

Abstract

The decline in cash revenue in Russia has been the key macroeconomic policy failure of the transition. During 1994-98, a sharp deterioration in cash compliance was offset by a rise in non-cash revenue, as the government increasingly financed its spending through mutual arrears write-offs. This paper argues that the fall in cash compliance emerged when money printing was replaced with a method of budget financing that did not, in the short run, compromise the government's goals of low inflation, a stable exchange rate, and low interest rates, but which ultimately has led the government into a low cash revenue trap. Copyright 2002, International Monetary Fund

Suggested Citation

  • Brian Aitken, 2001. "Falling Tax Compliance and the Rise of the Virtual Budget in Russia," IMF Staff Papers, Palgrave Macmillan, vol. 48(4), pages 1-9.
    • Handle: RePEc:pal:imfstp:v:48:y:2001:i:4:p:9
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    Cited by:

    1. Stefano Bosi & Guillaume Girmens & Michel Guillard, 2005. "Optimal Privatization Design and Financial Markets," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 7(5), pages 799-826, December.

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