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Strengthening Russia's Fiscal Framework

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  • Daria Zakharova
  • Charleen Gust
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    Abstract

    Though many aspects of Russia''s fiscal policy framework are close to best practice on paper, actual practice in recent years has been moving away from best practice. In particular, the continued focus on the overall rather than the nonoil balance, and the regular use of supplemental budgets to spend windfall oil revenues contribute to procylicality of fiscal policy, risking costly boom-bust cycles. Against this background, this paper suggests several improvements to the framework for fiscal policy.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/76.

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    Length: 29
    Date of creation: 01 Mar 2012
    Date of revision:
    Handle: RePEc:imf:imfwpa:12/76

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    Keywords: Commodity price fluctuations; Fiscal sustainability; Nonoil sector; Oil prices; Oil producing countries; Oil revenues; Consumption; fiscal policy; fiscal framework; fiscal stance; fiscal agency; expenditures; medium-term fiscal framework; fiscal rule; fiscal risks; fiscal consolidation; expenditure; fiscal policies; mtff; long-term fiscal sustainability; public debt; fiscal position; primary deficit; fiscal rules; fiscal indicators; fiscal institutions; medium- term fiscal framework; fiscal agencies; annual budget; fiscal impulse; government spending; public financial management; fiscal stimulus; fiscal responsibility; fiscal analysis; public expenditures; government expenditure; prudent fiscal policies; fiscal targets; fiscal deficits; fiscal policy framework; expenditure decisions; tax revenue; fiscal vulnerabilities; public finances; budget deficits; fiscal measures; fiscal management; fiscal council; fiscal surpluses; government expenditures; government deficit; fiscal finances; fiscal revenues; tax expenditures; fiscal policy objectives; fiscal risk; fiscal forecasts; fiscal discipline; fiscal surplus; national budget; fiscal responsibility act; annual budget document; fiscal costs; discretionary fiscal policy; fiscal frameworks; fiscal situation; tax incentives; foreign debt; fiscal implications; budget balance; prudent fiscal policy; fiscal responsibility law; primary fiscal balance; medium-term expenditure; fiscal projections; fiscal liabilities; expenditure framework; annual budgets; fiscal tightening; tax system; fiscal developments; fiscal deficit; fiscal variables; statement of fiscal policy objectives; fiscal balance; fiscal responsibility laws;

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Xavier Debrun & David Hauner & Manmohan S. Kumar, 2009. "Independent Fiscal Agencies," Journal of Economic Surveys, Wiley Blackwell, Wiley Blackwell, vol. 23(1), pages 44-81, 02.
    2. Mauricio Villafuerte & Rolando Ossowski & Theo Thomas & Paulo A. Medas, 2008. "Managing the Oil Revenue Boom," IMF Occasional Papers 260, International Monetary Fund.
    3. David Hauner, 2008. "Macroeconomic Effects of Pension Reform in Russia," IMF Working Papers 08/201, International Monetary Fund.
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