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Russian Fiscal Framework Past, Present and Future.Do we Need a Change?

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  • Sergey Vlasov

    (Bank of Russia)

Abstract

This study examines the Russian public finance system. It provides a description of the main fiscal reforms introduced by the Government from the moment of the USSR dissolution, which enabled a reduction in the economy’s dependency on nonrenewable resources. The study presents the fiscal stabilization analysis. It conducts a fiscal impulse factor analysis as well as the estimation of the degree of the fiscal policy cyclicality in the period 2000-2014. The estimates show fiscal policy was procyclical in 2006-2008 and is expected to be so in 2012 while stabilizing during the rest of the period. The study also discusses fiscal sustainability issues for the period up to 2050 under two socio-economic scenarios. The size of the necessary fiscal consolidation under the current fiscal strategy is calculated and an alternative strategy is investigated.

Suggested Citation

  • Sergey Vlasov, 2011. "Russian Fiscal Framework Past, Present and Future.Do we Need a Change?," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(64), pages 35-81, October -.
  • Handle: RePEc:bcr:ensayo:v:1:y:2011:i:64:p:35-81
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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/64_Vlasov.pdf
    File Function: Spanish version (versión en Español)
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    References listed on IDEAS

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    1. Nathalie Girouard & Christophe André, 2005. "Measuring Cyclically-adjusted Budget Balances for OECD Countries," OECD Economics Department Working Papers 434, OECD Publishing.
    2. A. Kudrin, 2007. "Stabilization Funds: International and Russian Experience," Problems of Economic Transition, Taylor & Francis Journals, vol. 50(1), pages 6-26.
    3. International Monetary Fund, 2010. "The Cyclicality of Fiscal Policy in the Middle East and Central Asia; Is the Current Crisis Different?," IMF Working Papers 10/68, International Monetary Fund.
    4. Jeronimo Zettelmeyer & Ivanna Vladkova Hollar, 2008. "Fiscal Positions in Latin America; Have They Really Improved?," IMF Working Papers 08/137, International Monetary Fund.
    5. Petia Topalova & Dan Nyberg, 2010. "What Level of Public Debt Could India Target?," IMF Working Papers 10/7, International Monetary Fund.
    6. Ales Krejdl, 2006. "Fiscal Sustainability - Definition, Indicators and Assessment of Czech Public Finance Sustainability," Working Papers 2006/3, Czech National Bank, Research Department.
    7. Martin Keene & Peter Thomson, 2007. "An Analysis of Tax Revenue Forecast Errors," Treasury Working Paper Series 07/02, New Zealand Treasury.
    8. Ponomarenko, Alexey A. & Vlasov, Sergey A., 2010. "Russian fiscal policy during the financial crisis," BOFIT Discussion Papers 12/2010, Bank of Finland, Institute for Economies in Transition.
    9. Enrique Alberola & Manuel Montero, 2006. "Debt Sustainability and Procyclical Fiscal Policies in Latin America," ECONOMIA JOURNAL, THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION - LACEA, vol. 0(Fall 2006), pages 157-193, August.
    10. Васильева Е. А. & Власов С. А. & Пономаренко А. А., 2009. "Анализ Стабилизационной Функции И Устойчивости Государственных Финансов Российской Федерации," Higher School of Economics Economic Journal Экономический журнал Высшей школы экономики, CyberLeninka;Федеральное государственное автономное образовательное учреждение высшего образования «Национальный исследовательский университет «Высшая школа экономики», vol. 13(3), pages 383-402.
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    Cited by:

    1. Sergey Vlasov & Elena Deryugina, 2018. "Fiscal multipliers in Russia," Bank of Russia Working Paper Series wps28, Bank of Russia.

    More about this item

    Keywords

    fiscal policy; fiscal stabilization; fiscal sustainability; Russia;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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