Russian Fiscal Framework Past, Present and Future.Do we Need a Change?
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.
Volume (Year): 1 (2011)
Issue (Month): 64 (October - December)
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- A. Kudrin, 2007. "Stabilization Funds: International and Russian Experience," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 50(1), pages 6-26, May.
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- Enrique Alberola & Manuel Montero, 2006.
"Debt Sustainability and Procyclical Fiscal Policies in Latin America,"
JOURNAL OF LACEA ECONOMIA,
LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
- Enrique Alberola & José M. Montero, 2006. "Debt sustainability and procyclical fical policies in Latin America," Banco de Espa�a Working Papers 0611, Banco de Espa�a.
- Martin Keene & Peter Thomson, 2007. "An Analysis of Tax Revenue Forecast Errors," Treasury Working Paper Series 07/02, New Zealand Treasury.
- Ales Krejdl, 2006. "Fiscal Sustainability - Definition, Indicators and Assessment of Czech Public Finance Sustainability," Working Papers 2006/3, Czech National Bank, Research Department.
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