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The impact of fiscal policy on the current account balance and the real exchange rate
[Влияние Бюджетной Политики На Сальдо Текущего Счета И Реальный Курс Рубля]


  • Prilepskiy, Ilya (Прилепский, Илья)

    () (Economic experts group)


The paper examines the impact of fiscal policy in Russia in the current account balance and the real exchange rate. It was found that the deterioration of the balance of the expanded budget in the years 2003-2013 made a significant contribution to the observed in this period, the decline in the current account surplus. A more detailed analysis shows that this decline occurred mainly via the increase in imports due to the further expansion of domestic demand associated with fiscal expansion, while the contribution of soft fiscal policy in the real effective exchange rate for the period was negligible.

Suggested Citation

  • Prilepskiy, Ilya (Прилепский, Илья), 2015. "The impact of fiscal policy on the current account balance and the real exchange rate
    [Влияние Бюджетной Политики На Сальдо Текущего Счета И Реальный Курс Рубля]
    ," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 7-23.
  • Handle: RePEc:rnp:ecopol:e15610

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    References listed on IDEAS

    1. Tually, Geoffrey G., 2003. "Effective Ownership Strategies: The Key to Farm Family Business Success Over Time," 14th Congress, Perth, Western Australia, August 10-15, 2003 24349, International Farm Management Association.
    2. Jérôme Héricourt & Sandra Poncet, 2015. "Exchange Rate Volatility, Financial Constraints, and Trade: Empirical Evidence from Chinese Firms," World Bank Economic Review, World Bank Group, vol. 29(3), pages 550-578.
    3. WANG Jiangui & DING Shouhai, 2006. "A re-estimation of China¡¯s agricultural surplus labor ¡ª¡ª the demonstration and modification of three prevalent methods," Frontiers of Economics in China, Higher Education Press, vol. 1(2), pages 171-181, June.
    4. repec:eee:appene:v:210:y:2018:i:c:p:800-814 is not listed on IDEAS
    5. Sang-Hyop Lee & Jungsuk Kim & Donghyun Park, 2017. "Demographic Change and Fiscal Sustainability in Asia," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 134(1), pages 287-322, October.
    6. International Monetary Fund, 2003. "The Equilibrium Real Exchange Rate in a Commodity Exporting Country; The Case of Russia," IMF Working Papers 03/93, International Monetary Fund.
    7. Vidya Mani & Saravanan Kesavan & Jayashankar M. Swaminathan, 2015. "Estimating the Impact of Understaffing on Sales and Profitability in Retail Stores," Production and Operations Management, Production and Operations Management Society, vol. 24(2), pages 201-218, February.
    8. Simon Bossoney, 2013. "Volatility Swap Under the SABR Model," Papers 1303.6090,
    9. repec:aph:ajpbhl:1987:77:6:739_7 is not listed on IDEAS
    10. Alain Guengant, 2005. "Patrimoine et endettement des administrations publiques locales," Post-Print halshs-00109484, HAL.
    11. Rabia Bahar Uste, 2003. "Universite Rektorluk Secimine Alternatif Yaklasim ve Dokuz Eylul Universitesi Ornegi," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 3(1), pages 39-46.
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    More about this item


    fiscal policy; current account balance; the real exchange rate;

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus


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