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Structural Budget Balances in Oil-rich Countries: The Cases of Azerbaijan, Kazakhstan, and Russia

Author

Listed:
  • Vugar Ahmadov

    (Central Bank of Azerbaijan Republic)

  • Ulvi Sarkarli

    (Central Bank of Azerbaijan Republic)

  • Ramiz Rahmanov

    (Central Bank of Azerbaijan Republic)

Abstract

This study aims to analyze discretionary fiscal policy in Azerbaijan, Kazakhstan, and Russia for the period of 2003-2015 using structural fiscal balance (SBB). SBB takes into the consideration the permanent component of oil revenue and therefore clearly defines the discretionary fiscal position and the aggregate demand effect of fiscal policy. The structural balances in Azerbaijan and Russia experience deficit for the most of the analyzed period. The moderate level of SBB surplus is observed in Kazakhstan. The estimated SBBs also demonstrate that fiscal policies tend to be mainly pro-cyclical in Kazakhstan and Russia. Azerbaijan conducted counter-cyclical fiscal policy for the half of the investigated period. Moreover, governments gave more importance to economic stabilization in 2009 due to the global financial crises.

Suggested Citation

  • Vugar Ahmadov & Ulvi Sarkarli & Ramiz Rahmanov, 2017. "Structural Budget Balances in Oil-rich Countries: The Cases of Azerbaijan, Kazakhstan, and Russia," Working Papers 1704, Central Bank of Azerbaijan Republic.
    • Handle: RePEc:aze:wpaper:1704
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    Cited by:

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    2. S. N. Alpysbaeva & Sh. Zh. Shuneev & N. N. Zhanakova & A. A. Bakdolotov, 2021. "Potential GDP Modeling and Output Gap Estimation as a Basis for Countercyclical Fiscal Policy in Kazakhstan," Studies on Russian Economic Development, Springer, vol. 32(4), pages 445-453, July.

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    Keywords

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    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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