Measuring the Performance of Fiscal Policy in Russia / Antonio Spilimbergo.

Format:

Book

Government document

Author/Creator:

Spilimbergo, Antonio.

Contributor:

International Monetary Fund. Research Department.

Series:

IMF Working Papers; Working Paper ; No. 2005/241

IMF Working Papers

Language:

English

Subjects (All):

Fiscal policy--Russia (Federation).

Fiscal policy.

Debts, Public--Russia (Federation).

Debts, Public.

Physical Description:

1 online resource (19 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2005.

Language Note:

English

Summary:

This paper evaluates the performance of fiscal policy in Russia since the 1998 crisis along several dimensions, using a variety of indicators. Russia has progressed tremendously in recent years on public debt sustainability, largely thanks to the fact that the real interest rates on public debt have been negative and growth has been high. However, the constant oil-price balance shows a progressive worsening starting in 2001, with a modest reversal in 2004. The analysis of the non-oil fiscal balance shows that Russian fiscal policy has had a mixed record. Part of the windfalls were spent before the introduction of the oil stabilization fund, but most of the oil revenues have been saved during the last two year. This poses an important challenge for future years when the automatic saving mechanism provided by the oil stabilization fund will be weakened by the approved increase in the reference oil price. The standard fiscal impulse shows that budget policy has not contributed to the increase in aggregate demand since 2003. However, the fiscal position was not tight enough to contain the inflationary effects of the exceptional oil windfalls on the economy as a whole.

Contents:

Contents

I. Introduction

II. Debt-Stabilizing Primary Surplus

III. Constant Oil Price Balance

IV. Non-Oil Fiscal Balance

V. Fiscal Stance And Impulse

VI. How The "Unexpected Oil Windfalls" Were Used

VII. Conclusions

References.

Notes:

"December 2005."

Includes bibliographical references (p. 17).

Description based on print version record.

ISBN:

9786613820358

9781462323586

1462323588

9781452770338

1452770336

9781282391925

1282391925

9781451907964

1451907966

OCLC:

535146899