Russian fiscal framework: past, present and future. : do we need a change?

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Title: Russian fiscal framework: past, present and future. : do we need a change?
Author: Vlasov, Sergey
Organization: Bank of Finland
Suomen Pankki
Department / Unit: Institute for Economies in Transition (BOFIT)
Siirtymätalouksien tutkimuslaitos (BOFIT)
Series: BOFIT Online
Series number: 5/2011
Year of publication: 2011
Publication date: 8.7.2011
Pages: 34 s.
Keywords: Venäjä; finanssipolitiikka; vakauttaminen; julkinen talous; strategiat; uudistukset; Bofit-kokoelma; kestävyys
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 dissolution of the USSR, which enabled a reduction in the economy's dependency on nonrenewable resources. In scrutinizing the fiscal stabilization, we conduct a fiscal impulse factor analysis and estimate the degree of the fiscal-policy cyclicality in the period 2000-2013. The estimates show fiscal policy was procyclical in 2006-2008 and 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. Keywords: fiscal framework, fiscal policy, fiscal sustainability, Russia

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