Strengthening Russia's Fiscal Framework

Author: Ms. Daria V Zakharova and Ms. Charleen A Gust

Volume/Issue: Volume 2012 Issue 076

Publication date: March 2012

ISBN: 9781475502282

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Economics- Macroeconomics , Public Finance , Taxation - General , WP , oil price , budget code , oil funds , Nonoil deficit , exchange rate , oil revenue , fiscal policy , oil-producing countries , resource revenue management , accountability , oil-price rule , deficit target , futures price , economic policy response , oil-price stress tests , Oil prices , Oil , Reserve assets , gas and mining taxes , Global

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Summary

Though many aspects of Russia's fiscal policy framework are close to best practice on paper, actual practice in recent years has been moving away from best practice. In particular, the continued focus on the overall rather than the nonoil balance, and the regular use of supplemental budgets to spend windfall oil revenues contribute to procylicality of fiscal policy, risking costly boom-bust cycles. Against this background, this paper suggests several improvements to the framework for fiscal policy.