Russian fiscal framework: past, present and future. : do we need a change?
Vlasov, Sergey (08.07.2011)
Bank of Finland
Julkaisun pysyvä osoite onhttps://urn.fi/URN:NBN:fi:bof-20140808103
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