Strengthening Russia's Fiscal Framework

Author/Editor:

Daria V Zakharova ; Charleen A Gust

Publication Date:

March 1, 2012

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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.

Series:

Working Paper No. 2012/076

Subject:

Central banks Commodities Fiscal policy Oil Oil prices Oil, gas and mining taxes Prices Reserve assets Taxes

English

Publication Date:

March 1, 2012

ISBN/ISSN:

9781475502282/1018-5941

Stock No:

WPIEA2012076

Pages:

29

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