Strengthening Russia's Fiscal Framework

ByDaria V Zakharova, Charleen A Gust

March 1, 2012

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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.

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

Keywords: accountability, budget code, deficit target, economic policy response, exchange rate, fiscal policy, futures price, gas and mining taxes, Global, Nonoil deficit, Oil, oil funds, oil price, Oil prices, oil revenue, oil-price rule, oil-price stress tests, oil-producing countries, Reserve assets, resource revenue management, WP

Pages:
29
Volume:
2012
DOI:
https://doi.org/10.5089/9781475502282.001
Issue:
076
Series:
Working Paper No. 2012/076
Stock No:
WPIEA2012076
ISBN:
9781475502282
ISSN:
1018-5941

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