Strengthening Russia's Fiscal Framework

Author/Editor: Daria Zakharova ; Charleen Gust
Publication Date: March 01, 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.
Series: Working Paper No. 12/76
Subject(s): Commodity price fluctuations | Consumption | Fiscal sustainability | Nonoil sector | Oil prices | Oil producing countries | Oil revenues

Author's Keyword(s): Fiscal policy | oil-producing countries | resource revenue management | accountability
Publication Date: March 01, 2012
ISBN/ISSN: 9781475502282/1018-5941 Format: Paper
Stock No: WPIEA2012076 Pages: 29
US$18.00 (Academic Rate:
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