Strengthening Russia's Fiscal Framework

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.
Publication date: March 2012
ISBN: 9781475502282
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Economics- Macroeconomics , Economics / General , International - Economics , fiscal policy , fiscal framework , fiscal stance , fiscal agency , expenditures , medium-term fiscal framework , fiscal rule , fiscal risks , fiscal consolidation , expenditure , fiscal policies , mtff , long-term fiscal sustainability , public debt , fiscal position , primary deficit

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