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Record Nr. |
UNINA9910788520603321 |
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Autore |
Spilimbergo Antonio |
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Titolo |
Measuring the Performance of Fiscal Policy in Russia / / Antonio Spilimbergo |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2005 |
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ISBN |
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1-4623-2358-8 |
1-4527-7033-6 |
1-282-39192-5 |
9786613820358 |
1-4519-0796-6 |
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Descrizione fisica |
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1 online resource (19 p.) |
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Collana |
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Soggetti |
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Fiscal policy - Russia (Federation) |
Debts, Public - Russia (Federation) |
Investments: Energy |
Macroeconomics |
Public Finance |
Taxation |
Fiscal Policy |
Energy: Demand and Supply |
Prices |
Business Taxes and Subsidies |
Energy: General |
Public finance & taxation |
Investment & securities |
Fiscal stance |
Oil prices |
Fiscal policy |
Oil, gas and mining taxes |
Oil |
Petroleum industry and trade |
Russian Federation |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references (p. 17). |
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Nota di contenuto |
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Contents -- I. Introduction -- II. Debt-Stabilizing Primary Surplus -- III. Constant Oil Price Balance -- IV. Non-Oil Fiscal Balance -- V. Fiscal Stance And Impulse -- VI. How The "Unexpected Oil Windfalls" Were Used -- VII. Conclusions -- References. |
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Sommario/riassunto |
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This paper evaluates the performance of fiscal policy in Russia since the 1998 crisis along several dimensions, using a variety of indicators. Russia has progressed tremendously in recent years on public debt sustainability, largely thanks to the fact that the real interest rates on public debt have been negative and growth has been high. However, the constant oil-price balance shows a progressive worsening starting in 2001, with a modest reversal in 2004. The analysis of the non-oil fiscal balance shows that Russian fiscal policy has had a mixed record. Part of the windfalls were spent before the introduction of the oil stabilization fund, but most of the oil revenues have been saved during the last two year. This poses an important challenge for future years when the automatic saving mechanism provided by the oil stabilization fund will be weakened by the approved increase in the reference oil price. The standard fiscal impulse shows that budget policy has not contributed to the increase in aggregate demand since 2003. However, the fiscal position was not tight enough to contain the inflationary effects of the exceptional oil windfalls on the economy as a whole. |
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