04439oam 22009974 450 991081381700332120240410162144.01-4623-2358-81-4527-7033-61-282-39192-597866138203581-4519-0796-6(CKB)3360000000443076(EBL)3012513(SSID)ssj0000942177(PQKBManifestationID)11510042(PQKBTitleCode)TC0000942177(PQKBWorkID)10972101(PQKB)10432909(OCoLC)535146899(MiAaPQ)EBC3012513(IMF)WPIEE2005241(EXLCZ)99336000000044307620020129d2005 uf 0engur|n|---|||||txtccrMeasuring the Performance of Fiscal Policy in Russia /Antonio Spilimbergo1st ed.Washington, D.C. :International Monetary Fund,2005.1 online resource (19 p.)IMF Working Papers"December 2005."1-4518-6260-1 Includes bibliographical references (p. 17).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.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.IMF Working Papers; Working Paper ;No. 2005/241Fiscal policyRussia (Federation)Debts, PublicRussia (Federation)Investments: EnergyimfMacroeconomicsimfPublic FinanceimfTaxationimfFiscal PolicyimfEnergy: Demand and SupplyimfPricesimfBusiness Taxes and SubsidiesimfEnergy: GeneralimfPublic finance & taxationimfInvestment & securitiesimfFiscal stanceimfOil pricesimfFiscal policyimfOil, gas and mining taxesimfOilimfPetroleum industry and tradeimfRussian FederationimfFiscal policyDebts, PublicInvestments: EnergyMacroeconomicsPublic FinanceTaxationFiscal PolicyEnergy: Demand and SupplyPricesBusiness Taxes and SubsidiesEnergy: GeneralPublic finance & taxationInvestment & securitiesFiscal stanceOil pricesFiscal policyOil, gas and mining taxesOilPetroleum industry and tradeSpilimbergo Antonio121228International Monetary Fund.Research Dept.DcWaIMFBOOK9910813817003321Measuring the Performance of Fiscal Policy in Russia4032182UNINA