LEADER 04439oam 22009974 450 001 9910813817003321 005 20240410162144.0 010 $a1-4623-2358-8 010 $a1-4527-7033-6 010 $a1-282-39192-5 010 $a9786613820358 010 $a1-4519-0796-6 035 $a(CKB)3360000000443076 035 $a(EBL)3012513 035 $a(SSID)ssj0000942177 035 $a(PQKBManifestationID)11510042 035 $a(PQKBTitleCode)TC0000942177 035 $a(PQKBWorkID)10972101 035 $a(PQKB)10432909 035 $a(OCoLC)535146899 035 $a(MiAaPQ)EBC3012513 035 $a(IMF)WPIEE2005241 035 $a(EXLCZ)993360000000443076 100 $a20020129d2005 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMeasuring the Performance of Fiscal Policy in Russia /$fAntonio Spilimbergo 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2005. 215 $a1 online resource (19 p.) 225 1 $aIMF Working Papers 300 $a"December 2005." 311 $a1-4518-6260-1 320 $aIncludes bibliographical references (p. 17). 327 $aContents -- 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. 330 3 $aThis paper evaluates the performance of fiscal policy in Russia since the 1998 crisis along several dimensions, using a variety of indicators. Russia has progressed tremendously in recent years on public debt sustainability, largely thanks to the fact that the real interest rates on public debt have been negative and growth has been high. However, the constant oil-price balance shows a progressive worsening starting in 2001, with a modest reversal in 2004. The analysis of the non-oil fiscal balance shows that Russian fiscal policy has had a mixed record. Part of the windfalls were spent before the introduction of the oil stabilization fund, but most of the oil revenues have been saved during the last two year. This poses an important challenge for future years when the automatic saving mechanism provided by the oil stabilization fund will be weakened by the approved increase in the reference oil price. The standard fiscal impulse shows that budget policy has not contributed to the increase in aggregate demand since 2003. However, the fiscal position was not tight enough to contain the inflationary effects of the exceptional oil windfalls on the economy as a whole. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2005/241 606 $aFiscal policy$zRussia (Federation) 606 $aDebts, Public$zRussia (Federation) 606 $aInvestments: Energy$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aTaxation$2imf 606 $aFiscal Policy$2imf 606 $aEnergy: Demand and Supply$2imf 606 $aPrices$2imf 606 $aBusiness Taxes and Subsidies$2imf 606 $aEnergy: General$2imf 606 $aPublic finance & taxation$2imf 606 $aInvestment & securities$2imf 606 $aFiscal stance$2imf 606 $aOil prices$2imf 606 $aFiscal policy$2imf 606 $aOil, gas and mining taxes$2imf 606 $aOil$2imf 606 $aPetroleum industry and trade$2imf 607 $aRussian Federation$2imf 615 0$aFiscal policy 615 0$aDebts, Public 615 7$aInvestments: Energy 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aTaxation 615 7$aFiscal Policy 615 7$aEnergy: Demand and Supply 615 7$aPrices 615 7$aBusiness Taxes and Subsidies 615 7$aEnergy: General 615 7$aPublic finance & taxation 615 7$aInvestment & securities 615 7$aFiscal stance 615 7$aOil prices 615 7$aFiscal policy 615 7$aOil, gas and mining taxes 615 7$aOil 615 7$aPetroleum industry and trade 700 $aSpilimbergo$b Antonio$0121228 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910813817003321 996 $aMeasuring the Performance of Fiscal Policy in Russia$94032182 997 $aUNINA