Measuring The Performance Of Fiscal Policy In Russia
DOWNLOAD
Download Measuring The Performance Of Fiscal Policy In Russia PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Measuring The Performance Of Fiscal Policy In Russia book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Measuring The Performance Of Fiscal Policy In Russia
DOWNLOAD
Author : Antonio Spilimbergo
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2005-12-01
Measuring The Performance Of Fiscal Policy In Russia written by Antonio Spilimbergo and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-12-01 with categories.
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.
Russian Federation Selected Issues
DOWNLOAD
Author : International Monetary Fund
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2005-10-20
Russian Federation Selected Issues written by International Monetary Fund and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-10-20 with categories.
This Selected Issues paper analyzes the entrenched inflation in Russia. It presents a possible explanation for the entrenched inflation stating that the Russian economy is facing increasing supply-side constraints in goods and labor markets. The paper focuses on measuring the performance of fiscal policy in Russia. It examines capital structures and vulnerabilities for the corporate sector in Russia. Recent developments and remaining challenges for the Russian banking sector are analyzed. Terms of trade and economic growth in the Former Soviet Union are also discussed.
Decentralization In Regional Fiscal Systems In Russia
DOWNLOAD
Author : Lev M. Freinkman
language : en
Publisher: World Bank Publications
Release Date : 1999
Decentralization In Regional Fiscal Systems In Russia written by Lev M. Freinkman and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Accounting categories.
Abstract: April 1999 - Considering the positive impact decentralization has had on regional economic performance and expenditure structure, Russia's federal government should: Decisively protect local self-governance and budget autonomy; Make intergovernmental fiscal relations more transparent; Develop universal models of interactions between regional and municipal governments; Impose stricter limits on total debt and budget deficits of subnational governments. To shed light on decentralization in Russia, Freinkman and Yossifov examine intergovernmental fiscal relations within regions. To analyze trends, they review channels of fiscal allocation within regions-tax sharing and local transfer schemes. To evaluate the potential impact of various fiscal decentralization patterns on regional economic performance (including growth and the budget deficit), they study data on the structure of 89 Russian consolidated regional budgets for 1992-96. They find that local governments' relative share of Russia's consolidated budget, although substantive (roughly a quarter of the total budget), did not expand after 1994. The federal government's relative role in financing public goods and services declined as the relative role of local governments increased substantially. Local governments collected more revenues in 1996 (6.4 percent of GDP) and spent more than regional governments. They also substantially increased social financing (including health, education, and social protection). Russia made no progress toward a more transparent system for tax assignments. The average level of expenditure decentralization is similar for ethnically Russian regions and national republics and okrugs but revenue arrangements differ greatly. True decentralization has taken place in oblasts and krais, where local authorities are provided with a bigger share of subnational tax revenues. A redistribution model applies in republics and autonomous okrugs, where greater local outlays have been financed through larger transfers from regional governments. Regions near each other tend to have similar budget arrangements-the result of intensive interactions between neighbors and probably supported by the activities of regional associations. The size of a region's territory does not influence decentralization outcomes. Fiscal decentralization seems positively related to the share of education spending in regional budgets. And regions with more decentralized finances tend to experience less economic decline. But budget control is weaker in more decentralized regions. Instability and lack of transparency in intergovernmental fiscal relations provide subnational governments little incentive for responsible fiscal policy. Further decentralization without greater transparency could bring greater debt and deficits. This paper-a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the unit to study fiscal decentralization in transition economies. Lev Freinkman may be contacted at [email protected].
Russian Federation
DOWNLOAD
Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2011-09-27
Russian Federation written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-27 with Business & Economics categories.
This note focuses on Russia's monetary policy, which is moving toward low and stable inflation. This paper discusses two analytical measures to analyze the monetary policy—core inflation measure and a group of leading indicators model (LIM). The trimmed mean core inflation is a good indicator for analyzing trend inflation and can be used as a viable target for monetary policy. LIMs are widely used for inflation forecasting and are also useful in detecting turning points in inflation.
Regional Disparities And Fiscal Federalism In Russia
DOWNLOAD
Author : Oksana Dynnikova
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-20
Regional Disparities And Fiscal Federalism In Russia written by Oksana Dynnikova and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-20 with Business & Economics categories.
This paper examines how regional disparities have evolved in Russia and how Russia’s system of intergovernmental fiscal relations is managing these disparities. Regional disparities have fallen over the past two decades but remain relatively high. Socioeconomic outcomes remain worse in lagging regions despite faster growth and convergence in income levels. The twin shocks of COVID-19 and lower oil prices appear to have impacted richer regions disproportionately. Compared to other large countries with federal systems of government, Russia stands out with its high reliance on direct taxes as a revenue source for its regions. Transfers from the federal budget to the regions provide some redistribution by reducing the dispersion in real per capita fiscal spending, but also tend to be associated with lower growth. The Russian fiscal system offers degrees of redistribution and risk sharing of around 26 and 18 percent, respectively—with in-kind social transfers contributing the most. Finally, federal transfers in the aggregate tend to be procyclical and are also fairly unresponsive to shocks to regions’ own revenues.
The Challenges For Russia S Politicized Economic System
DOWNLOAD
Author : Susanne Oxenstierna
language : en
Publisher: Routledge
Release Date : 2015-04-10
The Challenges For Russia S Politicized Economic System written by Susanne Oxenstierna and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-04-10 with Political Science categories.
During the early 2000s the market liberalization reforms to the Russian economy, begun in the 1990s, were consolidated. But since the mid 2000s economic policy has moved into a new phase, characterized by more state intervention with less efficiency and more structural problems. Corruption, weak competitiveness, heavy dependency on energy exports, an unbalanced labour market, and unequal regional development are trends that have arisen and which, this book argues, will worsen unless the government changes direction. The book provides an in-depth analysis of the current Russian economic system, highlighting especially structural and institutional defects, and areas where political considerations are causing distortions, and puts forward proposals on how the present situation could be remedied.
Russian Federation Selected Issues
DOWNLOAD
Author :
language : en
Publisher:
Release Date : 2006
Russian Federation Selected Issues written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Russia (Federation) categories.
Russia S Virtual Economy
DOWNLOAD
Author : Clifford G. Gaddy
language : en
Publisher: Brookings Institution Press
Release Date : 2002
Russia S Virtual Economy written by Clifford G. Gaddy and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
Clifford Gaddy's and Barry Ickes' thesis-- that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages and budgets-- has forced broad recognition of the inadequacies of the intended market reform policies in Russia and provided a coherent framework for understanding how and why so much of Russia's economy has resisted reform.
Russian Federation
DOWNLOAD
Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-02
Russian Federation written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-02 with Business & Economics categories.
This 2019 Article IV Consultation with Russian Federation discusses that growth is projected at 1.2 percent in 2019, reflecting a weak first quarter estimate, lower oil prices and the impact of the higher value-added tax rate on private consumption. At the same time, gross domestic product growth should be supported by an increase in public sector spending in the context of the national projects announced in 2018. Inflation has begun to fall and is expected to return to the 4 percent target by early 2020. The medium-term growth outlook remains modest. Public infrastructure spending under the national projects together with increase labor supply due to pension reform could have a positive effect on the growth rate of potential output. However, absent deeper structural reforms, long-run growth is projected to settle around 1.8 percent. It is recommended that it is imperative to enhance competition by facilitating entry/exit and reforming public procurement.
Russia Rebounds
DOWNLOAD
Author : Mr.David Edwin Wynn Owen
language : en
Publisher: International Monetary Fund
Release Date : 2003-09-09
Russia Rebounds written by Mr.David Edwin Wynn Owen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-09 with Business & Economics categories.
Russia Rebounds analyzes Russia’s dramatic economic recovery since the country’s 1998 financial crisis, emphasizing macroeconomic issues and fiscal and banking sector reforms. The crisis was a massive shock to the system and a considerable surprise to both Russians and foreign investors, who a year before had come to think that the worst of the transition from a centrally planned to a market economy was over. Macroeconomic performance since the crisis has been impressive. The book assesses the contribution of various factors underlying this recovery and highlights key policy challenges to ensure its sustainability.