Russian Federation; Selected Issues

Russiaâ€™s large oil and gas reserves play a key role in its economic development. As with many other large oil exporters, Russiaâ€™s energy wealth is also posing numerous challenges to macroeconomic management. Although fiscal policy has saved a large part of the oil windfall in the Oil Stabilization Fund (OSF), this has not been guided by a consistent long-term framework. The framework is illustrated with numerical simulations of different fiscal spending rules that are consistent with sustainable paths of consumption out of oil and gas wealth over time.

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Year of publication:	2006-12-06
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Capital flows \| Economic indicators \| Foreign investment \| Government expenditures \| Gross domestic product \| Labor mobility \| Labor markets \| Oil consumption \| Oil exporting countries \| Oil prices \| Oil producing countries \| Oil revenues \| Selected issues \| Trade \| Workers remittances \| fiscal policy \| oil and gas \| budget constraint \| fiscal rules \| primary deficit \| gas reserves \| taxation \| government spending \| primary expenditure \| natural resources \| fiscal framework \| fiscal sustainability \| fiscal indicators \| tax revenues \| fiscal targets \| oil-producing countries \| oil price changes \| fiscal policies \| tax system \| oil sector \| fiscal policy formulation \| budget process \| gas resources \| fiscal position \| tax policy \| oil reserves \| fiscal performance \| aggregate demand \| oil products \| gas sector \| crude oil \| tax rates \| fiscal impulse \| fiscal deficit \| fiscal policy variables \| prudent fiscal policies \| oil and gas sector \| oil resources \| fiscal stance \| tax cuts \| capital expenditures \| tax avoidance \| public spending \| oil producing \| fiscal institutions \| fiscal correction \| fiscal deficits \| expenditure increases \| fiscal authorities \| fiscal spending \| fiscal management \| fiscal responsibility \| budget law \| sustainable fiscal policy \| fiscal aggregates \| extractive industries \| fiscal surplus \| economic studies \| fiscal revenues \| expenditure adjustments \| fiscal balances \| hydrocarbon resources \| fiscal discipline \| fiscal sustainability analysis \| government budget \| foreign capital \| stock levels \| oil extraction \| natural gas \| crude oil prices \| public expenditure \| fiscal positions \| fiscal policy targets \| budget deficit \| oil companies \| fiscal expenditure \| prudent fiscal policy \| budget constraints \| fiscal rule \| fiscal plan \| medium-term expenditure frameworks \| expenditure ratio \| fiscal tightening \| fiscal loosening \| expenditure policy \| oil exporters \| public finance \| gas prices \| foreign debt \| nonrenewable resources \| gas output

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 06/430 8 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011245715