Russian Federation: Selected Issues

August 3, 2015

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Format: Chicago

Russian Federation: Selected Issues, (USA: International Monetary Fund, 2015) accessed September 20, 2024

Summary

This Selected Issues paper analyzes Russia’s fiscal framework and the oil-price shock. Russia has relied heavily on its abundant natural resource wealth to finance fiscal deficits since the global financial crisis in 2008–09. The pace of adjustment of the oil-price benchmark could be increased by including future prices in its calculation. Although converting oil revenues using a backward-looking average of the exchange rate could also lead to a more rapid fiscal adjustment, it also implies additional technical and communication challenges. In addition, the fiscal anchor could be more ambitious to safeguard intergenerational equity. Expressing the fiscal rule in terms of a minimum “structural" balance could promote greater savings.

Subject: Exchange rate pass-through, Financial markets, Financial sector development, Fiscal policy, Fiscal rules, Foreign exchange, Inflation, International organization, Monetary policy, Oil prices, Prices

Keywords: Africa, Central and Eastern Europe, Central Asia, Depreciation volatility, Exchange rate pass-through, Financial sector development, Fiscal rules, Global, Inflation, Oil prices, Oil-price benchmark, Pass-through from depreciation, Resource wealth, Russia lag, Russia's FI index

Publication Details

Pages:

44
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/212
Stock No:

1RUSEA2015002
ISBN:

9781513521893
ISSN:

1934-7685

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