Download or read book Strengthening Russia s Fiscal Framework written by Ms.Charleen Gust and published by International Monetary Fund. This book was released on 2012-03-01 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Though many aspects of Russia's fiscal policy framework are close to best practice on paper, actual practice in recent years has been moving away from best practice. In particular, the continued focus on the overall rather than the nonoil balance, and the regular use of supplemental budgets to spend windfall oil revenues contribute to procylicality of fiscal policy, risking costly boom-bust cycles. Against this background, this paper suggests several improvements to the framework for fiscal policy.
Download or read book Strengthening Russia s Fiscal Framework written by Charleen Gust and published by . This book was released on 2012-03-01 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Though many aspects of Russia''s fiscal policy framework are close to best practice on paper, actual practice in recent years has been moving away from best practice. In particular, the continued focus on the overall rather than the nonoil balance, and the regular use of supplemental budgets to spend windfall oil revenues contribute to procylicality of fiscal policy, risking costly boom-bust cycles. Against this background, this paper suggests several improvements to the framework for fiscal policy.
Download or read book Russia written by Weltbank and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This Report discusses the challenge of budget financing of core structural reforms, within a broader framework of fiscal management reforms in Russia. It argues that explicit financing of structural reforms is fully justifiable because these are the investments in the institutional infrastructure with a high rate of return. Furthermore, Russia currently appears to have fiscal room for some incremental spending. However, the number of simultaneous reform initiatives, should be kept limited to ensure that the accumulation of new liabilities do not undermine fiscal sustainability. In addition, the Government's commitment to explicit reform financing should be accompanied by additional steps in strengthening the fiscal management system. The adoption of formal fiscal rules could strengthen the government's ability to manage external shocks, as well as provide budget support for the reform process in a predictable and affordable way. The Report develops estimates for fiscal costs of three key structural reforms (in civil service, housing, and the pension system), reviews the feasibility of different reform options, and provides recommendations related to their planning and sequencing. Key structural reforms are seen as medium-term projects/programs, thus suggesting that implementation of these and other structural reforms, can be put in the context of medium-term expenditure framework (MTEF) that evolve in Russia. A general framework is developed for costing-out the direct fiscal effects of various reforms in the area of public administration. It is suggested that broad reforms in the core government administration, and in the civilian public sector at large, may be implemented within five to seven years, but should be differentiated by the scope of pay adjustment in various sub-sectors of civilian employment, complemented by significant staffing adjustments in the civilian public sector, as well as by at least, some staff reductions in the core government administration.
Download or read book Regional Disparities and Fiscal Federalism in Russia written by Oksana Dynnikova and published by International Monetary Fund. This book was released on 2021-05-20 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Improving Fiscal Transparency to Raise Government Efficiency and Reduce Corruption Vulnerabilities in Central Eastern and Southeastern Europe written by Mr.Bernardin Akitoby and published by International Monetary Fund. This book was released on 2020-05-11 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This departmental paper investigates how countries in Central, Eastern, and Southeastern Europe (CESEE) can improve fiscal transparency, thereby raising government efficiency and reducing corruption vulnerabilities.
Download or read book Russia Rebounds written by Mr.David Edwin Wynn Owen and published by International Monetary Fund. This book was released on 2003-09-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Better Policies Russia Modernising the economy written by OECD and published by OECD Publishing. This book was released on 2013-04-15 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on the OECD’s expertise in comparing country experiences and identifying best practices, this book tailors the OECD’s policy advice to the specific and timely priorities of Russia, focusing on how its government can make reform happen.
Download or read book Russian Federation written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-09-27 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Strengthening Domestic Resource Mobilization written by Raul Felix Junquera-Varela and published by World Bank Publications. This book was released on 2017-06-29 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public spending plays a key role in the economic growth and development of most developing economies. This book analyzes revenues, policy, and administration of Domestic Resource Mobilization (DRM) in developing countries. It provides a broad landscape of practical examples, drawing from lessons learned in World Bank operations across Global Practices over the past several decades. It should be thought of as a starting point for a more comprehensive research agenda rather than a complete inventory itself. This book reviews the trends in tax revenue collection in developing countries. It provides an overview of efforts to close the revenue gap, many of which have been supported by World Bank operations. The book reviews the special challenges facing low income countries, which have traditionally relied on indirect revenues in the context of limited formalization of their economies. An overview of tax policy and administration reform programs is presented, with an overview of outstanding issues that will shape the policy agenda in years ahead.
Download or read book Russian Federation written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2015-08-03 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Russia s Response to Sanctions written by Richard Connolly and published by Cambridge University Press. This book was released on 2018-07-05 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first in-depth scholarly analysis of the effects of Western sanctions, and Russia's response on the Russian economy.
Download or read book Fiscal Policy and Long Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Download or read book Annual Report of the Executive Directors for the Fiscal Year written by International Monetary Fund and published by . This book was released on 2005 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Guyana written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2023-12-04 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Guyanese economy has tripled in size since the start of oil extraction (end- 2019), from one of the lowest GDP per capita in Latin America and the Caribbean in the early nineties. Oil production is ramping up rapidly, supporting the highest real GDP growth in the world in 2022 (62.3 percent). With the help of oil revenues, first transferred to the budget in 2022, the government has started investing heavily to address large development needs. Fundamentals remain strong and there are no signs of inflationary pressures or overheating as of yet—annual CPI inflation rate was 1.2 percent in July 2023— since there remains slack in the economy.
Download or read book Russian Federation Staff Report for the 2011 Article IV Consultation written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-09-27 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The reports highlights that, even though the Russian economy has started reviving from the crisis, growth has been moderate and inflation high. Executive Directors have advised that the focus should be on reducing fiscal vulnerabilities, lowering inflation, promoting a stronger and more competitive banking system, and creating a favorable environment for investment and economic diversification. Directors encouraged the authorities to undertake growth-friendly, credible, and ambitious fiscal consolidation. They have supported the Financial Sector Assessment Program (FSAP) recommendations to strengthen financial sector policies.
Download or read book Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia written by Mr. Tigran Poghosyan and published by International Monetary Fund. This book was released on 2023-08-28 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amidst a global backdrop of persistent post-COVID inflation and spillovers from Russia’s war in Ukraine, the countries of the Caucasus and Central Asia (CCA) region have faced strong price pressures in recent years. Inflation is estimated to have peaked in early 2023, but still exceeds central bank targets. In particular, core inflation remains stubbornly high reflecting a combination of second-round effects, surges in global energy and food prices, and domestic demand pressures. More broadly, uncertainty and downside risks also weigh on the economic outlook, including due to regional tensions, financial turmoil related to international monetary policy normalization, and a growth slowdown in key trading partners. In this context, CCA countries’ ability to contain inflationary pressures and anchor inflation expectations hinges on the credibility and effectiveness of their monetary policy frameworks. Since gaining independence in the 1990s, countries in the CCA region have made considerable progress in modernizing their monetary policy frameworks. CCA central banks have strengthened their legal frameworks and established broad de-jure independence. Armenia, Georgia, Kazakhstan, the Kyrgyz Republic, and Uzbekistan are transitioning to inflation targeting regimes, while the central banks of Azerbaijan, Tajikistan, and Turkmenistan rely on the exchange rate as an operational target. However, the post-COVID surge in inflation has highlighted the limitations of current frameworks and triggered a fresh policy debate on the need to strengthen monetary policy effectiveness in the CCA. This paper reviews the CCA region’s monetary policy landscape, highlights challenges in monetary policy design and implementation, and identifies areas that warrant strengthening. It draws on original surveys of country authorities, IMF country teams, and the work by Unsal and others (2022). It uses novel empirical work to analyze monetary policy transmission, the link between foreign exchange interventions and exchange rate dynamics, the drivers of financial de-dollarization, and the effects of central bank communication in the CCA.
Download or read book OECD Economic Surveys Russian Federation 2006 written by OECD and published by OECD Publishing. This book was released on 2006-12-05 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2006 edition of OECD's periodic review of the Russian economy finds an economy enjoying robust growth, but requiring strengthening of the macroeconomic framework to sustain that growth. Public administration urgently needs reform and raising ...
