The Risks of Fiscal Policy in Countries Rich in Natural Resource

Alexander Knobel

Working Papers from Gaidar Institute for Economic Policy

Abstract: The article addresses the issue of fiscal policy risks in countries with an abundance of natural resources, including Russia. It is demonstrated which consequences Russia’s federal budget may be faced with as a result of declining oil prices. In the context of phenomena typical of resource-dependent economies, it is shown that they have a tendency toward a lower rate of long-term economic growth. The macroeconomic and institutional aspects of the resource curse and the role of sovereign funds in shaping up the budget policy are discussed, with a special emphasis being made on their institutional importance.

Keywords: resource curse; budget policy; institutions; economic growth; sovereign funds. (search for similar items in EconPapers)
JEL-codes: H61 O11 Q32 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2014, Revised 2014
New Economics Papers: this item is included in nep-cis, nep-ene, nep-fdg, nep-mac and nep-tra
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Downloads: (external link)
https://www.iep.ru/files/RePEc/gai/wpaper/0094Knobel.pdf Revised version, 2013 (application/pdf)

Related works:
Journal Article: The risks of fiscal policy in countries rich in natural resources (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:gai:wpaper:0094

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