The impact of fiscal policy on the current account balance and the real exchange rate

Влияние бюджетной политики на сальдо текущего счета и реальный курс рубля

Ilya Prilepskiy

Ekonomicheskaya Politika / Economic Policy, 2015, vol. 6, 7—23

Abstract: The paper examines the impact of fiscal policy in Russia in the current account balance and the real exchange rate. It was found that the deterioration of the balance of the expanded budget in the years 2003-2013 made a significant contribution to the observed in this period, the decline in the current account surplus. A more detailed analysis shows that this decline occurred mainly via the increase in imports due to the further expansion of domestic demand associated with fiscal expansion, while the contribution of soft fiscal policy in the real effective exchange rate for the period was negligible.

Keywords: fiscal policy; current account balance; the real exchange rate (search for similar items in EconPapers)
JEL-codes: F41 H62 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:rnp:ecopol:e15610

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