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Fiscal maneuver and restructuring the Russian economy

Alexei Kudrin and Ilya Sokolov ()


Abstract: The paper discusses fiscal policy parameters for the period through 2024. The suggested way to ensure long-term fiscal stability is stabilization of both the general government revenues and expenditure in percent of GDP at levels differing by the public debt service payments, and then applying a new version of the fiscal rule. Redistribution of fiscal spending from "unproductive" to "productive" areas (primarily investment in human and physical capital) is considered as a way to boost economic growth. Possible use of additional spending on education, public health, and transport system is presented, as well as optimization of expenditures in "nonproductive" areas.

Keywords: fiscal policy; fiscal maneuver; state budget; productive expenditures; budget expenditures structure; structural reforms; economic growth. (search for similar items in EconPapers)
JEL-codes: B22 H21 H30 H41 H51 H52 H54 H55 H56 H61 H62 (search for similar items in EconPapers)
Date: 2017
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