"Budget Law" in Russia: experience and prospects

«Бюджетное правило» в России: опыт и перспективы

Musaev, Rasul (Мусаев, Расул) () and Malakhov, Anton (Малахов, Антон) ()
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Musaev, Rasul (Мусаев, Расул): Lomonosov Moscow State University
Malakhov, Anton (Малахов, Антон): Lomonosov Moscow State University

Ekonomicheskaya Politika / Economic Policy, 2014, vol. 6, 161-170

Abstract: The article analyzes the experience of "fiscal rule" in Russia and the prospects of changes in the current rules, which, according to the authors, has disadvantages. The best practice of using "fiscal rules" in the export-oriented countries shows that the formation of the country's budget cycle into account not only the price of basic commodities, but also the economic cycle of non-primary revenues. Prior to the sharp decline in world oil prices in 2014, the Russian government was an active discussion about mitigating "fiscal rule" in order to increase the level of budget spending limit. If you do not take into account the observed sharp drop in oil prices, which has suspended these discussions, in general, the softening of the "fiscal rule" entails for the Russian economy as institutional and macroeconomic risks. The development of the Russian economy should support and encourage not through increased government spending, and through qualitative changes in the policy of budgetary expenditures.

Keywords: structural balance; oil and gas revenues; public investment (search for similar items in EconPapers)
Date: 2014
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