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Structural Budget Balances in Oil-Rich Countries: The Cases of Azerbaijan, Kazakhstan, and Russia

Vugar Ahmadov, Ulvi Sarkarli () and Ramiz Rahmanov

No 01-2018, IHEID Working Papers from Economics Section, The Graduate Institute of International Studies

Abstract: This study aims to analyse the discretionary fiscal policy of Azerbaijan, Kazakhstan, and Russia for the period 2003-2015 using the structural budget balance (SBB). The SBB considers the permanent component of oil revenue and therefore clearly defines the discretionary fiscal position and the aggregate demand effect of fiscal policy. The SBBs in Azerbaijan and Russia experience a deficit for most of the analysed period. A moderate SBB surplus is observed in Kazakhstan. The estimated SBBs also demonstrate that fiscal policies tend to be mainly pro-cyclical in Kazakhstan and Russia. Azerbaijan conducted a counter-cyclical fiscal policy for half of the investigated period. Moreover, governments placed more importance on economic stabilization in 2009 due to the global financial crisis.

Keywords: fiscal policy; structural budget balance; oil-rich countries; Azerbaijan; Kazakhstan; Russia (search for similar items in EconPapers)
JEL-codes: E62 H60 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2018-01
New Economics Papers: this item is included in nep-cis, nep-cwa, nep-ene, nep-mac and nep-tra
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Working Paper: Structural Budget Balances in Oil-rich Countries: The Cases of Azerbaijan, Kazakhstan, and Russia (2017) Downloads
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