Russian Federation: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 430

Publication date: December 2006

ISBN: 9781451975307

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Public Finance , Taxation - General , ISCR , CR , FSU country , CIS country , oil revenue , oil price , consumption rule , w Russia , Oil prices , Oil , gas and mining taxes , Exports , Baltics

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Summary

Russia’s large oil and gas reserves play a key role in its economic development. As with many other large oil exporters, Russia’s energy wealth is also posing numerous challenges to macroeconomic management. Although fiscal policy has saved a large part of the oil windfall in the Oil Stabilization Fund (OSF), this has not been guided by a consistent long-term framework. The framework is illustrated with numerical simulations of different fiscal spending rules that are consistent with sustainable paths of consumption out of oil and gas wealth over time.