A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade:
The Russian economy continues to grow strongly, buoyed by rising terms of trade, which, in turn, are supporting a boom in domestic consumption. This paper addresses the challenge that the adjustment to sustained high oil prices poses for macroeconomic management. It first examines the impact of risi...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2007
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| Series: | OECD Economics Department Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | The Russian economy continues to grow strongly, buoyed by rising terms of trade, which, in turn, are supporting a boom in domestic consumption. This paper addresses the challenge that the adjustment to sustained high oil prices poses for macroeconomic management. It first examines the impact of rising terms of trade on the domestic economy, particularly with respect to exchange-rate appreciation, competitiveness and inflation. It then considers the role of monetary and fiscal policies in ensuring a smooth adjustment to the higher terms of trade. The paper argues that fiscal policy should be the primary instrument for tackling this challenge. It therefore focuses on the potential role of a fiscal rule in insulating the economy and the budget from commodity-price fluctuations, and on the management of windfall oil and gas revenues accumulated in the fiscal Stabilisation Fund |
| Physical Description: | 1 Online-Ressource (47 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/328835227746 |
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| spelling | Gianella, Christian Verfasser aut A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade Christian Gianella = Une règle d'or pour la Russie? Comment une politique budgétaire fondée sur des règles peut permettre un ajustement en douceur aux nouveaux termes de l'échange. / Christian Gianella Une règle d'or pour la Russie? Comment une politique budgétaire fondée sur des règles peut permettre un ajustement en douceur aux nouveaux termes de l'échange Paris OECD Publishing 2007 1 Online-Ressource (47 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers The Russian economy continues to grow strongly, buoyed by rising terms of trade, which, in turn, are supporting a boom in domestic consumption. This paper addresses the challenge that the adjustment to sustained high oil prices poses for macroeconomic management. It first examines the impact of rising terms of trade on the domestic economy, particularly with respect to exchange-rate appreciation, competitiveness and inflation. It then considers the role of monetary and fiscal policies in ensuring a smooth adjustment to the higher terms of trade. The paper argues that fiscal policy should be the primary instrument for tackling this challenge. It therefore focuses on the potential role of a fiscal rule in insulating the economy and the budget from commodity-price fluctuations, and on the management of windfall oil and gas revenues accumulated in the fiscal Stabilisation Fund Economics Russian Federation https://doi.org/10.1787/328835227746 Verlag kostenfrei Volltext |
| spellingShingle | Gianella, Christian A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade Economics Russian Federation |
| title | A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade |
| title_alt | Une règle d'or pour la Russie? Comment une politique budgétaire fondée sur des règles peut permettre un ajustement en douceur aux nouveaux termes de l'échange |
| title_auth | A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade |
| title_exact_search | A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade |
| title_exact_search_txtP | A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade |
| title_full | A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade Christian Gianella = Une règle d'or pour la Russie? Comment une politique budgétaire fondée sur des règles peut permettre un ajustement en douceur aux nouveaux termes de l'échange. / Christian Gianella |
| title_fullStr | A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade Christian Gianella = Une règle d'or pour la Russie? Comment une politique budgétaire fondée sur des règles peut permettre un ajustement en douceur aux nouveaux termes de l'échange. / Christian Gianella |
| title_full_unstemmed | A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade Christian Gianella = Une règle d'or pour la Russie? Comment une politique budgétaire fondée sur des règles peut permettre un ajustement en douceur aux nouveaux termes de l'échange. / Christian Gianella |
| title_short | A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade |
| title_sort | a golden rule for russia how a rule based fiscal policy can allow a smooth adjustment to the new terms of trade |
| topic | Economics Russian Federation |
| topic_facet | Economics Russian Federation |
| url | https://doi.org/10.1787/328835227746 |
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