Latest Articles from Russian Journal of Economics Latest 2 Articles from Russian Journal of Economics https://rujec.org/ Fri, 29 Mar 2024 10:38:45 +0200 Pensoft FeedCreator https://rujec.org/i/logo.jpg Latest Articles from Russian Journal of Economics https://rujec.org/ Fiscal maneuver and restructuring of the Russian economy https://rujec.org/article/27990/ Russian Journal of Economics 3(3): 221-239

DOI: 10.1016/j.ruje.2017.09.001

Authors: Alexey Kudrin, Ilya Sokolov

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

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Research Article Thu, 31 Aug 2017 00:00:00 +0300
The fiscal gap: An estimate for Russia https://rujec.org/article/27950/ Russian Journal of Economics 1(3): 240-256

DOI: 10.1016/j.ruje.2015.12.002

Authors: Evgeny Goryunov, Lawrence Kotlikoff, Sergey Sinelnikov-Murylev

Abstract: The fiscal gap is an indicator of the long-term balance of public finance and is calculated based on the intertemporal government budget constraint, which links government tax revenues and expenditures over long intervals. The estimate of the fiscal gap for the Russian general government has been determined according to three scenarios with varying assumptions regarding demographic trends, productivity growth rates, oil and gas prices and the quantity of extractable reserves. The calculations show that the current fiscal policy cannot provide for the stability of public finance in the long run. The main factors of budget imbalances are the growth of pension and health care expenditures caused by demographic trends and the gradual decline in tax receipts from the oil and gas sector.

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Research Article Mon, 31 Aug 2015 00:00:00 +0300