Russian Federation: Staff Report for the 2011 Article IV Consultation
Russian Federation: Staff Report for the 2011 Article IV Consultation

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2011-09-27

Total Pages: 69

ISBN-13: 1463904851

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The reports highlights that, even though the Russian economy has started reviving from the crisis, growth has been moderate and inflation high. Executive Directors have advised that the focus should be on reducing fiscal vulnerabilities, lowering inflation, promoting a stronger and more competitive banking system, and creating a favorable environment for investment and economic diversification. Directors encouraged the authorities to undertake growth-friendly, credible, and ambitious fiscal consolidation. They have supported the Financial Sector Assessment Program (FSAP) recommendations to strengthen financial sector policies.

Global Financial Contagion
Global Financial Contagion

Author: Shalendra D. Sharma

Publisher: Cambridge University Press

Published: 2014

Total Pages: 405

ISBN-13: 1107027209

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This book is an authoritative account of the economic and political roots of the 2008 financial crisis. It examines why it was triggered in the United States, why it morphed into the Great Recession, and why the contagion spread with such ferocity around the globe. It also examines how and why economies - including the Eurozone, Russia, China, India, East Asia, and the Middle East - have been impacted and explores their response to the unprecedented challenges of the crisis and the effectiveness of their policy measures. Global Financial Contagion specifically looks at how the Obama administration's policy missteps have contributed to America's huge debt and slow recovery, why the Eurozone's response to its existential crisis has become a never-ending saga, and why the G-20's efforts to create a new international financial architecture may fall short. This book will long be regarded as the standard account of the crisis and its aftermath.

Russian Federation
Russian Federation

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2012-08-03

Total Pages: 60

ISBN-13: 147554054X

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The Russian Federation economy saw growth of about 4 percent and a current account surplus—the result of favorable harvest, high oil prices, and reduced unemployment and inflation. Implementation of structural reforms initiated by the Central Bank of Russia (CBR), managing domestic demands, and non-vulnerability to oil price variation were suggested by the Executive Board as short and mid-term challenges. Strengthening monetary policy framework, allowing greater exchange rate flexibility, implementing Financial Sector Assessment Program (FSAP) recommendations, expansion of CBR powers, reduced state involvement in the economy, and enhancement of communication policies were also recommended.

Russian Federation
Russian Federation

Author: International Monetary Fund. European Dept.

Publisher: International Monetary Fund

Published: 2019-08-02

Total Pages: 73

ISBN-13: 1513509691

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This 2019 Article IV Consultation with Russian Federation discusses that growth is projected at 1.2 percent in 2019, reflecting a weak first quarter estimate, lower oil prices and the impact of the higher value-added tax rate on private consumption. At the same time, gross domestic product growth should be supported by an increase in public sector spending in the context of the national projects announced in 2018. Inflation has begun to fall and is expected to return to the 4 percent target by early 2020. The medium-term growth outlook remains modest. Public infrastructure spending under the national projects together with increase labor supply due to pension reform could have a positive effect on the growth rate of potential output. However, absent deeper structural reforms, long-run growth is projected to settle around 1.8 percent. It is recommended that it is imperative to enhance competition by facilitating entry/exit and reforming public procurement.

Strengthening Russia's Fiscal Framework
Strengthening Russia's Fiscal Framework

Author: Ms.Charleen Gust

Publisher: International Monetary Fund

Published: 2012-03-01

Total Pages: 60

ISBN-13: 1475568037

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Though many aspects of Russia's fiscal policy framework are close to best practice on paper, actual practice in recent years has been moving away from best practice. In particular, the continued focus on the overall rather than the nonoil balance, and the regular use of supplemental budgets to spend windfall oil revenues contribute to procylicality of fiscal policy, risking costly boom-bust cycles. Against this background, this paper suggests several improvements to the framework for fiscal policy.

OECD Economic Surveys: Russian Federation 2011
OECD Economic Surveys: Russian Federation 2011

Author: OECD

Publisher: OECD Publishing

Published: 2011-12-12

Total Pages: 156

ISBN-13: 9264117423

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OECD's 2011 Economic Survey of the Russian Federation examines recent economic developments, policies and prospects; the business climate, the fiscal framework, monetary policy, and energy efficiency.

Reforming the Public Pension System in the Russian Federation
Reforming the Public Pension System in the Russian Federation

Author: Frank Eich

Publisher: International Monetary Fund

Published: 2012-08-01

Total Pages: 25

ISBN-13: 1475505515

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Pension reform is a key policy challenge in Russia. This paper examines how pension spending could increase in Russia in the absence of reforms, quantifies the impact of some recent proposals, and suggests some alternatives that would ensure public pension benefits - relative to wages - not fall from current levels while containing spending.

Global Waves of Debt
Global Waves of Debt

Author: M. Ayhan Kose

Publisher: World Bank Publications

Published: 2021-03-03

Total Pages: 403

ISBN-13: 1464815453

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The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Macroeconomic Effects of Reforms on Three Diverse Oil Exporters: Russia, Saudi Arabia, and the UK
Macroeconomic Effects of Reforms on Three Diverse Oil Exporters: Russia, Saudi Arabia, and the UK

Author: Samya Beidas-Strom

Publisher: International Monetary Fund

Published: 2019-10-11

Total Pages: 66

ISBN-13: 151351718X

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We build and estimate open economy two-bloc DSGE models to study the transmission and impact of shocks in Russia, Saudi Arabia and the United Kingdom. After accounting for country-specific fiscal and monetary sectors, we estimate their key policy and structural parameters. Our findings suggest that not only has output responded differently to shocks due to differing levels of diversification and structural and policy settings, but also the responses to fiscal consolidation differ: Russia would benefit from a smaller state foot-print, while in Saudi Arabia, unless this is accompanied by structural reforms that remove rigidities, output would fall. We also find that lower oil prices need not be bad news given more oil-intensive production structures. However, lower oil prices have hurt these oil producers as their public finances depend heavily on oil, among other factors. Productivity gains accompanied by ambitious structural reforms, along with fiscal and monetary reforms could support these economies to achieve better outcomes when oil prices fall, including via diversifying exports.

The Political Economy of Putin's Russia
The Political Economy of Putin's Russia

Author: Pekka Sutela

Publisher: Routledge

Published: 2013-02-28

Total Pages: 324

ISBN-13: 1136338012

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This book constitutes an up-to-date treatment of Russia’s economic development and economic policies since 2000, when Vladimir Putin became the President of Russia. After the slow decline and sudden collapse of the Soviet Union, Russia embarked upon a multi-faceted change. This included transition from central management to a market economy, from one-party rule to democracy, from multi-national empire to nation state, and from relative autarchy to opening up to the European and global communities. This book concentrates on economic change, exploring how in spite of steep production decline, widening welfare differentials and increasing social uncertainty, the 1990s also created many of the institutional and policy preconditions for a functioning market economy.