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...

The conjunction of oil and Russia’s economic recovery in 1999-2004 links many themes. On September 16, 1998, the Central Bank of Russia mandated repatriation of 50 percent of foreign exchange revenues. On December 31, 1998, it raised the mandated repatriation rate to 75 percent. This rule...

We investigate the impact of fiscal variables on bond yield spreads relative to US Treasury bonds in the Czech Republic, Hungary, Poland, Russia and Turkey from May 1998 to December 2007. To account for the importance of market expectations we use projected values for fiscal and macroeconomic...

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...

This paper evaluates the performance of fiscal policy in Russia since the 1998 crisis along several dimensions, using a variety of indicators. Russia has progressed tremendously in recent years on public debt sustainability, largely thanks to the fact that the real interest rates on public debt...