This paper develops a large-scale, dynamic life-cycle model to simulate Russia's demographic and fiscal transition … under favorable and unfavorable fossil-fuel price regimes. The model includes Russia, the U.S., China, India, the EU, and … Japan+ (Japan plus Korea). The model predicts dramatic increases in tax rates in the U.S., EU, India, and Russia. Indeed …

future receipts is called its fiscal gap.This study estimates Russia's 2013 fiscal gap at 890 trillion rubles or $28 trillion …. This longterm budget shortfall is 8.4 percent of the present value of projected GDP. Consequently, eliminating Russia … that the Russia's energy resources are finite, whereas its expenditure needs are not. Moreover, Russia is aging and facing …