In the next decade the Russian tax system will face tremendous challenges, due to both objective factors (significant dependence of the Russian economy on foreign trade conjuncture, etc) and a number of decisions in the field of fiscal policy. Viewing these challenges the authors examine three...

This paper deals with 2008-2009 crisis which marked a new stage of Russia’s budgetary policy. Although the budget situation in Russia is presently much better than in the majority of the developed countries, reservation of high dependence on oil proceeds, observed trends in in the structure of...

We use to consider Russia as a commodity state whose welfare was mainly based on extraction and export of hydrocarbons. Well, Russia has one of the biggest oil and natural gas endowments, virtually dominates at the European crude oil and natural gas markets and actively builds up export of oil...

This paper is about the bane of the Russian economy: rich oil and gas reserves, which hamper the implementation of structural economic reforms. Oil industry forms the backbone of the Russian economy playing a major role in ensuring revenues of the government budget and the country’s favorable...

In the world economy perspective, the main factors and sources of economic growth of Russia are: the level of prices and physical scope of demand for basic raw materials of the Russian export on the world market (oil and other raw materials), access to capital on the world financial market for...

Policy goals of the Central bank of Russia

The authors have estimated housing supply equation where significant factors proved to be price change on residential property and on installation and construction works. Significance of these variables and expected values testify that the construction companies may adequately react to the...

In Russia, the pre-conditions for a successful transition to inflation targeting are beginning to emerge. The economy remains highly dependent upon the external economic conjuncture, but the financial crisis made for a steep increase in the demand of commercial banks for refinancing by the CBR....

The paper deals with modelling of spot rate process in the market for government securities in transitional economy. The case of the Russian Treasury bills market is taken as an example. We use three approaches to estimation of parameters of spot rate stochastic process: AR-GARCH time series...

For the purpose of analyzing the stability of the budgetary system of the Russian Federation, the main three scenarios of development of internal and external economic processes in the mid-term prospect (the 2009-2012) are considered herein. The above period can be unambiguously defined as the...