Russian Fiscal Policy During the Financial Crisis

Ponomarenko, Alexey A.; Vlasov, Sergey

doi:10.2139/ssrn.1665036

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Russian Fiscal Policy During the Financial Crisis

BOFIT Discussion Paper No. 12/2010

28 Pages Posted: 27 Aug 2010

See all articles by Alexey A. Ponomarenko

Sergey Vlasov

Central Bank of Russia

Date Written: July 19, 2010

Abstract

This study examines the expanding role of fiscal policy at a time of financial crisis. It analyses the stimulative fiscal measures of the Russian government in 2008-2010 and compares these with similar actions taken in other countries. The risks and limitations associated with the development and implementation of the measures are analyzed. The macroeconomic effects of the fiscal policy measures are estimated using a structural vector autoregressive (SVAR) model, the fiscal multipliers are calculated, and factors influencing multiplier size are examined.

Keywords: fiscal stimulus, fiscal sustainability, SVAR, fiscal multiplier, financial crisis, Russia

JEL Classification: E62, H30, H60

Suggested Citation: Suggested Citation

Ponomarenko, Alexey A. and Vlasov, Sergey, Russian Fiscal Policy During the Financial Crisis (July 19, 2010). BOFIT Discussion Paper No. 12/2010, Available at SSRN: https://ssrn.com/abstract=1665036 or http://dx.doi.org/10.2139/ssrn.1665036