BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 12/2010:
Russian fiscal policy during the financial crisis
Alexey A. Ponomarenko ()
and Sergey A. Vlasov
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 simi-lar
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 multip-liers are
calculated, and factors influencing multiplier size are examined.
Keywords: fiscal stimulus; fiscal sustainability; SVAR; fiscal multiplier; financial crisis; Russia; (follow links to similar papers)
JEL-Codes: E62; H30; H60; (follow links to similar papers)
28 pages, July 22, 2010
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