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How to Ensure Fiscal Sustainability in Russia
I A Sokolov1, S G Belev2, O V Suchkova1
1Russian Presidential Academy of National Economy and Public Administration, 119571 Moscow, Russia.
Abstract:
The COVID-19 pandemic and global economic crisis aggravated risks to long-term fiscal stability in Russia. The article analyzes why compliance with the fiscal rule prevents us from curbing these risks, and the way in which construction of this rule should be modified to improve its efficiency. It makes a strong case for system-based fiscal consolidation to enhance fiscal stability and presents options for optimization of spending and tax increases.
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