Template-Type: ReDIF-Paper 1.0
Author-Name:Alexander Knobel
Author-Name-First: Alexander           
Author-Name-Last: Knobel 
Author-Workplace-Name: Gaidar Institute for Economic Policy
Title:    The Risks of Fiscal Policy in Countries Rich in Natural Resource
Abstract:  The article addresses the issue of fiscal policy risks in countries with an abundance of natural resources, including Russia. It is demonstrated which consequences Russia’s federal budget may be faced with as a result of declining oil prices. In the context of phenomena typical of resource-dependent economies, it is shown that they have a tendency toward a lower rate of long-term economic growth. The macroeconomic and institutional aspects of the resource curse and the role of sovereign funds in shaping up the budget policy are discussed, with a special emphasis being made on their institutional importance.
Length:  11 pages
Creation-Date: 2014
Revision-Date:   2014
Classification-JEL: H61, O11, Q32
Keywords:  resource curse, budget policy, institutions, economic growth, sovereign funds.
File-URL: https://www.iep.ru/files/RePEc/gai/wpaper/0094Knobel.pdf
File-Format: Application/pdf
File-Function: Revised version, 2013
Handle: RePEc:gai:wpaper:0094