Transformation of Budgetary Policy in Russia during the 2000s: in Quest of National Fiscal Sustainability

Abstract

The crisis of 2008-2009 gave start to a new phase of budgetary policy in Russia. Despite the fact that at present the state of Russian budget seems much better than in most of developed countries, high dependence on oil and gas tax revenues and revealed trends in the structure of budget liabilities point out high persistence risks of budget imbalance in the long run. Reinsuring fiscal and macroeconomic stability requires some urgent and important reforms both in tax and budgetary policy.