Russian Federation Selected Issues

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1484358856
Size: 41.76 MB
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This Selected Issues paper analyzes the impact of the adoption of inflation targeting (IT) on exchange rate volatility in Russian Federation. Russia has seen an increase in exchange rate volatility during the past few years compared with the period before the global financial crisis, as the authorities have chosen to allow a higher degree of ruble exchange rate flexibility in preparation for the adoption of IT. The average of the 12-month coefficient of variation of the ruble/dollar exchange rate has also increased from 2.2 percent in December 2005–September 2008 to about 3.7 percent in March 2010–June 2013.

Russian Federation

Author: Jonathan Anderson
Publisher: International Monetary Fund
ISBN:
Size: 79.48 MB
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This report on Selected Issues was prepared by staff from the International Monetary Fund as background documentation for the periodic consultation with the Russian Federation. The single issue selected is the recovery in output and public finances. Tables give economic and financial statistics. Annexes cover: Russia's growth performance 1991-97; fiscal adjustment after the crisis; changes in the exchange system 1999-2000; changes in the external trade regime 1999-2000.

Russian Federation

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1452732558
Size: 26.13 MB
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This Selected Issues paper examines the potential costs of faster disinflation in Russia, drawing on the experience of European transition countries. The paper analyzes this experience, discusses factors contributing to the persistence of moderate inflation, and quantifies the disinflation costs in these countries. It compares the Russian economy with the sample countries. The paper concludes that a relatively rapid reduction of core inflation from above 10 percent in 2002 to less than 5 percent in 2004 would be beneficial for the Russian economy.

Russian Federation

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Size: 63.40 MB
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Output has rebounded strongly and is now above the pre-crisis level in Russia. Inflation pressure stemming from the ruble depreciation has been reigned in and inflation has been brought down. The paper contains a detailed description of developments in the enlarged government budget, including the main determinants of revenue performance. It also describes the main elements of the recent tax reform and provides an overview of outstanding structural issues in the fiscal sector. The new government has proposed a set of far-reaching tax policy reforms.

Romania Selected Issues And Statistical Appendix

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Size: 18.16 MB
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This Selected Issues and Statistical Appendix paper assesses Romania’s external competitiveness by reviewing recent developments in a range of standard indicators and estimating equilibrium real exchange rates. The results suggest that, although Romania’s historical cost advantage vis-à-vis trading partners has eroded since end-2004, on account of a strong real exchange rate appreciation, some undervaluation still remains. Furthermore, evidence suggests that the recent weak output and export performance in some of the traditional exporting sectors mainly reflects the transition toward higher value-added products.

The Impact Of Liberalizing Barriers To Foreign Direct Investment In Services

Author: Jesper Jensen
Publisher: World Bank Publications
ISBN:
Size: 20.98 MB
Format: PDF
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The authors estimate that Russia will gain about 7.2 percent of the value of Russian consumption in the medium run from WTO accession and up to 24 percent in the long run. They estimate that the largest gains to Russia will derive from liberalization of barriers against multinational service providers. Piecemeal and systematic sensitivity analysis shows that their results are robust."--Abstract.

Romania

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1452763836
Size: 11.31 MB
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This Selected Issues paper for Romania reports that the practice of nonpayment and arrears accumulation has been widespread in Romania. Managers of enterprises that remain in the pipeline for privatization for long periods of time have little incentive to reduce arrears. The state contributed to growth of arrears by accepting nonmonetary tax and utility payments, using tax offsets in procurement, and tolerating payment arrears. These practices have been prevalent at all levels of state and local government, as well as state utility companies.

Impact Of Government Expenditureon Growth

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451914296
Size: 26.54 MB
Format: PDF, Mobi
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This paper evaluates a fiscal scenario based on the assumption of a rapid scaling-up of expenditure to be followed by a rapid scaling-down in the context of Azerbaijan''s current temporary oil production boom. To this end, it relies on a review of historical precedents and a neoclassical growth model. Based on both strands of analysis, the paper suggests that the evaluated fiscal scenario poses significant risks to growth sustainability.