Russia's economic agenda to 2020

International Affairs

Volumn 88, Issue 1, 2012, Pages 31-48

  Aleksashenko, Sergey ^a  

^a NATIONAL RESEARCH UNIVERSITY HIGHER SCHOOL OF ECONOMICS   (Russian Federation)

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EID: 84856156652     PISSN: 00205850     EISSN: 14682346     Source Type: Journal    
DOI: 10.1111/j.1468-2346.2012.01055.x     Document Type: Article

References (15)

1. IMF Country Report No. 08/309, Russian Federation: 2008 Article IV consultation-staff report; staff statement; and public information notice on the Executive Board discussion (Washington DC: International Monetary Fund, 2008), accessed 16 Jan. 2012.
2. Commission on Growth and Development, The growth report: strategies for sustained growth and inclusive development (Washington DC, 2008), accessed 27 Dec. 2011.
3. Gas extraction (95% of which was concentrated in state-run Gazprom) during this period grew by less than 10%.
4. To a certain extent the contribution of the raw materials sector (mainly oil) fell because of changes in the tax regime. From August 2004 the combination of the export duty for oil and refineries and the natural resource tax channelled 80% of the increase in oil price to the federal budget, while the tax on profits channelled another 5% of the price increase to federal and regional budgets. As a result, oil companies received only 15% of the price increase. I would therefore argue that the direct impact of growing oil prices on the economy was equal to just 15% of the increase in oil price, taking into account the fact that the federal budget has accumulated the bulk of the proceeds from oil taxes into (initially) the Stabilization Fund and (later) the Reserve Fund and National Welfare Fund. Rising oil prices were of course a very important psychological factor influencing Russian businesses, international lenders and rating agencies alike.
5. Export duties on natural resources are also a part of net taxes.
6. Independence of the courts, law enforcement, protection of property rights, and measures to combat corruption and racketeering are all elements of an investment climate, but cannot be supported within the limits of the existing political regime.
7. Owing to the effects of the Second World War the number of people born in 1941-1948 in the USSR (and Russia) was several times lower than in previous and subsequent years. This is very visible in Russian demographics every 25 years (the length of a generation).
8. 'Projected population level of the Russian Federation to 2030' (Moscow: Rosstat, 2010)
9. (in Russian), accessed 27 Dec. 2011.
10. E. Gurvich, 'Principles of the new pension system', Voprosy Ekonomiki, no. 4, 2011
11. Of course, the extra inflow of oil revenues could be absorbed by the budgetary Reserve Fund, as happened in 2004-But since then the expenditures of the federal budget have increased significantly and all oil revenues at the current price are used for current needs.2008
12. In Russia became an importer of armaments for the first time in its history. Up to that time all Russian and Soviet policymakers emphasized reliance on national weapons only.2011
13. Revenues of the consolidated budgetary system comprise federal plus subnational budgets plus ex-budgetary funds (pension, social security and medical security).
14. Military and national security expenditure is projected to grow from 5.5% of GDP in 2011 to 6.7% of GDP in, and will grow further if the new armaments programme is implemented as announced.2014
15. The crisis of has had so strong an influence on the Russian political elite that many consider it unacceptable even to admit to a budget deficit. Among them is the former Minister of Finance Alexey Kudrin, who exerted a critical influence on the formation of principles of budgetary policy.1998