- Abstract:
-
Despite substantial oil and gas revenue Russia's fiscal stance is unsustainable. Under our benchmark assumptions the permanent-income rule requires a permanent tightening of the fiscal stance by 4.6%-points of GDP. Delaying it by a decade implies that the fiscal stance needs to be tightened by a further 0.9%-point. This benchmark optimal policy ensures that depletion of oil and gas wealth is matched by an equal increase in above-ground financial wealth. Its merits are highlighted by comparing...
Expand abstract - Publication status:
- Published
- Peer review status:
- Peer reviewed
- Version:
- Accepted manuscript
- Files:
-
-
(pdf, 1.1MB)
-
- Publisher copy:
- 10.1016/j.enpol.2017.02.022
-
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- Publisher:
- Elsevier Publisher's website
- Journal:
- Energy Policy Journal website
- Volume:
- 105
- Issue:
- C
- Pages:
- 27-40
- Publication date:
- 2017-02-21
- Acceptance date:
- 2017-02-14
- DOI:
- EISSN:
-
1873-6777
- ISSN:
-
0301-4215
- Pubs id:
-
pubs:686065
- URN:
-
uri:6fdeb636-5c6e-416b-bd50-0629760630e1
- UUID:
-
uuid:6fdeb636-5c6e-416b-bd50-0629760630e1
- Local pid:
- pubs:686065
- Paper number:
- C
- Copyright holder:
- Elsevier Ltd
- Copyright date:
- 2017
- Notes:
-
© 2017 Elsevier Ltd. All rights reserved.
This is the accepted manuscript version of the article. The final version is available online from Elsevier at: https://doi.org/10.1016/j.enpol.2017.02.022
Journal article
Consequences of lower oil prices and stranded assets for Russia's sustainable fiscal stance
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