​Tiistai 1.11.2016


Sergey Vlasov (Central Bank of Russia): Fiscal multipliers in Russia


The paper covers the theoretical and practical issues related to the estimating of fiscal multipliers for the Russian economy. The analysis of the main determinants affecting the size of fiscal multipliers suggests relatively low effect of fiscal variables on output in “normal times”. Estimation of the government overall revenue and spending multipliers conforms with these expectations as well as with the results available for the emerging market economies and shows the values of -0.39 and 0.30 correspondingly. The necessity to cut budget deficit in the medium-term would have a negative impact on Russia’s GDP growth and the reduction of the government spending as a main source of fiscal consolidation goes in line with the estimates of fiscal multipliers and above all should allow to raise their efficiency.




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