The Instruments of the Stabilization Fund: The Experience and Prospects

2004 ◽  
pp. 65-75 ◽  
Author(s):  
Mst. Afanasiev
Keyword(s):  
Economic Growth ◽  
Oil Prices ◽  
Federal Budget ◽  
Future Generations ◽  
The World

Сreation of the stabilization fund has become the main feature of the Russian federal budget for 2004. This instrument provides the opportunity to reduce the dependence of budget incomes on the fluctuations of oil prices. The accepted model does not consider the world experience in building of such funds as the "funds for future generations", and the increase of other revenues from the growing oil prices as well. That can lead to shortening and immobilization of the financial basis of economic growth.

Kazakhstan

2019 ◽  
pp. 69-94
Author(s):  
Richard Pomfret
Keyword(s):  
Economic Growth ◽  
National Economy ◽  
Economic History ◽  
Nation Building ◽  
Oil Prices ◽  
Living Standards ◽  
Economic Adjustment ◽  
National Economic ◽  
The World ◽  
Transition Strategies

This chapter discusses the national economy and transition strategies of Kazakhstan. Kazakhstan's national economic history divides sharply between 1991 and 1998, and the years since 1999. The first period, dominated by nation-building, saw traumatic economic adjustment to the shocks of the early 1990s and a large unanticipated decline in living standards. As the country started to recover from the economic nadir in 1997 it was hit by the 1998 Russian crisis, and only in 1999 did sustained economic growth begin. However, when growth did begin—stimulated by policy decisions such as a large currency devaluation and sustained by rising oil prices—Kazakhstan enjoyed a decade during which it was one of the fastest growing economies in the world. The chapter also considers the banking crisis in 2007–2008, whose impact was exacerbated by the collapse in the price of oil in the second half of 2008.

scholarly journals Assessment of the Factors of Investment Attractiveness of the Business Environment in Terms of Sustainable Development of the Region

2021 ◽  
Vol 295 ◽  
pp. 01043
Author(s):  
Gennady Alexandrov ◽  
Irina Vyakina ◽  
Galina Skvortsova
Keyword(s):  
Economic Growth ◽  
Sustainable Development ◽  
Scientific Community ◽  
Sustainable Development Goals ◽  
Business Environment ◽  
Future Generations ◽  
The World ◽  
Ecological Problems ◽  
Development Goals ◽  
Interim Measures

It should be noted, that today the world scientific community try to find new ways of economic development, which are aimed at refusing to absolutize economic growth at the expense of solving social and ecological problems and ensuring the vital requirements of future generations. In this regard, the authors have proposed a methodological technique, that allows to systematize the factors of investment attractiveness of the business environment of the region, which are considered in terms of implementing the goals of sustainable development and increasing innovative activity. At the same time, we consider it necessary to emphasize, that the use of the obtained research results will allow, in our opinion, to significantly advance both in theoretical and practical terms in solving the development and implementation of reasonable interim measures to advance the region towards achieving sustainable development goals.

scholarly journals Decolonizers of the imaginary

2018 ◽  
Author(s):  
Christoph Rupprecht ◽  
Ayako Kawai
Keyword(s):  
Economic Growth ◽  
Future Generations ◽  
Environmental Destruction ◽  
Root Cause ◽  
Leverage Point ◽  
Sustainability Research ◽  
The World

The human radical imaginary, or the capacity to see in a thing what it is not (Castoriadis 1987), determines the possibilities we consider when we think about how the world should look like. Sustainability research pioneer Donna Meadows has thus called the power to transcend mind sets or paradigms out of which a system arises the most potent leverage point for interventions. One barrier to such interventions is the colonization of the imaginary by capitalism, the root cause of environmental destruction and addiction to economic growth. Latouche argues as part of the debate on degrowth that the colonized Western imaginary must thus be decolonized. In this paper, we ask how this might be achieved and propose (re)introducing human traditions of seeking knowledge that transcend established Western norms and conventions. Drawing upon concrete examples, we describe four types of decolonizers and how they might help decolonize Western imaginaries: 1) Future generations; 2) past generations; 3) non-humans, and 4) spiritual beings and concepts. We conclude by briefly outlining ways to invite these decolonizers of the imaginary individually and institutionally.

scholarly journals Sustainability and Asia

2015 ◽  
Vol 10 (1) ◽  
pp. 1-11
Author(s):  
Els van Dongen ◽  
Hong Liu
Keyword(s):  
Economic Growth ◽  
Sustainable Development ◽  
Added Value ◽  
Future Generations ◽  
New Era ◽  
The World ◽  
Environment And Development ◽  
Definition Of ◽  
Brundtland Commission ◽  
Common Future

What is the added value of investigating the contested concept of “sustainability” in tandem with the geographical marker of “Asia” in today’s world? To answer this question, we need to return to the formulation of the problematique of “sustainability” and “sustainable development” several decades ago. The Our Common Future report of the World Commission on Environment and Development (WCED)—also known as the Brundtland Commission—put forward the most commonly recognized and most frequently used definition of “sustainable development” (SD) in 1987.1 Development could be made sustainable, so the report stated, “to ensure that it meets the needs of the present without compromising the ability of future generations to meet their own needs” (WCED 1987: 15). The report further proclaimed that there were limits to development, but that improvements in technology and social development could “make way for a new era of economic growth” (ibid.).

scholarly journals ECONOMIC DOMINATION OF RUSSIA ON THE WORLD OIL MARKET

2020 ◽  
Vol 68 (2/2020) ◽  
pp. 64-73
Author(s):  
S. Yu. Kozmenko ◽  
Keyword(s):  
Soviet Union ◽  
Oil And Gas ◽  
Oil Prices ◽  
Federal Budget ◽  
Petroleum Products ◽  
Dutch Disease ◽  
Asia Pacific ◽  
Oil Consumption ◽  
General Decline ◽  
The World

The article examines the trends in Russia’s positioning on the world oil energy market in the 20thand early 21stcenturies, defines the role of oil in generating oil and gas revenues for the Federal budget of the Russian Federation, and shows the mechanism for filling the budget during tax maneuvers. The reasons for the occurrence of “oil dependence” of the Russianeconomy and the objective need to maintain such a situation during the period of overcoming consequences of the new coronavirus pandemic, that is, in conditions of a general decline in oil demand, are substantiated.In the 1980s, the symptoms of the so-called “Dutch disease” began to appear in the Soviet Union (by analogy with the gas sphere). Light oil money appeared and, despite the fact that in the early 1980s, revenues from oil and gas exports in the USSR budget did not exceed 10%, nevertheless, a decrease in oil prices in the second half of the 1980sled to a well-known economic and then political collapse.This was followed by a reduction in oil production and due to rising oil prices up to USD 140 perbarrel in the beginning of the XXI century, anever greater filling in the export niche of with oil. Finally, the country found itself in a “drug dependence” on the position of Russia and the economic situation on the world oil market.Today, in the context of overcoming the consequences of the new coronavirus pandemic, this should be taken for granted and optimally ensure the preservation of Russia’s competitive positions in the main regions of Russian oil consumption ––Europe and Asia-Pacific countries, mainly in China, India and South Korea,as part of a dominance policy Russia in these regions through increasing exports of oil and petroleum products.

scholarly journals Impact of OPEC activities on the global oil market

2020 ◽  
pp. 38-44
Author(s):  
Aidana Orynbekova
Keyword(s):  
Economic Growth ◽  
World Economy ◽  
Oil Prices ◽  
World Order ◽  
Interstate Cooperation ◽  
Oil Market ◽  
Global Pandemic ◽  
World Energy ◽  
The World ◽  
Opec Member

This article is devoted to the main problems of interstate cooperation in the oil industry and the high role of the influence of the Organization of Petroleum Exporting Countries (OPEC) on the world economy. Thus, the process of transformation of OPEC from an inactive and inconspicuous organization in the world oil market, as well as the struggle of its members for universal world domination in the oil market. The increased economic growth of some countries in the past years led to the fact that the demand for oil began to exceed the supply, but the relevance of today dictates its own rules against the backdrop of the growing coronavirus pandemic. It is at the turn of the day that the negative factors and consequences of the global pandemic and its impact on oil prices are most clearly visible. The oil giants of the world economy are the OPEC member countries, which, as the current picture shows, fully control their oil resources and oil prices. Moreover, the current picture shows that oil has become the subject of major global speculation, showing that not only economic growth, the integrity of the world economy and the world order are under threat, but also the entire world energy balance.

Actual Problems of Economic Policy

2003 ◽  
pp. 23-38 ◽  
Author(s):  
M. Ershov
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Foreign Exchange ◽  
World Economy ◽  
Domestic Economy ◽  
The World ◽  
Exchange Policy ◽  
Effective Integration

At present Russia faces the task of great importance - effective integration into the world economy. The success of this process largely depends on the strength of the domestic economy and stable economic growth. To attain such a goal certain changes in economic approaches are required which imply more active, focused and concerted steps in the monetary, fiscal and foreign exchange policy.

What Does Rent Give to Federal Budget (on the Russia's Budget Dependence upon "Oil Dollars")

2004 ◽  
pp. 51-69 ◽  
Author(s):  
E. Sharipova ◽  
I. Tcherkashin
Keyword(s):  
Oil And Gas ◽  
Strong Dependence ◽  
Oil Prices ◽  
Federal Budget ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Resource Rent ◽  
Tax Legislation ◽  
Russian Economy ◽  
The Government

Federal tax revenues from the main sectors of the Russian economy after the 1998 crisis are examined in the article. Authors present the structure of revenues from these sectors by main taxes for 1999-2003 and prospects for 2004. Emphasis is given to an increasing dependence of budget on revenues from oil and gas industries. The share of proceeds from these sectors has reached 1/3 of total federal revenues. To explain this fact world oil prices dynamics and changes in tax legislation in Russia are considered. Empirical results show strong dependence of budget revenues on oil prices. The analysis of changes in tax legislation in oil and gas industry shows that the government has managed to redistribute resource rent in favor of the state.

Inter-country inequality as a dynamic process and the problem of post-industrial development

2018 ◽  
pp. 5-29 ◽  
Author(s):  
L. M. Grigoryev ◽  
V. A. Pavlyushina
Keyword(s):  
Economic Growth ◽  
Political Institutions ◽  
Industrial Development ◽  
Modern World ◽  
New Approach ◽  
Development Level ◽  
The World ◽  
Long Time ◽  
The Difference ◽  
Post Industrial

The phenomenon of economic growth is studied by economists and statisticians in various aspects for a long time. Economic theory is devoted to assessing factors of growth in the tradition of R. Solow, R. Barrow, W. Easterly and others. During the last quarter of the century, however, the institutionalists, namely D. North, D. Wallis, B. Weingast as well as D. Acemoglu and J. Robinson, have shown the complexity of the problem of development on the part of socioeconomic and political institutions. As a result, solving the problem of how economic growth affects inequality between countries has proved extremely difficult. The modern world is very diverse in terms of development level, and the article offers a new approach to the formation of the idea of stylized facts using cluster analysis. The existing statistics allows to estimate on a unified basis the level of GDP production by 174 countries of the world for 1992—2016. The article presents a structured picture of the world: the distribution of countries in seven clusters, different in levels of development. During the period under review, there was a strong per capita GDP growth in PPP in the middle of the distribution, poverty in various countries declined markedly. At the same time, in 1992—2016, the difference increased not only between rich and poor groups of countries, but also between clusters.

Analysis of tax-spend nexus for Russian regional budgets

2020 ◽  
pp. 5-29
Author(s):  
Evsey T. Gurvich ◽  
Natalia A. Krasnopeeva
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
Causal Relationship ◽  
National Economy ◽  
Federal Budget ◽  
Fiscal Rules ◽  
Fiscal Discipline ◽  
Federal Level ◽  
Regional Budgets ◽  
Econometric Technique

We study the tax-spend nexus for Russian regional budgets. Causal relationship running from taxing to spending is found, thus supporting the concept “tax and spend” suggested by M. Friedman. Next, elasticity of expenditure by revenue is estimated for a panel of 80 regional budgets basing on data for 2000—2017. Estimates are in the range of 0.72 to 0.78 (depending on the econometric technique), which exceeds elasticity for the federal budget more than twice. This evidences that fiscal policy at the sub-federal (as distinct from the federal) level has clear pro-cyclical nature. Besides, the largest sensitivity of expenditure to revenue shocks is found for the item “national economy”, implying marked adverse implications for economic growth. We suggest to mitigate this effect by modifying fiscal rules for sub-federal budgets. They are currently aimed primarily at enhancing fiscal discipline, with less emphasis on countercyclical policy, insulating economy from fiscal shocks.

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