| Issue |
E3S Web Conf.
Volume 164, 2020
Topical Problems of Green Architecture, Civil and Environmental Engineering 2019 (TPACEE 2019)
|
|
|---|---|---|
| Article Number | 11041 | |
| Number of page(s) | 11 | |
| Section | Environmental Policy | |
| DOI | https://doi.org/10.1051/e3sconf/202016411041 | |
| Published online | 05 May 2020 | |
The Budget rule: reducing oil dependence
1 Moscow University named after S.Yu. Witte, 2nd Kozhukhovsky passage, 12, bld.1, 115432, Moscow, Russia
2 Financial University under the Government of the Russian Federation, Leningradsky Prospekt, 49, 125993, Moscow, Russia
3 Vyatka State University, Moskovskaya str., 36, 610000, Kirov, Russia
* Corresponding author: abrodunov@muiv.ru
The article explores a way to reduce the dependence of the national currency on oil prices. A retrospective analysis of the data showed a close correlation between the ruble, the US dollar and the price of oil in the international market. Since 2004, a budget rule has been in effect in Russia, imposing a long-term restriction on budget policy through quantitative restrictions on budget indicators. The study analyzes the limitations of the budget rule in the Russian Federation in various periods and its results. The authors conducted a comparative analysis of foreign experience in reducing dependence on petrodollars on the basis of five reserve funds. The study demonstrates that the budget rule could be one of the possible measures to reduce the dependence of the national currency on oil prices.
© The Authors, published by EDP Sciences 2020
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