Abstract
Comprehensive analysis of stabilization fund design and management as a macroeconomic tool is suggested. Restrictions on the use of windfall revenues, stemming from fiscal and monetary sustainability conditions are presented. It is stressed that additional spending of windfall revenues inevitably results in real appreciation of the ruble. According to medium-term macroeconomic projections, if current high export prices sustain, the use of windfall revenues may be gradually raised, but still spending money from the Stabilization Fund of RF will remain quite limited through the year 2008.
Subject
Economics and Econometrics,Finance
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