Suchergebnisse

The Russian political system remains subject to sudden radical change--this has been the basic logic of its political history since 1985. Only by understanding the processes and logics of that recent history of change can one understand the present and the (possibly radically different) future. In December 1991 Boris Yeltsin, president of the Russian Soviet Federated Socialist Republic (the USSR's largest republic, known as RSFSR), joined Stanislav Shushkevich of Belarus and Leonid Kravchuk of Ukraine in dissolving the Soviet Union and replacing it with the ill-defined Commonwealth of Independent States (CIS). The RSFSR was transformed into the Russian Federation, and the process of political transformation and state building was under way, and it continues apace.

Cover -- CONTENTS -- CONTEXT: SOUND MACROECONOMIC FRAMEWORK BUT DEEPER REFORMS NEEDED -- RECENT ECONOMIC DEVELOPMENTS AND NEAR-TERM OUTLOOK -- MEDIUM-TERM OUTLOOK AND RISKS -- POLICY DISCUSSIONS: SLOW GROWTH UNDERSCORES THE IMPORTANCE OF CONTINUING THE REFORM EFFORT -- A. Extending Growth-Friendly Shifts in Taxes and Spending While Following the Fiscal Rule -- B. Monetary Policy: Easing Should Continue -- C. Financial Policies: Fostering Resilience and Addressing Emerging Risks -- D. Persisting with Structural Reforms to Lift Potential Growth -- STAFF APPRAISAL -- BOXES -- 1. Factors Behind Russia's Growth Slowdown -- 2. Assessing the Impact of the Pension Reform and National Projects on Potential Output Growth -- 3. Russia's National Projects -- 4. Natural Real Interest Rate (NRIR) in Russia -- 5. Further Improving Fiscal Transparency In Russia -- FIGURES -- 1. Real Sector Developments 2008-19 -- 2. Inflation and Monetary Policy, 2016-19 -- 3. External Sector Developments, 2007-19 -- 4. Fiscal Policy, 2002-24 -- 5. Banking Sector Developments, 2008-2019 -- 6. Macro-Financial Developments, 2008-2018 -- TABLES -- 1. Selected Macroeconomic Indicators, 2016-24 -- 2. Balance of Payments, 2016-24 -- 3. External Financing Requirements and Sources, 2018-24 -- 4. Fiscal Operations, 2016-24 -- 5. Monetary Accounts, 2016-24 -- 6. Medium-Term Framework and Balance of Payments, 2016-24 -- 7. Financial Soundness Indicators, 2013-18 -- ANNEXES -- I. Risk Assessment Matrix -- II. Implementation of Past IMF Recommendations -- III. Debt Sustainability Analysis -- IV. FSAP Key Recommendations -- V. External Sector Assessment -- VI. Long-Term Growth: Experiences and Challenges -- VII. The Natural Interest Rate in the Russian Federation: A Preliminary Assessment -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH OTHER FINANCIAL INSTITUTIONS -- STATISTICAL ISSUES.

This study of the education system of the Russian Federation is part of the handbook "The education systems of Europe" which presents an analytical description of the education systems of all European countries, following common guidelines. The study begins with the historical background and the socio-cultural and political context of the Russian educational system which is followed by the description of the organizational and administrative context of the current education system. The next step is the functioning of the current education system, beginning with a structural overview and followed by an analysis of the different levels of the education system, including post-secondary and tertiary education. The country study ends with an analysis of current problems and discussions, and opens perspectives for further development. A diagram illustrating the structural scheme of the Russian educational system is part of this article. (DIPF/Orig./Kie.).

Describes the origins, evolution, & functions of the Russian Federation's Constitution, adopted in 1993 & further reformed in 1000 by President Vladimir Putin. An historical overview of Russian federalism is offered to illuminate the structure & operations of current Russian constitutionalism. Russia's historical movement from the extreme centralization of the Empire & then the USSR to a decentralized federation has been arduous, & Putin's policies suggest a tendency toward recentralization. Current challenges also include defining the Federation's structure, concerns about constitutional division of powers, & the crisis in Chechnya. K. Coddon

Cover -- CONTENTS -- RUSSIA'S FISCAL FRAMEWORK AND THE OIL-PRICE SHOCK -- A. Introduction -- B. Fiscal benchmarks -- C. Fiscal Rule -- D. Conclusion -- TABLES -- 1. Baseline Assumptions -- 2. Baseline Results -- 3. Sensitivity Analysis -- 4. Fiscal Rule -- ANNEXES -- I. Long-term Fiscal Sustainability Analysis -- II. The Russian Fiscal Rule -- EXCHANGE RATE PASS-THROUGH TO INFLATION. IS RUSSIA DIFFERENT? -- A. Introduction -- B. Stylized Facts -- C. Results. Size and State Dependent Nature of the ERPT in EMs -- D. Conclusion and Policy Implications -- FIGURES -- 1. Exchange Rate Depreciation in Emerging Markets -- 2. Exchange Rate Pass-through to Inflation in Russia -- 3. Inflation, Depreciation and Respective Volatilities -- 4. Assymetries, Non Linearities and Inflation Targeting -- 5. Exchange Rate Pass-through during 10 Percent Depreciation Episodes -- 6. Exchange Rate Pass-through during 20 Percent Depreciation Episodes -- 7. ERPT during Appreciation versus Depreciation -- 8. ERPT during Inflation Targeting versus Other Regimes -- TABLES -- 1. ERPT Coefficients - Linear Model -- 2. Exchange Rate Pass-through Coefficient in the Non-linear Model -- 3. Coefficients Appreciation versus Depreciation -- APPENDIX -- I. Empirical Strategy -- REFERENCES -- FOSTERING FINANCIAL SECTOR CONTRIBUTION TO GROWTH -- A. Introduction -- B. Dissecting Russia's Financial System Performance -- C. Reaping the Benefits of More Financial Development -- FIGURES -- 1. Capital Utilization and Investment -- 2. Firms' Financing Structure -- 3. SME Financing -- 4. Financial Development Index -- 5. Financial Depth -- 6. Banking System Structure -- 7. Measures of Efficiency of the Banking System -- TABLE -- 1. Components of the Financial Development Index -- REFERENCES.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy: Short-term Stimulus, Medium-term Consolidation -- B. Monetary Policy: Measured Normalization -- C. Financial Sector: A Tailored Policy Response -- D. Structural Policies: Re-invigorate the Reform Agenda -- STAFF APPRAISAL -- BOXES -- 1. Impact of Sanctions -- 2. Authorities' Policy Response -- 3. Regional Spillovers -- 4. Russia's Fiscal Rule -- 5. Exchange Rate Pass-through -- 6. Features of the Government's Bank Capital Support Program -- 7. Russian Banking System and Growth -- FIGURES -- 1. Recent Developments -- 2. Monetary and Financial Developments, 2013-15 -- 3. Banking Sector Developments, 2008-15 -- 4. Banking Sector Soundness, 2011-15 -- 5. Corporate Sector Developments, 2008-15 -- 6. Selected Macroeconomic Indicators: 2000-20 -- 7. External Position, 2008-15 -- 8. Exposures to Russia, 2014 (or the latest available) -- 9. Fiscal Policy, 2000-20 -- 10. Inflation Expectations, 2009-15 -- 11. Russia Faces Structural Problems, 2014 -- 12. External Debt Sustainability: Bound Tests -- TABLES -- 1. Selected Macroeconomic Indicators, 2008-16 -- 2. Balance of Payments, 2012-20 -- 3. External Financing, 2012-20 -- 4. Fiscal Operations, 2012-20 -- 5. Monetary Accounts, 2012-20 -- 6. Financial Soundness Indicators, 2012-15 -- 7. Medium-Term Framework and Balance of Payments, 2012-20 -- 8. Public Sector Debt Sustainability Analysis (DSA)-Baseline Scenario -- 9. Public DSA-Composition of Public Debt and Alternative Scenarios -- 10. Public DSA-Stress Tests -- 11. External Debt Sustainability Framework, 2009-19 -- ANNEXES -- I. Implementation of Past IMF Recommendations -- II. External Sector Assessment -- III. Risk Assessment Matrix (RAM) -- IV. Key FSAP Recommendations and Implementation -- CONTENTS -- FUND RELATIONS.

This paper discusses key findings of the pilot Fiscal Transparency Evaluation for the Russian Federation. Most aspects of Russia's fiscal reporting and budgeting practices are in line with good or advanced practice under the July 2013 draft of the Fiscal Transparency Code. The disclosure and management of fiscal risks has significantly improved in recent years. The evaluation highlights a number of important areas where fiscal transparency practices could be further improved. Addressing these gaps in fiscal transparency practices would enable the government to provide a more complete picture o

Cover -- CONTENTS -- THE STATE'S FOOTPRINT IN THE ECONOMY -- A. Introduction -- B. A Review of Available Data -- C. Measuring the Size of the Russian State -- D. State's Size and its Footprint -- E. Summary and Policy Implications -- FIGURES -- 1. The Russian State Size: Cross Country Comparison -- 2. Economic Performance and State Ownership -- TABLES -- 1. Estimated Public Sector Finances Overview, 2012 -- 2. The State's Share -- 3. Market Concentration and State Ownership -- References -- THE ROLE OF THE STATE IN THE RUSSIAN BANKING SECTOR -- A. Introduction -- B. Russia's Banking Sector: Bird's Eye View -- C. Assessing Banking Sector Efficiency: Data Envelopment Analysis (DEA) -- D. Measuring Competition: A Non-Structural Approach -- E. Summary and Policy Implications -- FIGURES -- 1. Asset and Loans -- 2. Loan Book and Capitalization -- 3. Net Interest Margins and Default Rates -- 4. Efficiency Scores of Top 10 Banks Across Countries -- 5. Efficiency Scores of Largest Russian Banks Across Time -- 6. Individual Efficiency Scores of Largest Russian Banks Across Time -- 7. Individual Efficiency Scores of Largest Russian Banks Across Models -- TABLES -- 1. Top Banking Groups in Russia -- 2. Capital Ratio: Cross-Country Comparison -- 3. Profitability: Cross-Country Comparison -- 4. Number of Credit Institutions Included in the Analysis -- 5. H-Statistics by Type of Ownership -- 6. Hypothesis Testing for H-Statistics -- 7. H-Statistic by Asset Size -- 8. H-Statistics for the Brazilian Banking Sector -- 9. H-Statistics for the Indian Banking Sector -- 10. Comparison of H-Statistics for SOBs in Russia, India, and Brazil -- References.

This 2014 Article IV Consultation highlights that the Russian Federationâ??s growth slowdown that began in 2011, reflecting structural constraints, continued in 2013 despite accommodative policies. Real GDP growth slowed to 1.3 percent owing to a contraction in investment while consumption remained robust owing to strong real wage growth and an unsecured consumer credit boom. The general government balance moved from a modest surplus in 2012 to a deficit of slightly more than 1 percent of GDP in 2013. The IMF staff projects real GDP growth at 0.2 percent in 2014 with considerable downside risk