The Budget rule: reducing oil dependence

The Budget rule: reducing oil dependence

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, impos...

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Main Authors: Brodunov Andrey, Bushueva Natalia, Averin Alexander, Berezina Ekaterina
Format: Article
Language:English
Published: EDP Sciences 2020-01-01
Series:E3S Web of Conferences
Online Access:https://www.e3s-conferences.org/articles/e3sconf/pdf/2020/24/e3sconf_tpacee2020_11041.pdf
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spelling doaj-6117fb57b9844fb3a92ef11c9c81ff6f2021-04-02T14:25:58ZengEDP SciencesE3S Web of Conferences2267-12422020-01-011641104110.1051/e3sconf/202016411041e3sconf_tpacee2020_11041The Budget rule: reducing oil dependenceBrodunov Andrey0Bushueva Natalia1Averin Alexander2Berezina Ekaterina3Moscow University named after S.Yu. WitteMoscow University named after S.Yu. WitteFinancial University under the Government of the Russian FederationVyatka State UniversityThe 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.https://www.e3s-conferences.org/articles/e3sconf/pdf/2020/24/e3sconf_tpacee2020_11041.pdf
collection DOAJ
language English
format Article
sources DOAJ
author Brodunov Andrey
Bushueva Natalia
Averin Alexander
Berezina Ekaterina
spellingShingle Brodunov Andrey
Bushueva Natalia
Averin Alexander
Berezina Ekaterina
The Budget rule: reducing oil dependence
E3S Web of Conferences
author_facet Brodunov Andrey
Bushueva Natalia
Averin Alexander
Berezina Ekaterina
author_sort Brodunov Andrey
title The Budget rule: reducing oil dependence
title_short The Budget rule: reducing oil dependence
title_full The Budget rule: reducing oil dependence
title_fullStr The Budget rule: reducing oil dependence
title_full_unstemmed The Budget rule: reducing oil dependence
title_sort budget rule: reducing oil dependence
publisher EDP Sciences
series E3S Web of Conferences
issn 2267-1242
publishDate 2020-01-01
description 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.
url https://www.e3s-conferences.org/articles/e3sconf/pdf/2020/24/e3sconf_tpacee2020_11041.pdf
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