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A first draft of this paper was prepared for the Seminar on Post Election Strategy in Russia, April 3–6, 2000. This has been subsequently revised with the assistance of Mr. Suhas Joshi, former IMF resident treasury advisor in Russia, and with helpful comments from Mr. Alistair Moon, World Bank, and various colleagues in the Fiscal Affairs Department of the IMF. The usual disclaimers apply.
Ter-Minassian and Craig, 1997.
This work in fiscal policy parallels another widely studied area—the degree of independence of the Central Bank and its implications for monetary policy targets (Masciandro and Tebellini (1991), Cukierman, Neyapti and Webb (1992), Alesina and Summers (1993)).
This paper docs not deal with the fiscal federalism aspects of the Russian budget system. This is a wide topic and the subject of intensive study elsewhere (Wallich 1994; OECD 2000; Lavrov et al., 2000).
Formerly, Central Bank of Russia (CBR).
A critical appraisal of the Budget Code is contained in J. Diamond: “The New Russian Budget System: An Assessment and Future Reform Agenda,” IMF, 2001 unpublished.
The role of internal audit in budget management is discussed more fully in J. Diamond, “The Role of Internal Audit in Government Financial Management,” IMF, 2001, unpublished.