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| Author: | Kwon, G. Spilimbergo, A. |
| Title: | Regional volatility in emerging countries: The case of Russia |
| Journal: | Economics of transition
2009 : VOL.17:1, p. 97-119 |
| Index terms: | fiscal policy russia incomes |
| Freeterms: | shocks |
| Language: | eng |
| Abstract: | Russia's regions are exposed to large income shocks due to an uneven distribution of natural resources and due to the Soviet legacy of artificial regional specialization. This article assesses how these features influence the magnitude and persistence of regional income shocks. A novel measure of regional exogenous shocks is proposed and this measure is used to show that fiscal policy in Russia's regions has largely been pro-cyclical, exacerbating rather than moderating regional exogenous shocks. |
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