Fiscal Rule in the Period of the Russian Economy Transformation

Fiscal rules have been used in global practice for over 30 years. Research proves their positive impact on the sustainability of budget policy. In Russia, the budget rule has gone through several stages of transformation. However, the problem of procyclicality of the fiscal policy remains. The assessments (including calculations of cyclical components of expenditures and oil and gas revenues for 2011–2024) show that the current design is not flexible enough to neutralize external shocks, since the crises of 2007–2009 and 2020 require a revision of the widespread model of fiscal rules. It is proposed to transform the fiscal rule considering the dynamics of the exchange rate, restrictions on expenditures, and the legislative consolidation of «escape clauses».