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growth of the Brazilian economy. Russia experienced a sharp turnaround in its budget balance, which fell from +4.5 per cent in 2008 to -5.

OIL PRICE SHOCK • Sharp drop in oil prices • Stress on oil-exporting countries budgets • BUT lower inflation in oil-importing countries Source: Compiled by the CRA Research

turn spurred consumer prices. The new issue of the report covers such special topics as investment activity in 2021 Q3 and regional budgets in 2021.

GDP: Should the fed really be hitting the brakes?” In: Center on Budget and Policy Priorities. Faust, Jon and Jonathan H Wright (2013). “Forecasting inflation

36 bn in 2020 Figure 6: Strong fiscal position: budget consolidation and fiscal rule Russian Federal Budget Balance, % of GDP, lhs Urals, $/bbl, rhs 140

decrease in new car sales. As before, there was an inflow of budget (+12.5%) and corporate funds (+3.6%) to banks. Compared to a

from budget revenues and OFZ placements which were not used to finance expenditures. This helps offset the outflow of funds as budget revenues exceed budget

operations in budget accounts led to the outflow of liquidity from the banking sector in the amount of 0.8 trillion rubles. With budget revenues

Metals-Denominated Budget Funds in Accounts of Credit Institutions1 (millions of rubles) 30.09.2021 Federal Regional and local budget Other Extra-budgetary budget funds funds budget

as compared to recent years. Budget account operations. In the third quarter, the liquidity inflow to banks owing to budget operations amounted to 0.3