The problem of balanced budgets in oil-exporting countries

This paper deals with the problem of state balanced budgets in oil-exporting countries. It is hypothesized that there is a direct relationship between the balanced budget and the oil price. The study examines data for 1998-2014 when the oil price was high. To the researched group of oil-exporting countries refer the Russian Federation, Mexico, Venezuela, Algeria, the UAE, Iran, Qatar. The aim of the paper is to investigate and compare the dependence of the structure of budget expenditures, budget deficit and surplus of oil-exporting countries on the price of resources by analyzing the data of official statistics of the abovementioned countries, as well as study the budget expenditures of the Russian Federation. The research reveals the high dependence of the balanced budget, its surplus and deficit on the level of oil prices, and shows the non-linear dependence of the budget surplus on the level of oil prices as well. Moreover, the author analyzes the structure of revenues and expenditures of the federal budget of the Russian Federation in order to explain the budget deficit in 2012-2014. It is concluded about the relationship between the balanced budget and the institutions that have been developed in this country.