THE VALUE OF THE BUDGET AND THE SOVEREIGN WEALTH FUND IN THE COUNTRIES-EXPORTERS OF RAW MATERIAL RESOURCES
The article is devoted to the study of the features of fiscal policy in the countries-exporters of raw materials. In particular, the «best practices» of anti-cyclical regulation based on the rules of fiscal policy and the role of sovereign wealth funds as a way to minimize dependence on the situation of commodity markets are revealed. In addition, an empirical assessment of the impact of fiscal balances on key macroeconomic indicators in commodity-oriented countries is presented. It is concluded that in case of failure to ensure counter-cyclical fiscal and monetary policy during the commodity boom, it will create increased macroeconomic instability and thus undermine the basis for sustainable economic growth of the country-exporter of raw materials.