Template-Type: ReDIF-Paper 1.0 Author-Name: Alexander Abramov Author-Name-First: Alexander Author-Name-Last: Abramov Author-Workplace-Name: RANEPA Author-Name: Alexander Radygin Author-Name-First: Alexander Author-Name-Last: Radygin Author-Workplace-Name: Gaidar Institute for Economic Policy Author-Name: Maria Chernova Author-Name-First: Maria Author-Name-Last: Chernova Author-Workplace-Name: RANEPA Title: Fiscal markets and fiscal institutions Abstract: In 2025, despite an extraordinary increase in customs tariffs in the United States, when the average rate amounted to 11% of the value of imported goods — the highest Classification-JEL: G01, G12, G18, G21, G24, G28, G32, G33 Keywords: Russian economy, stock market, bond market, corporate bond market, derivatives market, private investors Creation-Date: 2025 Revision-Date: 2025 Length: 112 pages File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2025-1624.pdf File-Format: application/pdf File-Function: Revised Version, 2026 Handle: RePEc:gai:ppaper:ppaper-2025-1624