Abstract
Russian regions recovered financial stability in 2017—2019 due to high ruble commodities prices, improving tax collection and conservative expenditures and borrowings policy. Panel data analysis shows that social-demographic structure of population is one of the key factors of regional budgets balance. Government measures will contribute to sustainability of regional finances and reducing interregional differences in debt sustainability, but provide negative impact of regional fiscal policy on output dynamics in the coming years. Strengthening of fiscal burden via federal taxes will diminish procyclicality of regional budgets revenues, but require a return of full profit tax rate on regional level for compensating lost incomes. For improving borrowing conditions Bank of Russia and regional governments must develop placement of bonds with floating rates, indexed and amortized nominal.
Subject
Economics and Econometrics,Finance
Reference13 articles.
1. Bychkova M., Sorokina T. (2017). Features of forecasting and planning of income in consolidated budget of the Russian Federation entity on the basis of regional operating model. Baikal Research Journal, Vol. 8, No. 1, pp. 6—16. (In Russian). https://doi.org/10.17150/2411-6262.2017.8(1).6
2. Gladkovskaya E., Tsalo I., Teterkina L. (2017). Evaluation of financial sustainability of regional budgets in Russia: Methodology and algorithm of its applications. Voprosy Upravleniya, No. 6, pp. 119—131. (In Russian).
3. Klimanov V. V., Kazakova S. M., Mikhailova A. A. (2019). Retrospective analysis of the resilience of Russian regions as socio-economic systems. Voprosy Ekonomiki, No. 5, pp. 46—64. (In Russian). https://doi.org/10.32609/0042-8736-2019-5-46-64
4. Lozhechko A. (2017). Theoretical particularities of revenue management of the regional budgets of the Russian Federation in terms of economic uncertainty. Naukovedenie, Vol. 9, No. 4, pp. 1—14. (In Russian).
5. Milchakov M. (2016). Regional budgets: The forming of subfederal debt and financing of expences. Finansovyi Zhurnal, No. 3, pp. 66—78. (In Russian).
Cited by
4 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献