Affiliation:
1. St. Petersburg State University; Fund “Center for Strategic Research”
2. Russian Presidential Academy of National Economy and Public Administration
Abstract
The paper discusses fiscal policy parameters for the period through 2024. The suggested way to ensure long-term fiscal stability is stabilization of both the general government revenues and expenditure in percent of GDP at levels differing by the public debt service payments, and then applying a new version of the fiscal rule. Redistribution of fiscal spending from “unproductive” to “productive” areas (primarily investment in human and physical capital) is considered as a way to boost economic growth. Possible use of additional spending on education, public health, and transport system is presented, as well as optimization of expenditures in “nonproductive” areas.
Subject
Economics and Econometrics,Finance
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