Breaking the Budget Rule to Rescue Economy

A high degree of uncertainty in the future development of global and Russian economy due to the corona-virus epidemic proliferation, the global economic downfall, which followed the introduction of quarantine measures in some countries make the issue of changes in state budget policy in the Russian...

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Autor principal:	A. Yu. Chalova
Formato:	article
Lenguaje:	RU
Publicado:	Plekhanov Russian University of Economics 2020
Materias:	budget policy counter-cyclic measures federal budget budget rule oil and gas earnings budget balance debt stability Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/1c9405e10f03481ea39c5ce4de3857d9
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id	oai:doaj.org-article:1c9405e10f03481ea39c5ce4de3857d9
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spelling	oai:doaj.org-article:1c9405e10f03481ea39c5ce4de3857d92021-11-15T05:20:50ZBreaking the Budget Rule to Rescue Economy2413-28292587-925110.21686/2413-2829-2020-5-16-25https://doaj.org/article/1c9405e10f03481ea39c5ce4de3857d92020-10-01T00:00:00Zhttps://vest.rea.ru/jour/article/view/939https://doaj.org/toc/2413-2829https://doaj.org/toc/2587-9251A high degree of uncertainty in the future development of global and Russian economy due to the corona-virus epidemic proliferation, the global economic downfall, which followed the introduction of quarantine measures in some countries make the issue of changes in state budget policy in the Russian Federation more and more acute. Despite the seeming finance stability of the budget system of the Russian Federation characterized by the surplus federal budget during two previous years and min deficit budgets of other levels, it still depends on external factors of the economic development. Policy of the Ministry of Finance aimed at adjustment of federal budget fund use to fluctuations of global oil prices within the frames of the budget rule can form considerable reserves, but at the same time it can cause a drop in investment and consumer demand and sl ow down in economy development. This approach to developing and implementing budget policy could ruin the budget essence as an active tool of state regulation of economy, especially in current conditions. Transforming the model of obligatory balance of the federal budget and accumulating sovereign reserves in conditions of growth absence in Russian economy for the large-scale stimulation of the population and business demand require scientifically grounded approach. New economic conditions demonstrate the necessity to provide well-balanced parameters of the federal budget within the frames of the budget rule. The possibility to combine these goals depends on degree of realizing key budget risks and stability of state finance to them. The article carried out modeling of key parameters of the federal budget depending on risk defining factors and effective restrictions by the budget rule provided an opportunity to advance a hypothesis that the basis of the long-term balance of Russian federal budget is formed by a new model of state budget policy leaning on the alternative use of finance tools and acceptable easing of budget rule restrictions.A. Yu. ChalovaPlekhanov Russian University of Economicsarticlebudget policycounter-cyclic measuresfederal budgetbudget ruleoil and gas earningsbudget balancedebt stabilityEconomics as a scienceHB71-74RUВестник Российского экономического университета имени Г. В. Плеханова, Vol 17, Iss 5, Pp 16-25 (2020)
institution	DOAJ
collection	DOAJ
language	RU
topic	budget policy counter-cyclic measures federal budget budget rule oil and gas earnings budget balance debt stability Economics as a science HB71-74
spellingShingle	budget policy counter-cyclic measures federal budget budget rule oil and gas earnings budget balance debt stability Economics as a science HB71-74 A. Yu. Chalova Breaking the Budget Rule to Rescue Economy
description	A high degree of uncertainty in the future development of global and Russian economy due to the corona-virus epidemic proliferation, the global economic downfall, which followed the introduction of quarantine measures in some countries make the issue of changes in state budget policy in the Russian Federation more and more acute. Despite the seeming finance stability of the budget system of the Russian Federation characterized by the surplus federal budget during two previous years and min deficit budgets of other levels, it still depends on external factors of the economic development. Policy of the Ministry of Finance aimed at adjustment of federal budget fund use to fluctuations of global oil prices within the frames of the budget rule can form considerable reserves, but at the same time it can cause a drop in investment and consumer demand and sl ow down in economy development. This approach to developing and implementing budget policy could ruin the budget essence as an active tool of state regulation of economy, especially in current conditions. Transforming the model of obligatory balance of the federal budget and accumulating sovereign reserves in conditions of growth absence in Russian economy for the large-scale stimulation of the population and business demand require scientifically grounded approach. New economic conditions demonstrate the necessity to provide well-balanced parameters of the federal budget within the frames of the budget rule. The possibility to combine these goals depends on degree of realizing key budget risks and stability of state finance to them. The article carried out modeling of key parameters of the federal budget depending on risk defining factors and effective restrictions by the budget rule provided an opportunity to advance a hypothesis that the basis of the long-term balance of Russian federal budget is formed by a new model of state budget policy leaning on the alternative use of finance tools and acceptable easing of budget rule restrictions.
format	article
author	A. Yu. Chalova
author_facet	A. Yu. Chalova
author_sort	A. Yu. Chalova
title	Breaking the Budget Rule to Rescue Economy
title_short	Breaking the Budget Rule to Rescue Economy
title_full	Breaking the Budget Rule to Rescue Economy
title_fullStr	Breaking the Budget Rule to Rescue Economy
title_full_unstemmed	Breaking the Budget Rule to Rescue Economy
title_sort	breaking the budget rule to rescue economy
publisher	Plekhanov Russian University of Economics
publishDate	2020
url	https://doaj.org/article/1c9405e10f03481ea39c5ce4de3857d9
work_keys_str_mv	AT ayuchalova breakingthebudgetruletorescueeconomy
_version_	1718428602380320768

Breaking the Budget Rule to Rescue Economy

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