Russia’s Budgetary System: How Much Sustainable?

HSE Economic Journal Pub Date : 2020-01-01 DOI:10.17323/1813-8691-2020-24-4-572-597

А. Mikhaylova, E. Timushev

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引用次数: 7

Abstract

The article clarifies the concept of fiscal sustainability and its main indicators and assesses fiscal sustainability of Russian regions. The topic is chosen due to importance of managing the risks of the budgetary system ceasing to perform its functions. Academic research and regulatory documents are reviewed, and the IMF data are analyzed. The paper distinguishes between fiscal and debt sustainability. It is established that fiscal sustainability means a functioning of the budgetary system when achievement of its goals in the present does not reduce achievability of the goals in the future. Debt sustainability provides the conditions for countercyclical fiscal policy, an essential element of fiscal sustainability. Thus, fiscal sustainability depends not so much on the amount of debt, but on the fiscal and public administration institutions. Russia's fiscal sustainability risks are highest at the regional level, where the authorities have a small amount of powers, including the regulation of debt parameters. New federal governmental methodology for assessing the regional debt sustainability (article 107.1 of the Budget code) reflects creditworthiness, provides flexibility and correctly differentiates regulatory measures based on the amount of debt. However, it does not fully reflect the institutional and economic aspects (which we propose to include in our fiscal sustainability index (FSI)), but further restricts fiscal independence of lagging regions. We conclude that it is more effective to limit only the debt powers of those regions without additional restrictions on spending.

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俄罗斯预算体系:可持续性如何?

本文阐述了财政可持续性的概念及其主要指标，并对俄罗斯地区财政可持续性进行了评价。选择这个主题是因为管理预算系统停止履行其职能的风险的重要性。对学术研究和监管文件进行了审查，并对IMF的数据进行了分析。该报告对财政可持续性和债务可持续性进行了区分。可以确定的是，财政可持续性意味着预算系统在当前目标的实现不影响未来目标实现的情况下的运作。债务可持续性为反周期财政政策提供了条件，而反周期财政政策是财政可持续性的基本要素。因此，财政的可持续性在很大程度上不是取决于债务数额，而是取决于财政和公共行政机构。俄罗斯的财政可持续性风险在地区层面最高，在地区层面，当局拥有少量权力，包括对债务参数的监管。联邦政府评估区域债务可持续性的新方法(《预算法》第107.1条)反映了信誉，提供了灵活性，并根据债务数额正确区分了管理措施。然而，它并没有完全反映制度和经济方面(我们建议将其纳入我们的财政可持续性指数(FSI))，而是进一步限制了落后地区的财政独立性。我们的结论是，只限制这些地区的债务权力而不对支出施加额外限制更为有效。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

HSE Economic Journal Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The HSE Economic Journal publishes refereed papers both in Russian and English. It has perceived better understanding of the market economy, the Russian one in particular, since being established in 1997. It disseminated new and diverse ideas on economic theory and practice, economic modeling, applied mathematical and statistical methods. Its Editorial Board and Council consist of prominent Russian and foreign researchers whose activity has fostered integration of the world scientific community. The target audience comprises researches, university professors and graduate students. Submitted papers should match JEL classification and can cover country specific or international economic issues, in various areas, such as micro- and macroeconomics, econometrics, economic policy, labor markets, social policy. Apart from supporting high quality economic research and academic discussion the Editorial Board sees its mission in searching for the new authors with original ideas. The journal follows international reviewing practices – at present submitted papers are subject to single blind review of two reviewers. The journal stands for meeting the highest standards of publication ethics.