Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025
The article examines the modern concept of the state fiscal policy in Russia and the possibilities of its implementation through the federal budget in the face of new global challenges. To this end, the authors assessed the resource base of the federal budget of the Russian Federation, as well as th...
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Financial Research Institute
2023-04-01
|
| Series: | Финансовый журнал |
| Subjects: | |
| Online Access: | https://www.finjournal-nifi.ru/images/FILES/Journal/Archive/2023/2/statii/01_2_2023_v15.pdf |
| _version_ | 1797832608318488576 |
|---|---|
| author | Mikhail E. Kosov Alla Yu. Chalova Ravil G. Akhmadeev Ekaterina V. Golubtsova |
| author_facet | Mikhail E. Kosov Alla Yu. Chalova Ravil G. Akhmadeev Ekaterina V. Golubtsova |
| author_sort | Mikhail E. Kosov |
| collection | DOAJ |
| description | The article examines the modern concept of the state fiscal policy in Russia and the possibilities of its implementation through the federal budget in the face of new global challenges. To this end, the authors assessed the resource base of the federal budget of the Russian Federation, as well as the adequacy of measures of fiscal regulation of the current economic situation. In this regard, the authors evaluated the feasibility of the initial macroeconomic indicators underlying the parameters of the federal budget for 2023–2025, primarily its revenues, and the risks of their possible change. The authors associate the key risks of failure to achieve the stated goals of the budget and tax policy for the period 2023–2025 with a sharp reduction in the resource base of the federal budget, especially its oil and gas revenues in the context of worsening geopolitical tensions and increasing sanctions pressure on the Russian Federation. The study focuses on the justification of approaches to minimize the negative consequences of external shocks both for the subjects of the Russian economy and for public finances. In the course of the study, the authors used the methods of statistical data processing, factor modeling, regression analysis and expert evaluation. The scientific novelty of the study lies in the assessment of the impact of new global challenges on the balance of the Russian federal budget and substantiation of approaches to transform fiscal regulation measures in response to these challenges. The practical significance of the study lies in the possibility of using its results in the development of state fiscal policy in the medium term under the conditions of dramatic changes in the scenario conditions of formation of the federal budget. |
| first_indexed | 2024-04-09T14:10:34Z |
| format | Article |
| id | doaj.art-0d7ed26d4ffc4d17886a0ba46ce986b3 |
| institution | Directory Open Access Journal |
| issn | 2075-1990 2658-5332 |
| language | English |
| last_indexed | 2024-04-09T14:10:34Z |
| publishDate | 2023-04-01 |
| publisher | Financial Research Institute |
| record_format | Article |
| series | Финансовый журнал |
| spelling | doaj.art-0d7ed26d4ffc4d17886a0ba46ce986b32023-05-06T13:35:14ZengFinancial Research InstituteФинансовый журнал2075-19902658-53322023-04-0115282610.31107/2075-1990-2023-2-8-26Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025Mikhail E. Kosov0https://orcid.org/0000-0002-1067-0935Alla Yu. Chalova1https://orcid.org/0000-0002-6818-2918Ravil G. Akhmadeev2https://orcid.org/0000-0002-7526-0144Ekaterina V. Golubtsova3https://orcid.org/0000-0002-7762-794XPlekhanov Russian University of Economics, Moscow, Russian Federation; Financial University under the Government of the Russian Federation, Moscow, Russian FederationPlekhanov Russian University of Economics, Moscow, Russian FederationPlekhanov Russian University of Economics, Moscow, Russian FederationPlekhanov Russian University of Economics, Moscow, Russian FederationThe article examines the modern concept of the state fiscal policy in Russia and the possibilities of its implementation through the federal budget in the face of new global challenges. To this end, the authors assessed the resource base of the federal budget of the Russian Federation, as well as the adequacy of measures of fiscal regulation of the current economic situation. In this regard, the authors evaluated the feasibility of the initial macroeconomic indicators underlying the parameters of the federal budget for 2023–2025, primarily its revenues, and the risks of their possible change. The authors associate the key risks of failure to achieve the stated goals of the budget and tax policy for the period 2023–2025 with a sharp reduction in the resource base of the federal budget, especially its oil and gas revenues in the context of worsening geopolitical tensions and increasing sanctions pressure on the Russian Federation. The study focuses on the justification of approaches to minimize the negative consequences of external shocks both for the subjects of the Russian economy and for public finances. In the course of the study, the authors used the methods of statistical data processing, factor modeling, regression analysis and expert evaluation. The scientific novelty of the study lies in the assessment of the impact of new global challenges on the balance of the Russian federal budget and substantiation of approaches to transform fiscal regulation measures in response to these challenges. The practical significance of the study lies in the possibility of using its results in the development of state fiscal policy in the medium term under the conditions of dramatic changes in the scenario conditions of formation of the federal budget.https://www.finjournal-nifi.ru/images/FILES/Journal/Archive/2023/2/statii/01_2_2023_v15.pdffederal budgetfiscal policyfiscal expansiontax spendingoil and gas revenuesfactor modelbudget rules |
| spellingShingle | Mikhail E. Kosov Alla Yu. Chalova Ravil G. Akhmadeev Ekaterina V. Golubtsova Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025 Финансовый журнал federal budget fiscal policy fiscal expansion tax spending oil and gas revenues factor model budget rules |
| title | Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025 |
| title_full | Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025 |
| title_fullStr | Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025 |
| title_full_unstemmed | Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025 |
| title_short | Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025 |
| title_sort | federal budget and state fiscal policy macroeconomic adaptation until 2025 |
| topic | federal budget fiscal policy fiscal expansion tax spending oil and gas revenues factor model budget rules |
| url | https://www.finjournal-nifi.ru/images/FILES/Journal/Archive/2023/2/statii/01_2_2023_v15.pdf |
| work_keys_str_mv | AT mikhailekosov federalbudgetandstatefiscalpolicymacroeconomicadaptationuntil2025 AT allayuchalova federalbudgetandstatefiscalpolicymacroeconomicadaptationuntil2025 AT ravilgakhmadeev federalbudgetandstatefiscalpolicymacroeconomicadaptationuntil2025 AT ekaterinavgolubtsova federalbudgetandstatefiscalpolicymacroeconomicadaptationuntil2025 |