TAX AND DEBT STRATEGY OF FISCAL REGULATION OF THE TRANSITIVE ECONOMY
Topic. In modern circumstances, it is especially the acute question of developing new priorities ensuring the dynamic development of the economy. Among the tools of state regulation of economic growth, it is of special importance ensuring an efficient interaction of fiscal and debt policy. The artic...
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| Format: | Article |
| Language: | Russian |
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Government of the Russian Federation, Financial University
2018-03-01
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| Series: | Финансы: теория и практика |
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| Online Access: | https://financetp.fa.ru/jour/article/view/618 |
| _version_ | 1797878756214308864 |
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| author | V. K. Giraev |
| author_facet | V. K. Giraev |
| author_sort | V. K. Giraev |
| collection | DOAJ |
| description | Topic. In modern circumstances, it is especially the acute question of developing new priorities ensuring the dynamic development of the economy. Among the tools of state regulation of economic growth, it is of special importance ensuring an efficient interaction of fiscal and debt policy. The article examines the problem of establishing an optimal balance between taxation and public borrowing to solve the optimization problem of financial provision of the state’s functions and maximizing GDP growth.Purpose. Taxation is an alternative source of replenishment of the budget to government borrowings. In the article, the author proposes new approaches to the formation of tax and debt policies. Also, it is grounded the most desired quantitative relation between tax and debt burden. Methods. In the article, we used a content analysis of the optimization and descriptive analytical models of the relationship of fiscal expansion (spending) of the state and economic growth. We used economic and mathematical models of the tax and debt strategies. Based on the comparative analysis we assessed the ability of tax to ensure the functioning of the state against the potential fiscal effect of economically justifiable government borrowing and the total amount of expenses of the budget.Results. The use of these models allowed comparing the evaluation of future debt burden under different parameters of economic development and match them with possible values of the tax burden. Derived indicators can be compared with the permissible values of indicators of the safe level of debt. It has practical meaning, both for national security and for identifying opportunities for the placement of new loans.Conclusions. The strategy of tax policy should be based on scientific methodological principles of fiscal relations between taxpayers and the state. Government borrowing is advisable to use exclusively for funding capital investments. Social expenditures, which are not secured by tax revenues and/or state borrowing, definitely needs to be reviewed in accordance with criteria of fiscal adequacy, economic efficiency, and social justice. |
| first_indexed | 2024-04-10T02:38:12Z |
| format | Article |
| id | doaj.art-b03ac8b682114e0d8c502bc5e0b4d12a |
| institution | Directory Open Access Journal |
| issn | 2587-5671 2587-7089 |
| language | Russian |
| last_indexed | 2024-04-10T02:38:12Z |
| publishDate | 2018-03-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Финансы: теория и практика |
| spelling | doaj.art-b03ac8b682114e0d8c502bc5e0b4d12a2023-03-13T07:49:28ZrusGovernment of the Russian Federation, Financial UniversityФинансы: теория и практика2587-56712587-70892018-03-012219210310.26794/2587-5671-2018-22-1-92-103634TAX AND DEBT STRATEGY OF FISCAL REGULATION OF THE TRANSITIVE ECONOMYV. K. Giraev0Дагестанский государственный технический университетTopic. In modern circumstances, it is especially the acute question of developing new priorities ensuring the dynamic development of the economy. Among the tools of state regulation of economic growth, it is of special importance ensuring an efficient interaction of fiscal and debt policy. The article examines the problem of establishing an optimal balance between taxation and public borrowing to solve the optimization problem of financial provision of the state’s functions and maximizing GDP growth.Purpose. Taxation is an alternative source of replenishment of the budget to government borrowings. In the article, the author proposes new approaches to the formation of tax and debt policies. Also, it is grounded the most desired quantitative relation between tax and debt burden. Methods. In the article, we used a content analysis of the optimization and descriptive analytical models of the relationship of fiscal expansion (spending) of the state and economic growth. We used economic and mathematical models of the tax and debt strategies. Based on the comparative analysis we assessed the ability of tax to ensure the functioning of the state against the potential fiscal effect of economically justifiable government borrowing and the total amount of expenses of the budget.Results. The use of these models allowed comparing the evaluation of future debt burden under different parameters of economic development and match them with possible values of the tax burden. Derived indicators can be compared with the permissible values of indicators of the safe level of debt. It has practical meaning, both for national security and for identifying opportunities for the placement of new loans.Conclusions. The strategy of tax policy should be based on scientific methodological principles of fiscal relations between taxpayers and the state. Government borrowing is advisable to use exclusively for funding capital investments. Social expenditures, which are not secured by tax revenues and/or state borrowing, definitely needs to be reviewed in accordance with criteria of fiscal adequacy, economic efficiency, and social justice.https://financetp.fa.ru/jour/article/view/618бюджетналогигосударственные займыэкономический ростфискальное регулированиеналогово-долговая стратегияналоговая нагрузкаструктура бюджетных расходовкапитальные вложения |
| spellingShingle | V. K. Giraev TAX AND DEBT STRATEGY OF FISCAL REGULATION OF THE TRANSITIVE ECONOMY Финансы: теория и практика бюджет налоги государственные займы экономический рост фискальное регулирование налогово-долговая стратегия налоговая нагрузка структура бюджетных расходов капитальные вложения |
| title | TAX AND DEBT STRATEGY OF FISCAL REGULATION OF THE TRANSITIVE ECONOMY |
| title_full | TAX AND DEBT STRATEGY OF FISCAL REGULATION OF THE TRANSITIVE ECONOMY |
| title_fullStr | TAX AND DEBT STRATEGY OF FISCAL REGULATION OF THE TRANSITIVE ECONOMY |
| title_full_unstemmed | TAX AND DEBT STRATEGY OF FISCAL REGULATION OF THE TRANSITIVE ECONOMY |
| title_short | TAX AND DEBT STRATEGY OF FISCAL REGULATION OF THE TRANSITIVE ECONOMY |
| title_sort | tax and debt strategy of fiscal regulation of the transitive economy |
| topic | бюджет налоги государственные займы экономический рост фискальное регулирование налогово-долговая стратегия налоговая нагрузка структура бюджетных расходов капитальные вложения |
| url | https://financetp.fa.ru/jour/article/view/618 |
| work_keys_str_mv | AT vkgiraev taxanddebtstrategyoffiscalregulationofthetransitiveeconomy |