From Surplus to Deficit Fiscal Policy

M. P. Afanas’ev () and N. N. Shash
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M. P. Afanas’ev: Institute of Economic Forecasting, Russian Academy of Sciences
N. N. Shash: Plekhanov Russian University of Economics

Studies on Russian Economic Development, 2021, vol. 32, issue 5, 476-484

Abstract: Abstract— The article discusses the reasoning associated with the change in the trajectory of the Russian budgetary policy in the current cycle and the substantiation of the forecast values of the main macroeconomic indicators used in the formation of the federal budget. The characteristics and analysis of the dynamics of the volumes of income and expenses are presented. The main theoretical concepts aimed at finding the optimal amount of debt financing for economic growth and the size of public debt are considered. The assessment of measures to balance the Russian budget in the context of the growth of public debt in the context of a decrease in budget revenues. The consequences of an increase in debt financing of the national economy are revealed and the values of indicators of Russia’s debt sustainability are calculated.

Keywords: budget policy; budget surplus and deficit; macrofinancial stability; macroeconomic indicators; budget cycle; budget revenues and expenditures; public debt; debt financing of the economy (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1134/S1075700721050026

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