Budget Expenditures Effectiveness in Russia

Nadezhda Ivanova and Maria Kamenskikh
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Maria Kamenskikh: Sberbank of RF

Ekonomicheskaya Politika / Economic Policy, 2011, vol. 1, 17 pages

Abstract: The implemented anti-crisis fiscal package and reduction of the budget expenditures projected in 2011-2013 raise a question on the consequences of those measures for the Russian economy. Estimating fiscal multipliers of the enlarged budget this paper represents a pioneering research on effectiveness of fiscal policy in Russia. The Russian fiscal policy appeared to be quite ineffective in last 11 years: an increase in expenditures of the enlarged budget by 100 roubles transformed into an increase in GDP by only 13 roubles (in constant prices). The crisis enhanced the effectiveness of government expenditures almost twofold. The most effective are expenditures on such budget items as national economy, housing and utilities infrastructure and ecology (the respective multiplier equals 0.55). The reduction of the budget expenditures on these particular items projected in 2011-2013 may slow GDP growth.

Keywords: budget policy; fiscal multiplier; budget deficit; financial crisis (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:rnp:ecopol:1115

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