Evaluating the Effectiveness of the Budget Expenditure Policy

Kirill L. Astapov (), Rasul А. Musaev () and Anton A. Malakhov ()
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Kirill L. Astapov: Lomonosov Moscow State University, Moscow 119991, Russian Federation
Rasul А. Musaev: Lomonosov Moscow State University, Moscow 119991, Russian Federation
Anton A. Malakhov: Lomonosov Moscow State University, Moscow 119991, Russian Federation

Finansovyj žhurnal — Financial Journal, 2020, issue 6, 9-24

Abstract: The article discusses opportunities for improving fiscal policy in order to ensure macroeconomic stability and sustainable growth of the Russian economy. Budget expenditures have several key macroeconomic goals, the quality of which determines the effectiveness of budget spending policies. The authors developed a methodology that allows evaluating changes in the efficiency of budget expenditures based on a set of indicators. The estimates are based on the Russian Federation as the example, with special attention paid to the implementation of a balanced budget policy over the past decade. In Russia, significant progress has been made in ensuring macroeconomic stability through the introduction of flexible mechanisms for macroeconomic regulation (budget rules and floating exchange rates). However, when planning budget expenditures, additional attention should be paid to ensuring long-term economic growth and inclusive development, the structure of expenditures adjusted in accordance with these priorities. In the final part of the article, we consider changes in budget policy that have become a response to the crisis situation caused by the coronavirus pandemic. It is concluded that an increase in public debt may be appropriate in the current economic conditions in the event of a qualitative improvement in the budget spending policy.

Keywords: fiscal policy; fiscal stability; stabilization policy; long-term development; inclusive growth; fiscal stimulus; anti-crisis measures (search for similar items in EconPapers)
JEL-codes: E61 E62 E63 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:200601:p:9-24

DOI: 10.31107/2075-1990-2020-6-9-24

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