TY - CHAP

T1 - 財政政策及其在確保俄羅斯經濟增長中的作用

AU - Остапенко, Всеволод Михайлович

PY - 2019

Y1 - 2019

N2 - In this paper, on the basis of a comprehensive analysis of the trends in fiscal policy in Russia over the past decade, the possibility of revising current fiscal priorities is justified. The main arguments are presented in favor of rejecting excessively tight fiscal consolidation, which can help accelerate economic growth in the medium term. It is argued that fiscal stimulation with clearly defined investment objectives and the redistribution of government spending towards productive areas (infrastructure, health care, education) creates the foundation for gradually increasing potential output through the impact on total factor productivity. Based on a comparison of empirical studies of budget multipliers in Russia, it has been shown that restrictive fiscal policy during a recession or until a complete post-crisis recovery makes an additional contribution to the inhibition of the economy. At the same time, in the situation of the structural slowdown that is observed in Russia, an active budget policy will not be as effective in terms of impacting aggregate demand as in the conditions of a cyclical recession, but indispensable for the country's infrastructure development.

AB - In this paper, on the basis of a comprehensive analysis of the trends in fiscal policy in Russia over the past decade, the possibility of revising current fiscal priorities is justified. The main arguments are presented in favor of rejecting excessively tight fiscal consolidation, which can help accelerate economic growth in the medium term. It is argued that fiscal stimulation with clearly defined investment objectives and the redistribution of government spending towards productive areas (infrastructure, health care, education) creates the foundation for gradually increasing potential output through the impact on total factor productivity. Based on a comparison of empirical studies of budget multipliers in Russia, it has been shown that restrictive fiscal policy during a recession or until a complete post-crisis recovery makes an additional contribution to the inhibition of the economy. At the same time, in the situation of the structural slowdown that is observed in Russia, an active budget policy will not be as effective in terms of impacting aggregate demand as in the conditions of a cyclical recession, but indispensable for the country's infrastructure development.

UR - https://elibrary.ru/item.asp?id=38309659

M3 - глава/раздел

SN - 9787516645383

SP - 63

EP - 81

BT - 俄罗斯经济发展研究（2018-2019） 关雪凌 [俄] 维克托 梁赞诺夫 / 主编

PB - Синьхуа

CY - Пекин

ER -