FISCAL STIMULATION OF THE REGIONAL ECONOMY (EMPIRICAL ANALYSIS ON A SAMPLE OF SUBJECTS OF THE RUSSIAN FEDERATION)
Abstract
The article presents an analysis of the impact of fiscal policy on the pace of socio-economic development of 76 subjects of the Russian Federation for the period from 2005 to 2012. It was revealed that the optimal structure of public expenditure and sources of their funding in a particular region depends on the characteristics of budget constraints caused by including a variety of conditions for regional development. The relationship between fiscal policy and economic growth is made up of many individual effects, which are difficult to decompose. Influence of some fiscal variables is interdependent. To obtain more accurate estimates we used the most disaggregated indicators of budget and tax statistics. Results of the study are of interest from the point of view of the development of regional policies. They can be taken also into account in the construction of methods for assessing the impact of fiscal policy on regional economic growth.
About the Author
D. V. Gubenko
Institute of Economics and Industrial Engineering of SB of RAS
Russian Federation
Russian Federation
postgraduate, Institute of Economics and Industrial Engineering of SB of RAS, Novosibirsk, Russia
References
1. Ajvazjan S.A., Brodskij B.E. Makrojekonomicheskoe modelirovanie: podhody, problemy, primer jekonometricheskoj modeli rossijskoj jekonomiki // Prikladnaja jekonometrika. 2006. No 2. P. 85–111.
2. Glinskij V.V. Statisticheskie metody podderzhki upravlencheskih reshenij. Novosibirsk: NGUJeU, 2008. 256 p.
3. Gubenko D.V. Faktor fiskal’noj politiki v teorii jendogennogo jekonomicheskogo rosta // Zhurnal jekonomicheskoj teorii. 2014. No 4. P. 230–234.
4. Klistorin V.I. Jekonomicheskij rost i bjudzhetnaja politika: institucional’nye ogranichenija dlja Rossii // JeKO. 2014. No 1 (475). P. 54–66.
5. Rodrik D. (Ed.). In Search of Prosperity: Analytical Narratives on Economic Growth. Princeton University Press, Princeton, NJ, 2003.
6. Judd K. On the performance of patents // Econometrica. 1985. Vol. 53. No 3. P. 567–585.
7. Chamley C. Optimal taxation of capital income in general equilibrium with infinite lives // Econometrica. 1986. Vol. 54. No 3. P. 607–622.
8. Lucas R.E. On the mechanics of economic development // Journal of Monetary Economics. 1988. Vol. 22. P. 3–42.
9. Romer P.M. Increasing returns and long-run growth // Journal of Political Economy. 1986. Vol. 94. No 5. P. 1002–1037.
10. Aschauer D.A. Is Public Expenditure Productive? // Journal of Monetary Economics. 1989.Vol.23.P.177–200.
11. Barro R.J. Government Spending in a Simple Model of Endogeneous Growth // The Journal of Political Economy. 1990. Vol. 98. No 5. Part 2: The Problem of Development: A Conference of the Institute for the Study of Free Enterprise System (Oct., 1990). P. S103–S125.
12. Fiscal policy, public expenditure composition, and growth / World Bank, 2007. [Electronic resource] URL: http://siteresources.worldbank.org/INTPEAM/Resources/ DC2007-0004%28E%29-FiscalPolicy.pdf (time access: 28.06.2015).
13. Kneller R., Bleaney M.F., Gemmell N. Fiscal policy and growth: evidence from OECD countries // Journal of Public Economics. 1999. Vol. 74. No 2. P. 171–190.
14. Rukovodstvo po statistike gosudarstvennyh finansov 2001 goda / Mezhdunarodnyj Valjutnyj Fond. [Jelektronnyj resurs] URL: http://www.imf.org/external/pubs/ft/gfs/ manual/rus/pdf/allr.pdf (data obrashhenija: 28.06.2015 g.).
15. Sistema nacional’nyh schetov – 2008 / Organizacija Ob#edinjonnyh Nacij i dr. [Jelektronnyj resurs] URL: http://www.cisstat.com/rus/SNA2008Russian.pdf (data obrashhenija: 28.06.2015 g.).
Review
For citations:
Gubenko D.V. FISCAL STIMULATION OF THE REGIONAL ECONOMY (EMPIRICAL ANALYSIS ON A SAMPLE OF SUBJECTS OF THE RUSSIAN FEDERATION). Vestnik NSUEM. 2016;(1):351-359. (In Russ.)
Email this article 
