Budgetary Policy as a Tool of Macroeconomic Regulation of the Economy and Social Sphere

  • Aleksandr Zaharovich SELEZNEV MGIMO (University) of the Ministry of Foreign Affairs of the Russian Federation, Moscow, Russia
  • Larisa Gennadievna CHEREDNICHENKO Plekhanov Russian University of Economics, Moscow, Russia
  • Mayуa Valerianovna DUBOVIK Plekhanov Russian University of Economics, Moscow, Russia
  • Aleksandr Victorovich SIGAREV Plekhanov Russian University of Economics, Moscow, Russia

Abstract

Goal of the study. Analysis of the budget system of the Russian Federation, identification of its role in the mechanism of centralized macroeconomic regulation of economic and social processes.


Methodology. The paper presents the practice of using the strategic budget planning in developed countries, its advantages and disadvantages, budget planning schemes applied in the Russian Federation.


Results. Budgetary policy in the Russian Federation has been critically interpreted on the basis of four different budget models. Changes in the mechanism of centralized financial regulation in the process of development of the budget system have been identified and evaluated. Realities of budget three years plans in terms of structural crisis and sanctions against Russia have been analyzed. Risks of the Russian budget balance have been assessed. Necessity of expanding the social orientation of budgetary policy has been justified.


Conclusions and significance. Budget planning in the format of ‘three-year plans’ (except 2009) during eight years (2008-2015) turned out to be imitation of planning. Identified trends in the development of the budget system of Russia indicate narrowing human-centricity of the Russian budget model and pose a threat to the implementation of constitutional provisions on the sociality of the state. At a large share of oil and gas revenues in the budget revenues and the cyclicality of their dynamics, the significance of creation and more efficient use of sovereign wealth funds is preserved and increased.


Justification of academic novelty. Budget planning in Russia has been critically interpreted in view of the impossibility of the development of a realistic forecast of macroeconomic indicators of socio­-economic development in conditions of significant influence of external macroeconomic shocks on the revenue part of budget, due to the high volatility of commodity and currency markets, as well as global economic and political conditions.

References

[1] Atkeson, R.E., and Lucas Jr. 1992. On Efficient Distribution with Private Information. Review of Economic Studies, 59 (3): 427-536.
[2] Belostotsky, A.A. 2011. Dolgosrochnoye byudzhetnoye planirovaniye: prioritety razvitiya gosudarstvennykh finansov [Long-term Budgetary Planning: Priorities of Development of Public Finances]. Economics, 80: 154-157.
[3] Chalova, A.Yu. 2015. Sbalansirovannost publichnykh finansov Rossii v usloviyakh novykh makroekonomicheskikh riskov [Sustainability of Public Finances in Russia under the New Macroeconomic Risks]. In the Proceedings of the International Research-to-practice Conference ‘Public finances in the XXI century’. Moscow: Publishing House ‘Society’: 236-241.
[4] Dudin, M.N. et al. 2015. The Innovative Business Model Canvas in the System of Effective Budgeting. Asian Social Science, 11 (7): 290-296.
[5] Kuznetsova, T. 2015. Antisotsialnyy byudzhet. Gosduma mozhet sokratit pensii i sotsvyplaty [Antisocial Budget. The State Duma May Reduce Pensions and Social payments]. Arguments and Facts, 32.
[6] Lukina, V.D. 2010. Programmno-tselevoy metod byudzhetnogo planirovaniya i perspektivy yego razvitiya [Result-oriented Method of Budget Planning and Prospects of Its Development]. Social Policy and Sociology, 6: 107-112.
[7] Plotnikov, V.A., and Fedotova, G.V. 2015. Gosudarstvennaya byudzhetnaya politika v usloviyakh krizisa: regionalnyy aspekt [State Fiscal Policy in Times of Crisis: Regional Aspect]. Management Consulting, 4: 59-62. Date Views 13.06.2016. Available at: http://cyberleninka.ru/article/n/gosudarstvennaya-byudzhetnaya-politika-v-usloviyah-krizisa-regionalnyy-aspekt.
[8] Reinert, E.S. 2014. Kak bogatyye strany stali bogatymi, i pochemu bednyye strany ostalis bednymi [How Rich Countries Got Rich and Why Poor Countries Stay Poor]. Moscow: Publishing House of the Higher School of Economics, pp: 384.
[9] Seleznev, A.Z., and Cherednichenko, L.G. 2012. Neoindustrializatsiya Rossii i yeye ekonomicheskiy bazis [Neoindustrialization of Russia and Its Economic Base]. Economist, 8: 88-92.
[10] Seleznev, A.Z. 2009. Problemy byudzhetnoy trekhletki [Problems of the Budgetary Three-year Plan]. Economist, 2: 15-27.
[11] Seleznev, A.Z. 2012. Problemy razvitiya byudzhetnoy sistemy Rossii [Problems of Development of the Budget System of Russia]. Bulletin of the Plekhanov Russian University of Economics, 6: 16-28
[12] Senchagov, V.K., and Ivanov, E.A. 2010. Ekonomicheskiy prognoz kak osnova byudzhetnogo planirovaniya [Economic Forecast as the Basis of Budget Planning]. Bulletin of the RAS Institute of Economics, 3: 166-181.
[13] Sigarev, A.V., and Dubovik, M.V. 2016. Vnutrenniye i vneshniye regulyatory byudzhetnoy sistemy [Internal and External Controls of the Budget System]. Education and Science in Modern Conditions: Proceedings of the IX International Research-to-practice Conference (Cheboksary, October 8, 2016), 4 (9): 227-230.
[14] Stiglitz, J. 2015. Tsena neravenstva. Chem rassloyeniye obshchestva grozit nashemu budushchemu [The Price of Inequality: How Today's Divided Society Endangers Our Future]. Moscow: Eksmo, pp: 512.
[15] Sugarova, I.V. 2015. Byudzhetnoye planirovaniye: teoreticheskiy i prakticheskiy aspekt [Budget Planning: Theoretical and Practical Aspect]. ETAP: Economic Theory, Analysis, Practice, 2: 85-93.
*** BRIKS. Sovmestnaya statisticheskaya publikatsiya [BRICS. Joint Statistical Publication], 2015. Moscow: IPC ‘Statistics of Russia’, pp: 235.
*** Byudzhetniy kodeks Rossiyskoy Federatsii [Budget Code of the Russian Federation] # 145-FZ dated 31.07.1998 (as amended on 15.02.2016) (rev. and ext., enforced on 30.03.2016). Consultant Plus. Date Views 05.09.2016 base.consultant.ru
*** Federal Law dated # 359-FZ 14.12.2015 ‘O federalnom byudzhete na 2016 god’ [‘On the Federal Budget for 2016’].
*** Fenomen rynochnogo khozyaystva: ot istokov do nashikh dney [Phenomenon of the Market Economy: from the Beginnings to the Present Day], 2016. In Sidorov, V.A., Ya.S. Yadgarov and V.V. Chapli. (Eds.), Krasnodar: Research Institute of Economics of the South Federal District, pp: 497.
*** Zaklyucheniye Schetnoy palaty Rossii na proyekt federalnogo zakona ‘O byudzhete Pensionnogo fonda Rossiyskoy Federatsii na 2016 god’ [Statement of the Accounting Chamber of Russia for the Draft Federal Law ‘On the Budget of the Pension Fund of the Russian Federation for 2016’].
*** Netreba, P. (n.d.) Obrazovaniye v Rossii: bez studentov i uchenykh [Education in Russia: without Students and Academics]. Available at: www.gazeta.ru/business/2016/07/31/9722969.shtml. (accessed 31.07.2016).
*** OECD 2016. Society at a Glance 2016: OECD Social Indicators. Paris: OECD Publishing
Published
2017-03-05
How to Cite
SELEZNEV, Aleksandr Zaharovich et al. Budgetary Policy as a Tool of Macroeconomic Regulation of the Economy and Social Sphere. Journal of Advanced Research in Law and Economics, [S.l.], v. 7, n. 7, p. 1845-1853, mar. 2017. ISSN 2068-696X. Available at: <https://journals.aserspublishing.eu/jarle/article/view/776>. Date accessed: 20 apr. 2024.