This report was prepared by the staff of the Institute for Economic Forecast of the Russian Academy of Sciences and the Financial University under the Government of the Russian Federation. It gives suggestions to implement priority measures to facilitate the transfer the Russian economy to the direction defined by the Decree of the President of the Russian Federation (est. May 7, 2018). The report also highlights priority directions of the economic policy, primarily in investment activity, development of the domestic market, as well as financial and organizational support for the suggested actions.
The XXI century's contemporary challenges and crises indicate that fiscal policy is an appropriate tool for countercyclical regulation, ensuring sustainable economic growth and social justice. In this regard, society's requirements for the quality of budgetary policy have changed, which has shifted the focus in setting goals and choosing tools for its implementation from the position of ensuring sustainable economic growth and the principles of fair distribution of income. The analysis allows us to conclude that to ensure the proper quality of budgetary policy, its goals and objectives must correspond to the strategic goals of developing public law education, and coordination of budgetary and monetary policy is necessary. To achieve the goals of justice, the author of the article propose to differentiate the instruments of inter-budgetary reallocation of funds depending on the level of debt sustainability of the regions and to use targeted grants to motivate the authorities of public law entities to ensure sustainable socio-economic development. The article shows that for improvement of the formation mechanism of state programs and national projects and budget efficiency growth, it is necessary to monitor the compliance of tax expenditures and budget subsidies with the target indicators of state programs.
The subject of the researchis the activity of sovereign funds as a tool of the budgetary policy ensuring the sustainability of the budget system and having a positive impact on the national currency rate.The relevance of the researchis due, first, to the changing conditions, goals and tasks of establishing sovereign funds in the XXI century and, second, to the need to update approaches to coordination of the fiscal and monetary policies with account for modern macroeconomic challenges and shocks.The purpose of the researchwas to identify current trends in the development of sovereign funds and define the main areas for improving the mechanism for the formation of sovereign funds and making use of their money in Russia. Based on the analysis of the foreign and domestic experience in running sovereign funds, the paper reveals the stages and trends of their development. It also shows the changes in the conceptual approaches, sources and rules for the formation of sovereign funds and analyzes the prospects of their modernization. A special focus is placed on increasing the transparency of sovereign funds, in particular, Russian funds.The paper concludesthat in order to achieve the strategic goals and tasks of the Russian National Wealth Fund it is necessary to develop a long-term development strategy for Russian sovereign funds. Besides, to reduce the dependence of the budget system revenues on the world market prices, parts of corporate tax revenues and PIT revenues can be transferred to the National Welfare Fund, which will make it possible to maintain the counter-cyclical nature of the budgetary policy.
The relevance of the analysis of the draft guidelines for the development of the Russian financial market in 2019–2021 set forth in the draft program document issued by the Bank of Russia comes from the fact that in the current situation of the macroeconomic and financial instability Russia’s entry into the top five leading world economies is impossible unless business entities have access to internal sources of financing, primarily to debt and equity financing instruments, as well as to risk insurance tools.The subject of the research is the plans of the Bank of Russia for the development of the Russian financial market in 2019–2021 set out in the draft program document of the Bank of Russia to be approved in the summer of 2019. The purpose of the paper was to assess the above guidelines in terms of whether they can achieve the goal of boosting the growth and efficiency of the economy. Proposals are made to harmonize issues related to the development of the financial market with monetary and fiscal policy issues.The paper concludes that it is necessary to seek a balance between financial stability and stimulation of business activities of banks in the cooperation between the Bank of Russia and business corporations. It is noted that the program of the financial market development does not include issues related to the development of certain segments of the financial market (foreign exchange and precious metals markets).
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