Open AccessBudgetary-Tax Policy in 2019 and under Crisis in 2020
Author(s) -
Irina Bukina
Publication year - 2020
Publication title -
federalizm
Language(s) - English
Resource type - Journals
ISSN - 2073-1051
DOI - 10.21686/2073-1051-2020-2-132-145
Subject(s) - revenue , russian federation , economics , federal budget , fiscal policy , monetary economics , russian economy , investment (military) , economic policy , tax revenue , macroeconomics , international economics , finance , fiscal year , economic system , politics , law , political science
Favorable conditions for 2018 and 2019 allowed to create significant reserves due to oil and gas revenues. At the same time, the nature of fiscal policy turned from restriction to a stimulating one. The implementation of national projects and the growth of budget expenditures provided a significant contribution to the GDP growth rate while consumer and investment demand slowing down. In the conditions of the 2020 crisis, the accumulated reserves make it possible to compensate for the shortfall in federal budget revenues, but the consequences for the budgets of the constituent entities of the Russian Federation may be more serious, despite the lower sensitivity to shocks from oil prices. The increase in the sensitivity of revenue to GDP dynamics, noted in recent years, suggests that the consequences of the current crisis for the budget system of the Russian Federation may be significantly worse than in 2009.