Assessment of Russian fiscal space and directions for improving fiscal policy under the influence of sanctions restrictions
https://doi.org/10.26425/2658-3445-2024-7-4-37-46
Abstract
Under the circumstances of the dynamic geopolitical situation, it is becoming increasingly important to develop an effective methodology for assessing fiscal space. Fiscal space formation depends on a number of key factors, including economic development of a country, the size of its population and labor force, and the tax system efficiency. Understanding these factors and being able to use them correctly helps a country to manage its finances effectively and ensure sustainable development of its economy. The sanctions imposed on Russia by “unfriendly” states have revealed a huge number of weaknesses in the modern domestic economy, so it is necessary to approach the issue consciously and comprehensively. It is necessary to revise budget priorities, search for additional funding, and support the economy sectors most vulnerable to the sanctions pressure from Western countries. For the state development and its financial stability, it is becoming more urgent. The government will be able to make more informed decisions on fiscal policy and maintain stability and reliability of the federal budget in conditions of volatility and uncertainty, if a more accurate and adaptable method to assess fiscal space is developed.
Keywords
Fiscal space,
budgetary policy,
economic growth,
promising directions,
sanctions restrictions,
strategic priorities,
macroeconomic stability,
fiscal policy
Supporting agencies: The paper is based on the research results carried out at the expense of budgetary funds under the state assignment of the Financial University Under the Government of the Russian Federation.
About the Author
M. E. Kosov
Plekhanov Russian University of Economics; Financial University under the Government of the Russian Federation; Higher School of Jurisprudence and Administration of the Higher School of Economics
Russian Federation
Russian Federation
Mikhail E. Kosov - Cand. Sci. (Econ.), Head of the State and Municipal Finance Department; Assoc. Prof. at the Public Finance Department; Director of the Institute
of Legal Management
Moscow
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Review
For citations:
Kosov M.E. Assessment of Russian fiscal space and directions for improving fiscal policy under the influence of sanctions restrictions. E-Management. 2024;7(4):37-46. (In Russ.) https://doi.org/10.26425/2658-3445-2024-7-4-37-46
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