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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">finance</journal-id><journal-title-group><journal-title xml:lang="ru">Финансы: теория и практика/Finance: Theory and Practice</journal-title><trans-title-group xml:lang="en"><trans-title>Finance: Theory and Practice</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2587-5671</issn><issn pub-type="epub">2587-7089</issn><publisher><publisher-name>Financial University under The Government of Russian Federation</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26794/2587-5671-2025-29-4-2006-03</article-id><article-id custom-type="elpub" pub-id-type="custom">finance-3645</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ГОСУДАРСТВЕННЫЕ ФИНАНСЫ</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>STATE FINANCES</subject></subj-group></article-categories><title-group><article-title>Влияние политики государственных расходов на человеческое развитие в контексте преодоления «ловушки среднего дохода»</article-title><trans-title-group xml:lang="en"><trans-title>The Impact of Government Spending Policy on the Human Development in the Context of Overcoming the “Middle Income Trap”</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-2848-4946</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Сандоян</surname><given-names>Э.</given-names></name><name name-style="western" xml:lang="en"><surname>Sandoyan</surname><given-names>E.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Эдуард Сандоян — доктор экономических наук, профессор, ректор</p><p>Ереван</p></bio><bio xml:lang="en"><p>Edward Sandoyan — Dr. Sci. (Econ.), Prof., Rector</p><p>Yerevan</p></bio><email xlink:type="simple">edward.sandoyan@rau.am</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-3692-3259</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Маргарян</surname><given-names>А.</given-names></name><name name-style="western" xml:lang="en"><surname>Margaryan</surname><given-names>A.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Андраник Маргарян — аспирант кафедры макроэкономики</p><p>Ереван</p></bio><bio xml:lang="en"><p>Andranik Margaryan — PhD student at the Department of Macroeconomics</p><p>Yerevan</p></bio><email xlink:type="simple">andranik.margaryan@asue.am</email><xref ref-type="aff" rid="aff-2"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Российско-Армянский университет (РАУ)</institution><country>Армения</country></aff><aff xml:lang="en"><institution>Russian-Armenian University (RAU)</institution><country>Armenia</country></aff></aff-alternatives><aff-alternatives id="aff-2"><aff xml:lang="ru"><institution>Армянский государственный экономический университет (АГЭУ)</institution><country>Армения</country></aff><aff xml:lang="en"><institution>Armenian State University of Economics (ASUE)</institution><country>Armenia</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2025</year></pub-date><pub-date pub-type="epub"><day>31</day><month>08</month><year>2025</year></pub-date><volume>29</volume><issue>4</issue><fpage>36</fpage><lpage>48</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Сандоян Э., Маргарян А., 2025</copyright-statement><copyright-year>2025</copyright-year><copyright-holder xml:lang="ru">Сандоян Э., Маргарян А.</copyright-holder><copyright-holder xml:lang="en">Sandoyan E., Margaryan A.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://financetp.fa.ru/jour/article/view/3645">https://financetp.fa.ru/jour/article/view/3645</self-uri><abstract><p>Цель статьи — определить влияние долгосрочных факторов на человеческое развитие в странах с развивающимися рынками на основе гипотезы «ловушки среднего дохода». Согласно проблеме исследования, радикальные либеральные реформы, реализованные в странах бывшего Советского Союза, в том числе в Республике Армения, в 1990-х годах привели к возникновению «ловушки среднего дохода», для преодоления которой требуются большие расходы и новые реформы в области развития человеческого капитала. В качестве базового методологического подхода исследована проблема взаимосвязи человеческого развития и «ловушки среднего дохода» в контексте динамики показателей дифференциации доходов и неравенства. Согласно результатам исследования, в Республике Армения наряду с экономическим ростом, зафиксированным в результате либеральных реформ, и повышением индекса человеческого развития наблюдается рост уровня неравенства. При этом основным фактором, сдерживающим его, является увеличение государственных расходов в сферах образования и здравоохранения. Решающее влияние на долгосрочное человеческое развитие оказывают: распространение цифровых технологий, инвестиции в программы исследований и разработок, а также нейтрализация последствий негативных институциональных факторов, в частности, снижение коррупции. Основные результаты исследования позволяют сделать вывод, что в долгосрочной перспективе преодоление «ловушки среднего дохода» обусловлено не только ростом расходов в сферах образования и здравоохранения и постепенными шагами по повышению уровня жизни, но и программами значительных инвестиций в улучшение институциональной среды.</p></abstract><trans-abstract xml:lang="en"><p>The purpose of the article is to examine the impact of long-term factors affecting human development in emerging market countries, based on the “middle income trap” hypothesis. According to the research question, the radical liberal reforms implemented in the countries of the former Soviet Union, including the Republic of Armenia, in the 1990s have led to the emergence of a middle income trap, which requires large expenditures and new reforms in human capital development to overcome. As a basic methodological approach, the problem of the relationship between human development and the middle income trap has been studied in the context of the dynamics of income differentiation and inequality indicators. According to the results of the study, in the Republic of Armenia, along with the economic growth recorded as a result of liberal reforms and the increase in the human development index, there has been an increase in the level of inequality, while the main factors restraining the latter are the progressive growth of public spending in the education and healthcare sectors. Among the factors that have a decisive impact on long-term human development, the spread of digital technologies, investments in research and development programs, as well as the neutralization of the effects of negative institutional factors, in particular, the reduction of corruption, are of decisive importance. The main findings of the study demonstrate that in the long run, overcoming the “middle income trap” is conditioned not only by increasing costs for education and healthcare sectors and gradual steps towards improving living standards, but also by programs of significant investments in improving the institutional environment.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>индекс человеческого развития</kwd><kwd>«ловушка среднего дохода»</kwd><kwd>неравенство</kwd><kwd>экономический рост</kwd><kwd>расходы на образование</kwd><kwd>расходы на здравоохранение</kwd><kwd>институциональный фактор</kwd></kwd-group><kwd-group xml:lang="en"><kwd>human development index</kwd><kwd>“middle income trap”</kwd><kwd>inequality</kwd><kwd>economic growth</kwd><kwd>education expenditure</kwd><kwd>health expenditure</kwd><kwd>institutional factor</kwd></kwd-group><funding-group><funding-statement xml:lang="ru">Работа выполнена при поддержке Комитета по высшему образованию и науке Республики Армения в рамках исследовательского проекта № 23AA-5B025. Армянский государственный экономический университет (АГЭУ), Ереван, Армения.</funding-statement><funding-statement xml:lang="en">The work was supported by the Higher Education and Science Committee of RA, in the frames of the research project № 23AA-5B025. Armenian State University of Economics (ASUE), Yerevan, Armenia.</funding-statement></funding-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Gill I., Kharas H. An East Asian renaissance: Ideas for economic growth. Washington, DC: The World Bank; 2007. 386 p. URL: https://openknowledge.worldbank.org/server/api/core/bitstreams/5c7eaa0e-8a31-5726-ba94-f079c970c870/content</mixed-citation><mixed-citation xml:lang="en">Gill I., Kharas H. An East Asian renaissance: Ideas for economic growth. Washington, DC: The World Bank; 2007. 386 p. 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