ABOUT THE MODIFICATION OF FISCAL RULES IN OF INVESTMENT DEVELOPMENT OF THE RUSSIAN ECONOMY
Abstract
The article analyzes the problem of modifying the budget rules while facing a slowdown of the economic growth in Russia in the context of high levels of natural rent. It was revealed that the main disadvantage of the current fiscal rules is the lack of coordination with the investment and monetary policy. Modifying the existing budget rules is proven to be necessary for the transfer of the natural rent in the infrastructure development and the diversification of the economy.
The basis of the new fiscal rules is the mechanism for maintaining a balance between cash flows in consumption funds, investment, and savings. This requires formation of an Investment fund for the development of the national economy, filled not only by the state rental revenues, but the Bank of Russia as well (especially in the period of low oil prices).
About the Authors
V. V. Maslennikov
the Institute of Financial and Economic Research, Financial University, Moscow
Russian Federation
ScD (Economics), full professor, deputy director
Russian Federation
ScD (Economics), full professor, deputy director
M. R. Pinskaya
Centre of Tax Policy and Tax Administration of the Institute of Financial and Economic Research, Financial University, Moscow
Russian Federation
Russian Federation
ScD (Economics), associate professor, director
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Review
For citations:
Maslennikov V.V., Pinskaya M.R. ABOUT THE MODIFICATION OF FISCAL RULES IN OF INVESTMENT DEVELOPMENT OF THE RUSSIAN ECONOMY. Finance: Theory and Practice. 2015;(6):30-38. (In Russ.)
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