BUDGET TO PROMOTE ECONOMIC GROWTH OR HOW NOT TO GO BEYOND THE BUDGET RULE

Abstract

The article provides the analysis of the existing risks of the draft federal budget of Russia for 2019 and the planed period of 2020 and 2021. The paper gives the assessment of new approaches and tools, incorporated in the draft of federal budget in order to stimulate economic growth. Special attention is paid to assessing the impact of the key balancing mechanism of the federal budget — the budget rule — on the concept of the Russian budget policy. The authors show that the current model of budget rule preserves the existing design of the federal budget parameters, aimed at consolidating budget resources and creates the risks of a low impact of the budget expenditures on the factors of economic growth in Russia, and therefore the risks of a natural sustainable increase in federal budget revenues through the implementation of these factors. According to the authors’ view, the way out of this situation is a comprehensive reconfiguration of the budget policy towards targeted stimulation of growth factors via changing its concept as a whole and not only of its individual instruments.