THE NATURE OF BUDGET AND FISCAL POLICY IN THE CONTEXT OF EXTERNAL SHOCKS: A COMPARATIVE ANALYSIS OF DEVELOPED COUNTRIES AND RUSSIA
https://doi.org/10.21686/2073-1051-2016-4-149-160
Abstract
Fiscal and budget policy in the conditions of cyclic GDP fluctuations, caused by external shocks and as well affected by these shocks, can in turn affect the domestic economy. The nature of fiscal and budget policy according to theoretical developments is determined by the ratio of output gap and the structural balance of the budget. The article presents a comparative analysis of these indicators in the developed countries and Russia. On the basis of cluster analysis the author describes fiscal and budget policy, pursued by the developed countries within the periods before and after the crises of 1997 and 2007-2008. The paper shows that according to the formal criterion these countries mainly carried out stimulating fiscal policy before the crisis of 2007-2008 and after it. Countries, which faced the problem of excessive public debt, regularly allowed large structural budget deficit, despite the periods of «overheating» of the economy. The paper also concludes about primarily passive nature of fiscal policy in Russia from 1997 to the present time in comparison with some developed countries.
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For citations:
Bukina I.S. THE NATURE OF BUDGET AND FISCAL POLICY IN THE CONTEXT OF EXTERNAL SHOCKS: A COMPARATIVE ANALYSIS OF DEVELOPED COUNTRIES AND RUSSIA. Federalism. 2016;(4):149-160. (In Russ.) https://doi.org/10.21686/2073-1051-2016-4-149-160
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