FISCAL STIMULATION OF THE REGIONAL ECONOMY (EMPIRICAL ANALYSIS ON A SAMPLE OF SUBJECTS OF THE RUSSIAN FEDERATION)
D.V. Gubenko
Institute of Economics and Industrial Engineering SB RAS, Academician Lavrentyev Ave., 17, Novosibirsk, 630090, Russia
Keywords: бюджет, валовой региональный продукт, государственные расходы, региональное развитие, экономический рост, budget, economic growth, government expenditures, gross regional product, regional development
Abstract
The article presents an analysis of the impact of fiscal policy on the pace of socio-economic development of 76 subjects of the Russian Federation for the period from 2005 to 2012. It was revealed that the optimal structure of public expenditure and sources of their funding in a particular region depends on the characteristics of budget constraints caused by including a variety of conditions for regional development. The relationship between fiscal policy and economic growth is made up of many individual effects, which are difficult to decompose. Influence of some fiscal variables is interdependent. To obtain more accurate estimates we used the most disaggregated indicators of budget and tax statistics. Results of the study are of interest from the point of view of the development of regional policies. They can be taken also into account in the construction of methods for assessing the impact of fiscal policy on regional economic growth.
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