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Application of Financial Management Tools to Ensure Budget Balance and Debt Sustainability in Russian Regions

Author

Listed:
  • Natalia E. Barbashova

    (RANEPA, Moscow, Russian Federation)

  • Olga V. Suchkova

    (RANEPA, Moscow, Russian Federation)

Abstract

One of the priority task of the budget policy of the Russian Federation is to ensure long-term balance and debt sustainability at all levels of the budget system. To solve this task, the subjects of the Russian Federation implement programs and sets of measures of improving the quality of financial management. The purpose of this article is to identify the tools of regional finance management, the use of which is most effective for ensuring medium- and long-term balance and debt sustainability of the budgets of Russian regions. The article analyzes theoretical approaches to the use of regional financial management tools. The inventory of programs and sets of measures aimed at improving the efficiency and quality of financial management used by the subjects of the Russian Federation in the period from 2000 to the present is carried out. By means of econometric analysis, the authors identify the directions of regional financial management programs, the implementation of which has a positive impact on the balance and debt sustainability of regional budgets. These areas include limiting the regional budget deficit, limiting the amounts of regional and municipal debt, setting a debt repayment schedule, stimulating income growth and reducing inefficient expenditures. A list of the most effective measures to limit the deficit and debt was compiled, based on the analysis of the practice of the subjects of the Russian Federation which demonstrated a significant improvement in the parameters of the budget balance and public debt in 2014–2023.

Suggested Citation

  • Natalia E. Barbashova & Olga V. Suchkova, 2025. "Application of Financial Management Tools to Ensure Budget Balance and Debt Sustainability in Russian Regions," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 72-89, June.
    • Handle: RePEc:fru:finjrn:250305:p:72-89
    DOI: 10.31107/2075-1990-2025-3-72-89
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    References listed on IDEAS

    as
    1. Ya. Danilova & Alexey M. Lavrov & Vladislav V. Onischenko & Elena V. Pokatovich, 2015. "Stimulation of the Sub-national Authorities in Realization of the Fiscal Reforms: Russian Experience," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 5-25, October.
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    3. Nina I. Malis, 2018. "Improvement of Tax Policy at the Regional Level: Main Directions," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 51-60, February.
    4. Evgeny N. Timushev & Vita A. Yagovkina, 2023. "Reserve Funds in Russian Regions: Factors of Formation and Efficiency Assessment," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 61-78, October.
    5. Kudrin, Alexey L. (Кудрин, Алексей) & Deryugin, Alexander N. (Дерюгин, Александр), 2018. "Subnational Budget Rules: Foreign and Russian Experience [Субнациональные Бюджетные Правила: Зарубежный И Российский Опыт]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 8-35, February.
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    More about this item

    Keywords

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    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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