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Budget Policy and Economic Growth

  • Georgy Idrisov

    (Gaidar Institute for Economic Policy)

  • Sergey Sinelnikov-Murylev

    (Gaidar Institute for Economic Policy)

This article examines the relationship between government budgetary policy and the pursuit of accelerated economic growth. The authors review the academic debate over long-term economic growth and associated short-term fluctuations and conclude that Russian budgetary intended to smooth fluctuations in economic activity are of limited effect and that there are no opportunities for increasing public expenditure in the medium and long-term. For these reasons, the structure of expenditures must be changed and budgetary institutions must be transformed with a view to creating the preconditions for economic growth in the long-term.

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File URL: http://www.iep.ru/files/RePEc/gai/wpaper/0076Sinelnikov.pdf
File Function: Revised version, 2013
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Paper provided by Gaidar Institute for Economic Policy in its series Working Papers with number 0076.

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Length: 41 pages
Date of creation: 2013
Date of revision: 2013
Handle: RePEc:gai:wpaper:0076
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  1. Georgy Idrisov & Sergey Sinelnikov-Murylev, 2012. "Modernization or Conservation: The Role of Export Duty on Crude Oil and Petroleum Products," Working Papers 0042, Gaidar Institute for Economic Policy, revised 2012.
  2. Feldstein, Martin, 1996. "The Missing Piece in Policy Analysis: Social Security Reform," American Economic Review, American Economic Association, vol. 86(2), pages 1-14, May.
  3. Gaidar, Yegor, 2012. "Russia: A Long View," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262017415, June.
  4. Arrow, Kenneth J. & Dasgupta, Partha & Goulder, Lawrence H. & Mumford, Kevin J. & Oleson, Kirsten, 2012. "Sustainability and the measurement of wealth," Environment and Development Economics, Cambridge University Press, vol. 17(03), pages 317-353, June.
  5. Krueger, Anne O, 1990. "Government Failures in Development," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 9-23, Summer.
  6. V. Mau., 2013. "Between Modernization and Stagnation: Economic Policy in 2012," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
  7. Raffaela Giordano & Sandro Momigliano & Stefano Neri & Roberto Perotti, 2008. "The effetcs of fiscal policy in Italy: Evidence from a VAR model," Temi di discussione (Economic working papers) 656, Bank of Italy, Economic Research and International Relations Area.
  8. Robert J. Barro, 1988. "Government Spending in a Simple Model of Endogenous Growth," NBER Working Papers 2588, National Bureau of Economic Research, Inc.
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  10. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers 568, China Economics and Management Academy, Central University of Finance and Economics.
  11. Bruno, Michael & Sachs, Jeffrey, 1982. "Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K. Manufacturing," Review of Economic Studies, Wiley Blackwell, vol. 49(5), pages 679-705, Special I.
  12. Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc.
  13. Vladimir Mau, 2013. "Between modernisation and stagnation: Russian economic policy and global crisis," Post-Communist Economies, Taylor & Francis Journals, vol. 25(4), pages 448-464, December.
  14. Sergey Drobyshevsky & Sergey Sinelnikov-Murylev, 2013. "Macroeconomic Preconditions of the Realization of a New Growth Model," CASE Network Studies and Analyses 0450, CASE-Center for Social and Economic Research.
  15. Niloy Bose & M. Emranul Haque & Denise R. Osborn, 2007. "Public Expenditure And Economic Growth: A Disaggregated Analysis For Developing Countries," Manchester School, University of Manchester, vol. 75(5), pages 533-556, 09.
  16. David Aschauer, 1988. "Is public expenditure productive?," Staff Memoranda 88-7, Federal Reserve Bank of Chicago.
  17. S. Drobyshevsky & S. Sinelnikov-Murylev & I. Sokolov., 2011. "Transformation of Budgetary Policy in Russia during the 2000s: in Quest of National Fiscal Sustainability," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
  18. S. Drobyshevsky & P. Kadochnikov & S. Sinelnikov-Murylev., 2007. "Some Issues of Monetary and Exchange Rate Policy in Russia in 2000—2006 and in the Short-term Outlook," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
  19. Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November.
  20. Gupta, Sanjeev & Clements, Benedict & Baldacci, Emanuele & Mulas-Granados, Carlos, 2005. "Fiscal policy, expenditure composition, and growth in low-income countries," Journal of International Money and Finance, Elsevier, vol. 24(3), pages 441-463, April.
  21. Kneller, Richard & Bleaney, Michael F. & Gemmell, Norman, 1999. "Fiscal policy and growth: evidence from OECD countries," Journal of Public Economics, Elsevier, vol. 74(2), pages 171-190, November.
  22. Robert J. Barro, 1996. "Determinants of Economic Growth: A Cross-Country Empirical Study," NBER Working Papers 5698, National Bureau of Economic Research, Inc.
  23. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
  24. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  25. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
  26. Vito Tanzi & Howell H. Zee, 1997. "Fiscal Policy and Long-Run Growth," IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 179-209, June.
  27. Michael Bruno & Jeffrey Sachs, 1982. "Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K.Manufacturing," NBER Working Papers 0851, National Bureau of Economic Research, Inc.
  28. Entov Revold & Radygin Alexandr, 2006. "Corporate Governance and Self-regulation in Institutional Changes System," Research Paper Series, Gaidar Institute for Economic Policy, issue 101.
  29. V. Mau., 2011. "Economic Policy in 2010: In Search of Innovations," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
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