Foreign experience in the functioning of budget reserve funds at the national and subnational levels[Функционирование Бюджетных Резервных Фондов На Национальном И Субнациональном Уровнях. Зарубежный Опыт]

The relevance of considering the practices of functioning of sovereign funds in various countries and regions of the world is due to the need to ensure financial stability in the conditions of modern economic uncertainty. The analysis of foreign experience makes it possible to identify proven tools for managing state assets and reserves, which may be applicable in Russia in the future. Therefore, the purpose of the study is to establish the key features of foreign budget funds: the goals of creation, investment strategies, the order of use for macroeconomic stabilization and sustainable development. The object of the study was the mechanism of functioning of budgetary reserve funds in foreign countries. The hypothesis of the study was that the management of budget reserve funds at the national and subnational levels involves the formation of certain rules and mechanisms that can be adapted to the conditions of the Russian economy. And the effectiveness of the functioning of reserve funds depends on certain factors, for example, on the level of financial independence of the subject, regulatory regulation, etc. According to the results obtained, in countries with a multi-level budget structure, the success of countercyclical budget policy largely depends on the degree of coherence of the actions of national and subnational authorities. It was revealed that successful stabilization funds operate at the subnational level in Canada, the USA and the UAE. The novelty of the study consists in describing the foreign experience of the functioning of budgetary reserve funds mainly at the subnational level. The best international practices are summarized and their applicability in various contexts is evaluated. This study expands knowledge about the management of budget reserve funds at different levels of government, providing an overview of international experience in this area and allowing you to identify successful practices that can be applied in the Russian economy. Research methodology: comparative analysis allows to identify examples of the best practices of the functioning of reserve budget funds and to determine the factors affecting their effectiveness.