Russian Fiscal Federalism under Stress: Federal Support of Regions during the Global Financial Crisis
- 1 July 2011
- journal article
- Published by Taylor & Francis Ltd in Eurasian Geography and Economics
- Vol. 52 (4), 529-542
- https://doi.org/10.2747/1539-7216.52.4.529
Abstract
A former high-ranking Russian Ministry of Finance official examines the consequences of financial support extended to regions by the Russian Federation government during the global financial crisis in 2008-2010, for the purpose of exploring its potential impact on the regions' financial health in 2011-2012. The paper is structured around an analysis of the three major dimensions of that support: (1) legal and administrative actions undertaken at the federal level to reduce financial pressure on the regions; (2) increased issuance of intergovernmental fiscal grants in 2009; and (3) loans granted to the regions from the federal budget. The author argues that the financial crisis has provided a "stress test" that is useful in assessing the efficiency and flexibility of the Russian system of fiscal federalism.Keywords
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