Finance and Credit

Government financial accumulation (reserves) in modern Russia

Vol. 23, Iss. 44, NOVEMBER 2017

Received: 5 September 2017

Received in revised form: 2 October 2017

Accepted: 30 October 2017

Available online: 29 November 2017

Subject Heading: THEORY OF FINANCE

JEL Classification: H62

Pages: 2620–2630

Sukharev A.N. Tver State University, Tver, Russian Federation

Golubev A.A. Tver State University, Tver, Russian Federation

Tolkachenko G.L. Tver State University, Tver, Russian Federation

Dyuzhilova O.M. Tver State University, Tver, Russian Federation

Importance The article deals with the issues of financial reserves of the Federal budget of Russia.
Objectives The article aims to reveal the variety of sources and mechanisms of the state financial reserves formation in Russia.
Methods For the study, we used the methods of formal logic, statistical data analysis, and the systems approach.
Results The article discloses the economic policy of state financial reserve formation in Russia. It presents the statistical data showing the scale and structure of public financial accumulation in the country.
Conclusions Public financial reserves act as a means of stabilizing the macroeconomy, ensuring the balance of the federal budget and the country's pension system. The policy of state financial savings started at the beginning of the 2000s. It was due to the growth in oil prices and excess revenues from hydrocarbon exports.

Keywords: financial reserves, international reserve assets, federal budget, cumulative model


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