Finance and Credit
 

Fiscal Policy of Russia and Neo-industrialization: Modern Realities

Vol. 24, Iss. 2, FEBRUARY 2018

Received: 27 December 2017

Received in revised form: 23 January 2018

Accepted: 6 February 2018

Available online: 1 March 2018

Subject Heading: FISCAL SYSTEM

JEL Classification: 

Pages: 255–271

https://doi.org/10.24891/fc.24.2.255

Semenova N.N. National Research Ogarev Mordovia State University, Saransk, Republic of Mordovia, Russian Federation
nnsemenova@mail.ru

https://orcid.org/0000-0002-2270-256X

Importance Fiscal policy plays an important role in stimulating the neo-industrial development of Russia's economy, which is based on knowledge-intensive, science-based and environmentally efficient way of social reproduction.
Objectives The purpose of the study is to analyze the modern fiscal policy of Russia as part of implementing new industrialization strategy.
Methods The study draws on formal and dialectical logic, deduction and induction, analysis and synthesis.
Results The paper reveals the neo-industrial content of economic growth, analyzes revenues and expenditures of the Federal budget of the Russian Federation, trends in budget investments in fixed assets and human capital. I formulate major areas for perfecting the budgetary policy of Russia to spur a new industrial revolution.
Conclusions To implement neo-industrialization, Russia needs a smart fiscal policy. Alongside with other instruments, it will enable a balanced recovery and subsequent growth of domestic demand for scientific-technical and innovative products, good quality and affordable education for all social groups. The latter will have a positive impact on human (intellectual) capital as a major driver of neo-industrialization.

Keywords: fiscal policy, neo-industrialization, budget financing, budget investment

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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