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Transformation of Public Finance of the Eurasian Economic Union Member States in the Context of the COVID-19 Pandemic

Author

Listed:
  • N.G. Vovchenko
  • O.B. Ivanova
  • A.F. Khapilin
  • S.A. Khapilin
  • E.D. Kostoglodova
  • A.I. Borlakova

Abstract

Purpose: The article sets the following objectives: considering the economic nature of the current crisis, its differences from the economic crises observed in the past few decades, the measures taken by the member states of the Eurasian Economic Union to fight coronavirus infection and the directions for improving financial, budgetary, tax , customs regulation in crisis conditions. Design/Methodology/Approach: Right after the start of the coronavirus pandemic, most countries of the world have implemented a similar set of measures to minimize its negative consequences. The article examines the financial and credit instruments used in world practice to stabilize the socio-economic situation and eliminate the consequences of the COVID-19 pandemic, the possibilities and limitations of their use by the Eurasian Economic Union (EAEU) member states. Findings: Overcoming the consequences of the economic crisis caused by the coronavirus pandemic and ensuring the economic growth of the EAEU member states is possible through the deepening of integration processes within the EAEU and the Shanghai Cooperation Organization (SCO), the creation of the necessary conditions for the digitalization of foreign and mutual trade of the EAEU member states, changes in the current monetary policy its close coordination within the framework of resolving the issue of developing the internal financial market of the EAEU. Practical Implications: The practical implementation of the proposed approaches will minimize the negative consequences of the economic crisis caused by the COVID-19 pandemic for the EEU member states. Originality/Value: The rapidly changing macroeconomic and financial situation has a negative impact on the state of public finances around the world, which requires taking newly emerging fiscal risks into account and developing economic and financial measures to eliminate the consequences of the COVID-19 pandemic. Coronavirus infection has led to a disruption in the activity of certain sectors of the economy, a decrease in the final demand for manufactured products and / or services, a disruption of inter-industry relationships and production chains.

Suggested Citation

  • N.G. Vovchenko & O.B. Ivanova & A.F. Khapilin & S.A. Khapilin & E.D. Kostoglodova & A.I. Borlakova, 2020. "Transformation of Public Finance of the Eurasian Economic Union Member States in the Context of the COVID-19 Pandemic," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 796-806.
    • Handle: RePEc:ers:ijebaa:v:viii:y:2020:i:4:p:796-806
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    References listed on IDEAS

    as
    1. Jérôme Adda, 2016. "Economic Activity and the Spread of Viral Diseases: Evidence from High Frequency Data," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 131(2), pages 891-941.
    2. David Berger & Kyle Herkenhoff & Chengdai Huang & Simon Mongey, 2022. "Testing and Reopening in an SEIR Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 1-21, January.
    3. David Berger & Kyle Herkenhoff & Chengdai Huang & Simon Mongey, 2022. "Testing and Reopening in an SEIR Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 1-21, January.
    4. Thunström, Linda & Newbold, Stephen C. & Finnoff, David & Ashworth, Madison & Shogren, Jason F., 2020. "The Benefits and Costs of Using Social Distancing to Flatten the Curve for COVID-19," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 11(2), pages 179-195, July.
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    More about this item

    Keywords

    Eurasian Economic Union (EAEU); public finance; COVID-19 pandemic; financial leverage.;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration

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