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Moscow Budget Policy: Opportunities for Responding to the Challenges of the New Reality

Author

Listed:
  • Vladimir V. Klimanov

    (RANEPA, Moscow, Russian Federation; Autonomous Non-Commercial Organization “Institute for Public Finance Reform”, Moscow, Russian Federation)

  • Anna A. Mikhaylova

    (RANEPA, Moscow, Russian Federation; Autonomous Non-Commercial Organization “Institute for Public Finance Reform”, Moscow, Russian Federation)

  • Zoya I. Egorsheva

    (RANEPA, Moscow, Russian Federation)

Abstract

At present in Russia there is a need to improve the quality of budget policy as the most important element of state policy, and Moscow is undoubtedly the leading region for its implementation. The purpose of the study is to determine whether Moscow's budget policy can respond to the challenges of the new reality through the instrument of state programs. To achieve this goal, the article considers the retrospective of Moscow budget execution in terms of expenditures, paying special attention to the program structure of expenditures. With the help of statistical and analytical methods the authors analyze the dynamics of budget expenditures distribution within the framework of Moscow state programs, and examine the approved and executed budgets and the percentage of deviation of the executed expenditures from the initially approved ones by subprograms. It is concluded that the Moscow budget is quite adaptive. The dynamics of budget expenditures shows that the distribution of budget allocations has been adjusted due to the need of the megapolis to respond to various challenges. If earlier such challenges included the need to fight the COVID-19 pandemic, now it is a tense foreign policy situation and sanctions from unfriendly states.

Suggested Citation

  • Vladimir V. Klimanov & Anna A. Mikhaylova & Zoya I. Egorsheva, 2023. "Moscow Budget Policy: Opportunities for Responding to the Challenges of the New Reality," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 79-93, October.
    • Handle: RePEc:fru:finjrn:230505:p:79-93
    DOI: 10.31107/2075-1990-2023-5-79-93
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    References listed on IDEAS

    as
    1. Masahisa Fujita & Paul Krugman & Anthony J. Venables, 2001. "The Spatial Economy: Cities, Regions, and International Trade," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262561476, April.
    2. Vladimir V. Klimanov & Sofia M. Kazakova, 2022. "Debt Policy for the Sustainable Development of Russian Regions and Megacities," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 8(4), pages 327-339.
    3. Ànna Mikhaylova & Evgeny Timushev, 2020. "Russia’s Budgetary System: How Much Sustainable?," HSE Economic Journal, National Research University Higher School of Economics, vol. 24(4), pages 572-597.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Moscow budget policy; megapolis finances; financial sustainability; state programs and projects;
    All these keywords.

    JEL classification:

    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies

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