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Fiscal resilience of Russia's regions in the face of COVID-19

Vladimir Klimanov (Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation)
Sofia Kazakova (Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation)
Anna Mikhaylova (Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation)
Aliya Safina (Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation)

Journal of Public Budgeting, Accounting & Financial Management

ISSN: 1096-3367

Article publication date: 7 October 2020

Issue publication date: 26 January 2021

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Abstract

Purpose

The purpose of the study was to analyze how COVID-19 pandemic affects regional budgets and regional fiscal resilience in Russia.

Design/methodology/approach

The research article is structured as follows. Based on the official data from the Ministry of Finance, the Federal Treasure and the Accounts Chamber of the Russian Federation, first, the state of Russian regional budgets before and under COVID-19 is analyzed. Second, due to the increase of regional spending commitments under pandemic the regional debt dependence is reviewed. Third, anticrisis fiscal measures which have been taken to combat the negative impact of COVID-19 are discussed.

Findings

In general, 2020 may be the most difficult for regional budgets, although the results of the first quarter do not show such tension. However, the impact of COVID-19 on budget indicators is ambiguous because the economic crisis of 2020 is dual, including the crisis in the oil markets. The pandemic has become a unique global phenomenon, the effect of which is difficult to identify and interpret outside of the economic aspects of life.

Originality/value

The value of the article is based on the overview of the state of regional budgets before and under COVID-19, on the analysis of how pandemic affects fiscal resilience of the regional budgets and on the forecast of how serious the volume of lost revenues are going to be.

Keywords

Acknowledgements

The article presents some results of the project “Theoretical foundations of regional fiscal sustainability and its application in the public administration”, carried out within the scope of RANEPA financial support for 2020.

Citation

Klimanov, V., Kazakova, S., Mikhaylova, A. and Safina, A. (2021), "Fiscal resilience of Russia's regions in the face of COVID-19", Journal of Public Budgeting, Accounting & Financial Management, Vol. 33 No. 1, pp. 87-94. https://doi.org/10.1108/JPBAFM-07-2020-0123

Publisher

:

Emerald Publishing Limited

Copyright © 2020, Emerald Publishing Limited

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