Suchergebnisse

This study assesses the impact of fiscal multipliers on the level of socioeconomic inequality in 38 countries based on data from the period 2007—2022 with the aim to explore causal relationships between the potential methods of public financial regulation and income indicators in the context of achieving sustainable economic growth. First the fiscal multipliers are estimated relative to GDP, then the obtained data is used to explain the level of income inequality across a broad range of countries. It is shown that the average level of wealth inequality directly influences the level of post-tax income inequality, therefore, addressing income inequality should not neglect other forms of inequality, parti cularly wealth distribution inequality; the effectiveness of fiscal policy has a reverse impact on the level of post-tax income inequality, indicating that a high share of the shadow economy, inefficient tax administration, and redistributive function of public finances contribute to high levels of income inequality . Budgetary instruments for poverty control, targeting, and the efficiency of budgetary expenditures can alter the level of income inequality.

Relevance. One of the most vulnerable aspects of the development of the Russian economy is its technological and innovative component. This aspect of the Russian economy was tried to reanimate and increase its effectiveness after the 2008 crisis, in order to move from a raw material model of economic growth to a model of advanced technological development. In 2022, Russia has no choice but to carry out a structural transformation of the economy, for the success of which it is vital to intensify and increase the efficiency of innovation. In this regard, the role of state financial regulation of innovation activities for the transition period is increasing.The purpose of this study is to substantiate approaches to state financial regulation of innovative development of the economy in the context of international sanctions and to clarify specific conditions for intensifying innovations in the non-state sector of the economy.Objectives: review of the scientific literature on the impact of sanctions on the dynamics of innovative activity; analysis of innovative activity in Russia over the past 10 years; justification of the methods and instruments of state financial regulation of innovations in the current conditions for Russia.Methodology. The article uses methods of analysis and synthesis of information, an overview analysis of scientific literature, horizontal and graphic analysis of Rosstat data on the innovative development of Russia.Results. The results of the work was the systematization of methods and instruments of state financial regulation in the context of international sanctions, as well as the justification of specific conditions for the successful innovative development of Russia in the current geopolitical situation.Conclusion. The Government should use a standard set of financial incentives for innovation activity, but to develop the non-governmental sector and improve the effectiveness of innovation activities, it is also necessary to create additional conditions for creating a favorable institutional environment in which appropriate private initiatives will be possible.

The problems of financial regulation of poverty and income inequality in Russia are widely discussed in the scientific literature. One of the important aspects in this area is efficiency assessment, which should be the basis for developing solutions that contribute to the growth of the Russian population welfare. This article develops a comprehensive methodology for assessing the effectiveness of the system of state financial regulation of poverty and income inequality In Russian regions on the basis of the Data Envelopment Analysis (DEA) method and regression analysis. The information base contains the indicators of socioeconomic development of Russian regions for the period from 2017 to 2021. The analysis algorithm of the technical efficiency of budget expenditures on social policy has been developed and tested. The research novelty is the application of the DEA method taking into account the theory of regulation of income inequality by F. Bourguignon. The paper provides a comprehensive assessment of the regions' efficiency and identifies the determinants of the efficiency indicators: the size of the regional economy and the level of income per capita; the share of poor citizens in the region; indicators of regional demographic development (fertility, mortality), etc.

Abstract: After the reform of the world monetary system in 1971, the competition between countries for the global market is taking place in completely new conditions. Monetary and fiscal authorities have accumulated vast experience in regulating the economy and strengthening country competitive advantages through complex mechanisms of quantitative easing, foreign exchange rates manipulation, increasing debts, etc. Overcoming the consequences of the financial crises of the 21st century every time forces monetary regulators to implement increasingly radical measures in order to save the economy by injecting enormous amounts of liquidity into the market to buy out bad corporate debts as well as government debt securities. At the same time, the questions of how monetary policy affects the level of economic inequality and who is its beneficiary are becoming more relevant.The article seeks to analyze the impact of changes in monetary policy parameters on wealth inequality in the United States. Given the cyclical nature of economic inequality, the main method of research was chosen as a graphical statistical analysis, since it allows to identify trends effectively and keep in focus more than 100-year picture of changes in the analyzed indicators. For a more holistic picture, the dynamics of economic wealth inequality level were compared not only with key indicators of monetary policy, but also with the dynamics of marginal tax rates in US.One conclusion of the research is that wealth inequality depends more on fiscal adjustment and marginal tax rates than on monetary factors. Inadequate marginal income and inheritance tax rates are factors of rising of wealth inequality in US. Changing of monetary system settings also influences on the level of wealth inequality, because it affects the valuation of financial assets, and therefore the wealth of the richest people in US. Another important conclusion is the idea that the new monetary policy, despite all fears that it is a source of growing economic inequality, is acceptable with marginal income and inheritance tax rates of about 60% and with effective macroprudential regulation of US economy.