Market instruments and sources of financing the deficit of the federal budget of the Russian Federation in the context of digitalization
Abstract. In the conditions of the economic instability and the introduction of external sanctions, the issues of balancing the federal budget are becoming particularly relevant. The purpose of the study is to find possible ways to use market instruments that can be implemented mainly in the domestic market to attract financial and credit resources and cover the budget deficit, this will minimize the expenditure of the National Welfare Fund and at the same time use resources of the business sector. It is proposed to issue long-term federal loan obligations that are accepted, as the maturity dates come, offsetting tax and other mandatory payments. The advantages of this market instrument in comparison with the monetary issue are substantiated.
Keywords: federal budget, budget deficit, budget revenues, taxes, tax administration, budget expenditures, internal and external public debt, federal loan bonds, financial control
Highlights:
♦ the structure and dynamics of federal budget revenues are studied, the reduction of budget dependence on oil and gas revenues is shown;
♦ the main problems of filling the federal budget in 2023 have been identified;
♦ the use of long-term financial instruments in the domestic market for the budget balance is proposed and justified.
Artem K. Zubkov - Samara State University of Economics, Samara, Russia