@ARTICLE{26543117_436034561_2020, 
	author = {Mstislav Afanasyev and Natalia Shash}, 
	keywords = {, budget balance, budget management, budget deficit and surplus, theory of “tax smoothing”, budget policy, fiscal regime, economic growthmoney hoarding},
	title = {BUDGET SURPLUS MANAGEMENT AND FISCAL &ldquo;FINE TUNING&rdquo;},
	journal = {Public Administration Issues},
	year = {2020},
	number = {6},
	pages = {84-97},
	url = {https://vgmu.hse.ru/en/2020--6/436034561.html},
	publisher = {},
	abstract = {The subject of&nbsp; research of&nbsp; this paper is&nbsp; the specifics of&nbsp; forming and managing a&nbsp;budget surplus when providing economic growth for the national economy. The results of&nbsp;analyzing the concepts of&nbsp;a&nbsp;budget balance are presented, and directions for managing a&nbsp;positive balance of&nbsp;the state budget are revealed. The specifics of&nbsp;the macroeconomic politics of&nbsp;a&nbsp;surplus are given, and it&nbsp;is revealed that forming a&nbsp;"new" fiscal regime&nbsp;- surplus regime&nbsp;- requires a&nbsp;radical restructuring of&nbsp;budget management. The general typical features of&nbsp;countries with a&nbsp;long-term period of&nbsp;a&nbsp;budget surplus are revealed: focus on&nbsp;budget consolidation on&nbsp;the expenditure side of&nbsp;the budget and the ensuing complex budget reforms made after achieving a&nbsp;surplus. It&nbsp;is discovered that one of&nbsp;the main reasons for supporting a&nbsp;stable surplus budget in&nbsp;a&nbsp;number of&nbsp;the world&rsquo;s countries is&nbsp; the radical restructuring of&nbsp; economic and financial priorities, which was caused by&nbsp;serious macroeconomic shocks. It&nbsp;is noted that when assessing the possibility of&nbsp;maintaining a&nbsp;budget surplus in&nbsp;specific countries, it&nbsp;should be&nbsp;taken into account that unfavorable macroeconomic events such as&nbsp; the financial crisis of&nbsp;2008 or&nbsp;the global pandemic of&nbsp;COVID-19 in&nbsp;the current year (2020) are of&nbsp;crucial significance for maintaining a&nbsp;surplus. According to&nbsp;the results of&nbsp;a&nbsp;comparative analysis of&nbsp;the dynamics of&nbsp;the level of&nbsp;budget deficit and the rates of&nbsp;economic growth, using the example of&nbsp; Switzerland and Norway for 2009-2019, no&nbsp; direct correlation between these indicators was discovered, and it&nbsp;was concluded that there was a&nbsp;lack of&nbsp;empirical evidence and appropriate theoretical generalizations about the existence of&nbsp;a&nbsp;cause-and-effect relationship between economic growth and the type of&nbsp;balance (deficit, surplus, "zero-based") of&nbsp;the state budget. The advisability of&nbsp;using the budget surplus to&nbsp;reduce the tax burden and to&nbsp;reduce the level of&nbsp;state debt was assessed.},
	annote = {The subject of&nbsp; research of&nbsp; this paper is&nbsp; the specifics of&nbsp; forming and managing a&nbsp;budget surplus when providing economic growth for the national economy. The results of&nbsp;analyzing the concepts of&nbsp;a&nbsp;budget balance are presented, and directions for managing a&nbsp;positive balance of&nbsp;the state budget are revealed. The specifics of&nbsp;the macroeconomic politics of&nbsp;a&nbsp;surplus are given, and it&nbsp;is revealed that forming a&nbsp;"new" fiscal regime&nbsp;- surplus regime&nbsp;- requires a&nbsp;radical restructuring of&nbsp;budget management. The general typical features of&nbsp;countries with a&nbsp;long-term period of&nbsp;a&nbsp;budget surplus are revealed: focus on&nbsp;budget consolidation on&nbsp;the expenditure side of&nbsp;the budget and the ensuing complex budget reforms made after achieving a&nbsp;surplus. It&nbsp;is discovered that one of&nbsp;the main reasons for supporting a&nbsp;stable surplus budget in&nbsp;a&nbsp;number of&nbsp;the world&rsquo;s countries is&nbsp; the radical restructuring of&nbsp; economic and financial priorities, which was caused by&nbsp;serious macroeconomic shocks. It&nbsp;is noted that when assessing the possibility of&nbsp;maintaining a&nbsp;budget surplus in&nbsp;specific countries, it&nbsp;should be&nbsp;taken into account that unfavorable macroeconomic events such as&nbsp; the financial crisis of&nbsp;2008 or&nbsp;the global pandemic of&nbsp;COVID-19 in&nbsp;the current year (2020) are of&nbsp;crucial significance for maintaining a&nbsp;surplus. According to&nbsp;the results of&nbsp;a&nbsp;comparative analysis of&nbsp;the dynamics of&nbsp;the level of&nbsp;budget deficit and the rates of&nbsp;economic growth, using the example of&nbsp; Switzerland and Norway for 2009-2019, no&nbsp; direct correlation between these indicators was discovered, and it&nbsp;was concluded that there was a&nbsp;lack of&nbsp;empirical evidence and appropriate theoretical generalizations about the existence of&nbsp;a&nbsp;cause-and-effect relationship between economic growth and the type of&nbsp;balance (deficit, surplus, "zero-based") of&nbsp;the state budget. The advisability of&nbsp;using the budget surplus to&nbsp;reduce the tax burden and to&nbsp;reduce the level of&nbsp;state debt was assessed.}
}