«Public Administration Issues» Journal,

Post. address:
National Research University
Higher School of Economics
20 Myasnitskaya Str., Moscow 101000, Russian Federation
Location address:
of. 307, 4/2, Slavyanskaya sq., Moscow 109074, Russian Federation

Tel./fax: 7 (495) 772-95-90, ext. 12631

E-mail: vgmu@hse.ru 


Major Indexing

Research and educational journal
Published quarterly since 2007
ISSN 1999-5431
E-ISSN 2409-5095

Mstislav Afanasyev1,2, Natalia Shash 3
  • 1 National Research University Higher School of Economics, 20 Myasnitskaya Str., Moscow, 101000, Russian Federation
  • 2 Doctor of Economics, Professor of Public Finance, Politics and Governance Department National Research University Higher School of Economics (HSE); Chief research fellow, Institute for economic forecasting, Russian Academy of Sciences.
  • 3 Doctor of Economics, Professor of Financial Management, Financial Management Department, Plekhanov Russian University of Economics, 36 Stremyanny Lane, 117997 Moscow, Russian Federation.


2020. No. 6. P. 84–97 [issue contents]
The subject of  research of  this paper is  the specifics of  forming and managing a budget surplus when providing economic growth for the national economy. The results of analyzing the concepts of a budget balance are presented, and directions for managing a positive balance of the state budget are revealed. The specifics of the macroeconomic politics of a surplus are given, and it is revealed that forming a “new” fiscal regime – surplus regime – requires a radical restructuring of budget management. The general typical features of countries with a long-term period of a budget surplus are revealed: focus on budget consolidation on the expenditure side of the budget and the ensuing complex budget reforms made after achieving a surplus. It is discovered that one of the main reasons for supporting a stable surplus budget in a number of the world’s countries is  the radical restructuring of  economic and financial priorities, which was caused by serious macroeconomic shocks. It is noted that when assessing the possibility of maintaining a budget surplus in specific countries, it should be taken into account that unfavorable macroeconomic events such as  the financial crisis of 2008 or the global pandemic of COVID-19 in the current year (2020) are of crucial significance for maintaining a surplus. According to the results of a comparative analysis of the dynamics of the level of budget deficit and the rates of economic growth, using the example of  Switzerland and Norway for 2009–2019, no  direct correlation between these indicators was discovered, and it was concluded that there was a lack of empirical evidence and appropriate theoretical generalizations about the existence of a cause-and-effect relationship between economic growth and the type of balance (deficit, surplus, “zero-based”) of the state budget. The advisability of using the budget surplus to reduce the tax burden and to reduce the level of state debt was assessed.

Citation: Afanasiev, M. P. & Shash, N. N. (2020). Budget Surplus Management and Fiscal “Fine Tuning”. Public Administration Issues, no 6 (Special Issue II, electronic edition), pp. 84–97 (in English).

ISSN 1999-5431
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