Anti-crisis budget regulation: the experience of OECD countries
Importance At the present time, the budgetary legislation of the Russian Federation actually does not contain any norms for regulation of the budgetary legal arrangements under the conditions of financial and economic instability, or other crisis situations caused by the natural and technological disasters, or political conflicts. In such crises, the budgetary system faces the necessity of implementing urgent measures for the concentration of funds to address the pressing tasks. No special rules for determining the budget authority, fiscal arrangements and modalities of cooperation between the participants of the budgetary process in crisis conditions, leads to "fire" response of authorities, which often manifests itself in inefficient and tardy anti-crisis actions. The experience of OECD countries on regulatory crisis management may be of significant interest for Russia. Objectives The aim of the article is to provide an analysis of the international experience of the statutory anti-crisis regulation of the budgetary legal relations in OECD countries under the conditions of the financial and economic instability, or other crisis situation and the formation of a position on the possibility and the necessity of the foreign experience application under the Russian Federation’s conditions. Methods Using the method of comparative analysis, we consider the principles of ensuring the macroeconomic and financial stability, criteria of the crisis situation and the objectives of stabilization policy, basic measures of fiscal stabilization policy, procedures and mechanisms of the financial support of fiscal measures of budget stabilization. Results On the basis of the comparative international experience of the legislative anti-crisis regulation of budgetary relations in OECD countries, we provide the conclusions regarding the changes in the Russian budgetary legislation that will facilitate the effective policies for recovery of the economic and financial systems under the crisis. Conclusions and Relevance We arrive at a conclusion that the best practices and experience of foreign countries provide the basis for the formation of proposals for the Russian budgetary legislation adjustment.