Lomakina T.P., Gorshkova N.V., Irizepova M.Sh. FEATURES OF PERFECT AND IMPERFECT RESERVES AND RESERVE FUNDS WITHIN THE FEDERAL BUDGET OF THE RUSSIAN FEDERATION

DOI: https://doi.org/10.15688/jvolsu3.2017.4.8

Tatyana P. Lomakina

Doctor of Sciences (Economics), Professor, Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. .

Natalya V. Gorshkova

Doctor of Sciences (Economics), Associate Professor, Head of Department of Theory of Finance, Credit and Taxation, Volgograd State University, Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. .

Margarita Sh. Irizepova

Candidate of Sciences (Economics), Associate Professor, Department of Theory of Finance, Credit and Taxation, Volgograd State University, Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. .


Abstract. During the past two years (2016–2017), the mass media was engaged in tense discussion about the status and flow of funds within the two reserves – the Reserve Fund of the Russian Federation and the National Welfare Fund. The Reserve Fund of the Russian Federation aroused especial worries among the experts. Its funds rapidly declined and by December 2017 they were fully used to cover the deficit of the domestic budget. In accordance with the law “On Amendments to the Budget Code of the Russian Federation in the Use of Oil and Gas Revenues of the Federal Budget,” from February 1, 2018, the Reserve Fund of the Russian Federation will cease to exist. For financial theory, this fact can serve as an illustration of the process of forming the foundations of budgetary financial security, their change over time, circumstances and options the government can take to modify them. At the same time, there are other types of financial resources within the federal budget. Their diversity necessitates their classification in order to identify groups and types with similar characteristics. However, in financial theory, many types of reserves are not described in detail, and some are not described at all. This article introduces the concepts of “perfect” and “imperfect” reserves, for their characterization as part of the federal budget. The Russian Reserve Fund and the National Welfare Fund (Sovereign Funds) are the examples of perfect financial reserves. Imperfect reserves comprise a large group of reserve funds that are included in the federal budget, for example, the Reserve Fund of the President of the Russian Federation and the Reserve Fund of the Government of the Russian Federation, the Reserve Fund of the Government of the Russian Federation for the prevention and control of emergencies and impact of natural disasters. The introduction of new typological features largely clarifies the situation with increased attention to one type of reserves and its absence to others.

Key words: The Reserve Fund of the President of the Russian Federation; the Reserve Fund of the Government of the Russian Federation; the Reserve Fund of the Government of the Russian Federation for the prevention and control of emergencies and impact of natural disasters; the Reserve Fund of the Russian Federation; the National Welfare Fund; the Universal Service Fund; the Reserve of undistributed subsidies and subventions in inter-budget transfers; perfect, imperfect and hybrid reserves and reserve funds.

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FEATURES OF PERFECT AND IMPERFECT RESERVES AND RESERVE FUNDS WITHIN THE FEDERAL BUDGET OF THE RUSSIAN FEDERATION by Lomakina T.P., Gorshkova N.V., Irizepova M.Sh. is licensed under a Creative Commons Attribution 4.0 International License.

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