Debt Management and the Fiscal Balance

This research deals with the impact of Local Tax and Retribution Receipt to Local Government Original Receipt of Regency/City in Central Java from 2008 to 2012. This research utilizes the data of actual of local government budget from Directorate General of Fiscal Balance (Direktorat Jendral Perimbangan Keuangan). Methods of collecting data through census. The number of Regency/City in Central Java are 35. But the data consists of 33 of Regency/City In Central Java from 2008 to 2012. Total of samples are 165. Karanganyar Regency and Sukoharjo Regency were not included as samples of this research because they didn’t report the data of actual of local government budget to Directorate General of Fiscal Balance in 2009.The model used in this research is multiple regressions. The independent variables are Local Tax and Retribution Receipt, the dependent variable is Local Government Original Receipt. The research findings show that Local Tax and Retribution give the significant impact partially and simultaneusly on Local Government Original Receipt at real level 5 percent. All independent variables explain 91,90 percent of the revenue variability while the rest 8,10 percent is explained by other variables.Keywords: Local Tax, Retribution, and Local Government Original Receipt

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Debt Strategies of Russian Regions

Voprosy Ekonomiki ◽

10.32609/0042-8736-2015-10-78-93 ◽

2015 ◽

pp. 78-93 ◽

Cited By ~ 4

Author(s):

A. Tabakh ◽

D. Andreeva

Keyword(s):

Management Practices ◽

Debt Management ◽

Russian Regions ◽

Key Drivers ◽

Municipal Debt ◽

Debt Policy

The article considers debt management practices by Russian regions and municipalities, within a framework set by federal budgetary legislation and practices of state-controlled banks. Key drivers of regional and municipal debt policy are analyzed, and Russian regions are stratified by their debt policy. Current recession is likely to produce higher level of regional debt and changes in its structure, lowering reliance on market funding and decreasing variations in pursued debt policy.

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Fiscal rules: Excessive limitation or indispensable instrument of fiscal sustainability?

Voprosy Ekonomiki ◽

10.32609/0042-8736-2016-4-5-29 ◽

2016 ◽

pp. 5-29 ◽

Cited By ~ 2

Author(s):

E. Gurvich ◽

I. Sokolov

Keyword(s):

Historical Data ◽

Federal Budget ◽

Fiscal Sustainability ◽

Fiscal Rules ◽

External Shocks ◽

Base Price ◽

Depth Analysis ◽

Fiscal Balance ◽

Lower Size ◽

Budget Expenditure

In-depth analysis of international and Russia’s experiences with implementing fiscal rules is presented. Theoretical and empirical evidences are suggested in favor of retaining the present fiscal rules with some modifications aimed at ensuring: a) a relatively stable level of federal budget expenditure with guaranteed full execution of all commitments; b) countercyclical fiscal policy, based on flexibleand proper reaction to revenue changes; and c) robustness of fiscal rules to internal and external shocks. The main new features suggested include modified calculation of the oil base price, different measurement of cyclical fiscal revenues, lower size of structural fiscal balance, and thorough specification of sources for each item of the balance. The modified rules envisage increased flexibility by relaxing to a pre-set extent and for a pre-set time spending limits in response to extreme shocks. The suggested version of fiscal rules has been tested by application to historical data for 2005-2015, and macro projections for 2015-2025.

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