Romanova A.A.

Improving Inter-Budget Relations as a Financial Basis for Regional Development

Keywords: inter-budget relations, regional development, federal budget, republican budgets, local budgets, allocation of financial resources, sustainable development of the regional economy

Improving inter-budget relations plays an important role in stimulating the development of regions. Due to the correct allocation of financial resources between the federal, regional and local budgets, it is possible to ensure more efficient and sustainable development of the regional economy. Over the past decades, issues of inter-budget relations have attracted the attention of both economists and politicians. The efficiency of budget allocation between different levels of government directly affects the socio-economic development of individual regions and the country as a whole. In this regard, it becomes urgent to find the ways to improve the system of inter-budget relations, which is aimed at eliminating currently existing imbalances in the development of regions, increasing their financial independence, as well as stimulating economic growth. The purpose of the study is to explore ways to improve inter-budget relations in the Russian Federation, which will allow for a more equitable and efficient system of financial resource allocation. The scientific novelty of the study consists in the development of recommendations for improving and increasing the effectiveness of inter-budget relations in Russia. Materials and methods. Collections of scientific papers, periodicals, articles, and information from the Internet were used. Methods of statistical analysis and expert assessments were used as research methods. The results of the study. The study presents the definition of "inter-budget relations" and the opinions of individual researchers on the existing problems of inter-budget relations in the Russian Federation. Based on statistical data from the Federal Treasury of the Russian Federation, an analysis of the main parameters of the consolidated budgets of the subjects of the Russian Federation was carried out, which showed that the tax revenues of the republican and local budgets are not enough to implement regional development programs and provide social security to citizens. It is also established that the federal budget deficit has narrowed its possibilities in terms of providing assistance to regional budgets. The paper identifies the problems of inter-budget relations in Russia and specific measures and mechanisms that will improve the efficiency of the allocation of financial resources between different levels of budgets. Conclusions. The study shows that the redistribution of income between the federal budget and those of the constituent entities of the Federation in the current conditions requires significant adjustments. This is especially true of the mechanisms for equalizing the budgetary provision of the regions, which should become more transparent and focused on achieving the goals of the socio-economic development. Further research in the field of inter-budget relations should be aimed at developing and implementing the tools that contribute to a more efficient and targeted use of budgetary funds at all levels of government. Special attention should be paid to innovative financing mechanisms for regional projects.

About authors

Romanova Anna A.

Assistant Lecturer, Department of Finance, Credit and Economic Security; Post-Graduate Student, Department of State and Municipal Management and Regional Economics, Chuvash State University, Russia, Cheboksary (naalekceevna10@mail.ru; )

Article link

Romanova A.A. Improving Inter-Budget Relations as a Financial Basis for Regional Development [Electronic resource] // Oeconomia et Jus. – 2024. – №3. P. 42-50. – URL: https://oecomia-et-jus.ru/en/single/2024/3/5/. DOI: 10.47026/2499-9636-2024-3-42-50.