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Motivated by the recent experience in the Russian Federation, this paper examines the implications of imposing central control on the budgetary activities of a subnational government. In a highly stylised multi-task principal-agent model (Holmstrom and Milgrom (1991)), a central government cannot directly monitor the informal budgetary operations of a regional administration, but seeks to improve fiscal policies by exerting control over a “formal” regional budget and imposing (limited) costs on informal behaviour. In the static case of the model, the control of subnational budgetary operations by a benevolent central government may increase social welfare, but at the expense of higher (implicit and explicit) taxation of economic organisations in the region, lower output, and a strong orientation of informal policies toward rent seeking activities. The additional imposition of costs on regions for conducting informal budgetary operations has multiple (indeterminate) effects in ...

Economics --- Russian Federation

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Bibliotheek François Vercammen

History of Eastern Europe --- anno 1940-1949 --- Russian Federation --- Tweede Wereldoorlog --- Stalingrad --- Russia --- Wereldoorlog 2 --- Stalingrad.

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This book examines the failure of economic reform in Russia since 1991, when Boris Yeltsin proclaimed his commitment to economic stabilization, privatization, and price liberalization. Optimism over Russia#65533;#65533;s market reforms vanished with the crash of August 1998, when the ruble lost over 70 percent of its value and banks defaulted on their debts and forward currency contracts. Contrary to Yeltsin#65533;#65533;s reform promises, the Russian economy of the 1990s more closely resembled a Soviet model than a market-driven one. The Logic of Economic Reform in Russia illuminates the general problems of establishing market economies in settings where the institutional system to support the market has not had decades to develop. Suggesting that corruption may be associated with growth in the early stages of capitalism, Jerry F. Hough argues that the disappointing results of Yeltsin#65533;#65533;s reform efforts were not the product of Russian culture or history, but the logical consequences of rational men responding to the incentive system created by economic reform.

Economic policy and planning (general) --- Russian Federation --- Privatization --- Russia --- Russia (Federation) --- Politics and government --- Economic conditions --- Economic policy

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Economic order --- Russian Federation --- Russia (Federation) --- Economic conditions --- Economic policy --- RU / Russia - Rusland - Russie --- 331.30 --- Economische toestand. --- Russia --- Economische toestand

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Economic geography --- Demography --- Northern Africa --- Russian Federation --- Middle East --- Central Asia --- Rural development --- Social Sciences and Humanities. Development Studies --- Rural Development --- Rural Development. --- North Africa --- Russia