Belov A.V. The Regional Financial Policy
of the Russian Federation: Trade-off between Efficiency and Equity.
// Economics of
contemporary Russia 2009. ¹3
(46) Ñ.37-45.
The estimation of the
production function for the regions of the Russian
Federation over the period from 2000 to 2005 shows that the subnational
budget
outlays provide a substantial positive contribution to the formation of
gross
regional product. The paper suggests alternative ways to optimize the
allocation public financial resources and to calculate the inevitable
trade-offs between boosting of total output and widening of territorial
income
gaps.
Key words:
production function, marginal productivity, regional policy,
budgetary investment, migration.
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