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Budgetary Risk Management (foreign practice)

Melnichuk Marina V.  (Doctor of Economics, professor, Financial University under the Government of the Russian Federation, chief research fellow, Financial Research Institute of the Ministry of Finance of the Russian Federation)

The increase in budget risks that magnify the vulnerability of public finances requires the introduction of methods of effective state risk management. The article examines foreign experience in improving the approach to risk management through the use of a special risk management mechanism - a stress test. The stress test is a standard tool in the financial sector, but its application in public finances is still at the development and testing stage. In this paper, the general structure of the methodology for carrying out the stress test of the public debt is analyzed and its actual application is illustrated using the example of the OECD countries.

Keywords:fiscal policy, public debt, stress test, risk management.
 

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Citation link:
Melnichuk M. V. Budgetary Risk Management (foreign practice) // Современная наука: актуальные проблемы теории и практики. Серия: ЭКОНОМИКА и ПРАВО. -2018. -№03. -С. 101-106
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