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Article
Publication date: 7 October 2020

Vladimir Klimanov, Sofia Kazakova, Anna Mikhaylova and Aliya Safina

The purpose of the study was to analyze how COVID-19 pandemic affects regional budgets and regional fiscal resilience in Russia.

Abstract

Purpose

The purpose of the study was to analyze how COVID-19 pandemic affects regional budgets and regional fiscal resilience in Russia.

Design/methodology/approach

The research article is structured as follows. Based on the official data from the Ministry of Finance, the Federal Treasure and the Accounts Chamber of the Russian Federation, first, the state of Russian regional budgets before and under COVID-19 is analyzed. Second, due to the increase of regional spending commitments under pandemic the regional debt dependence is reviewed. Third, anticrisis fiscal measures which have been taken to combat the negative impact of COVID-19 are discussed.

Findings

In general, 2020 may be the most difficult for regional budgets, although the results of the first quarter do not show such tension. However, the impact of COVID-19 on budget indicators is ambiguous because the economic crisis of 2020 is dual, including the crisis in the oil markets. The pandemic has become a unique global phenomenon, the effect of which is difficult to identify and interpret outside of the economic aspects of life.

Originality/value

The value of the article is based on the overview of the state of regional budgets before and under COVID-19, on the analysis of how pandemic affects fiscal resilience of the regional budgets and on the forecast of how serious the volume of lost revenues are going to be.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 33 no. 1
Type: Research Article
ISSN: 1096-3367

Keywords

Content available
Article
Publication date: 16 October 2020

Bedanand Upadhaya, Chaminda Wijethilake, Pawan Adhikari, Kelum Jayasinghe and Thankom Arun

First, the paper examines the short-term fiscal and budgetary responses of the South Asian governments to the COVID-19 pandemic. Next, it brings out the implications of…

Abstract

Purpose

First, the paper examines the short-term fiscal and budgetary responses of the South Asian governments to the COVID-19 pandemic. Next, it brings out the implications of such responses, focusing on India, Nepal and Sri Lanka.

Design/methodology/approach

The paper is based on multiple secondary data sources, including the viewpoints of experts and government officials. Data are analysed using the ideas of financial resilience.

Findings

South Asian governments' response to the pandemic shows a gap in understanding the magnitude of the problem and in developing financial resilience. This paper points out the importance of avoiding austerity, becoming more cautious in accepting lending conditions, rethinking public sector accountability and revitalising mutual collaboration through SAARC for developing financial resilience, both at individual country and regional levels.

Originality/value

The study offers some insights on policy implications for South Asian governments in terms of building financial resilience to deal with future crises.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 32 no. 5
Type: Research Article
ISSN: 1096-3367

Keywords

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Expert briefing
Publication date: 1 June 2016

This marks the eighth annual budget since Prime Minster John Key's National Party-led government took office in November 2008. New Zealand's fiscal position has…

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Graphic analysis
Publication date: 7 July 2016

Leading exporters prioritise market share over fiscal considerations -- for now

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Article
Publication date: 2 April 2021

Emanuele Padovani, Silvia Iacuzzi, Susana Jorge and Liliana Pimentel

This paper explores how global pandemic crises affect the financial vulnerability of municipalities.

Abstract

Purpose

This paper explores how global pandemic crises affect the financial vulnerability of municipalities.

Design/methodology/approach

This paper is developed from the relevant literature an analytical framework to examine municipal financial vulnerability before a global pandemic crisis and in its immediate aftermath by mapping and systematizing its dimensions and sources. To illustrate how it can be used and evaluate its robustness and flexibility, such a tool was applied to Portugal and Italy, two countries that particularly suffered from the Covid-19 crisis.

Findings

The application of the analytical framework has shown how financially vulnerable municipalities are to global pandemic crises. Financial vulnerability relates to issues ranging from institutional design to internal financial conditions and the perception of the capacity to cope with a crisis. Results further reveal that vulnerability has an inherent contingent nature in time and space and can lead to paradoxical outcomes.

Research limitations/implications

This paper provides a tool that can be useful for both academic and public policy purposes, to further appreciate municipal financial vulnerability, especially during crises.

Practical implications

Municipalities can use the framework to better manage their financial vulnerability, strengthening their anticipatory and copying capacities, while oversight authorities can use it to help municipalities become less financially vulnerable or, at least, more aware of their financial vulnerability.

Originality/value

Municipal financial vulnerability to global shocks has not been explored extensively. Also, the Covid-19 pandemic is different from previous global crises as it affected society overnight with the implementation of lockdown and social distancing measures.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 33 no. 4
Type: Research Article
ISSN: 1096-3367

Keywords

Content available
Article
Publication date: 5 November 2020

Maarten de Jong and Alfred T. Ho

This study analyzes the scope and magnitude of the budgetary responses of 17 developed countries to the COVID-19 pandemic and examines whether policy responses in…

Abstract

Purpose

This study analyzes the scope and magnitude of the budgetary responses of 17 developed countries to the COVID-19 pandemic and examines whether policy responses in March–June, 2020 are correlated with economic and fiscal conditions in these countries. It also suggests a few foreseeable economic, budgetary and social challenges and a future research agenda for assessing the pandemic's impact on finance and governance.

Design/methodology/approach

This study uses documents from different sources, including the IMF and the OECD, to analyze systematically the COVID-19 budgetary responses of different countries. It also uses data from the IMF and the European CDC to analyze the relationship between budgetary responses and the seriousness of the pandemic in different countries.

Findings

This study shows that budgetary and fiscal responses to the COVID-19 pandemic varied in magnitude but had many similarities in policy types across countries. The magnitude of the response is not significantly correlated with fiscal conditions but is positively correlated with the pandemic caseload and negatively with medium-term expenditure planning, healthcare spending and anticipated unemployment changes. The study concludes by discussing the medium- and long-term concerns of these policies, such as the growing debt concerns, the seeming irrelevancy of fiscal discipline in influencing the pandemic response, the setbacks on anti-poverty and equity enhancing initiatives in developing countries and the hidden social costs as a result of postponing the necessary responses to industrial restructuring and the global climate change problems.

Research limitations/implications

This study offers an initial comparative analysis of COVID-19 budgetary responses among developed nations. It also provides a critical and long-term perspective of these policies. The study suggests what future research may do to analyze the factors that influence the magnitude of COVID-19 responses and the long-term social and political implications of these policies.

Practical implications

It discusses the long-term concerns of COVID-19 budgetary responses and suggests policymakers to have more open and transparent debates about difficult choices. It provides examples of creative solutions in pandemic responses to transition to a future economy and society that can be more sustainable, resilient and equitable. It also urges policymakers to pay more attention to democratic governance challenges.

Social implications

The study highlights a few social concerns about the budgetary responses so far, such as deteriorating pension funding gaps, setbacks on anti-poverty initiatives in developing countries and hidden social costs by postponing the necessary responses to industrial restructuring and global climate change problems. It also discusses how COVID-19 reveals a lot of inequity problems in society that need long-term budgetary investment.

Originality/value

This study offers a systematic comparative analysis of COVID-19 budgetary responses among developed nations. It also provides a critical and long-term perspective of these policies and challenges policymakers and budgeters to think more creatively to address foreseeable economic, budgetary and social challenges.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 33 no. 1
Type: Research Article
ISSN: 1096-3367

Keywords

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Article
Publication date: 13 March 2017

K. Sankaran and Catherine Demangeot

This paper aims to demonstrate the potential of virtual communities in enabling community-based entrepreneurship and resilience. Resilience is an important attribute for a…

Abstract

Purpose

This paper aims to demonstrate the potential of virtual communities in enabling community-based entrepreneurship and resilience. Resilience is an important attribute for a community to overcome adverse circumstances it may face.

Design/methodology/approach

Weaving together diverse strands of scholarship, the authors show how virtual communities centered around specific interests (Obst et al., 2002) can endow geographic communities with resilience.

Findings

The paper establishes the desirability of resilience in contemporary communities, which can be enhanced through internet-mediated entrepreneurship. Five specific phenomena are identified as facilitating the emergence of community-based entrepreneurship through membership in virtual communities. Community-based entrepreneurship can augment or even replace institutional support that has until recently been considered by policy makers as the only means of addressing resilience issues, especially in disadvantaged communities.

Research limitations/implications

This paper is conceptual in nature; the conceptualization provides a rich opportunity to empirically validate the argumentation advanced here.

Social implications

This research points to major policy implications, as internet-enabled, community-based entrepreneurship may be an important key to overcome many of the adverse circumstances faced by communities the world over, such as climate change, terrorism and paucity of funds for social action.

Originality/value

The paper contributes to the literature on community-based entrepreneurship by developing the notion of internet-enabled community resilience, showing how internet-enabled communities can prompt entrepreneurial behavior and result in the enhanced resilience of geographic communities.

Details

Journal of Enterprising Communities: People and Places in the Global Economy, vol. 11 no. 1
Type: Research Article
ISSN: 1750-6204

Keywords

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Article
Publication date: 2 November 2020

Justina Jose, Priyanka Mishra and Rahul Pathak

This article examines the preliminary impact of the Sars-CoV-2 pandemic on India's economic and budgetary landscape – the most affected developing country from the first…

Abstract

Purpose

This article examines the preliminary impact of the Sars-CoV-2 pandemic on India's economic and budgetary landscape – the most affected developing country from the first wave of the pandemic. It also includes a discussion of the monetary and fiscal responses adopted and the challenges faced in formulating the response to the pandemic.

Design/methodology/approach

Using high-frequency economic and fiscal indicators, this article evaluates the economic impact of the pandemic on the Indian economy. Further, it uses data from government sources and news to highlight the measures adopted at the national and subnational level in response to the pandemic.

Findings

The difficult economic conditions prior to the pandemic limited the fiscal space available to the government. As a result, the national and subnational governments have been cautious of accumulating excessive debt and have primarily responded with liquidity-enhancing measures, in addition to some fiscal measures for the most vulnerable. Overdependence on consumption taxes has led to unprecedented revenue shortfalls prompting the exploration of new avenues for revenue generation and implementation of austerity measures – some of which may be counterproductive in the long run.

Originality/value

The paper highlights the policy response of the largest democracy that has been hit hard by the pandemic. It also highlights various institutional and resource constraints that influenced the policies adopted. India's experience in responding to the virus could provide lessons for other developing countries.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 33 no. 1
Type: Research Article
ISSN: 1096-3367

Keywords

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Expert briefing
Publication date: 21 June 2017

Increased economic optimism will be welcomed by Prime Minister Bill English, who is hoping that his National Party will win a fourth consecutive term in government this…

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Expert briefing
Publication date: 18 December 2020

Once the worst of the dual COVID-19 and low-price crises is over, it assumes a return to higher-volume production to support the domestic oil industry and the high export…

Details

DOI: 10.1108/OXAN-DB258300

ISSN: 2633-304X

Keywords

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