ОСОБЕННОСТИ ФИСКАЛЬНОГО ИНСТРУМЕНТАРИЯ АНТИЦИКЛИЧЕСКОГО РЕГУЛИРОВАНИЯ

Назаретян Праксия

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JEL: E63, G01, GIB, O23

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ImpjnLjbmmjlü pm|mpm|münLpjmü qnpön|nLpjnLÜCbpp übö ümumüp mü-wpnjnLÜwibm bü L |mpn| bü hm|mrcm| mq^bgnLpjnLÜ mübümf |m^4mö hmp|mpjnL2bmmj|ü pm|mpm|münLpjmü ||pmrcümü dmümüm|mj|ü mrcmüö-Cmhmm|nLpjnLCCbp| hbm: bp|pnp^ mbum|bmp qbpfiß^nLü tp 4»p2|ü bp|nL mmuümüjm|übp| püpmgpnLü L, np^bu hbmLmüp' hmlm^mppbpmßpjmüm-j|ü pm|mpm|münLpjmü hmpgnLü hmp|mpjnL2bmmj|ü üljngmrcnLüübpü ipbüg mb|p q^bghü ^pmüm4mp|mj|ü|ü:

2000-m|müübp| u|qp|g müpn|2m|mü ^mhmüjmpH |mpqm4npümü hmpgnLü mümbumq|mm|mü hmüpnLpjmü L |mrcm4mpn| ümpüfiüübpfi |n|-ü|g Cm^pümpnLpjnLÜp h|üüm|münLü mpinLü tp iipmüm4mp|mj|ü pm|mpm-ImünLpjmüp: <mp|mpjnL2bmmj|ü pm|mpm|münLpjmü ü|mmümüp ^pmüm-4mp|mj|ü pm|mpm|münLpjmü üm^m^mminLpjmü ü| ßmpp ^mm^mrcübp qnjnLpjnLü nLübü: Uü^pm^mrcümüp ^pmüg|g ü| pmüfiufiü.

• PuiquipmuiluiCiiupjuiüC /^pLu|LUüLuglÜLUü fuüijfipübp: <ümpm4np ¿t |mpnL| mib[mgüb[ |mü |p^mmb[ ^bmm|mü öm^ubpü mrcmüg mümbumLmü |mjnLünLpjmü ipm tm|mü mq^bgnLpjnLÜCbp|: Rppmü mpmq t |pm|m-ümginLÜ hmp|mpjnL2bmmj|ü pm|mpm|münLpjmü ü^jmümnLpjnLüp, mjüpmü pfa t hmimüm|münLpjnLüp, np mj^ üfijmümnLpjnLÜp [mi üßmlimö, ummq-imö L ^npöimö t dmümüm|ni: Pmg| mj^, hmp|mpjnL2bmmj|ü pm|mpm-|münLpjmü |pm|mümgümü hümpminpnLpjnLÜC tm|münpbü |m^4mö t bp|-pnLÜ m|pn| mümbum|mü |pm4|Äm||g: Op|üm| übö pjnLjbmmjlü ^m|m-ump^ nLÜbgn| bp|pübpnLü hmp|mpjnL2bmmj|ü pm|mpm|mCnLpjnLCC mib[| ^dimp t mpÖmqmüpnLü mü|nLüübp| ^nL[nLü, pmü mjü bp|pübpnLü, npnüp mj^ m^nLüni mib[| pmpbü^mum |pm4|Äm|nLü bü |mü müqmü nLübü pjnLjbl mib[gnL|1: hpm|mümgin| üljngmrcnLüübpü t[, ipbüg hbpp|ü, mib[| nLdb| mq^bgnLpjnLü bü nLübünLü mjü bp|pübpnLü, npmb| ^bmm|mü ^mpm-p| gnLgmü|ßübpü mib[| gmöp bü2: Uju^|uni' |mpb[| t büpm^pb[, np hmp-|mpjnL2bmmj|ü müimmüqnLpjmü mib[| übö umhümüübp bü mühpmdbßm: RpnßmLI hmp|mpjnL2bmmj|ü |münüübp, bü, op|üm|' ^bmm|mü pjnLjbl ^m|munLp^| mßmib[mqnLjü umhümünLüp |mü ^bmm|mü öm^ubp| mib[mgümü umhümüm^m|nLüübpp, |mpn^ bü ||pmßib[ mj^op|-üm| müimmüqnLpjmü umhümüübp| umb^öümü hmümp:

• puiiiuipuuiiuici ßbüimmj/i IpmugihuCi ^iüür}fipüübipp: MmßmimpnLpjnLüübpp ü|mimö bü |pmgüb[nL dn|nip^m|mü qmüqimöübp| ßmhbpp, um|mjü ßmm

1 Sb'u £gert B., Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-cyclical?, OECD Economics Department Working Papers, No. 763, 2010:

2 Sb'u Röhn O., New Evidence on the Private Saving Offset and Ricardian Equivalence, OECD Economics Department Working Papers, No. 762, 2010:

SbSbUuQhSm-ß3ub Sbuni-ß3ni-b 41

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Uш|шJÛ 2GG7-2GG9 ßß. ф|ûшûuшлûлbuш|шû ¿qûшdшú|, ppшû hrn-2nppnr úbá шû|nlú| qшpqшgшá U pprn лшpшánlú| qшpqшgnr bp|pûbpnlú |p||û hbлшùPùpnlpJnlû шßш2шgp|û ùшrшùш|шû qnpá|¿ûbp| U hbïrnqn-ïnrûbp| 2P2шûш|ûbpnlú hшp|шpJnl2bлшJ|û ùшrшùш|шûnlpJШû, np^bu hш|шLшppbpш2P2ШûшJ|û ||pшßbl| qnpô|p| û^ï^dp:

Sûлbuш|шû |шpqш[npúшû ÛLШлш|n[ hшp|шpJnl2bлшJ|û ршгш-ùш|шûnlpJnlû| ||pшß[nlú t bp|nl qnpö|£rn|rnqün[: n¿ ¿|nlû |шй

n¿ hшJbgnrш|шû hшp|шpJnl2bлшJ|û ùшrшùш|шûnlpJnlûû t, np| qpш|ш-ûnlpJШû ú»2 |n¿[nlú t ûrnU ш[лпйшл |шJnlûшpшpûbp| ùшrшùш|шûnl-pjnlû: uju ùшrшùш|шûnlpJnlû| h|úûш|шûnlú |pш|шûшg[nlú t npn2rn|| dшúшûш|шhшл[шánlú ¿фпфп/[пг, |ûùûш|шpqш[np[nr iàrn|ûbp| ú|-2ngn[, ^¿l|u|£ bû hrnpïrnj|û ppnlJùш¿шфbp|, qnpáшqp|nlpJШû û^rnuï-ûbp| U rnj[û: Ц[лnúшл |шJnlûшpшpûbp| шqpbgnlpJШû nld| |ш/[ш0 t hшp|шJ|û hшúш|шpq| ïburn||g, ||pшß[nr hшp|шppnlJùûbp| U û^rnuï-ûbp| ¿шф|0 U ШJlû: hpbûg pûnljpn[ ш[лпйшл |шJnlûшpшpûbpû шûú|2Ш-|шû pbp bû /rnrnLÚ лûлbuш|шû лшлшûnlúûbp| ^prngpnLfr

Hpn2 Onp^mum^mOObp hmp^mpjnL2bmmj|O pm^mpm^mOnLpjmO mpnjnL-OmibmnLpjmO wimO^m^mO hm^m^imummp^Obpfig qmm O2nLd bO OmL u^mrcn^Obp| u^munLdObpp' h|dOm4npb[n4, np mOmj|O mOmbunLpjnLOObpp npn2m^| u^munLdObp nLObO b^mdmmObp! L hmp^bp| ibpmpbpjm[, L np hmp^mjfiO pmqdmp^fap, mju hmdmmbpumnLd, ^mpn^ t [|Ob[ 2mm ^inpp ^md qnLgb OnLjO|u^ pmgmum^mO, bpb m^n^ ^bmm^mO dm^ubpp mpmmd^dmO t^b^mni ^p^mmbO dmuOminp u^mrcdmO L Obp^pnLdObp| 6m4m[Obpp3:

Q[npm[mgdmO L mOmbum^mO |OmbqpdmO dmdmOm^m^fig ^mjdmOOb-pnLd u^m[ hmp^mpjnL2bmmj|O pm^mpm^mOnLpjmO' np^bu hm^m-

3 Sb u Barro R. J., Are Government Bonds Net Wealth, Journal of Political Economy 81, 1974, t2 1095-1117:

4 Sbu Jordi G. and Perotti R., Fiscal Policy and Monetary Integration in Europe, Economic Policy, Vol. 37 (October), 2003, t2 533-572:

SbSbUUQhSnôB3Ub SbUnôB3nôb 43

« LwéwlwpnLpjwû |nrçùÇg lu Çpw|wûwglbgÇû hwp|wjÇû l ùwpuwjÇû ÙÇ 2wpù pwpblnËnLÙûbp, npnûg hÇùûw|wû û^wmw|p ùwLpnmûmbuw|wû ÏwjnLÛnLpjwû w^whnlnLÙp l mûmbuw|wû w^Ç [pwgnLgfa ËpwûûbpÇ pw-gwhwjmnLÙû nL ûbprçpnLÙû ¿Çû: hpw|wûwglwô pwpbln^nLÙûbpÇ 2wppnLÙ pû^qpLlwô ùÇçngwénLÙûbpp IbpwpbpnLÙ ¿Çû qnpôwpwp W2ËwphÇ, Ùwuûw-Inpw^bU O03-Ç hwùwp hwpLwjÇû Iwp^wpwpnLpjwû ^wpqbgùwûp, ^b-mwLwû mnLppbpÇ Lp^wmùwûp, UU<-Ç qônl hwpLùwû 2»ùÇ pwpôpwgùwûp, ùwpuwjÇû pûpwgwLwpqbpÇ ^wpqbgùwûp l wj[û5:

iÇûwûuwmûmbuwLwû ¿qûwdwùp l ^pw hbmlwûpûbpÇ ùb^ùùwûû nL hwrçpwhwpùwûû nL^^lwô qnpôn^nLpjmûûbpp ¿¿Çû Lwpn^ Çpbûg wq^bgnL-pjnLÛQ ¿pn^ûb[ « ^bmwLwû pjnLçbÇ gnLgwûÇ2ÛbpÇ ipw: 2009 p. <wjwu-mwûnLÙ ^bmwLwû pjnLçbÇ bïwùnLmûbpp LmpnLÏ Lp^wmlbgÇû' 2008 p. 785,3 Ù[prç ^pwùÇ InËwpbû Lwqùb[nl 690 Ù[prç ^pwù: h hwïw^pnLpjnLÛ rçpw, ôwËubpû wlb[wglbgÇû' 810.5 Ù[p^ rçpwùÇg hwuûb[nl 929,1 Ù[p^ ^pwùÇ' bpïpnLÙ mûmbuwLwû wïmÇlnLpjwû odwû^wïnLpjwû l Ëngb[Ç Ëw-lbpÇ ^W2m^wûnLpjwû û^wmwLnl: Uju wùbûÇ hbmlwûpnl pjnLçbÇ ^w-ÏwunLprçp 2008-2009 pp. pûpwgpnLÙ <bU-Ç ûïwmùwùp w^bg 6 mnLnuwjÇû

5 Sbu Uùlnl hw2lbmlnLpjnLÛ « LwéwlwpnLpjwû hwL|wÎqûwdwûwjÇû ùÇçngwénLÙûbpÇ Çpw-Lwûwgùwû ùwuÇû, °p., 2009. http://www.gov.am/files/library/74.pdf

lbmn4, Çuï ^bmm^mù ^mpmpACbU hmpmpbpmlgnLpjnLùù m4b[Ç pmù ïpïûm^mmïibg6:

Uju ÇpmiÇ^m^nLÛ mùhpmdb2m t hmulmùm[, pb Çù£^bu t hmplmjÇù ùmrçmpmlmùnLpjnLùù mpàmqmùpb[ ¿qùmdmûÇù. ulqpùmlmù hm24bÏ2éÇ ^in^nËnLpjmù n±p ûmuù t ^mjûmùm4np4mô brçb[ mimnûmm ImjnLùmpmp-ùbpÇ mqrçbgmpjmûp, Çul n±p ûmup' hmjbgnrçmlmù ùmrçmpmlmùnLpjmûp:

<bùib[ni ûÇmjù ^bmm^mù pjnLçbÇ mmmmùnLÛùbpÇ 4pm' hùmpminp ¿t mûpnrççmlmù ^mm^bpmgmû lmqûb[ Çpm^mùmginrç hmplmpjnLçbmmjÇù ùmrçmpmlmùnLpjmù 4bpmpbpjm[: ÊùrçÇpù m4b[Ç mlùménL t rçméùmû, bpp, opÇùml, mùmbumlmù m^Ç ^inL[nLÛ pjnLçbÇ ^mlmumprçÇ Ip^mmmûp pn-rçwpïnLÙ t hmùpmjÇù $ÇùmùuùbpÇ immpmpmgnLÛp lmû hm^mém^p' mùmb-umlmù mùlûmù ^inL[nLÛ mb^Ç t nLùbùnLÛ ^bmim^mù ôm^ubpÇ ¿ùm^m-mbuimô m^: Ujrç Çuï ^mm^méni qnpôùmlmùmû ùmrçmpmlmùnLpjmù mém-4b[ hmûm^mp^iml ^mm^bp ummùm[ni hmûmp pùrçnLùimô t ^bmm^mù pjnLçbù ¿2^pmb[ ^mppbpm2pçmùÇ mqrçbgmpjmûp: Uju ù^mmm^ni mùmb-umqÇmm^mù qpmlmùmpjmù ûbç ^bmm^mù pjnLçbÇ pùrçhmùmp hm2ÎbÏ2Çép pù^nLÙimô t ùbpïmjmgùb[ ^mppbpm2pçmùn4 ¿ß^pmimö U ^mppbpm2pçm-ùmjÇù hm2ÎbÏ2ÇéùbpÇ hmùpmqmûmpÇ mbupni7.

OB = CB + CAB, npmbrç' OB-ù ^bmm^mù pjnLçbÇ pùrçhmùmp hm24bÏ2Çéù t, CB-ù' ^mppbpm2pçmùmjÇù hm2ÎbÏ2Çép,

CAB-ù' ^mppbpm2pçmùÇg ¿2Çpm4mô lmû IménLgimôpmjÇù hm2-ÎbÏ2Çép, npp npn2ÎnLÙ t hbmUjm[ pmùmàUni.

CAB = R

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Îmmmpb[ bùp 2000-2016 pp. « ImémimpnLpjmù Çpm^mùmgpmô hmp-ÏmpjnLçbmmjÇù pm^mpmïmùnLpjmù 4bp[nLÔnLpjnLù: Ujrç ù^mmm^ni <ÜU ùbpnLdmjÇù ûm^mprçmlp qùmhmm4b[ t <nrçpÇï-âpbuïnmÇ $Ç[mpÇ ûÇçngni: □um ûbp qùmhmmnLÛùbpÇ' <ÜU Çpmlmù U ùbpnLdmjÇù ûm^mprçmlùbpÇ ûÇ-çU mûbùmûbô mmppbpnLpjnLùp brçb[ t 2008 p., bpp <ÜU ¿b^ùimôpÇ gnL-gmùÇ2p Ïmqûb[ t 15,99 ûÇminp: <ÜU Çpmlmù U ùbpnLdmjÇù ûm^mp^m^ùb-pÇ 2mpdpùpmgp 2000-2016 pp. mpmmgn[4mô t qôm^mm^bpnLÛ8.

6 <mjmummùÇ 4Çriml|mqpml|mù mmpbqÇpp, « UUÖ, °p., 2010, tç 372-414:

7 Sb'u Price R. W.R.| Dang T.T. and Botev J., Adjusting fiscal balances for the business cycle: new tax and expenditure elasticity estimates for OECD countries, OECD, Economics Department, Working Papers No. 1275 10-Dec-2015:

Mourre G., Astarita C. and Princen S., Adjusting the budget balance for the business cycle: the EU methodology, European Commission Directorate-General for Economic and Financial Affairs, European Union, 2014:

Bornhorst F. and Dobrescu G., When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances, Fiscal Affairs Department of IMF, Washington, 2011:

8 <w2Îwpl|ùbpp l|mmmp4b[ bù UUX 4Ç^ml|mqpml|mù pmqmjÇ mijm[ùbpÇ hÇûmù 4pm" http://www.imf.org/external/pubs/ft/weo/2017/01/weodata/index.aspx

Qdw^wnQbp 1. 2000-2016pp. <wjwuinwCp fpwQwC L CbpnLdwjfC <bU (üffln. rptwü)

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9 QüwhwmnLüp |wmwpib[ t pun hwüw^wmwu^wü übpn^wpwünLpjwü' Girouard N. and Christophe A., Measuring Cyclically-adjusted Budget Balances for OECD Countries, OECD Economics Department Working Papers, No. 434, OECD Publishing, 2005:

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11 Sb'u Alesina A. and Tabellini G., Why is Fiscal Policy Often Procyclical?, NBER Working Paper No. 11600, September, 2005:

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2. <wjwumwüh ih^wl|wqpwl|wCi mwpbqhpp, « U4Ö, °p., 2010:

3. Alesina A. and Tabellini G., Why is Fiscal Policy Often Procyclical?, NBER Working Paper No. 11600, September, 2005.

4. Barro R. J., Are Government Bonds Net Wealth, Journal of Political Economy 81, 1974.

5. Bornhorst F. and Dobrescu G., When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances, Fiscal Affairs Department of IMF, Washington, 2011.

6. Egert, B., Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-cyclical?, OECD Economics Department Working Papers, No. 763, 2010.

7. Jordi G. and Perotti R., Fiscal Policy and Monetary Integration in Europe, Economic Policy, Vol. 37 (October), 2003.

8. Mourre G., Astarita C.and Princen S., Adjusting the budget balance for the business cycle: the EU methodology, European Commission Directorate-General for Economic and Financial Affairs, European Union, 2014.

9. Girouard N. and Christophe A., Measuring Cyclically-adjusted Budget Balances for OECD Countries, OECD Economics Department Working Papers, No. 434, OECD Publishing, 2005.

10. Robert W.R. Price, Thai-Thanh Dang and Jarmila Botev, Adjusting fiscal balances for the business cycle: new tax and expenditure elasticity estimates for OECD countries economics department, WORKING PAPERS No. 1275 10-Dec-2015.

11. Röhn, O., New Evidence on the Private Saving Offset and Ricardian Equivalence, OECD Economics Department Working Papers, No. 762, 2010.

ПРАКСИЯ НАЗАРЕТЯН

Аспирант кафедры экономической теории АГЭУ

Особенности фискального инструментария антициклического регулирования.- Фискальная политика является одним из рычагов государственного регулирования экономики. В разные периоды, в зависимости от мировой и внутренней экономической ситуации, правительства разных стран пытаются решить проблемы, с которыми они сталкиваются, применяя инструменты дискреционной и недискреционной фискальной политики. Несмотря на то, что последние два десятилетия в процессе антицикличного регулирования предпочтение отдается денежно-кредитной политике, мировой финансово-экономический кризис 20072009 годов принудил мировое экономическое сообщество пересмотреть горизонты применения фискальной политики.

Ключевые слова: антициклическое регулирование, фискальная политика, финансовый кризис 2007-2009 гг., госбюджет, циклический и структурный баланс, фильтр Ходрика-Прескотта, потенциальный ВВП. JEL: E63, G01, G18, O23

PRAKSYA NAZARETYAN

Post-graduate at the Chair of Economic Theory at ASUE

Peculiarities of Fiscal Toolkit for Counter-Cyclical Regulation.- Fiscal policy is one of the levers of state regulation of the economy. Depending on the global and domestic economic situation governments at different times in various countries have tried to solve economic issues applying discretionary and non-discretionary fiscal policies. Although over the past two decades in the issue of countercyclical regulation preference has been given to monetary policy, the global financial crisis of 2007-2009 forced the world economic community to review the horizons of applying fiscal policy.

Key words: countercyclical regulation, fiscal policy, financial crisis of 2007-2009, state budget, cyclical and structural balance, Hodrick-Prescott filter, potential GDP. JEL: E63, G01, G18, O23

ОСОБЕННОСТИ ФИСКАЛЬНОГО ИНСТРУМЕНТАРИЯ АНТИЦИКЛИЧЕСКОГО РЕГУЛИРОВАНИЯ Текст научной статьи по специальности «Экономика и бизнес»

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