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INSTITUTIONAL FOUNDATIONS OF THE ECONOMY OF FEDERALISM
Abstract
The multifaceted nature of federalism imposes its formation as a political, economic, social, and cultural institution. An analysis of the existing model of federal relations in modern Russia showed incompleteness of the institutional design of federalism. The article analyzes federalism as an economic institution, mostly affecting aspects of fiscal federalism. The reasons for the ineffectiveness of the existing Russian federal model are the high transaction costs and disfunctions of the institution. Institutional design of federalism in modern Russia involves the elimination of manifestations of disfunctionality and increasing the effectiveness of its action. In the field of budgetary federalism, this implies a more complete implementation of the principles of transparency of procedures for budgetary regulation and subsidiarity. The institutional design of fiscal federalism in Russia regulates economic relations between federal, subfederal and local budgets. Reliability, stability, predictability of interbudgetary relations will contribute to economic growth and sustainable development of Russian regions and the national economy as a whole.
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