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Finance and Credit
 

Impetus to the economy through budget surplus, debt reduction, interest expenses and part of deposits

Vol. 31, Iss. 5, MAY 2025

Received: 10 October 2024

Accepted: 20 March 2025

Available online: 29 May 2025

Subject Heading: Financial system

JEL Classification: H25, H26

Pages: 4-23

https://doi.org/10.24891/wnmdbh

Sergei V. ANUREEV Financial University under Government of Russian Federation, Moscow, Russian Federation
anureev@bk.ru

https://orcid.org/0000-0003-4506-6305

Subject. This article discusses deleverage as an alternative to the classic budget impulse.
Objectives. The article aims to analyze reverse budget and credit multipliers (deleverage).
Methods. For the study, I used a comparative analysis, content analysis, and modeling.
Results. The article identifies and describes the levels of sustainable GDP growth in various countries, as well as the reasons for its changes.
Conclusions and Relevance. The article concludes that the impulse of a budget surplus and the reduction of public debt, interest expenses, and deposits can ensure years of sustainable GDP growth instead of a spike in deficits and debt, limited to quarters of impulse. The results of the research may be useful for developments in the field of budget and monetary policies.

Keywords: budget impulse, credit impulse, fiscal multiplier, credit multiplier, State-owned enterprises

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