Murzov I.A.

Purpose: to examine the basic assumptions built in the concept of the Stabilization Fund and then, of the Reserve Fund, to identify the effects for the Russian national economy development naturally arising from this concept; to demonstrate these negative effects by actual data of the Federal Tax Service. Methodology and methods: a retrospective analysis of the evolution of the federal budget sources, evaluation of the role of oil and gas rents. The main methodological approach is providing rationale for the need of overcoming the thesis that the economic situation would be much worse now without the over 10 years accumulated reserves in the form of sovereign wealth funds. Results and scope of application: the results of economic development, of tax resources collection appearing in 2013 and not yet referred to the known geopolitical circumstances confirmed our negative assessment of the concept of the Stabilization Fund, published 10 years ago in the country's leading economic magazine. In particular it shows that FTS fails to substitute the shortfall in income from foreign economic activity. Scientific novelty: The article identifies that the methodological vice of the concept of the Stabilization Fund and then of the Reserve Fund and the National Welfare Fund has shown up in recent years. The money of the sovereign funds is melting, no development sources have been provided and no major infrastructure projects have been implemented. The reserve functions of the funds are reduced to correcting mistakes of the past administration.