Fiscal capacity analysis of foreign countries with the «fiscal space diamond»

This paper examines the fiscal space characteristics of the main G20 countries located on different continents. Studying the fiscal space of other countries can help Russia understand the methods and tools used to manage public finances. This can be useful in developing its own strategies and reforming its budget and tax systems. The research methodology includes data visualization - construction of “fiscal space diamonds” - with the help of software code written in the Python Programming Language. The main results of the study are, first, the establishment of the presence of a clear asymmetry of the constructed graphs for all the countries considered, which indicates the existence of a key source of fiscal space expansion for each of them, and, second, the obtaining of the most ideal shape of the graph for Germany, which is an indicator of the existence of a significant potential of the country to expand the use of budgetary funds from various sources. The practical significance of the study lies in the possible consideration of the results of the analysis for the development of directions for the implementation of foreign experience in terms of fiscal space expansion in the Russian Federation. As directions for further research, we can highlight the construction of a “fiscal space diamond” for Russia, identifying the strengths and weaknesses of fiscal policy in comparison with other countries.