Inter-budget relations in the system of determinants of the socio-demographic development

The author analyses the causes of the growing indebtedness of regional and local budgets and decline of their investment activity. She claims that the way out of the present situation should be sought not only in improvement of the system of inter-budget transfers but primarily in such economic policy of the Federal center that would provide conditions for industrial development. Another key factor is bringing the amount of the Federal budget social expenditures into conformity with the real needs of its branches and the tasks of socio-demographic development.