ЭФФЕКТИВНОСТЬ ФИНАНСОВОЙ ПОДДЕРЖКИ СЕЛЬСКОГО ХОЗЯЙСТВА: ОБЩАЯ ОЦЕНКА И МЕЖБЮДЖЕТНЫЙ ЭФФЕКТ
The paper discusses the relationship between the total amount of budgetary funds spent on the agricultural sector and the dynamics of the industry in 2003-2018. Since the second half of the 2000s, government spending on agricultural support has been at a fairly high level, which is accompanied by a significant positive response from industry indicators. Based on the analysis, it has been found that government spending at the federal level significantly affects the creation of value added. The observed level of state intervention in the agricultural economy is sufficient to obtain the desired result of spending funds. However, this influence is less than could be supposed from the theoretically expected impact of the financial leverage of credit support. Regional costs, on the contrary, do not affect value added, i.e., the centralization of incentive policies in agriculture has proved to be justified.