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3. The empirical data prove the assumption that the criteria, which the aid received from the federal fund of financial assistance for the regions is based upon, be more objective than those used for other kinds of federal financial aid.

4. The hypothesis that federal financial assistance is allocated to all the regions on the basis of common criteria fails to be true. The results of the calculations done within the model for highly subsidized regions are defined by the fact that allocating financial aid to the latter the federal Center compensates for the most part of the deficit and considers actual revenues and expenditure rather than their 'normative' value. The allocation of the additional (to the transfers) financial aid to such regions proves to be less systematized than that to the whole complex of regions.

5. The analysis of the interdependence between changes in tax revenues and in financial aid values does not prove the assumption that regional authorities acquire negative fiscal incentives for the hypothesis that respective coefficient zero-hypothesis of the regression is not rejected. At the same time it is proved that financial aid growth correlates with the expenditures increase for the variables taken regardless the time lags. The qualitative analysis of the data shows that in most cases transfer value growth (decrease) results in expenditure growth (decrease) as long as in some rare cases transfer value growth leads to the opposite in sign change in tax revenue.

6. The empirical analysis failed to prove the hypothesis that modification in financial aid allocation formula (actually the decrease in α, β, γ parameters) correlates with changes in regional tax revenues and expenditures.

APPENDIX 1

The appendix contains the results of tax revenue modification, regional budget expenditure as well as financial aid allocated to the regions in 1994-98.

Shaded cells correspond to tax revenue and expenditure modification coinciding with income effect caused by transfer modification (increase in transfer results in expenditure growth and tax revenue reduction and visa versa).

Region	Federal transfers	Tax revenues	Expenditures
1994-95	1995-96	1996-97	1997-98	1997-99	1994-95	1995-96	1996-97	1997-98	1997-99	1994-95	1995-96	1996-97	1997-98	1997-99
Northern rayon
Karelya Republic	+	+	+	-	-	-	+	+	+	-	-	+	+	-	+
Komi Republic	-	-	-	-	-	+	-	+	-	+	+	-	+	-	+
Arkhangelskaya oblast	-	-	-	-	+	-	-	+	-	+	+	-	+	-	+
Nenetsky AO	-	+	-	-	+	+	+	+	-	+	-	+	+	-	+
Vogodskaya oblast	-	+	+	-	-	-	-	+	-	+	-	-	+	-	+
Murmansk oblast	-	+	+	-	+	-	-	+	-	+	-	+	+	-	+
Noth-West rayon
City of Saint-Petersburg	-	+	+	-	-	+	+	-	-	+	-	+	-	-	-
Leningradskaya oblast	-	-	+	-	-	+	-	-	-	+	-	+	+	-	+
Novgorodskaya oblast	-	+	+	-	-	-	+	-	-	+	-	+	+	-	+
Pskovskaya oblast	-	+	+	-	-	-	-	+	-	+	-	+	+	-	+
Central rayon
Bryanskaya oblast	+	-	-	-	-	-	-	-	-	+	-	-	-	-	+
Vladimirskaya oblast	-	+	-	-	-	-	-	+	-	+	-	+	-	-	+
Ivanovskaya oblast	+	+	+	-	-	-	-	-	-	+	+	+	+	-	+
Kaluzhskaya oblast	-	+	-	-	-	-	-	+	-	-	-	+	-	-	+
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