Учредители и издатели журнала Федеральное государственное автономное

particularly in the context of the current 

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Journal of Tax Reform. 2022;8(3):251–269
254
ISSN 2412-8872
pandemic crisis, to measuring the stress 
of the financial system, and discusses 
the results of their use. The Data and Re-
search Methodology section expands on 
the sources of information, describes in 
detail the author’s methodology for as-
sessing and decomposing the tax system 
stress index by tax revenues. The Results 
section reports the calculated and decom-
posed tax system stress indices by tax 
revenues in the Russian Federation for 
the period from 2015 to March 2022, and 
explains their dynamics in the pre-pan-
demic, pandemic and recovery periods. 
In the Discussion section, the research 
findings are analysed and compared with 
the results previously obtained by vari-
ous authors, including us, and the limi-
tations of the study and the prospects for 
its further development are revealed. The 
Conclusion section summarizes the re-
sults and main implications of the study.
2. Literature review
An analysis of the resilience of eco-
nomic systems to external and internal 
shocks is of particular relevance during 
periods of crisis. Thus, such studies be-
came increasingly widespread after the 
financial crisis of 2008−2010 (e.g. Martin et 
al. [7] and Xiao et al. [8]). The economic 
crisis caused by the spread of coronavirus 
infection in 2020−2021 was no exception. 
Researchers studying the stress resistance 
of economic systems are interested in gen-
eral and specific manifestations of crisis 
phenomena in the economy under the in-
fluence of shocks of various nature (finan-
cial, epidemiological, sanctions, etc.).
Goswami et al. [9] and Devereux et al. 
[10] study the factors affecting the degree 
of response of various economies to the 
crisis and the speed of their subsequent 
recovery.
Pietro et al. [11] examine the resi- 
lience of the European Union countries 
and regions (the so-called NUTS) to three 
recessionary shocks, each of which acti-
vated different economic adjustments 
and mechanisms. Using a spatial general 
equilibrium model, this paper measures 
the vulnerability, resistance and resi- 
lience of European economies and identi-
fies key features that affect their ability to 
withstand and recover from unexpected 
external shocks. As a result, it was estab-
lished that the reactions of different eco- 
nomies vary depending on the nature of 
the external shock, their pre-crisis cha- 
racteristics, as well as the mobility of pro-
duction factors.
Brada et al. [12] assess economic re-
silience as the system ability to absorb 
and recover from economic shocks. The 
authors examine 199 regions of Central 
and Eastern Europe after the 2008 glo- 
bal financial crisis. They find evidence 
of strong positive spatial effects leading 
to the formation of high-efficiency and 
low-efficiency clusters. Analysing the 
experience of regional recovery after the 
2008 financial crisis, the authors modelled 
the impact of the COVID-19 pandemic on 
the regions’ ability to return to pre-crisis 
employment levels.
Lagravinese et al. [13] study the im-
pact of business cycles on the so-called 
buoyancy of tax revenues and how to 
manage it.
Based on a panel sample of 146 coun-
tries for 1981–2016, Gnangnon [14] shows 
that the instability of tax revenues nega-
tively affects the share of non-resource 
taxes, but this influence decreases as GDP 
per capita grows.
The works devoted to the resilience 
of financial systems during the 2020−2021 
pandemic are of particular interest. They 
examine the impact of the coronavirus 
crisis on macroeconomic, financial per-
formance and tax revenues in various 
countries: Indonesia (Zamzam et al. [15]); 
Nigeria (Adesola & Owoniya [16]), Czech 
Republic (Kozieł [17]), Azerbaijan (Suley-
manzade [18]).
Shipalana & O’Riordan [19] explore 
the impact of the 2020 pandemic on finan-
cial stability in Africa. Experts estimate 
that the pandemic could have caused 
Africa to lose up to 20−30% of its fiscal 
revenues, which would have resulted 
in a number of African countries being
unable to service their debt or even de-
faulting, which, combined with the de-
cline in local currencies, could have caused 
a deep depression on the continent. 

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