Budget expenses as a tool for economic development

  • Yuliya Markuts Kyiv National University of trade and Economics
Keywords: budget, consolidated budget, state budget, budget expenditures, economic development, program-target method

Abstract

Relevance of the research topic. Budget expenditures are significant tool of influence on social and economic processes, and perform reproductive, regulatory, incentive, social function. The issues of improving the budget expenditure planning system is relevant and interrelated with the expansion of the tasks facing financial and budget institutions in the course of their activities. Formulation of the problem. The study essentially budget as a tool for economic development is quite an important issue at the present stage of transformational changes, because the more efficient use of financial resources, redistributed through the budget system depends on the understanding of the nature of this category, and the main factors that determine its development. Analysis of recent research and publications. The issue of budget expenditures in the current economic conditions of the country, their effective creation and distribution, and the impact on social development as well, are presented in the works of local and foreign scientists T. Bogolib, V. Heyets, I. Zapatrina, J. M. Keynes, N. Kornienko, A. Laffer, L. Lisyak, I. Lukyanenko, I. Lunina, I. Lyutyi, A. Mazaraki, R. Masgrayev, V. Makogon, V. Oparin, M. Pasichnyi, A. Smith, J. Stiglitz, V. Fedosov, I. Chugunov, S. Yurii and others. Selection of unexplored parts of the general problem. However, given the transformation in the fiscal policy of our country, it is appropriate to increase the quality level of the budget expenditure as a tool for economic development in the financial regulatory system. Setting the task, the purpose of the study. The purpise of the study is to determine the directions of planning budget expenditures as a tool for the economic development of the country. Objectives of the study: to analyze the share of state and local budgets in the structure of the consolidated budget and Ukraine’s GDP, determine the impact of the expenditures of the consolidated budget of Ukraine on the economic development of the country, consider the features of using the program-targeted method as a tool to achieve the established financial priorities of the state. Method or methodology for conducting research. The article uses a set of scientific methods: the system approach, statistical analysis, structuring, analysis and synthesis. Presentation of the main material (results of work). The article identifies the importance of effective planning of budget expenditures as a tool for economic development of the country, substantiates the impact of budget expenditures on socio-economic processes, identifies features of using the program-target method in achieving the established financial priorities of the state. The field of application of results. The results of this study can be applied in the budget expenditure planning process. Conclusions according to the article. Budget expenditures are an effective instrument of financial regulation, have a significant impact on structural transformations in sectors of the economy and the social sphere. It is important to ensure the optimal allocation of a limited amount of budgetary funds in the areas of socio-economic development, to ensure compliance of the budget expenditure structure with certain strategic goals of the country. In the formation of budget targets, it is important to consider the performance of the implementation of state targeted and budget programs for the previous period.

Downloads

Download data is not yet available.

References

1. Chugunov, I. Y., Ignatiuk, I. M. (2016). Formuvannya vydatkiv byudzhetu u systemi sotsialʹno-ekonomichnoho rozvytku krayiny [Formation of budget expenditures in the system of socio-economic development of the country] Ekonomichnyy visnyk universytetu - Economic Herald of the University, 28/1. 217-226 [in Ukr.].

2. Official web-site of the State Treasury of Ukraine. URL: www.treasury.gov.ua/

3. Official web-site of the Ministry of Finance of Ukraine. URL: https://www.minfin.gov.ua/

4. The Budget Code of Ukraine dated 08.07.2010 № 2456-VI. URL: http://zakon0.rada.gov.ua/laws/show/2456-17

5. Adamenko, I. P., Sobchuk, S. I. (2018). Formuvannya vydatkiv byudzhetu v umovakh instytutsiynoyi modernizatsiyi ekonomiky [Formation of budget expenditures in the context of institutional modernization of the economy] Bisnes Inform - Business Inform, 5. 303-312 [in Ukr.].

6. Husarevyh, N. V. (2015). Byudzhet yak instrument sotsialno-ekonomichnoho rozvytku krayiny [Budget as an instrument of socio-economic development of the country] Ekonomichnyy visnyk universytetu - Economic Herald of the University, 27/1. 212-216 [in Ukr.].

7. Markuts, Y. I., Adamenko, I. P., Husarevych, N. V. (2018). Consolidated budget as a tool for social development. Financial and credit activity: problems of theory and practice. V. 3. No. 26. P. 493-500 [in Eng.].

8. Samoshkina, O. A., Adamenko, I. P. (2019). Byudzhetni vydatky yak instrument demohrafichnoho rozvytku [Budget expenditures as a tool for demographic development] Ekonomichnyy visnyk universytetu - Economic Herald of the University, 41/1. 202-212 [in Ukr.].

Author Biography

Yuliya Markuts, Kyiv National University of trade and Economics

Ph.D. in Economics, Associate Professor

Published
2019-11-20
How to Cite
Markuts, Y. (2019). Budget expenses as a tool for economic development. University Economic Bulletin, (43), 167-173. https://doi.org/10.31470/2306-546X-2019-43-167-173
Section
Finance, Monetary Circulation and Credit