Directions of budgetary policy adaptation to socio-economic processes under the transformation conditions

  • Valentyna Makohon Kyiv National University of Trade and Economics
  • Iryna Adamenko Kyiv National University of Trade and Economics
Keywords: public finance system, budget policy, budget, budget system, budget regulation, budget revenues, budget expenditures

Abstract

 Relevance of the research topic. In the conditions of transformations, the budget policy is the most crucial government economic lever of influence on social and economic processes. The main reasons that hinder the effective implementation of fiscal policy are the political risks associated with finding ways to optimize it. Accordingly, risk assessment is a necessary condition for timely decision-making and ensuring macroeconomic stability, long-term balance, and stability of the budget system. Formulation of the problem. Based on the peculiarities of socio-economic development, important tasks in the conditions of transformations are substantiation of directions of budget policy, optimization of budget revenues and expenditures architecture. At the same time, the choice of budget tools should be made, taking into account the level of economic growth of the country. Analysis of recent research and publications. Problems of formation and implementation of budget policy, its adaptation to socio-economic processes are quite common in research. These are the works of well-known domestic and foreign scientists: J. Keynes, P. Samuelson, J. Stiglitz, V. Tanzi, O. Vasilika, I. Zapatrina, S. Kucherenko, L. Lysyak, L. Levaieva, І. Luk’yanenko, M. Pasichnyi, A. Sokolovsko, I. Chugunov, and others. Highlighting unexplored parts of a common problem. The above issues are relevant in connection with the deepening of transformation processes, the adverse impact of the COVID-19 pandemic on the budget balance, which requires several specific tasks related to the formation and implementation of fiscal policy. Goal setting, research goals. The objectives of the study are: to reveal the essence and relationship of budget policy with socio-economic processes. Also, to justify the peculiarities of the budget revenues and expenditures formation at the current stage of the budget system development. The purpose of the study is to reveal the directions of adaptation of budget policy to socio-economic processes in the conditions of transformational transformations. Research method or methodology. The set of methods of scientific research is applied in the article: a systematic approach, statistical analysis, structuring, analysis, synthesis, etc. Basic material presentation (results of work). The essence and interrelation of budget policy with socio-economic processes are revealed, the peculiarities of budget revenues and expenditures formation are substantiated. The directions of adaptation of budgetary policy to social and economic processes in the conditions of transformational transformations are substantiated. Area of application of results. The results of the study can be used in the process of forming and implementing the budgetary policy of Ukraine, reforming the public finance system. Conclusions according to article. The qualitative level of formation and implementation of budget policy is determined by the system of financial institutions, the state of their development in a particular country aimed at ensuring economic growth and welfare of citizens. An essential condition for the dynamic growth of the domestic economy is a comprehensive solution to social and economic problems by ensuring the balanced development of the economy and the social sphere, strengthening decentralization processes.

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References

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Author Biographies

Valentyna Makohon, Kyiv National University of Trade and Economics

Doctor of Economics, Senior Researcher,Professor, Department of Finance

Iryna Adamenko, Kyiv National University of Trade and Economics

Candidate of Economic Sciences (Ph. D.), Senior Researcher, Senior Research Officer, Scientific Research Financial Institute

Published
2020-12-17
How to Cite
Makohon, V., & Adamenko, I. (2020). Directions of budgetary policy adaptation to socio-economic processes under the transformation conditions. University Economic Bulletin, (47), 169-176. https://doi.org/10.31470/2306-546X-2020-47-169-176
Section
Finance, Monetary Circulation and Credit