Fiscal policy as a component of economic development

  • Valentyna Makohon Kyiv National University of Trade and Economics
Keywords: fiscal policy, budget, budget system, budget regulation, budget revenues, budget expenditures, taxes

Abstract

Relevance of the research topic. In modern conditions, fiscal policy is an important tool for regulating economic processes, stimulating economic growth. Important factors influencing the vectors of fiscal policy are financial and economic endogenous and exogenous risks due to trends in national economic development and the intensification of globalization. Accordingly, the assessment of economic processes, financial and economic risks is an important condition for the formation and implementation of effective fiscal policy. Formulation of the problem. In the context of deteriorating trends in national economic development and intensification of globalization processes, important tasks are: substantiation of priority areas of fiscal policy, in particular on the formation of budget revenues and expenditures, ensuring an economically justified level of raising social standards and public capital investment. At the same time, the basis of the quality level of fiscal policy implementation is its coherence with the strategic priorities of the country's socio-economic development. Analysis of recent research and publications. The issue of formation and implementation of fiscal policy is quite common in research. These are the works of famous domestic and foreign scientists: J. Keynes, P. Samuelson, J. Stiglitz, V. Tanzi, S. Kucherenko, L. Lysyak, L. Levaeva, I. Lukyanenko, M. Pasichny, I. Chugunov and others. Selection of unexplored parts of the general problem. The above issues are relevant in connection with the deteriorating trend of economic development, the violation of fiscal stability and balance, which requires a number of specific tasks related to the formation and implementation of effective fiscal policy. Problem statement, research goals. The objectives of the study are: to reveal the role of fiscal policy in regulating socio-economic processes; substantiate the peculiarities of the formation and implementation of fiscal policy in modern conditions; to analyze and evaluate the main tax revenues of the consolidated budget of Ukraine. The purpose of the study is to reveal the directions of fiscal policy as a component of economic development. Method or methodology of the study. The article uses a set of research methods: a systematic approach, statistical analysis, structuring, synthesis, etc. Presentation of the main material (results of work). The role of fiscal policy in the regulation of socio-economic processes is revealed. The peculiarities of the formation and implementation of fiscal policy in modern conditions are substantiated. The analysis and estimation of the basic tax receipts of the consolidated budget of Ukraine is carried out. The directions of fiscal policy as a component of economic development are determined. Field of application of results. The results of the study can be used in the formation and implementation of fiscal policy. Conclusions in accordance with the article. The validity of the implementation of fiscal policy is an important condition for achieving national socio-economic interests. In order to increase the effectiveness of fiscal policy as a component of economic development, at this stage, it is advisable to: ensure financial stability and implement measures to reduce the risk of imbalances, including modernization of infrastructure and basic sectors of the economy, effective protection of the domestic market and export support; stimulating investment processes in the economy.

Downloads

Download data is not yet available.

References

1. Chuhunov, I. Ya. Kanieva, T. V. and Pasichnyi, M. D. (2018). Biudzhetno-podatkova polityka u systemi rehuliuvannia ekonomiky [Fiscal policy in the system of regulation of the economy], Hlobus-Press, Kyiv, 350 р. [in Ukr.]

2. Zakon Ukrainy «Pro Derzhavnyi biudzhet Ukrainy na 2020 rik» vid 14.11.2019 № 294-IX [Law of Ukraine "On the State Budget of Ukraine for 2020" dated 14.11.2019 № 294-IX]. URL: https://zakon.rada.gov.ua/laws/show/294-20/ed20200403#Text [in Ukr.]

3. Zakon Ukrainy «Pro vnesennia zmin do Zakonu Ukrainy «Pro Derzhavnyi biudzhet Ukrainy na 2020 rik» vid 17.11.2020 № 1006-ІХ [Law of Ukraine "On Amendments to the Law of Ukraine" On the State Budget of Ukraine for 2020 "of 17.11.2020 № 1006-ІХ]. URL: https://zakon.rada.gov.ua/laws/show/1006-20#Text [in Ukr.]

4. Kejns, Dzh. M. (2017). Obshhaya teory’ya zanyatosty’, procenta y’ deneg [The general theory of employment, interest and money]. (Trans.). Moscow: Ly’brokom. 352 р. [in Rus].

5. Kucherenko, S. Yu., Levaieva, L. Yu. (2016). Analiz dokhodiv ta vydatkiv derzhavnoho biudzhetu Ukrainy [Analysis of receipts and expenditures of the state budget of Ukraine]. Ekonomichnyi visnyk universytetu – University Economic Bulletin, 31/1. 252-262. [in Ukr].

6. Lysyak, L. V. (2018). Biudzhetna polityka yak instrument zabezpechennia finansovoi bezpeky Ukrainy [Budget policy as a tool to ensure financial security of Ukraine]. Modern Economics, 9, S. 53–59. [in Ukr].

7. Lukianenko, I. H. (2012). Modeliuvannia vplyvu zmin fiskalnoi polityky na ekonomiku Ukrainy [Modeling the impact of changes in fiscal policy on the economy of Ukraine]. Bizness Inform – Business Inform, 4. 201–204. [in Ukr].

8. 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, 3/26. 493-500. [in Eng.].

9. Ofitsiinyi sait Ministerstva finansiv Ukrainy [Official site of the Ministry of Finance of Ukraine]. URL: https://www.minfin.gov.ua.]

10. Samuel'son, P. E., Nordkhaus, V. D. (2015). Ekonomyka [Economics]. 19nd ed. (Trans.). Moscow: Vyl’yams. 1360 р. [in Rus].

11. Sty’gly’cz, Dzh. (2016). Cena neravenstva. Chem rassloeny’e obshhestva grozy’t nashemu budushhemu [The price of inequality. How does the stratification of society threaten our future]. (Trans.). Moscow: Éksmo. 512 р [in Rus.].

12. Tancy,’ Vy’to. (2018). Pravy’tel’stvo y’ rynky’: menyayushhayasya ekonomy’cheskaya rol’ gosudarstva [Government and markets: the changing economic role of the state]. (Trans.). Moscow: Y’zd-vo Y’nsty’tuta Gajdara. 584 р. [in Rus].

13. Chugunov, I. Y. & Pasichnyi, M. D. (2018). Fiscal policy for economic development, Naukovyj visnyk Polissia – Scientific bulletin Polesie, 1 (13), 54–61. [in Eng.]

Author Biography

Valentyna Makohon, Kyiv National University of Trade and Economics

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

Published
2021-05-22
How to Cite
Makohon, V. (2021). Fiscal policy as a component of economic development. University Economic Bulletin, (49), 149-155. https://doi.org/10.31470/2306-546X-2021-49-149-155
Section
Еconomic Theory