scholarly journals Transforming public finance under the impact of COVID-19

2021 ◽  
Vol 10 (1) ◽  
pp. 67-81
Author(s):  
Tetiana Bogdan ◽  
Vitalii Lomakovych
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Social Services ◽  
Best Practice ◽  
Social Protection ◽  
Policy Instruments ◽  
Policy Response ◽  
Fiscal Impulse ◽  
Social Safety Nets ◽  
The Impact

Devastating effects of the COVID-19 pandemic throughout the world enhance the societal requests for effective healthcare and social protection systems, modern education, and high-quality infrastructure. In Ukraine, education, healthcare, and social services have been chronically deteriorating, and the corona-crisis has further exacerbated their state and increased poverty in the country. The aim of this study is to reveal the main weaknesses of fiscal policy in Ukraine and to outline the prospects of public finance transformations under the impact of the COVID-19. To achieve this aim, the indicators of fiscal policy response to the pandemic in Ukraine are calculated and a comparative analysis of Ukraine’s public finance structure with the international patterns is undertaken. A moderate fiscal impulse and insufficient fiscal rescue package in Ukraine are shown. Moreover, the inconsistencies of anti-crisis fiscal policy instruments with the international best practice are revealed. Summarizing the available theoretical sources and recent applied research allows identifying the prospects of public finances transformations under the impact of the COVID-19 in a global context. Along with the obtained results of Ukraine’s fiscal sector analysis, these form the basis for shaping the fiscal policy response in Ukraine over the medium term. Proposals for public financing of Ukraine’s health care and educational sectors, of the social safety nets and infrastructures under the impact of the pandemic are developed. Offsetting measures from the expenditure and revenue sides of the budget are drawn up for closing the arising fiscal gaps.

The Impact of Nonpartisan Fiscal Institutions on Budgetary Delay

2020 ◽  
Vol 52 (3) ◽  
pp. 173-183
Author(s):  
Colin Emrich
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Fiscal Institutions ◽  
Governmental Institutions ◽  
The Impact ◽  
The Relationship

Can the design of governmental institutions promote timely governance? This article investigates this question by examining the relationship between the design of fiscal institutions and budgetary delays across the fifty states. These budgetary offices are created by lawmakers to advance sound fiscal policy and sustainable public finance. This article argues that the unbiased information provided by nonpartisan budget offices minimize the likelihood of budgetary delay as well as lessen how long budgetary stalemate persists when a delay occurs. The findings suggest that nonpartisan fiscal institutions do not prevent budgetary delay but substantially reduce the duration of budgetary gridlock.

SOCIAL SERVICES AS A FACTOR OF SUCCESSFUL ADAPTATION OF ELDERLY PEOPLE IN NURSING HOMES

2021 ◽  
Vol 74 (2) ◽  
pp. 142-148
Author(s):  
K.Е. Tauenov ◽  
Keyword(s):  
Nursing Homes ◽  
Elderly People ◽  
Social Services ◽  
Social Protection ◽  
Psychological Adaptation ◽  
The Elderly ◽  
Social Adaptation ◽  
Successful Adaptation ◽  
The Social ◽  
The Impact

The article is devoted to studying the issue of social services in nursing homes as a factor of successful adaptation of elderly people in new conditions. The main legal acts in the field of protection of the rights of the elderly and disabled people are considered today. The subject of the research is the living conditions of elderly people living in nursing homes, and the impact of social services provided to them on their socio-economic and psychological adaptation. In order to improve the quality of social services in the future, to facilitate the social adaptation of the elderly, to develop proposals to Supplement the legislation on social protection of the elderly in General. Thereby increasing the ability of older people to adapt to social homes.

Empirical analysis of the fuzzy system model of financial expenditure economic effect

2021 ◽  
pp. 1-12
Author(s):  
Liangguo Qiao ◽  
Mingde Qi
Keyword(s):  
Fiscal Policy ◽  
Economic Effect ◽  
Policy Instruments ◽  
Economic Effects ◽  
Government Investment ◽  
Short Run ◽  
Dynamic Stochastic ◽  
Investment Spending ◽  
The Impact

In order to analyze the effects of active fiscal policy implemented in China in the context of tax and fee reduction, this paper adopts a dynamic stochastic general equilibrium model with microeconomic foundations to study the economic effects of fiscal policy based on a comprehensive consideration of the previous literature. The empirical study based on Matlab software finds that: first, active fiscal policy has a boosting effect on the economy and can stimulate the level of output to rise in the short run; second, different fiscal policy instruments have different impact mechanisms on economic variables, and the impact paths of government consumption spending and investment spending are completely inconsistent; third, the economic effects of government tax cut policies are better than government spending policies, and structural tax cut policy is softer than universal tax cuts; fourth, expansionary government investment spending has the most significant effect on output stimulation and has a very long-term impact on output level. Through the above model analysis, this paper argues that fiscal policy should play a greater role in supporting industrial restructuring, giving full play to the long-term advantages of the interest rate effect on the basis of satisfying society’s short-term needs and pursuing prosperous economic development, increasing investment in public resource areas, deepening industrial structural reforms, offsetting negative supply shocks brought by trade frictions and cross-border investment, raising long-term output levels and increasing employment opportunities.

scholarly journals Estimating the Fiscal Impulse in Ukraine

2018 ◽  
pp. 54-72
Author(s):  
Artem Vdovychenko
Keyword(s):  
Fiscal Policy ◽  
Policy Response ◽  
Budget Balance ◽  
Short Term ◽  
Economic Cycles ◽  
Cyclical Component ◽  
Fiscal Impulse ◽  
The Business Cycle ◽  
Budget Revenue

This paper estimates the fiscal impulse for Ukraine following the methodology of the OECD, which disaggregates budget revenues and expenditures into categories that are driven by economic cycles. To estimate the fiscal impulse the author calculates both long-term and short-term elasticities of various budget items with respect to GDP. This approach allows the author (i) to identify the fiscal policy response to economic crises in Ukraine in 2008–2009 and in 2014, and (ii) to reveal those budget items that remain sensitive to the fluctuations in the business cycle. The fiscal policy response to the 2014 crisis is found to be significantly tighter than the response to the crisis of 2008–2009. In addition, corporate income tax shows the strongest response to economic cycles among budget revenue categories, while VAT has the greatest contribution to the cyclical component of Ukraine’s budget balance.

scholarly journals INCIDENCIA DE LA POLÍTICA FISCAL VENEZOLANA SOBRE EL FENÓMENO INFLACIONARIO DURANTE 1997-2013

2015 ◽  
Vol 7 (1) ◽  
Author(s):  
Armando Urdaneta
Keyword(s):  
Fiscal Policy ◽  
Inflation Rate ◽  
Policy Instruments ◽  
Secondary Data ◽  
Study Data ◽  
Consumption Expenditure ◽  
Final Consumption ◽  
Need To Evaluate ◽  
The Government ◽  
The Impact

La presente investigación tiene como objetivo analizar la incidencia de la política fiscal venezolana sobre el fenómeno inflacionario durante el periodo 1997-2013, y surge de la necesidad de evaluar los instrumentos de política económica considerando ante un posible escenario de dolarización de la economía y el impacto que las variables de política fiscal pudiesen tener en el comportamiento del nivel de precios, según los planteamientos de Mochón (2008) y Guerra (2013) entre otros. La metodología es de tipo analítica y retrospectiva; en el diseño bibliográfico se utilizaron datos secundarios, tales como los informes económicos del Banco Central de Venezuela (BCV), atendiendo con especial detalle series de tiempo y suavización exponencial de las variables estudiadas en periodos trimestrales. De esta manera se concluye una baja y mediana correlación entre las variables sujetas a estudio, que da como resultado una correlación de 0,25 entre la tasa de inflación y el gasto de consumo final del Gobierno y de 0,61 entre los impuestos netos sobre sus propios productos del Gobierno y su gasto de consumo final; se termina obteniendo una nula correlación de 0,002 entre los impuestos netos sobre los productos del Gobierno y la tasa de inflación.AbstractThis research aims to analyze the impact of Venezuela's fiscal policy on the inflation phenomena during the period 1997-2013; the study arises from the need to evaluate policy instruments to be considered before a possible scenario of dollarization of the economy, and the impact that fiscal policy variables could have on the behavior of the price level. Such approach is supported in Mochon (2008) and War (2013) among others. The type of methodology is analytical and retrospective; on the bibliographic design side secondary data was used, such as the economic reports of the Central Bank of Venezuela (BCV), making a detailed study using time series and exponential smoothing of the variables under study data were used in Quarterly periods. A low and medium correlation between the variables subject to study was concluded, resulting in a correlation of 0.25 between the inflation rate and the final consumption expenditure of government and 0.61 between net taxes on products and government final consumption expenditure of government; to finally obtain a zero correlation of 0.002 between the net taxes on products of the government and the inflation rate.

scholarly journals The Effect of Government Expenditures on Economic Growth. the Case of Albania

2014 ◽  
Vol 2 (1) ◽  
pp. 242
Author(s):  
Lorena Çakerri ◽  
Migena Petanaj ◽  
Oltiana Muharremi
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Fiscal Policy ◽  
Government Spending ◽  
National Income ◽  
Policy Instruments ◽  
Government Expenditures ◽  
Global Crisis ◽  
The Government ◽  
The Impact

One of the main issues of economic policy and government is to ensure a sustainable economic growth of a country.Economic growth has been at the center of every government in place since at least year 2000.Though for this teen-year ,growth values were satisfactory in Albania, the macroeconomic situation changed in 2009,when appeared the elements of the global crisis. Economic global crisis has awakened interest in the case of fiscal policy.Fiscal policy and monetary policy as well, are two basci components of state economic policy which are used for macroeconomic purposes:influence of gross domestic product, the level of enmployment, income and price level. The two main instruments of fiscal policy are government expenditures and taxes. Government expenditures are considered as the most powerful weapon available to fiscal policy makers, especially in developing countries such as Albania. During the last century , governments have spent more and more in relation to their national income. This increase in government spending can be explained by the impact that this variable can have on the economic growth of a country? In fact ,about the connection between the government spending and the economic growth of a country various studies seem full of contradictions.This conflict is explained by changes in terms of definitions and from the differencies of the various countries included in these studies. The objective of this study is to give an appropriate answer to the question : Can government spending have the potential to impact and stimulate economic growth? How the changes of the size of the fiscal policy instruments have affected indicators of economic growth in Albania? This article will focus on the role that the fiscal policy has on economic growth , especially in our country, reviewing economic growth theories, debates about the effectiveness of fiscal policy , and active fiscal policy. Finally some suggestions for the future addressing the government expenditures towards priority sectors.

scholarly journals Robin Hood versus Piggy Bank: Income redistribution in Portugal 2006-2010

2014 ◽  
Vol 61 (5) ◽  
pp. 617-630 ◽  
Author(s):  
Carlos Rodrigues ◽  
Isabel Andrade
Keyword(s):  
Fiscal Policy ◽  
Welfare State ◽  
Economic Crisis ◽  
Policy Instruments ◽  
Income Redistribution ◽  
Income Taxes ◽  
Robin Hood ◽  
Cost Efficient ◽  
The Impact ◽  
Redistributive Effect

The redistributive effect of the Portuguese welfare state through pensions, benefits and income taxes is investigated in detail over the 2006- 2010 period using disposable income as benchmark. All social and fiscal policy instruments analysed contribute significantly to the reduction in inequality and poverty, with benefits other than pensions being the most cost-efficient. However, the impact of the economic crisis and austerity policies implemented from 2010 has reversed the previous trends and affected negatively the efficacy and efficiency of all instruments.

INFLUENCE OF TAXES ON INFLATION

2020 ◽  
Vol 3 (3) ◽  
pp. 46-49
Author(s):  
ALTELFAH RASHA ◽  
Keyword(s):  
Fiscal Policy ◽  
Russian Federation ◽  
Government Spending ◽  
Tax Policy ◽  
Consumer Demand ◽  
Policy Instruments ◽  
Living Standards ◽  
Balanced Growth ◽  
The Russian Federation ◽  
The Impact

The article discusses the impact of tax policy of the Russian Federation on inflation. Growth in inflation negatively affects the Russian budget, consumer demand and corporate activity. In turn, this negatively affects the amount of tax revenues and their collection. Since fiscal policy as a whole functions as a regulator of government spending and taxes, using its methods it is possible to purposefully regulate inflationary pro-cesses. Correct use of fiscal policy instruments leads to a stable, balanced growth of the economy and living standards of the population.

scholarly journals Przejrzystość fiskalna a stabilność polskiego systemu finansów publicznych

2017 ◽  
pp. 31-44
Author(s):  
Elżbieta Malinowska-Misiąg
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Significant Error ◽  
Fiscal Rules ◽  
Fiscal Transparency ◽  
Budgetary Institutions ◽  
Quality And Reliability ◽  
The Impact ◽  
Sector Data

The aim of the article is to verify the impact of fiscal transparency on the quality and reliability of public finance sector data which in turn are the basis for formulating conclusions on the effectiveness of fiscal policy and the sustainability of public finance. The article identifies and provides examples of the primary areas that impair fiscal transparency in Poland, particularly: the scope of public finance sector, the extra-budgetary institutions and fiscal rules. In conclusion the author underlines that the findings based on published budgetary data can be subject to a significant error.

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