Key vectors for improving the activity of regional bodies of the Federal Treasury given the integrated management of public finance

2020 ◽  
Vol 26 (10) ◽  
pp. 2364-2384
Author(s):  
M.L. Nechaeva ◽  
D.A. Kiotova
Keyword(s):  
Public Finance ◽  
Integrated Management ◽  
Municipal Finance ◽  
Novgorod Oblast ◽  
Finance Management ◽  
Economic Method ◽  
Analysis And Synthesis ◽  
Methodological Principles ◽  
The Impact ◽  
Nizhny Novgorod Oblast

Subject. The article focuses on a set of financial and budgetary relations existing in regional bodies of the federal treasury, inter alia, in public finance management. Objectives. We search for new tools and available methods to enhance the performance and efficiency of the Federal Treasury bodies, illustrating the operation of the Federal Treasury for the Nizhny Novgorod Oblast. Methods. The study is based in general methods (the analysis and synthesis, abstraction and generalization), specific research (special) methods (economic analysis, statistical-economic method). Results. We devised the methodological framework to pinpoint vectors to follow ensuring the development of treasury system. As part of the study, we discovered two main factors to improve the activity of the Department of the Federal Treasury for the Nizhny Novgorod Oblast, such as Factor 1 – The Automated Finance Management System, Factor 2 – Financial Forecast. Considering the impact of the factors, we can determine what can be done to strategically manage public and municipal finance. Based on the studies, we can recommend steps to enhance the performance of the treasury system. Conclusions and Relevance. To implement Factor 1, we suggest setting the single identification and authentication system, which will help outline the public and municipal finance management strategy during turbulent times. To implement Factor 2, we propose methodological principles for forecasting of public finance, which will be based on the time series analysis so as to evaluate patters and dependencies and subsequently make up a model for further trend forecast. The findings will be useful for executives of the Federal Treasury offices and professionals delegated to manage public finance. Furthermore, the findings can underlie further research on economics and finance.

scholarly journals Current realities and trends in the functioning of public finance in Ukraine

2021 ◽  
pp. 187-193
Author(s):  
Vitalina Malyshko
Keyword(s):  
Public Finance ◽  
Financial Stability ◽  
Market Society ◽  
Social Transformations ◽  
Public Finances ◽  
Finance Management ◽  
Analysis And Synthesis ◽  
State Finance ◽  
Management Functions ◽  
Post Industrial

Subject of research is state finance. The aim of the study is analysis of modern realities and trends in public finance in Ukraine. The methods used during the study: generalization, method of comparative analysis, method of system-structural analysis and synthesis, statistical, general scientific, special methods of scientific knowledge and other research methods. The results of the work. The essence and main purpose of public finances are described. It is stated that it is a conceptual basis of the modern doctrine of public finance and a shortcoming of the current classification system of the public finance sector in Ukraine. The most acute problems concentrated in the sphere of public finances of Ukraine are noted; public finance management functions that are at the center of innovation processes. The scope of the results: Ministry of Finance of Ukraine, the Verkhovna Rada of Ukraine, local self-government bodies, united territorial communities. Conclusions. The formation of a socially oriented market society in Ukraine and its integration into the world community lead to systematic modernization in all spheres of public life, including public finance management. All this is reflected in the change of the functional imperative of public finance management in Ukraine in the process of transition to an innovative model of development, determined by both social transformations of Ukrainian society and systemic civilizational processes of post-industrial nature. Today, most leading countries unanimously recognize the need to restart public finance systems on an innovative basis to ensure financial stability and prevent systemic financial crises. Ukraine has also chosen the path of innovative development and is moving in this direction.

scholarly journals INSTITUTIONAL SUPPORT OF PUBLIC FINANCES

2021 ◽  
pp. 5-12
Author(s):  
Alla Chornovol ◽  
Yuliia Nemish ◽  
Olha Biliavska
Keyword(s):  
Public Finance ◽  
Institutional Support ◽  
The State ◽  
External Control ◽  
Financial Control ◽  
Public Finances ◽  
The Public ◽  
Finance Management ◽  
And Control ◽  
The Impact

Purpose. The purpose of the article is to study the legal and organizational principles of public finance management. Methodology of research. To achieve this goal, the following tools of research methods were used: dialectical - to determine the initial conditions and content of public finance; analytical - when processing literary and Internet sources; causal - to determine the institutional support of public finances; abstract-logical - to generalize the presented material and draw conclusions. Findings. The issues of the essence, structure and peculiarities of the functioning of public finances in Ukraine are studied; the institutional units that ensure their formation and control over their use are specified. The peculiarities of the content of public finances of Ukraine are considered, the peculiarities of their components are determined in order to achieve not only economic, but also social goals by the state. Under the institutional support of public finances, we understand a purposeful hierarchical system of legal institutions that form, use, redistribute and control the funds of the public sector. Thus, based on this, among the components of institutional support are: state; executive, legislative and judicial powers; VRU, CMU, central executive bodies, higher judicial bodies, National Bank, Accounting Chamber; local councils, local executive bodies, budgetary institutions, subjects of state and communal property; advisory bodies under the President of Ukraine, the Cabinet of Ministers of Ukraine; scientific, public and professional institutions (organizations) in the field of public finance. The relevance of the study of issues related to improving the efficiency of state bodies on the basis of recommendations of international organizations and the formation of appropriate regulatory and legal support is substantiated. For example, it was noted that an action plan for the respective years should be developed, which includes directions for each area of the Strategy for Reforming the Public Finance Management System (in our opinion, public) and specifies the state bodies responsible for a particular area of public finance. The bodies of state financial control are determined in accordance with the current legislation, in particular: external control carried out by the legislative bodies - the committees of the Verkhovna Rada and the Accounting Chamber; executive authorities and the central bank - the Cabinet of Ministers (through specialized state bodies) and the NBU; and internal (performed by heads of state bodies) and internal audit (performed by the main managers of budget funds). The requirements of the current legislation to ensure openness of their spending and opportunities for free access to this information in order to strengthen public control over the use of public funds are analyzed. The composition and main problems of institutional support of public finances are formulated and practical recommendations for its evaluation are provided, which will allow to increase the efficiency of public finance management. Originality. The scientific novelty lies in the separation of the content of the institutional support of public finances and recommendations for its evaluation according to the established criteria. Practical value. The main provisions of this study in the form of evaluation proposals can be used to monitor the impact of public reform policy on the development of public finances. Key words: public finance; management; institutional support; public authorities; public financial control.

Assessing the demographic situation in single-industry cities: The Nizhny Novgorod agglomeration case study

2021 ◽  
Vol 19 (5) ◽  
pp. 857-879
Author(s):  
Mariya A. NIKONOVA ◽  
Ekaterina V. AKINFEEVA
Keyword(s):  
Metropolitan Area ◽  
Federal State ◽  
Industry Specialization ◽  
Demographic Situation ◽  
Novgorod Oblast ◽  
Effective Governance ◽  
Agglomeration Effect ◽  
The Impact ◽  
Nizhny Novgorod Oblast

Subject. This article deals with the issues of development of the economy of monocities and creation of agglomerations. Objectives. The article aims to assess the impact of an urban agglomeration on changing the demographic situation in the monocities that make up its membership. Methods. Examining the data of the Federal State Statistics Service, and official websites of the Nizhny Novgorod Oblast and monocities under consideration, we used a comparative analysis. Results. Manufacturing and agriculture are the basis of the industry specialization of the monocities under consideration. During the period 2018–2020, the demographic situation in the monocities of the Nizhny Novgorod metropolitan area has not changed much. Conclusions. To include a monocity in the metropolitan area, its various features should be considered. Comprehensive institutional measures to create effective governance models are necessary to heighten an agglomeration effect.

Anomalies of the control principle as part of the consolidated financial reporting concept

2021 ◽  
Vol 22 (1) ◽  
pp. 24-47
Author(s):  
Sergei V. KOLCHUGIN
Keyword(s):  
Financial Reporting ◽  
Methodological Approach ◽  
Financial Statements ◽  
Parent Company ◽  
Consolidated Financial Statements ◽  
Analysis And Synthesis ◽  
Methodological Principles ◽  
Control Criteria ◽  
Control Principle ◽  
The Impact

Subject. The article discusses the impact of the control principle on the existing consolidated financial reporting concept. Objectives. I evaluate possible alterations in the consolidation methodology as a result of the anomaly of the control principle. Methods. The study is based on the method of analogy for scientific hypothesizing. The study methodologically relies upon Thomas Kuhn's paradigm shift theory and the impact of anomalies on methodological principles of normal science. The study combines the analysis and synthesis, induction and deduction, and the method of comparison when analyzing the existing control criteria and identifying anomalies of the control principles as part of the consolidated financial reporting concept, and examining how the anomaly influences the consolidation methodology. Results. I discovered that the control principle in the consolidated financial reporting concept influences the consolidation methodology. I suggest using my own methodological approach to preparing consolidated financial statements in case of the non-equity control the parent company holds over its subsidiary. Conclusions and Relevance. The control principle in the consolidated financial reporting concept has not been formalized, thus causing anomalies affecting methodological principles of consolidated financial reporting. The non-equity control of the parent company over its subsidiary is a case in point. This control induces unavoidable changes in the consolidation methodology. The findings can be used to prepare consolidated financial statements in case of the non-equity control of the parent company over its subsidiary.

scholarly journals Program-Targeted Approach in Public Finance Management: Modern Problems of Budgetary Planning

2021 ◽  
pp. 107-121
Author(s):  
Igor Molchanov ◽  
Natalia Molchanova ◽  
Natalia Nurislamova
Keyword(s):  
Public Finance ◽  
Financial Management ◽  
Information Technologies ◽  
Public Law ◽  
Planning System ◽  
Financial Policy ◽  
Budget Process ◽  
Finance Management ◽  
Financial Management System ◽  
The Impact

The purpose of the article is to identify areas for improving budgetary planning tools as an integral part of public finance management. The level of quality of budgetary planning is an important factor in balancing budgets at different levels of the budget system at the time of increasing global instability. Effective measures are taken under conditions of permanent improvement of financial management, based on the use of advanced information technologies, innovative methods for assessing the socio-economic situation of public-law entities. Theoretical and methodological bases of functioning of the budgetary planning system, the possible ways of its improvement in the context of institutional transformations are identified. During the period of actualization of strategic goal-setting in the economy, for the development of the financial management system in terms of improving the budget process, a detailed analysis and assessment of the impact of internal and external factors on the financial and economic environment is required. Opportunities to identify certain patterns and objective trends in the dynamics of macroeconomic indicators and parameters of budgets of the budgetary system are created on this basis. The timeliness of the use of such financial tools as budgeting, result orientation and program-targeted planning, the use of which allows to link the expenditures of public-law entities with the current financial policy, as well as to increase the degree of openness and transparency of the budgetary process, has been proved. Conclusions on the advisability of applying best foreign practices in the activities of financial management bodies at the subnational level are drawn. The key areas of further research in the spatial aspect are the development of multivariate forecasts and econometric models that make it possible to assess the possibilities of economic development of the country and the tax potential of administrative-territorial units.

Public finance tax reform: The impact on municipal finance

1987 ◽  
Vol 76 (1) ◽  
pp. 71-74 ◽  
Author(s):  
Donald Levitan
Keyword(s):  
Public Finance ◽  
Tax Reform ◽  
Municipal Finance ◽  
The Impact

scholarly journals Theoretical and methodological principles of fiscal risks in the context of modernization of the public finance management system

2019 ◽  
Vol 2019 (4) ◽  
pp. 59-68
Author(s):  
Oleksandr KUSHNERUK ◽  
◽  
Kateryna STAKHOVA ◽  
Mariia TARASENKO ◽  
◽  
...  
Keyword(s):  
Public Finance ◽  
Management System ◽  
The Public ◽  
Finance Management ◽  
Methodological Principles ◽  
Fiscal Risks

scholarly journals State and municipal finance in conditions of economic transformations

2020 ◽  
pp. 177-183
Author(s):  
Valentyna Makohon ◽  
Iryna Adamenko
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Local Governments ◽  
Management Systems ◽  
Basic Material ◽  
Economic Regulation ◽  
Municipal Finance ◽  
Finance Management ◽  
Economic Transformations

Relevance of the research topic. In the current conditions of economic transformations, the issues of increasing the validity of the fiscal policy, strengthening the effectiveness of public and municipal finance management systems are relevant. An important task is to restore the budget balance, coordinate the actions of public authorities and local governments in the process of formation and implementation of fiscal policy. Formulation of the problem. Based on the transformation processes in the domestic system of public finance, the important tasks are to substantiate the directions of development of public and municipal finance systems, their components. At the same time, the choice of fiscal policy tools should be made taking into account the cyclical and dynamic economic processes. Analysis of recent research and publications. The issue of formation and implementation of fiscal policy for the development of public and municipal finance systems is quite common in research. These are the works of well-known domestic and foreign scientists: J. Keynes, P. Samuelson, V. Nordhaus, J. Stiglitz, V. Tanzi, T. Bogolib, I. Zapatrina, L. Lysyak, V. Oparin, M. Pasichnyy, V. Fedosov, I. Chugunov, and others. Highlighting unexplored parts of a common problem. These issues are relevant in connection with the intensification of globalization processes, unfavorable external and internal economic environment, which requires several specific tasks related to the fiscal policy development. Goal setting, research goals. The research goals are to reveal the essence and role of state and municipal finances in financial and economic regulation; to determine the priority tasks of fiscal policy in the conditions of economic transformations. The purpose of the study is to reveal the institutional principles and directions of development of public and municipal finance management systems. 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 role of state and municipal finances in financial and economic regulation of the administrative-territorial units development and the country are revealed. The priority tasks of fiscal policy in the conditions of economic transformations are defined. The analysis and assessment of budget indicators is carried out. Area of application of results. The results of the study can be used in the process of the formation and implementation of the fiscal policy of Ukraine, reforming the public finance system. Conclusions according to article. Measures for further improvement of state and municipal finance should aim at optimizing the functions of state and local governments and their efficient allocation among them. Strengthening decentralized processes in Ukraine aimed at creating a modern system of local governments, municipal finance development based on European values. Achieving concrete results, identified under the priorities of fiscal policy at the local level, implies clear coordination and increasing the level of responsibility of all participants in the budget process.

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