scholarly journals Budgetary Policy in the Financial Security System

2020 ◽  
pp. 74-81
Author(s):  
V. МЕLNYK ◽  
О. SAVASTEIEVA
Keyword(s):  
Critical Level ◽  
Economic Security ◽  
The State ◽  
Debt Service ◽  
Security Level ◽  
Financial Security ◽  
Public Budget ◽  
The Public ◽  
Budgetary Policy ◽  
Budget Revenue

The financial security of the state becomes especially important given the crisis manifestations in the global financial system, loosening of the state control over the monetary system and the increasing political pressures on economic processes. The article’s objective is to review the theoretical foundations of the financial security and analyze the impact of the budgetary policy on the budgetary security as the core the financial security of the state. A statistical analysis of the budgetary policy impact on the budgetary security is made for the period of 2015–2019 on the basis of Methodological Recommendations on Computation of the Economic Security Level in Ukraine, with assessing four indicators: (i) the ratio of the public budget deficit/surplus to GDP; (ii) the share of deficit of budget and off-budget funds of the general government in GDP; (iii) the share of GDP redistributed via the consolidated budget; (iv) the ratio of cumulated payment for debt service and repayment to the public budget revenue. The assessment scale ranges from 0 to 1 (or from 0 to 100%) and consists of five intervals: absolutely critical level of danger; critical level of danger; dangerous level; unsatisfactory security level; satisfactory security level; optimal security level. Results of the analysis give grounds to suggest that the policy concerned with public borrowing, debt service and repayment is must be urgently revised, because the respective indicator (which is the ratio of cumulated payment for debt service and repayment to the public budget revenue) was signaling extremely high levels threats to the budgetary security in 2015–2019 and, eventually, to the financial security of the country.

scholarly journals Methodical provision of financial security assessment of the state

2021 ◽  
pp. 15-25
Author(s):  
Iryna V. Zaichko
Keyword(s):  
Economic Development ◽  
Economic Security ◽  
The State ◽  
Security Level ◽  
Financial Security ◽  
Security Assessment ◽  
Budgetary Policy ◽  
State Pension ◽  
The Impact ◽  
Functional Components

Purpose of the research. The main purpose of the article is to improve methodological support for the assessment of the financial security of the state, taking into account the impact of budgetary policy. Methodology. During the study the following methods were applied: comparative analysis, integral estimation, normalization of indicators, component analysis, method of principal components, etc. Results. In the course of comparing the existing methodological support for the financial security assessment, it is justified, notwithstanding the existing shortcomings, the expediency of applying in the analytical work the Methodological recommendations for the calculation of the economic security level of Ukraine of the Ministry of Economic Development and Trade of Ukraine (2013) and the necessary calculations of the level of financial security of Ukraine for 2009-2018. Additional financial security indicators are proposed, taking into account the priority of its budget component, in particular, the share of revenues from the National Bank of Ukraine (NBU) in the state budget revenues (for banking security), the ratio of the pension contributions of non-state pension funds to the own income of the Pension Fund of Ukraine (PFU) market), government revenue as a percentage of consolidated budget expenditures and the share of public servicing and debt repayment expenditures in consolidated budget expenditures (for debt security), expenditures and for servicing and repayment of public debt as % of gross domestic product (GDP) (for fiscal security); consolidated budget revenues in USD US (for currency security), consumer loans to households, % of household income, and lending to consolidated budget expenditures (for monetary security). On the basis of regression analysis, where sub-indices of functional constituents are taken by factor signs, and the integral indicator of financial security is obtained as a result sign, the reliability of the calculations is confirmed. Practical meaning. The calculated sub-indices of the functional components of the financial security of Ukraine and the integrated indicator for 2009-2018 can be used in the development of plans, forecasts, strategies for socio-economic development of Ukraine. Prospects for further research of the author are to study the impact of budgetary policy on the state of financial security of Ukraine.

scholarly journals Institutional support for the sustainability of the public finance system

2021 ◽  
pp. 209-215
Author(s):  
Valentyna Makohon
Keyword(s):  
Public Finance ◽  
Economic Development ◽  
Institutional Support ◽  
Economic Security ◽  
Financial Security ◽  
Finance System ◽  
The Public ◽  
Budgetary Policy ◽  
The Stability

Relevance of the research topic. In modern conditions, the system of public finance is an important tool for regulating socio-economic processes, intensification of the economy. Important factors that affect the quality of the public finance system are financial and economic risks due to the trend of economic development. Accordingly, the assessment of financial and economic risks is an important condition for the development of sound financial and budgetary policy, the development of institutional support for the stability of public finances and economic security of the country as a whole. Formulation of the problem. Based on the trends of economic development of both countries with transformational and developed economies, in modern conditions, important tasks are: substantiation of strategic objectives of fiscal policy to increase the level of stability of public finance and its components; mutual coordination of decisions of public administration bodies. At the same time, the development of institutional support for the sustainability of the public finance system should be carried out taking into account globalization processes. Analysis of recent research and publications. The issue of developing institutional support for the sustainability of the public finance system is quite common in research. These are the works of famous domestic and foreign scientists: J. Keynes, P. Samuelson, J. Stiglitz, V. Tanzi, O. Vasylyk, I. Zapatrina, S. Kucherenko, L. Lysyak, L. Levaeva, I. Lukyanenko, M. Pasichny, A. Sokolovska, I. Chugunov and others. Highlighting unexplored parts of a common problem. Selection of unexplored parts of the general problem. The above issues are relevant in connection with the spread of acute respiratory disease COVID-19, which affected the trend of economic development, led to a violation of the budget balance, which requires a number of specific tasks related to the development of institutional sustainability of public finances and its components. Goal setting, research goals. The objectives of the study are: to reveal the role of public finance in the regulation of socio-economic processes; substantiate the features of economic security and its components; to analyze and evaluate the indicators of financial security of Ukraine. The purpose of the study is to reveal the directions of fiscal policy to ensure the sustainability of public finance. Research method or methodology. The article uses a set of research methods: a systematic approach, statistical analysis, structuring, synthesis, etc. Basic material presentation. The role of the public finance system in the regulation of socio-economic processes is revealed. The peculiarities of economic security and its components are substantiated. The analysis and assessment of financial security indicators of Ukraine is carried out. The directions of financial and budgetary policy on ensuring the stability of the public finance system are revealed. Area of application of results. The results of the study can be used in the process of reforming the public finance system. Conclusions according to article. In order to increase the stability of the public finance system, at this stage of socio-economic development of the country, it is advisable to: substantiate sustainability indicators – the basis of a transparent system of continuous monitoring of public finance system development and its components; introduction of effective management financial and budgetary tools – systematic assessment of the state of financial and budgetary security; improving the efficiency of financial and budgetary policy in the field of ensuring the stability of the public finance system and political responsibility for its results.

scholarly journals The Basic Stages of Preparing a Public Budget

2019 ◽  
Vol 7 (06) ◽  
Author(s):  
Mustafa Hamad Al-Hakeem ◽  
Kahi Ilham Abdal
Keyword(s):  
Financial Literacy ◽  
Public Expenditure ◽  
The State ◽  
Financial Security ◽  
Public Budget ◽  
Self Assessment ◽  
The Public ◽  
Road Map ◽  
Quality Of Living

Budgeting is creating a plan to spend your money.  Good budgeting is spending less than you are earning as you plan for your financial goals.  Budgeting is the fundamental step in achieving financial literacy, and by extension, reaching financial security and freedom.  Budgeting is the process of creating a plan to spend and invest your hard earned money wisely to meet your personal and financial goals in life.  It should not be a mathematical exercise that we think we have to endure; rather, it is the result of self- assessment of our relationship with money and a necessary road map to steer us toward a higher standard and quality of living. The budget determines the general policy of the State and reflects its economic and development orientations and the partnership of all citizens with regard to their tax obligations or service rights. This is a strategic plan as a result of the expenditure study for years, taking into account the needs and potential of the ministries and the capacity to mobilize resources to cover the public expenditure of the State.

scholarly journals FINANCIAL AND LEGAL ASPECTS OF ECONOMIC SECURITY OF THE STATE

2021 ◽  
Vol 4 (39) ◽  
pp. 482-493
Author(s):  
I. Nastasiak ◽  
O. Baik ◽  
O. Zaiats ◽  
N. Mykhalitska ◽  
M. Veresklia
Keyword(s):  
Financial Stability ◽  
Research Abstract ◽  
Legal Regulation ◽  
Economic Security ◽  
The State ◽  
Scientific Development ◽  
Stress Index ◽  
Security Level ◽  
Financial Security ◽  
External Threats

Abstract. The problem of elaborating the comprehensive state policy on regulatory and legal provision of the financial security at all levels of economy is significantly important for Ukraine. It is crucial to ensure development and implementation of the legislative framework that would determine the types of internal and external threats to the stability of financial activity and the means of counteracting these threats; the full power and responsibility of state authorities concerning the financial and legal regulation aimed at warranting order in financial sphere; the mechanism of financial control organization as the means of preventing financial offences. The aim of the research is to outline the essence of new threats to the economic and financial security of the state under modern economic conditions and search for the required mechanisms and means of regulatory and legal provisioning of the financial security of Ukraine. In the course of research, the general scientific and theoretical methods have been applied. These include systemic analysis (for defining the object and the subject of research); abstract and logical method (for preparing the scientifically justified generalizations and conclusions about the essence, the mechanism of provisioning financial security of the state, and the factors that designate it); graphic method (for representing visually the mechanism of ensuring financial security of the state). The article introduces improvements to the list of modern internal and external threats to the financial and economic security of the state with respect to the immanent nature of the World Band and the International Monetary Fund. It has been emphasized that the new list of indicators and sources of initial information about the constituent components of financial security should be developed and approved because the current list was outlined in the end of 2013 and does not take into account modern realia. It is necessary to determine the functions of the Ministry of Economy of Ukraine in the realm of monitoring and regulating financial stability of the state, particularly in the real economy sector. It has been specified that scientific development of the range of problems related to the methodology and legal regulation of the state security provisioning, as well as the means and methods of preventing and mitigating the threats, is tightly connected with the development of macroprudential supervision and regulation under the aegis of the National Bank of Ukraine. The introduction of new indicators by the Bank (such as the level of non-performing loans, the financial stress index, and others) is the positive step. Nonetheless, the large quantity of private indicators interferes the process of elaborating the set of measures for financial and legal regulation of the financial security level. The new methodological approach to development of the integrated indicator of financial stability at the macro level has been suggested. The research results enable the possibility of improving the mechanism of state financial security and justifying the set of measures for its reinforcement. The review and improvement of the current legal framework in the area of financial and regulatory economic security, and development of the new integrated indicator of financial security level are necessary. Keywords: financial security; internal and external threats; legal mechanism of security provision, macroprudential regulation. JEL Classіfіcatіon: О12, Е59 Formulas: 0; fig.: 2; tabl.: 1; bibl.: 16.

scholarly journals FISCAL SECURITY OF THE STATE: CONCEPTUAL BASIS FOR A NEW DIRECTION IN ECOSESTATE

2020 ◽  
pp. 86-96
Author(s):  
Aleksy Moldowan
Keyword(s):  
Public Finance ◽  
Economic Security ◽  
Scientific Discipline ◽  
The State ◽  
Financial Security ◽  
Conceptual Basis ◽  
Finance System ◽  
The Public ◽  
The Stability ◽  
Key Terms

The article presents conceptual basis and outlines for a new direction in the ecosestate – fiscal security of the state. A range of vital conceptual problems have been addressed in the article, including defining the concept of the fiscal security, defining key terms, identification of status of fiscal security as scientific discipline in the ecosestate and distinguishing its institutional boundaries. The author emphasises, that problems and dysfunctions of the public finance system can create dangerous threats to the economic security of the state. They undermine the stability and effectiveness of basic economic institutions, weaken the country's economic sovereignty as well as reduce financial resources for its development. The author provides update of basic definitions and introduces new ones to outline concept of the fiscal security. According to presented approach “fiscal security of the state” reflects a performance of the public finance system that enable government to carry out its functions and tasks effectively as well as to resist external and internal threats to the economic and social stability in the state. Some provisions of the theory of economic security of the state have been revised, according to which fiscal security is being considered as part of the country's financial security. The author justifies the thesis, that public finance system itself is one of the crucial factors of the economic security of the state, therefore fiscal security should be considered as an autonomous component of the economic security of the state. Based on the considerations outlined in the article two separate components of the economic security of the state are proposed to be distinguished – financial security and fiscal security. An internal structure of each component is introduced as well in the article, which allows to define their institutional borders.

IMPACT OF GOVERNMENT DEBT ON FINANCIAL SECURITY OF UKRAINE

2017 ◽  
Author(s):  
Olena Pikaliuk ◽  
◽  
Dmitry Kovalenko ◽  
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
Positive Impact ◽  
The State ◽  
Financial Security ◽  
State Budget ◽  
The Public ◽  
Debt Security ◽  
The Stability ◽  
The Impact

One of the main criteria for economic development is the size of the public debt and its dynamics. The article considers the impact of public debt on the financial security of Ukraine. The views of scientists on the essence of public debt and financial security of the state are substantiated. An analysis of the dynamics and structure of public debt of Ukraine for 2014-2019. It is proved that one of the main criteria for economic development is the size of public debt and its dynamics. State budget deficit, attracting and using loans to cover it have led to the formation and significant growth of public debt in Ukraine. The volume of public debt indicates an increase in the debt security of the state, which is a component of financial security. Therefore, the issue of the impact of public debt on the financial security of Ukraine is becoming increasingly relevant. The constant growth and large amounts of debt make it necessary to study it, which will have a positive impact on economic processes that will ensure the stability of the financial system and enhance its security.

The Threats of Ukraine Financial Security: Identification and Systemization

2019 ◽  
pp. 73-80
Author(s):  
Oleksandra Maslii ◽  
Andrii Maksymenko ◽  
Svitlana Onyshchenko
Keyword(s):  
Financial Stability ◽  
System Development ◽  
Financial System ◽  
Economic Security ◽  
The State ◽  
Financial Security ◽  
Monitoring And Control ◽  
Development Indicators ◽  
Security Indicators ◽  
And Control

Place of monitoring and control of risks of financial stability of the state in the system of ensuring financial security of the state was substantiated. Methods of identifying threats to Ukraine's financial security through the current and strategic analysis of financial system development indicators were considered. Tendencies of economic development of Ukraine in the context of revealing sources of threats to financial stability of the state were analyzed. Dynamic analysis of the actual values of the financial security indicators of Ukraine as a whole and its separate components had been carried out. Threats to Ukraine's financial security were identified based on comparative and trend analysis. Reasons for the critical state of debt, banking and monetary security in the financial structure and the preconditions for the emergence of systemic threats had been investigated. Systematization of risks and threats to Ukraine's financial security by its components had been carried out. Influence of systemic threats in the financial sphere on the economic security of the state was generalized. International experience of monitoring financial stability of the state was analyzed. Additional risks to the national financial system are associated with the globalization and digitization of the state financial system that are not taken into account by valid methodological recommendations for calculating the level of economic security of Ukraine were highlighted.

scholarly journals STATE DEBT MANAGEMENT OF UKRAINE

2020 ◽  
Author(s):  
Oksana Vodolazska ◽  
◽  
Hanna Herman ◽  
Keyword(s):  
Public Debt ◽  
Equation Model ◽  
Economic Security ◽  
The State ◽  
Debt Management ◽  
Financial Policy ◽  
Security Level ◽  
Macroeconomic Factors ◽  
Public Debt Management ◽  
Debt Policy

Public debt management and servicing is one of the top priorities for the country’s financial policy, and an important condition for the stability of its financial system. Due to the need of solving the problem of the state debt of Ukraine growth and the cost of servicing it, it is urgent to increase the efficiency of methods for managing it. Ineffective management of Ukraine’s government borrowings, which is mainly used to cover the budget deficit, leads to a decrease in the state’s economic security level and an increase in the burden on the budgetary sphere and an aggravation of the debt situation. The maintenance and management of public debt is inextricably linked with the pursuit of a balanced debt policy and minimization of the risks inherent in public debt. The economic and social development of the country, its stability during the period of economic crises and the post-crisis speed of recovery of the national economic system depend on the efficiency and effectiveness of this management. After experiencing a deep economic crisis in 2014–2015, economic growth began to recover in 2016, and the total public debt in relation to GDP also tends to decrease. This was caused by various factors: the deficit of the state budget and balance of payments, heavy dependence on energy imports, ineffective use of attracted loans and the lack of proper debt management. This article analyzes the existing features of the formation of an effective public debt management system in the context of improving the efficiency of Ukrainian debt policy. The proposed measures of an effective management strategy will contribute to the rational use of borrowings and create the necessary conditions for optimizing the debt burden. The main goals of state debt management in Ukraine were analyzed, as well as the world practice of analyzing public expenditure and financial accountability was considered. The existing problems in the state debt management of Ukraine are identified, practical recommendations are provided for future development of the most effective scenario for solving Ukrainian debt problems. The forecast of public debt was calculated on the basis of a linear regression equation model, and the macroeconomic factors that have the biggest impact on the growth rate of public debt were determined.

Differentiation of socio-economic development of municipal entities as a threat to the economic security

2021 ◽  
Vol 94 (1) ◽  
pp. 70-79
Author(s):  
M. S. Syupova ◽  
Keyword(s):  
Economic Development ◽  
Critical Level ◽  
Methodological Approach ◽  
Economic Security ◽  
The State ◽  
Socio Economic Development ◽  
Territorial Differentiation ◽  
Degree Of Differentiation ◽  
Regional Authorities ◽  
Integral Indicator

The article is devoted to the problems of socio-economic differentiation of municipalities, the excessive manifestation of which forms a threat to the integrity of the socio-economic and territorial space of the region. In order to avoid crisis manifestations of intraregional inequality, it is necessary to constantly monitor the state and trends of socio-economic development of the territories, which will ensure the timely elimination of growing imbalances. To this end, the article proposes a methodological approach to assessing the level of differentiation of socio-economic development of municipalities in the region, which determines the stage of unevenness and analyzes the nature of changes in the processes of interterritorial inequality in the region. The proposed methodology provides for an assessment of the depth and scale of territorial differentiation by individual indicators, which allows us to identify the «pain points» of the socio-economic development of the region. To assess the overall level of socio-economic differentiation, an integral indicator is calculated that reflects the degree of deviation of the main parameters of the municipality from the regional average. Based on the results obtained, the territories are grouped according to the degree of differentiation, which makes it possible to justify the choice of measures and tools of regulatory influence on the development of individual municipalities by regional authorities. The methodology was tested on the example of the municipal districts of the Khabarovsk Territory. The study showed that the territories of the region are characterized by a critical level of the gap in the state of their socio-economic parameters, which is constantly growing. The results of the study can be used in the activities of the executive authorities of the region.

Improving Efficiency of the Romanian Energy Sector by Supporting Investments in Renewable Energy Use

2021 ◽  
pp. 1581-1595
Author(s):  
Carmen Mihaela Boteanu
Keyword(s):  
Renewable Energy ◽  
Public Sector ◽  
Energy Use ◽  
Energy Development ◽  
Green Energy ◽  
The State ◽  
State Budget ◽  
The Public ◽  
Target Set ◽  
Budget Revenue

This article describes how Romania has implemented a generous program for green energy development, which attracted so many investments that the target set for 2020 must have reached. This article presents a model for estimating the effect of governmental decisions on investments in renewable energy in Romania. This also reflects their influence on the state budget revenue generated from renewable energy producers and consumers, both households and industrial consumers. Results can be useful for the public sector involved in the production of green energy.

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