scholarly journals FEATURES OF FORMATION OF DEBT FINANCIAL RESOURCES OF THE STATE IN THE CONDITIONS OF GLOBALIZATION

2021 ◽  
Author(s):  
Yaroslav Dropa ◽  
Marta Petyk ◽  
Iryna Mud
Keyword(s):  
Financial Incentives ◽  
The State ◽  
Financial Resources ◽  
Financial Policy ◽  
Public Expenditures ◽  
Domestic Investment ◽  
State Budget ◽  
Government Bonds ◽  
Domestic Banks ◽  
Private Investors

Features of solicitation of borrowed financial resources by the state are considered in the context of maintaining economic potential and ensuring financial capacity to be able to perform all the functions assigned to it under conditions of deepening economic crisis, the spread of the coronavirus epidemic and actions of quarantine restrictions in Ukraine and in the world. The dynamics of the size of the state budget deficit of Ukraine and volumes and structure of the general public debt, costs to service and repay the principal amount of debt are analyzed. It is marked, that outpacing growth of state budget expenditures comparatively with the amount of tax revenues, and, therefore, forced growth of government borrowing in the domestic and foreign financial markets, caused by the need to timely repay government obligations to creditors and financing current expenses in full. In the absence of established cooperation with international financial institutions the main mechanisms for soliciting financial resources were domestic government bonds and external government bonds. Mainly, domestic banks invest in government bonds; foreign and domestic private investors so far, unfortunately, are not interested in investing their savings in government securities, despite even a significant increase in their profitability (now the yield on government bonds exceeds the interest rate on deposit rates of banking institutions). Ensuring debt security and effective management of financial resources, available to the state, primarily borrowed, are identified as a priority in the implementation of financial policy of the state. Deepening of crisis phenomena in the domestic economic system forced the executive authorities urgently solicit additional financial resources, working with potential lenders often on unfavorable terms for Ukraine, however, the risks of losing financial and subsequent political independence, forced to reconsider the structure of sources of financing public expenditures, and to attract domestic investment in the development of the national economy. It was emphasized, that the effectiveness of investing borrowed financial resources are conditioned exclusively by their investment direction, financial incentives for the real sector of the economy and needs well-established mechanisms for regulating and stimulating the development of financial and stock markets.

scholarly journals PROBLEMS OF UNBALANCED STATE BUDGET OF UKRAINE: ANALYSIS OF OBJECTIVE AND SUBJECTIVE FACTORS OF BUDGET REVENUE AND EXPENDITURE

2020 ◽  
Vol 11 (87) ◽  
Author(s):  
Oksana Zahidna ◽  
◽  
Vasylyna Ignatyshyna ◽  
Uliana Skydan ◽  
◽  
...  
Keyword(s):  
Foreign Trade ◽  
The State ◽  
Public Expenditures ◽  
Present Stage ◽  
State Budget ◽  
Economic Relations ◽  
Successful Solution ◽  
The Social ◽  
Social And Economic Development ◽  
The Impact

A significant place in the social and economic development of each country belongs to the problems of the budget, because the budget belongs to the sphere of public life that directly affects the interests of all members of society. The budget of any country reflects the important economic, social and political problems of the state and each person in particular. At the same time, the successful solution of budget problems is possible only if a proper understanding of its essence, role and place in the system of economic relations. For any country, the state budget is the main link in the financial system. As part of this system, it combines the main financial categories: income and expenditure of the country, the tax system, public credit, public debt in their closest coexistence. The budget as a financial plan of public expenditures and sources of their coverage plays an important role in the activities of the state. It determines its capabilities and development priorities, its role and forms of implementation of the functions assigned to it. It is an effective regulator of that economy reflects the amount of financial resources required by the state, determines specific areas of use of funds, directs the financial activities of the state. The article analyzes and defines the essence of revenues and expenditures of the state budget. The state and dynamics of state budget revenues and budget expenditures are studied. A comparison of state budget revenues and expenditures was made and it was investigated that expenditures significantly exceed revenues, and therefore the state budget is in deficit. The factors of formation of revenues and expenditures of the state budget at the present stage are determined. The dynamics of GDP growth rates and state revenues are analyzed budget, as well as the impact of GDP on the state budget. The peculiarities of the influence of the foreign trade factor on the revenues and expenditures of the state budget are determined. The influence and shares of exports and imports in the state budget revenues are studied. The current problems of imbalance of the state budget and the causes of the state budget deficit are identified. Ways to balance revenues and expenditures at the present stage are proposed. The dynamics of indicators of export and import of Ukraine is analyzed. The problems of Ukraine 's foreign trade at the present stage are investigated and perspective directions of improvement of the existing state of the export – import policy of the state are determined.

Measures of financial control over the development of united territorial communities

2021 ◽  
pp. 81-90
Author(s):  
Taras H. Vasyltsiv ◽  
Olha P. Mulska ◽  
Yuliya K. Shopska
Keyword(s):  
Methodological Approach ◽  
The State ◽  
Practical Significance ◽  
Financial Resources ◽  
Financial Control ◽  
State Budget ◽  
Financial Capacity ◽  
Rational Distribution ◽  
Social And Economic Development ◽  
Further Development

The purpose of the article is to substantiate new measures of financial control over the development of united territorial communities. The article examines the relevance of the introduction of a system of financial control over the development of united territorial communities in Ukraine. The authors prove that the main goal of proper financial control of the further development of the united territorial communities in Ukraine was actualized for the three reasons: rational distribution and efficient use of financial resources; ensuring the upward dynamics and territories’ sustainable development. The features, goals, and objectives of financial control of the development of territorial communities are outlined. The essence of the concept of financial control of the development of territorial communities is specified. The results of the analysis of several indicators of financial development of the united territorial communities in Lviv region are given and the conclusion about the disproportions of financial support of community development is systematized. The author's methodological approach to the analysis of the integral coefficient of financial capacity of territorial communities of the region is developed. The analysis of the state of financial capacity of the united territorial communities in Lviv region is carried out. The scientific novelty of the research lies in substantiating the author's methodological approaches to grouping and comparative analysis of united territorial communities based on indicators of income and expenditure, grants and subventions from the state budget, which allowed to identify the level of financial capacity and assess the effectiveness of the use of financial resources in each united territorial community in Lviv region. The practical significance of the research is that the implementation of the results of the financial capacity analysis can be used as informative and analytical measures of financial control over the development of local communities. Other perspective guidelines concerning measures of improvement of financial control in the processes of social and economic development of communities are outlined.

STUDY OF THE DYNAMICS AND STRUCTURE OF THE STATE DEBT OF UKRAINE, METHODS OF ITS OPTIMIZATION

2018 ◽  
Author(s):  
Stepan Paranchuk ◽  
◽  
Roksolana Skip ◽  
Keyword(s):  
Public Debt ◽  
Financial Stability ◽  
The State ◽  
State Budget ◽  
Government Bonds ◽  
Advantages And Disadvantages ◽  
Safe Level ◽  
Domestic Debt ◽  
The Government ◽  
External Borrowing

One of the leading problems of Ukraine's economy at the present stage of its development is the issue of public debt, the constant increase in its size, irrational structure, which creates the preconditions for the dollarization of the national economy. Public debt is an important element of a market economy. As of today, there is no state that would not use borrowed funds. Borrowing by the state is due to the lack of own financial resources needed to finance the state budget and state functions. If used effectively, borrowed funds can be a positive factor in economic growth, but otherwise the increase in debt leads to economic dependence, deteriorating financial stability, as well as the financial crisis. The article reveals the issue of public debt of Ukraine, analyzes the dynamics of its value from 2009 to 2021 and identifies the reasons for the growth and / or reduction of this indicator. A study of the structure of debt obligations on the basis of the creditor, analyzed the advantages and disadvantages of internal and external borrowing. The article also provides a detailed description of the structure of internal and external creditors, the main tools used by the Government of Ukraine to attract domestic loans. Particular attention is paid to the analysis of domestic debt in terms of the structure of domestic government bonds. The ratio of public debt to gross domestic product and its comparison with the marginal and safe level are considered. A forecast was made for the amount of public debt for the future.

scholarly journals A STUDY OF THE EVOLUTION OF THE FORMATION AND DEVELOPMENT OF GOVERNMENT PROCUREMENT IN UKRAINE

2021 ◽  
Vol 1 (36) ◽  
pp. 369-379
Author(s):  
A. Zhuk
Keyword(s):  
Public Procurement ◽  
Legal Framework ◽  
Government Procurement ◽  
State Regulation ◽  
The State ◽  
Public Expenditures ◽  
Negative Effects ◽  
State Budget ◽  
State Regulator ◽  
Effective Development

The paper studies the historical and legal background of the formation and development of government procurement in Ukraine. It analyzes the essence and significance of public procurement for the effective development of budgetary enterprises, institutions and organizations in different historical periods. It has been established that public procurement took various forms long before the independence of Ukraine. State orders are considered in the context of the broader problem of state regulation of the economy, namely one of the most serious and ambiguous economic problems is the rational interaction of the state and the market system in the process of public procurement. It is substantiated that a full-fledged national economy largely depends on how transparent and economically justified public expenditures on the maintenance of institutions financed from the state budget. Detected that one of the most promising ways to implement the concept of rational and efficient use of budget funds is the widespread introduction of a single structured system in the procurement of goods, works and services for public needs, based on competition, transparency, non-discrimination and decentralization. The paper reviews specifics of legislative regulation of public procurement in the relevant periods. The stage of transition of the system of centralized production planning, distribution of material and technical resources, the function of the state order as an absolute state regulator in the production of products and services to the means of meeting the needs of material resources, products, works and services of consumers supported by the state budget. It identifies the main differences in the approaches to understanding the essence of public procurement. The paper provides a detailed description of the influence of factors and circumstances on the development of the legal framework of public procurement. It determines and substantiates government procurement development periods. The paper analyzes the negative effects of omissions and non-finalization of the legal framework of each respective period. It studies the methods of and reasons for changing the terminology in the formation of the conceptual apparatus of the modern legal framework. Conclusions on changes, additions and adjustments to the legal framework of public procurement are provided. The paper assesses the main differences between the adopted public procurement laws.

scholarly journals System emerytalny i jego zmiany w Polsce w kontekście deficytu budżetowego oraz długu publicznego w latach 1999–2014

2015 ◽  
Vol 4 (3) ◽  
pp. 219-232
Author(s):  
Jolanta Ciak ◽  
Bożena Kołosowska
Keyword(s):  
Public Finance ◽  
Economic Policy ◽  
Public Debt ◽  
Pension System ◽  
The State ◽  
Future Generations ◽  
Financial Policy ◽  
State Budget ◽  
The Public ◽  
The Future

Since January 1999 a new pension system based on the reformed Social InsuranceInstitution (ZUS) and open pension funds (OFE) has been in force. The reformsdid not concern all the insured in ZUS uniformly, due to its scope and costs. The aim of the article is to present the changes in the Polish national pension systemand their influence on the public finance including the state budget. The influenceis considerable due to the long-lasting imbalance in the state budget and theaccumulating public debt. The authors discern that the changes suggested by thegovernment can be assessed as the choice between being responsible for presentand being responsible for the future. Thus the effects of the current changesin the pension system are moved to the future generations and the sources of theirfinancing, whether they are in the form of higher taxes, smaller public expenditureor higher public debt, will depend on the future economic policy includingthe financial policy.

The social assistance system in Poland and its financing in 2015-2018 as a factor of the stabilization of the socio-economic policy of the state in turbulent conditions

VUZF Review ◽  
2021 ◽  
Vol 6 (2) ◽  
pp. 190-197
Author(s):  
Piotr Fraczek ◽  
Mateusz Kaczmarski
Keyword(s):  
Economic Policy ◽  
Social Assistance ◽  
The State ◽  
Assistance System ◽  
Financial Resources ◽  
State Budget ◽  
Scientific Publications ◽  
The Social ◽  
The World ◽  
Budget Expenditure

Most developed countries in the world strive to provide their citizens with adequate living conditions and ensure a high level of social security. This security system also includes social assistance, which is the last level of state policy in supporting its citizens who find themselves in a difficult life situation. Apart from fulfilling a protective role, the social welfare system also plays a stabilizing role in the socio-economic policy of the state. Problems related to the social system and financial resources allocated to their functioning from the state budget are the subject of many scientific publications around the world. Meanwhile, in Poland, there are few scientific publications on the effectiveness and financing of expenditure for social purposes, including the social assistance system. Identifying the level of financial resources allocated to the social assistance system may be the first step to rationalizing the system of financial transfers from the state budget. The article aims is to identify the level of budgetary expenditure allocated in Poland in 2015-2018 to the social assistance system. The analyzes carried out indicate that in the period 2015-2018, budget expenditure on the social assistance system and supporting families increased. In 2018, these expenses accounted for as much as 12.7% of the total state budget expenditure. There is a noticeable tendency consisting of reducing financial resources allocated to social assistance while increasing budgetary transfers directed to families with children - government's "Family 500+" program.

EFFECTS OF A PUBLIC DEBT AND DEFICIT BUDGET

2018 ◽  
Vol 8 (2) ◽  
pp. 140-144
Author(s):  
Daniel Szybowski
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
Budget Deficit ◽  
Foreign Capital ◽  
The State ◽  
Financial Policy ◽  
Foreign Investments ◽  
State Budget ◽  
The Public ◽  
High Level

The aim of the article is to present a problem concerning the effects of the public debt and the budget deficit. The public debt is a result of the lack of adequate income earned by the financial sector, what means that it must incur liabilities to be able to carry out its tasks or improper management of the state budget funds - what results in the budget deficit. The size of the state's debt and the public debt has a very large impact on the socio-economic situa-tion of the country as well as on its financial policy. Due to the high indebtedness of the state, the whole economy is disturbed, the state authorities are not able to allocate an adequate amount of the funds to stimulate invest-ments. Such actions slow down the dynamics of economic development, what means that the state authorities most often look for savings. Unfortunately, this usually happens at the expense of the ordinary(?) citizens. Countries that have a high level of the debts tend to lose their credibility internationally. This may result in the fall in the foreign investments and the outflow of the foreign capital.

scholarly journals FINANCING PUBLIC GOODS UNDER THE INFLUENCE OF CHANGING THE POLITICAL ELITE

2021 ◽  
Author(s):  
Iryna Volokhova ◽  
◽  
Alina Hishchenko ◽  
Keyword(s):  
Public Goods ◽  
Social Protection ◽  
The State ◽  
Political Elite ◽  
Practical Significance ◽  
The Political ◽  
Public Expenditures ◽  
State Budget ◽  
Degree Of Satisfaction ◽  
State Financing

The purpose of the article is to conduct a retrospective analysis of the volume and structure of financing of public goods in accordance with the change of the political elite in Ukraine (changes of the Presidents of Ukraine).The research methodology consists in calculating the dynamics of the expenditure part of the consolidated budget of Ukraine in terms of functional classification of expenditures, the share of the main items of the consolidated budget expenditure for 1992-2020, the share of the expenditure part of the consolidated budget of Ukraine and the main expenditure items in GDP. According to the results of the study, the dynamics of changes in the total volume and structure of financing public expenditures in accordance with the change of the political elite is revealed. The practical significance of the analysis indicates that the system of expenditure of the consolidated budget of Ukraine, respectively, the structure of financing public goods, is imperfect and needs to be adjusted. Thus, the largest share of expenditures of the consolidated budget of Ukraine, which has recently been decreasing from year to year, is spent on financing social protection and social security. The volume of expenditures on economic activity, which is able to give impetus to the development of the state economy, is insufficient. Expenditures on education and healthcare in Ukraine have been significantly reduced. Due to these budgetary resources, the financing of national functions by the state, financing of public order, security and the judiciary has been increased. Imperfection of fiscal policy, unreasonable financing of certain areas, insufficient control over the implementation of budget programs, their inefficiency and many other problems lead to irrational use of funds from the budgets of Ukraine. Therefore, in order to establish stability in the economic sphere of the state, it is necessary to restrain the growth of the share of consolidated budget expenditures relative to GDP. This will reduce the tax burden on the population and business, reduce the state budget deficit of Ukraine. When allocating expenditures, it is necessary to start from the size of the revenue side of the budget in order to achieve proportional growth of revenues and expenditures. It is worth paying attention to ensuring reliable control over the movement of budget resources. In order to increase the degree of satisfaction of the needs of the population in public goods, it is necessary to develop the political consciousness and political culture of citizens, to increase the level of financial decentralization in the country.

scholarly journals THE CONCEPTUAL CONTENT OF STATE BUDGET PROCESS IN ECONOMIC THEORY

2015 ◽  
Vol 1 (7) ◽  
pp. 203
Author(s):  
Ērika Žubule ◽  
Anita Puzule
Keyword(s):  
The State ◽  
Theoretical Research ◽  
Constructive Method ◽  
Financial Policy ◽  
Budget Process ◽  
State Budget ◽  
Scientific Publications ◽  
Finance Management ◽  
State Finance ◽  
The Impact

Evaluating the role of the budget in economy we may declare that the budget process should favour the social economic development of the state. The aim of the research is to explore and evaluate theoretical aspects of the state budget process as a component of the state financial policy and to work out proposals for improvement of the state budget process, based on the theoretical and empirical findings. The main objectives of the research were to study the foreign economic scientific literature on the state budget process in the context of theoretical aspects, to study the impact of the state budget process on the financial policy and to work out proposals for the perfection of state budget process. Generally accepted research methods of economic analysis were used: the qualitative – studying the special literature, scientific publications, morphologic comparison, the logically constructive method, the method of synthesis. As there are different views on the significance of the state budget process in the organization of state finances, the authors have specified the definition of the concept of the state budget process in the context of economics. It will ensure a unified understanding of the budget process as an important mechanism of state finance management. Therefore, a more profound theoretical research study on the state budget process is important.

scholarly journals Monitoring of cash execution of the state budget during the implementation of national projects and the choice of economic development directions

2021 ◽  
pp. 134-140
Author(s):  
I. I. Chebyshev
Keyword(s):  
Economic Development ◽  
Federal Budget ◽  
The State ◽  
Public Expenditures ◽  
State Budget ◽  
Specific Factors ◽  
Financial Monitoring ◽  
Budget Execution

The article emphasizes the importance of financial monitoring as an element of control over the implementation of national projects and, in particular, cash execution. The paper carries out the analysis of monitoring of the federal budget execution in terms of budget allocations for the implementation of national projects for the first half of 2019. The study reveals trends of cash execution. The author identifies a lag in the rate of execution of expenditures for the implementation of national projects from expenditures that are not related to national projects. The article studies the structure of federal budget expenditures and identifies the specifics that affect the lag in the pace of implementation of public expenditures. The paper gives the list of specific factors that have an impact on the backlog in the implementation of the federal budget. The author considers the areas for development and the necessary further actions to eliminate the identified problems.

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