scholarly journals The influence of fiscal rules on the discipline in the public finance in Poland

2019 ◽  
pp. 31-43
Author(s):  
Joalnta Maria Ciak
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Statistical Data ◽  
Basic Problem ◽  
Fiscal Rules ◽  
Crucial Importance ◽  
Public Authorities ◽  
The Public ◽  
Near Future ◽  
Negative Phenomena

Fiscal rules constitute tools that match the characteristics of a transparent fiscal policy. Increasing the predictability of activities conducted within the public finance sector, which can limit politicians’ irresponsible behaviour, is of crucial importance. Fiscal rules may be preventative in nature – they can, therefore, prevent negative phenomena in the area of public finance now and in the near future. They become a kind of obstacle for potential inappropriate fiscal expansion, expenditure expansion in particular, of the public authorities, which could lead to too deep an imbalance between the liabilities of the state and the sources sufficient to cover its obligations. The trends in changes in the current public finance are supplemented by introducing fiscal rules or strengthening their role. The basic problem with fiscal rules is that in many cases they are leaky and are also not consistently observed. The aim of the article is to present a brief overview of national and supranational fiscal rules and reference to the existing situation in the public finance in Poland. The article presents the analysis of the source literature, legal acts and statistical data.

scholarly journals Imbalance of the public finance in the context of Keynesian and Non-Keynesian effects of fiscal policy limitation

2017 ◽  
Vol 3 (3) ◽  
pp. 27-32
Author(s):  
Joanna Stawska
Keyword(s):  
Public Finance ◽  
Economic Growth ◽  
Fiscal Policy ◽  
Public Debt ◽  
Statistical Data ◽  
Gdp Growth ◽  
The Public ◽  
Methods Of Analysis ◽  
Restrictive Policy

The purpose of this article is to point out the importance of the size of public debt and deficit in the context of Keynesian and non-Keynesian effects of fiscal policy limitation. To achieve this objective primarily were used methods of analysis of the available literature and presentation of statistical data. Considerations include, among others, the presentation of public debt and deficit in the context of economic growth. Expansionary fiscal policy often caused by economic fluctuations contributes to the deepening of public finance imbalance with frequent decline in GDP growth. The restrictive policy has an influence on improving the situation of the public finance sector in the long-term with at least moderate economic growth.

Public finance flow in contemporary Russia

2020 ◽  
Vol 26 (11) ◽  
pp. 2501-2523
Author(s):  
V.V. Smirnov
Keyword(s):  
Neural Network ◽  
Public Finance ◽  
Systems Approach ◽  
Management Decisions ◽  
Public Authorities ◽  
Cluster Analyses ◽  
The Public ◽  
National Wealth ◽  
Economic Formation

Subject. This article discusses the issues related to public finance. Objectives. The article aims to identify the determinants, indicators, and priorities of the public finance flow in contemporary Russia. Methods. For the study, I used the methods of statistical, neural network, and cluster analyses, and the systems approach. Results. The article identifies and describes the determining indicators of the main aggregates and balances of public finance, sources, and the use of funds. It establishes a link between the main aggregates and balances of public finance, defining the form and content of Russian capitalism. Conclusions. Understanding the issue and problem of public finance flow in contemporary Russia helps identify the reasons for the inability to transit to a capitalist socio-economic formation. The provisions of the study expand the scope of knowledge and develop the competence of public authorities to make management decisions on the distribution and redistribution of the value of a public product and part of the national wealth.

Chapter I. The Economy in 1978

1979 ◽  
Vol 87 ◽  
pp. 13-24
Keyword(s):  
Fiscal Policy ◽  
Private Consumption ◽  
Public Expenditure ◽  
Labour Force ◽  
Retail Price ◽  
Capital Expenditures ◽  
Public Authorities ◽  
Price Inflation ◽  
The Public

The overall pattern of changes in real expenditure and output was markedly different in 1978 from that of 1977 (see chart 1). In 1977, largely because of the undertakings given in the Letter of Intent to the IMF of December 1976, fiscal policy was deliberately restrictive. The stance of fiscal policy was made harsher still by the public expenditure shortfall produced by the operation of the relatively unfamiliar cash limits. There was a fairly small fall in public authorities' current spending and much larger falls in capital expenditures. Private consumption, too, fell as stages II and III of the pay policy operated. Trade to 6 per cent of the labour force. Retail price inflation did, however, fall fractionally from 16.5 per cent in 1976 to 15.9 per cent in 1977 (and to 13 per cent through the year).

scholarly journals Fiscal Rules, Creative Accounting and Fiscal Transparency: An Evaluation on the Transition Economies

2015 ◽  
Author(s):  
İlter Ünlükaplan ◽  
Volkan Yurdadoğ ◽  
Ebru Canıkalp
Keyword(s):  
Public Finance ◽  
Good Governance ◽  
Fiscal Rules ◽  
Accounting System ◽  
Budget Deficits ◽  
The Public ◽  
Fiscal Transparency ◽  
Government Accounting ◽  
Creative Accounting ◽  
The Relationship

An anonymous idea is observed in the public finance literature that includes where fiscal rules, i.e numerical rules on the fiscal indicators, are strict and stringent, policy executives will have incentives to recourse to creative accounting implementations to overcome these numerical limits. Creative accounting is applied for demonstrating economic, especially fiscal indicators better than the originals to reach the necessary fiscal limit, even if they are primarily conducted by private firms. Many countries applied these illusory implementations to hide their reported budget deficits especially in the last global crisis period. With this manner, creative accounting violates the basic principles of governance in public finance. In this context, governments should have to establish statistical classification structure and government accounting system that aims to prevent creative accounting. With this dimension, fiscal transparency will prevent from creative accounting implementations. In this study, the relationship between fiscal rules and creative accounting on the public finance administration level will be determined and fiscal transparency suggestions that prevent these frauds in the economies will be evaluated. As a result, the practice of good governance in public finance should be implemented to provide financial transparency. In addition, the reforms about transparency in the legislation should be consider as an important proposal.

scholarly journals Fiscal Consolidation in the Course of Work Over Yearly Budget of State

2014 ◽  
Vol 5 (1) ◽  
pp. 27-42 ◽  
Author(s):  
Marta Postuła
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Retrospective Analysis ◽  
Theoretical Studies ◽  
Fiscal Consolidation ◽  
State Budget ◽  
The Public ◽  
Finance Law

The need for sustaining of public finance stability is indicated as a key element of proper and effective, sound fiscal policy. Both revenues and expenditures are very strictly regulated by the public finance law provisions. Discussion conducted by experts concerning activities for consolidation in area of public finance very often focused on the substance of provisions of these basic acts of law. Retrospective analysis could lead to the conclusion (prove the thesis) that the importance of special law acts which are strictly functionally linked with state budget for particular budgetary year – to some extent – has not been adequately assessed and even noticed yet in theoretical studies. Due to above mentioned circumstances, in this article the changes in public finance law provisions were presented, which were implemented during procedures of preparation budgetary acts projects in the period 2009-2012, which confirm thesis formulated by the author. Article has an analytical character.

scholarly journals Fiscal Rules, Automatic Stabilizers and Discretionary Fiscal Actions: Analyzing an Emerging Economy

2015 ◽  
Vol 2 (2) ◽  
pp. 25
Author(s):  
Ricardo Ramalhete Moreira
Keyword(s):  
Fiscal Policy ◽  
Public Debt ◽  
Emerging Economy ◽  
Fiscal Rules ◽  
The Public ◽  
Vec Model ◽  
Fiscal Rule ◽  
Automatic Stabilizers

This article analyzes the nature of the fiscal rule in Brazil, over the period from January 2005 to July 2012, using a VEC model. The initial findings identify a (weak) fiscal rule, as nominal deficits react counter-cyclically to domestic public debt and inflation changes. However, when we isolate the discretionary component of the fiscal policy its pro-cyclical bias can be highlighted. The estimates contribute to understand the preliminary findings and why such a policy is not enough to impose a sustainable downturn movement on the public debt / GDP ratio in Brazil over the last years.

scholarly journals The Significance of Openness and Transparency for Accountability in Public Finances

e-Finanse ◽  
2018 ◽  
Vol 14 (2) ◽  
pp. 58-66
Author(s):  
Jolanta Szołno-Koguc
Keyword(s):  
Public Finance ◽  
Practical Experience ◽  
Public Authorities ◽  
Public Finances ◽  
Essential Condition ◽  
The Public ◽  
System A ◽  
The Subject ◽  
Finance Theory ◽  
Descriptive Method

AbstractAn essential condition for asserting responsibility in public finances is that they are open and transparent. The Public Finance Act mentions ways of applying the principles of openness, and also stipulates the entities obliged to present data and information on public finances. There is, however, no legislation connected directly with transparency. So do the general requirements of classification and of accountancy and reporting principles constitute sufficient premises for accountability and asserting responsibility? An analysis of the reports and documents concerning the Polish public finance sector indicates that the processes of collecting and spending public funds are insufficiently transparent. The information system enables formal verification of discipline of public finances; however, it does not provide a sufficient basis to assess the effectiveness and efficiency, which are of key importance in terms of accountability. The aim of the article is to analyse the requirements and standards in the field of openness and transparency insofar as these concern the responsibility and accountability of public authorities, along with elements of how these are assessed in the Polish public finance system. A normative descriptive method was applied which took into consideration elements of finance theory, as well as an analysis of practical experience in the field of how public sector bodies function in Poland. The research objectives are realised mainly on the basis of a critical review of the literature on the subject, and an analysis of legal acts, reports and other documents of domestic and international institutions. The considerations and analyzes have led to several key applications to develop the principles of openness and transparency in relation to improving the accountability of public finances.

Directions for improving the public finance management system of the country

2021 ◽  
Vol 2021 (8) ◽  
pp. 47-67
Author(s):  
Yurii LUPENKO ◽  
◽  
Yurii RADIONOV ◽  
◽  
Keyword(s):  
Public Finance ◽  
Economic Policy ◽  
Economic Development ◽  
Financial Management ◽  
Management System ◽  
Fiscal Rules ◽  
The Public ◽  
Finance Management ◽  
New Instrument ◽  
Socio Economic Development

The article analyzes the system of public finance management of the country, identifies a number of existing problems and outlines areas for further improvement and development. Emphasis is placed on the need to apply best practices in public finance management, in particular the introduction of a new instrument for coordinating fiscal and economic policy, called the European Semester, a tool for monitoring compliance with fiscal rules, similar to the German debt brake, and appropriate regulatory measures as well as the application of program-target budgeting method. It is expedient to create in Ukraine a tool similar to the European Semester in order to strengthen monitoring of the formation and implementation of fiscal, budgetary, economic policy of the state, promote broad public involvement and other stakeholders in 7collectivediscussion of budget requests, plans, concepts, socio-economic development strategies, carrying out structural economic reforms. The authors focus on the existing system of public finance management of the country, which requires an integrated approach, taking into account all components as a holistic mechanism of the system. It is emphasized that digitalization of the entire system and reduction of paperwork to zero will improve its manageability. In reforming the public financial management system, it is necessary to determine the unique role of each institution, which operates within a single mechanism and affects the effectiveness of its work, including those that assess its condition and ensure the reliability of the system, stimulate effective levers and tools finances. This will increase the efficiency of the distribution of budget expenditures, ensure the rational use of budget funds, sustainable dynamics of socio-economic development of the country, increase the welfare of citizens. Keywords: budget, budget funds, budget expenditures, public finance management system, socio-economic development of the country.

scholarly journals Cultural Heritage of Ukraine: the Problems of Study, Conservation and Use

2021 ◽  
pp. 67-74
Author(s):  
Nataliia Chorna ◽  
Keyword(s):  
Cultural Heritage ◽  
Public Authorities ◽  
The Public ◽  
Heritage Sites ◽  
Short Period ◽  
Challenges And Opportunities ◽  
General Scientific ◽  
Historical Methods ◽  
Historical Past ◽  
Near Future

The purpose of this article is to study the theoretical and methodological and practical aspects of the problem of study, conservation and use of cultural heritage sites of Ukraine, taking into account present challenges and opportunities. The research methodology is represented by a set of general-scientific and special historical methods of scientific knowledge, the principles of historicism, scientificity, systematization and complexity. The scientific novelty of this article involves an attempt to understand, from a holistic perspective, the problem of study, conservation and use of cultural heritage of Ukraine, based on the analysis of the relevant legal and regulatory framework and researches made by the contemporaries on the studied subject, as well as today's realities we are witnessing. Conclusions. A brief historical insight into the origins of interest in the problem of study, conservation and use of cultural heritage sites in Ukraine has certified a relatively short period of its antiquity, although this interest has significantly increased over the course of time. At present time, the defined range of issues is extremely relevant, because in a certain area there are a number of problems, the unresolved nature of which in the near future threatens the physical loss of many unique monuments of antiquity, which together make the basis for the reconstruction of the historical past of the Ukrainian people, testify to the ethno- and nation-genesis of Ukrainian heritage, its identity and separateness. The problems which need to be resolved as soon as possible include the improvement of regulatory and legal support for the protection of cultural heritage sites, the organization and implementation of monument protection activities, registration of cultural monuments, their study, protection and restoration. Taking care of the future that, in the opinion of the most Ukrainian citizens, as well as the public authorities, is connected with Europe and the values it promotes, these problems need to be resolved already in the near future.

scholarly journals Local Government Debt Control Methods by Regional Chambers of Audit

2018 ◽  
Vol 26 (4) ◽  
pp. 51-63
Author(s):  
Mirosław Legutko
Keyword(s):  
Public Finance ◽  
Local Government ◽  
Local Governments ◽  
Government Debt ◽  
Control Methods ◽  
The Public ◽  
Paper Cover ◽  
The Individual ◽  
Reporting Data ◽  
Negative Phenomena

The aim of this paper was to evaluate the system of control over local government debt exercised by the Regional Chambers of Audit (RCA) and to present the conclusions and expectations resulting from this assessment both generated by the RCA and applicable to the RCA within the scope of conducted debt audits. The method applied to assess legal regulations included analysis of legislative documents, i.e. primarily the Constitution, the Public Finance Act of 27 August 2009, Act of 7 October 1992 on Regional Chambers of Audit and the Regulation of the Minister of Finance of 28 December 2011 on the detailed manner of classifying debt titles classified as public debt. The analyses contained in this paper cover the period from 2014, when the Individual Debt Ratio defined in art. 243 of the Public Finance Act came into force, until 2018. The presented data and regulations confirm the correct functioning of the extensive control system in this respect. Every year, the number of negative assessments of local government debts decreases. However, it seems necessary to eliminate negative phenomena, such as: extending debt repayment period, use of unlimited types of debt titles and falsification of reporting data. The elimination of these negative phenomena may be achieved through amendments to the currently binding law regulating obtaining funding by local governments.

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