The Financial System Stability: The Essence, Vulnerability, Ways to Provide

2021 ◽  
pp. 81-90
Author(s):  
Yurii Lupenko ◽  
◽  
Yurii Radionov ◽  
◽  
◽  
...  
Keyword(s):  
Budget Deficit ◽  
Financial System ◽  
Decisive Role ◽  
The State ◽  
System Stability ◽  
State Budget ◽  
Internal Factors ◽  
Endogenous Factors ◽  
The Government ◽  
The Stability

The state financial system must function smoothly and respond promptly to destabilizing exogenous and endogenous factors that can arise at any time. Therefore, ensuring the financial system's stability and improving its mechanisms is an important component of public policy. The purpose of the article is to reveal the essence of the financial system's stability, identify internal factors of the financial vulnerability of Ukraine that may affect the effectiveness of the country's financial system, and find ways to overcome them. The content of the concept of "stability of the financial system" is revealed. It is established that the use of different terminology indicates the complexity and, at the same time, the versatility of this term. According to international experience, the country's central bank has a decisive role in assessing the stability of the financial system; in Ukraine, this function is performed by the National Bank of Ukraine. It was found that inefficient use of budget funds is one of the key factors in the financial system's vulnerability. The state of execution of the State Budget of Ukraine in 2020 is analyzed. It has been established that over the last decade, the budget has been executed with a deficit, and the existence of a significant budget deficit leads to a movement in the “debt spiral”. The Government borrows a significant amount of money to implement the budget, and therefore it is becoming increasingly difficult to attract them on reasonable terms. Failure to receive the funds leads to late spending. Thus, the budget deficit, public debt, and inefficient use of budget funds are the internal factors that increase the financial system's vulnerability and undermine its stability.

THE EUROPEAN UNION AND ITALY RELATIONS IN THE CONTEXT OF SUPRANATIONAL FISCAL REGULATION

2021 ◽  
pp. 208-221
Author(s):  
Dmitrii О. Mikhalev ◽  
◽  
Egor’ A. Sergeev ◽  
Keyword(s):  
European Union ◽  
Budget Deficit ◽  
Stability And Growth Pact ◽  
The European Union ◽  
Internal Factors ◽  
Growth Pact ◽  
Discretionary Fiscal Policy ◽  
The Government ◽  
The Stability ◽  
The Eu

The article presents a retrospective analysis of relations between the government of Italy and the European Union institutions in the context of supranational fiscal regulation in 2002–2019. The authors analyze the influence of external and internal factors on the state of public finance in Italy, note the reasons that made it difficult to meet the requirements of the Stability and Growth Pact, study the main issues on the agenda in the EU-Italy relations and their evolution. The authors also come to conclusion that unlike the earlier discussions about correcting budget deficit in Italy, current focus of supranational fiscal governance is shifted to preventing it, what challenges the economic sovereignty of Italy and country’s opportunities to conduct a discretionary fiscal policy.

scholarly journals QUARTERLY OUTLOOK ON MONETARY, BANKING, AND PAYMENT SYSTEM IN INDONESIA: QUARTER I, 2016

2016 ◽  
Vol 18 (4) ◽  
pp. 357-378
Author(s):  
TM Arief Machmud ◽  
Syachman Perdymer ◽  
Muslimin Anwar ◽  
Nurkholisoh Ibnu Aman ◽  
Tri Kurnia Ayu K ◽  
...  
Keyword(s):  
Financial Market ◽  
Government Spending ◽  
Banking System ◽  
Financial System ◽  
Private Investment ◽  
System Stability ◽  
Domestic Economy ◽  
Limited Growth ◽  
The Government ◽  
The Stability

The growth of domestic economy in Indonesia is lower than forecasted in first quarter of 2016.However, the economy is expected to revive and will grow higher in the next quarter, with a well maintained financial system stability. The limited growth of government consumption as well as private investment are the main reason for the slower growth in this quarter, eventhough the government spending on capital goods accelerates. The growth of private consumption remains high with reasonable price movement. With the increase of several commodities’ export, the external performance of export in aggregate also increased. On the other hand, the financial system stability was stable due to viable banking system and better financial market performance. The stability of Rupiah was well maintained, supported by positive expectation on domestic economy and the lower risk of the global financial market.

scholarly journals LEGAL MEANS AND INSTRUMENTS OF REGULATION ECONOMIC RELATIONS IN UKRAINE

2021 ◽  
pp. 45-50
Author(s):  
I.S. Pyroha ◽  
S.S. Pyroha
Keyword(s):  
Economic Development ◽  
Exchange Rate ◽  
Budget Deficit ◽  
Domestic Market ◽  
The State ◽  
Main Element ◽  
State Budget ◽  
Economic Relations ◽  
The Exchange Rate ◽  
The Stability

The paper investigates the most optimal forms and methods of legal influence on public relations in the field of economics. The absence of the main element of the economic mechanism – competition requires a proper assessment of the causes of existing problems, the right choice and the optimal set of means of influencing economic relations in order to accelerate the socio-economic development of Ukraine. Among the numerous legal problems of state regulation of the socio-economic sphere, two are identified, which are interdependent – ensuring the stability of the hryvnia exchange rate and increasing the share of goods of own production in the domestic market. To ensure the stability of the hryvnia exchange rate, the need to fix it for a long time with the establishment of an allowable range of fluctuations, in which the exchange rate changes in both directions with equal probability, is substantiated. The devaluation of the exchange rate should not be planned in the State Budget and used as a way to hide its actual deficit. The real budget deficit should be determined by the sum of the percentage of hryvnia devaluation and the percentage of the planned direct budget deficit. The hryvnia exchange rate should not be fixed in the State Budget, as such a provision of the law releases the National Bank of Ukraine from the constitutional obligation to ensure the stability of the hryvnia exchange rate provided for in Art. 99 of the Constitution of Ukraine. The means of maintaining a stable hryvnia exchange rate is to increase the share of goods / services of own production in the domestic market and to reach the minimum critical level of 50% within one or two years. To assess the achieved level, it is not necessary to use statistical indicators, but only the actual amounts of VAT contributed to the budget received from the sale of goods / services. Achieving the proposed level involves the transition to innovation and investment model of economic development. Two own sources of investment are proposed – the introduction of a new tax on exported capital and the forced legalization of capital exported from Ukraine earlier.

scholarly journals Increasing the Indonesia's Tourism Sector to be more Competitively

2021 ◽  
Author(s):  
Sharon Oen
Keyword(s):  
Budget Deficit ◽  
The State ◽  
State Budget ◽  
Current Transaction ◽  
Tourism Sector ◽  
The Future ◽  
The Government

Currently and in the future, Indonesia is still said to be very dependent on tourism to cover the current transaction deficit and the state budget deficit. The obstacle that must be overcome by the government and tourism business actors is achieving the target of foreign tourists visiting Indonesia. Therefore, this discussion is to Increasing the Indonesia's Tourism Sector to be more Competitively.

Equilibrium, Growth and Reform

2006 ◽  
Vol 56 (4) ◽  
pp. 371-397
Author(s):  
János Kornai
Keyword(s):  
Budget Deficit ◽  
Labour Productivity ◽  
The State ◽  
Real Wages ◽  
State Budget ◽  
Adjustment Program ◽  
The Government ◽  
The Relationship ◽  
Equilibrium Growth

In 2001 the Hungarian economy departed from the path of balanced growth. During the past six years the state budget deficit has grown to an unsustainable level, and also the deficit in the current accounts has become too high. Real wages have increased considerably faster than labour productivity. These difficulties and other macroeconomic troubles led the Hungarian Government to the introduction of an adjustment program in July 2006. The first part of the article analyses the current macroeconomic situation and the expected economic and social effects of the adjustment program. The commitment and determination of the government is shown by the fact that they are ready to accept the political “price” of the program, i.e. that the unavoidable measures will probably reduce the popularity of the election winning political powers.  The second part of the article discusses the relationships concerning measures requiring immediate execution and reforms aimed at long-lasting effects and in-depth institutional changes. These are indispensable to the sustainability of the effects of the adjustment. In connection with this, the paper reflects on the relationship between the budget deficit and the size of the state, on the proportions of state- and self-support, as well as on the speed and the gradual implementation of the reforms.

scholarly journals Analisis Kekebalan Hukum Bagi Komite Stabilitas Sistem Keuangan (KSSK) Berdasarkan Undang-Undang Republik Indonesia Nomor 2 Tahun 2020 Tentang Penetapan Peraturan Pemerintah Pengganti Undang-Undang Nomor 1 Tahun 2020 Tentang Kebijakan Keuangan Negara Dan Stabilitas Sistem Keuangan Untuk Penanganan Pandemi Corona Virus Disease 2019 (Covid- 19) Dan/Atau Dalam Rangka Menghadapi Ancaman Yang Membahayakan Perekonomian Nasional Dan/Atau Stabilitas Sistem Keuangan Menjadi Undang-Undang

2020 ◽  
Vol 4 (4) ◽  
Author(s):  
Siti Rachmawati Gunawan
Keyword(s):  
Economic Crisis ◽  
Virus Disease ◽  
Financial System ◽  
The State ◽  
System Stability ◽  
Corona Virus ◽  
The Government

To overcome the worst economic crisis caused by the Corona Virus Disease - 19 pandemics, the Government issued Perppu No.1 of 2020 which regulates the incorporation of the Financial System Stability Committee (KSSK). Whereas in the Perppu number 1 of 2020, it is stipulated that the KSSK cannot be sued or prosecuted criminally, and the decisions made by the KSSK are also not subject to the State Administrative Court. Which such regulation creates absolute legal immunity for KSSK.

scholarly journals Investigation of external and internal shock in the stability of Indonesia’s financial system

2017 ◽  
Vol 7 (3) ◽  
pp. 6-16
Author(s):  
Maulina Vinus ◽  
Suhal Kusairi
Keyword(s):  
Economic Growth ◽  
Financial Stability ◽  
Financial System ◽  
Quantitative Measure ◽  
Stability Index ◽  
External Factors ◽  
System Stability ◽  
Climate Index ◽  
Internal Factors ◽  
The Stability

The objective of this research is to develop a financial system stability index and analyze the internal and external factors that we expect to affect the stability of the Indonesian financial system. We measured the single model of financial system stability index (FSSI) from year 2004M03 to2014M09 in Indonesia, and compiled a single quantitative measure based on aggregate internal factors and external factors to capture and predict the shocks of the financial system stability. Stability parameters were composed of composite indicators on different bases. In addition, we developed a comprehensive index component associated with the relevant market conditions, including banking soundness index, financial vulnerability index, and regional economic climate index. Results stated that US economic growth and economic growth of ASEAN countries positively affected financial stability. In addition, current account, exchange rate, inflation, interest rate were shown to negatively affect financial stability. The results of this study imply that internal factors have a strong influence on the financial stability. Therefore, the central bank should give a fast and correct response to the changes of external and internal financial environment, especially for internal factors through monetary policy.

Hukum Denda dalam Keuangan Publik Islam di Indonesia

2018 ◽  
Vol 12 (2) ◽  
pp. 313-328
Author(s):  
Fathul Aminudin Aziz
Keyword(s):  
Islamic Law ◽  
The State ◽  
Mutual Benefit ◽  
State Budget ◽  
The People ◽  
The Status ◽  
The Government

Fines are sanctions or punishments that are applied in the form of the obligation to pay a sum of money imposed on the denial of a number of agreements previously agreed upon. There is debate over the status of fines in Islamic law. Some argue that fines may not be used, and some argue that they may be used. In the context of fines for delays in payment of taxes, in fiqh law it can be analogous to ta'zir bi al-tamlīk (punishment for ownership). This can be justified if the tax obligations have met the requirements. Whereas according to Islamic teachings, fines can be categorized as acts in order to obey government orders as taught in the hadith, and in order to contribute to the realization of mutual benefit in the life of the state. As for the amount of the fine, the government cannot arbitrarily determine fines that are too large to burden the people. Penalties are applied as a message of reprimand and as a means to cover the lack of the state budget.

TANGGUNGJAWAB REKTOR SEBAGAI KPA DALAM PENGELOLAAN KEUANGAN PERGURUAN TINGGI NEGERI YANG MENYELENGGARAKAN PENGELOLAAN KEUANGAN BADAN LAYANAN UMUM (PTN PK-BLU)

2018 ◽  
Vol 2 (3) ◽  
pp. 427
Author(s):  
Dewi Kania Sugiharti ◽  
Muhammad Ziaurahman ◽  
Sechabudin Sechabudin
Keyword(s):  
Public Service ◽  
The State ◽  
Service Agency ◽  
State Budget ◽  
Procurement Process ◽  
The Law ◽  
The Government

Universities that apply the concept of Public Service Agency (BLU - PK PTN ) in performing functions as an organ which is engaged in the service infrastructure support through goods or services . As an institution under the auspices of the government and the state budget receives PTN PK - BLU implement mechanisms to acquire goods or services in accordance with the law. However, the procurement process in obtaining goods or services sometimes poses problems that arise as a consequence of the passage of the procurement of goods or services involving the organs in it as PA / KPA , KDP , ULP , and Committee / Receiver Procurement Officer. Rector of the KPA in PK - BLU PTN has the authority to control the organs that carry out the process of procurement of goods / services in the environment . Errors in the procurement process of goods / services performed by the CO and the ULP / Procurement Officer causing state losses due to these errors, either due to negligence or unlawful acts. As the KPA in the process of procurement of goods / services Rector can control the organs in accordance with the authority given. The consequences are acceptable if the authorities ultimately the procurement of goods / services did not heed the warning Rector officials related procurement process of goods / services will receive sanctions. Keywords: Authorized Budget, Financial State.

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.

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