scholarly journals DEMOGRAPHICALLY-DETERMINED CHANGES IN PUBLIC SPENDING ON EDUCATION IN UKRAINE IN THE CONTEXT OF FISCAL SUSTAINABILITY

2020 ◽  
pp. 133-146
Author(s):  
Nataliia Nazukova
Keyword(s):  
Public Finance ◽  
Age Structure ◽  
Fiscal Sustainability ◽  
Social Spending ◽  
Economic Science ◽  
Finance System ◽  
The Public ◽  
Demographic Aging ◽  
The Future ◽  
The Impact

Introduction. Ensuring the sustainability of the public finance system forms the basis for sustainable development and growth of the national economy. The sustainability of the public finance system is influenced by both macro-financial indicators and indicators of government spending and debt. It is well known that the demographic burden on the budget will grow in the future. This will be manifested in an increase of government’s social spending. Therefore, studies of the impact of demographically-driven costs on the sustainability of public finances in the future are relevant. Insufficiently studied – in this particular context – are the government’s spending on education, which led to the choice of the subject of the study. Purpose. The purpose of the research is in analytical assessment of the impact of changes in the volume of spending on education (caused by the demographic aging in Ukraine) on budgetary sustainability. Method (methodology). The methodological basis of the study is the theoretical provisions of the economic science of public finance in general and public funding of education in particular. The article uses general scientific methods of theoretical and empirical knowledge: analysis and synthesis of data on financing of various levels of education and their age structure; mathematical modeling and forecasting in assessing the demographic impact on public finance’ sustainability; systemic analysis of the results. Results. The article reflects the main results of the analysis of demographically determined trends in the volume of financing of various levels of education in Ukraine, determines the age proportions of financing of education in the base year and decomposes the corresponding spending by the age structure of the population; changes in the volume of budget financing of various levels of education in Ukraine in the medium and long term (taking into account forecasts of demographic aging of the population), estimates the impact of demographically determined changes in the volume of budget financing of education on the sustainability of public finance in the medium term. The results can be applied in budget planning, in the development of a budget declaration and program-targeted documents regarding financing of the education sector in Ukraine.

scholarly journals The impact of tax and budget policy on the level of economic growth

2020 ◽  
pp. 179-187
Author(s):  
Valentyna Makohon ◽  
Iryna Adamenko
Keyword(s):  
Public Finance ◽  
Economic Growth ◽  
Fiscal Policy ◽  
Social Relations ◽  
Scientific Research ◽  
Regulatory Function ◽  
Finance System ◽  
The Public ◽  
The Impact

Relevance of the research topic. In the current conditions of development of social relations, the issues of increasing the validity of fiscal policy, using its regulatory potential for the proper fulfillment of tasks and functions entrusted to them by state bodies and local self-government bodies are actualized. An important task of fiscal policy is to improve its instruments aimed at accelerating economic growth. At the same time, the peculiarities of the formation and implementation of fiscal policy in both the advanced and transformational economies are conditioned by a number of factors, the most important of which are: the level of economic growth and institutional capacity of the country. Formulation of the problem. Based on the transformation processes in the domestic system of public finances, the major tasks are: the reconciliation of fiscal policy with the strategic task of socio-economic development of the country, improving the architecture of budget revenues and expenditures; ensuring the concentration of limited budgetary resources in those sectors of the economy that will facilitate the acceleration of economic growth, which requires further scientific studies of theoretical and applied aspects of fiscal policy formulation and implementation, assessment of its impact on the level of economic growth. At the same time, the choice of fiscal policy instruments should be made taking into account the cyclical and dynamic economic processes. Analysis of recent research and publications. The problems of forming and implementing fiscal policy are quite common in scientific research. These are the works of well-known domestic and foreign scientists: J. Buchanan, W. Mitchell, J. M. Keynes, T. Bogolib, I. Zapatrina, L. Lisyak, I. Chugunov and others. Highlighting unexplored parts of a common problem. The aforementioned issues are updated due to the increasing globalization processes, the unfavorable external and internal economic environment, which requires a number of specific tasks related to the development of fiscal policy. Goal setting, research goals. The objectives of the study are: to reveal the nature and role of fiscal policy in ensuring economic growth, to substantiate the features of fiscal policy in the current conditions of development of the public finance system; to analyze and evaluate the consolidated budget revenues and expenditures; identify the main factors that influence the peculiarities of fiscal policy implementation; to open up provisions for improving the efficiency of the fiscal policy regulatory mechanism. The purpose of the study is to substantiate the priorities of fiscal policy of economic growth in the context of institutional transformation. Research method or methodology. The set of methods of scientific research is applied in the article: systematic approach, statistical analysis, structuring, analysis, synthesis, etc. Basic material presentation (results of work). The essence and role of fiscal policy in ensuring the economic growth of the country are determined. The consolidated budget revenues and expenditures have been analyzed and estimated. The priorities of fiscal policy of economic growth in the context of institutional transformations are substantiated. Area of application of results. The results of this study can be applied in the process of forming and implementing fiscal policy of Ukraine, reforming the public finance system. Conclusions according to article. Fiscal policy is a dynamic system of goals, directions and tasks of public authorities and local self-government aimed at ensuring the stability, stability and balance of the budget system, further improving the institutional environment of budgetary relations, taking into account the cyclical and dynamic economic processes. Developing an effective fiscal policy involves developing a structural and functional model of fiscal policy that is based on the integration of institutional components of the budgetary space. Assessment of the impact of fiscal policy on economic growth should include a detailed analysis of the architecture of budgetary indicators, as well as an assessment of possible risks. In modern conditions of development of social relations the important tasks of fiscal policy are: optimization of the level of tax burden; improvement of the architectonics of budget expenditures (a significant share of budget expenditures goes to consumption); improving the architecture of budget revenues, in particular by changing the relationship between indirect and direct taxes; raising the level of the regulatory function of fiscal policy, in particular by supporting the development of major sectors of the economy. The article identifies strategic priorities of fiscal policy of economic growth in the context of institutional transformations.

FINANCIAL SYSTEM RISKS

2021 ◽  
pp. 13-21
Author(s):  
S. E. Demidova ◽  
Keyword(s):  
Public Finance ◽  
Social Economic ◽  
Financial System ◽  
System Stability ◽  
Theoretical Research ◽  
Financial Risks ◽  
The Public ◽  
Systemic Risks ◽  
The Social ◽  
The Impact

Government interference in the social-economic processes through the implementation of anti-crisis measures and fiscal expansion holds the embodiment of financial risks for economic entities. As a result, government debt and budget gaps at the continuing drop of real disposable household income and companies’ profitability grow. Over a long-term horizon, the decisions made can cause a financial system misbalance and new risk generation, including systemic risks in the sphere of public finance. The author carries out the theoretical research of financial system risks, which can result in a decrease in the system stability in general. The study determines that there is no single theoretical concept of financial risks of the public sector. Within the research, the author analyzed the approaches to systemic risks in various economic sectors and decomposed systemic risk of the public finance sphere. The study specified global factors of influence on the financial system stability, determined the impact factors and common fiscal limitations considering the needs in the execution of state obligations. The pandemic factor – COVID-19 spread is highlighted as an exogenous factor of impact on the formation of financial system misbalances. The main threat to the financial system stability considered in terms of the functional-institutional approach is the deficiency of economic entities’ liquidity. Unprecedented budgetary measures of anti-crisis financial regulation, the deferred impact – tax preferences, and monetary measures had an immediate influence on the liquidity volume during the implementation of anti-COVID activities. Tools of budgetary monitoring, budget expenditures reviews, tax expenditures reviews, and budget consolidation ensure the budget mechanism flexibility. Factors producing financial system risks and the selected measures of state regulation will set the trends for the social-economic development of the country in the coming years.

scholarly journals Prawnofinansowy status Agencji Nieruchomości Rolnych

2017 ◽  
pp. 119-134
Author(s):  
Wojciech Fill
Keyword(s):  
Public Finance ◽  
Public Sector ◽  
The State ◽  
Significant Part ◽  
Private Law ◽  
Financial Status ◽  
Legal Personality ◽  
The Public ◽  
Executive Agencies ◽  
The Impact

The legal-financial status of the Agricultural Property Agency is complex. Rights and obligations of the financial nature of the public are interspersed with numerous powers and duties of the sphere of private law. Specific elements shaping financial status Agency are organizational relationship and the capital of other legal entities, including primarily with the Treasury and the companies controlled by the Agency. They occur in the context of normative pass Agency to the public finance sector and its companies to the category of public sector entities. In view of the takeover by the executive agencies, a significant part of the tasks previously performed by the state without legal personality, budgetary establishments, precisely in this area normative appeared completely unique opportunity to examine the impact of the construction of legal personality to changes in the shape of subjectivity.

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.

scholarly journals CLIMATE CHANGE AND FISCAL SUSTAINABILITY: RISKS AND OPPORTUNITIES

2021 ◽  
Vol 258 ◽  
pp. 28-46
Author(s):  
Matthew Agarwala ◽  
Matt Burke ◽  
Patrycja Klusak ◽  
Kamiar Mohaddes ◽  
Ulrich Volz ◽  
...  
Keyword(s):  
Climate Change ◽  
Global Economy ◽  
Fiscal Sustainability ◽  
The Public ◽  
Climate Targets ◽  
Hedging Strategies ◽  
Net Zero ◽  
The Impact ◽  
Macroeconomic Risks ◽  
Impacts Of Climate Change

Both the physical and transition-related impacts of climate change pose substantial macroeconomic risks. Yet, markets still lack credible estimates of how climate change will affect debt sustainability, sovereign creditworthiness and the public finances of major economies. We present a taxonomy for tracing the physical and transition impacts of climate change through to impacts on sovereign risk. We then apply the taxonomy to the UK’s potential transition to net zero. Meeting internationally agreed climate targets will require an unprecedented structural transformation of the global economy over the next two or three decades. The changing landscape of risks warrants new risk management and hedging strategies to contain climate risk and minimise the impact of asset stranding and asset devaluation. Yet, conditional on action being taken early, the opportunities from managing a net zero transition would substantially outweigh the costs.

scholarly journals Accrual accounting and public finance reforms in Hungary: the study of application in the public sector

2020 ◽  
Vol 183 (5-6) ◽  
pp. 89-105
Author(s):  
Csaba Lentner ◽  
◽  
Petronella Molnar ◽  
Vitez Nagy ◽  
◽  
...  
Keyword(s):  
Public Finance ◽  
Public Sector ◽  
Historical Background ◽  
Accounting System ◽  
The European Union ◽  
Accrual Accounting ◽  
Public Funds ◽  
The Public ◽  
Table Analysis ◽  
The Impact

Introduction. The increasing measurability of performances in the public sector in the countries of the post-soviet region, including Hungary, has come to the limelight in recent decades. Accrual accounting, adopted in Hungary in 2014 on the recommendation of the European Union, provides decision-makers with reliable information and simultaneously improves transparency in spending. Purpose and Methodology. This study focuses on the impacts and synergies of the parallel comprehensive reforms in the public finances and the adoption of the accrual accounting system. We conducted an empirical research among 2425 budgetary organisations (during June 2018 - January 2019) and analysed the correlation between the variables with cross-table analysis. Our survey covered 19.1 per cent of all the budget organisations in Hungary. Thus, thanks to the sample size the survey results analysis gives a comprehensive view of the entire country based on the real feedback regarding the implementation of the new practices. Results. In the course of the survey, the organisations were asked to describe how they were affected by the transition to the new accounting system, how they had prepared for the statutory changes and compliance, what additional tasks the adoption of the new system required of them, and how they evaluated the impacts of the application of accrual accounting after five years. The inquiry focussed on the impact this new accrual-based accounting system had on the business management of the given organisation and thus the efficient use of public funds. The results confirm that the historical background and the peculiarities of managing public funds in a country should also be taken into account during the adoption of reforms along with thorough preparation. Our research also sheds light on the fact that the successful 2014 adoption of accrual accounting could achieve its full purpose in an environment ensured by comprehensive public finance reforms and laws adopted after 2010. In other words, the precondition of enforcing the new rules of accrual accounting applied in the public sector included the reinforcement of budgetary regulation and control procedures. Conclusion. The study reports more favourable public sector procedures, proves that the adoption of accrual accounting has been justified and that the higher focus on performance and efficiency achieved through accrual accounting is important.

Revised standards of proficiencies for midwives: an opportunity to influence childhood health?

2020 ◽  
Vol 28 (3) ◽  
pp. 150-154
Author(s):  
Samantha Meegan
Keyword(s):  
Public Health ◽  
Child Development ◽  
Evidence Base ◽  
Early Child Development ◽  
Childhood Health ◽  
Early Child ◽  
The Public ◽  
The Future ◽  
The Uk ◽  
The Impact

The first 1 000 days of life are critical during early child development, yet the significance of this time and the impact on childhood health have only recently been recognised within the UK. In early 2020, the Nursing and Midwifery Council (NMC) released revised standards of proficiency for midwives. These draw on the evidence-base generated by recent research developments within public health, providing the first update of midwifery standards for a decade. This article critically explores the main aspects within the NMC's future midwife proficiencies that relate to the public health component of the midwifery role, and will examine how these factors can equip midwives of the future to support women, their babies and families within the fundamental early days of life.

scholarly journals Caring for the future can turn tragedy into comedy for long-term collective action under risk of collapse

2020 ◽  
Vol 117 (23) ◽  
pp. 12915-12922 ◽  
Author(s):  
Wolfram Barfuss ◽  
Jonathan F. Donges ◽  
Vítor V. Vasconcelos ◽  
Jürgen Kurths ◽  
Simon A. Levin
Keyword(s):  
Climate Change ◽  
Collective Action ◽  
Experimental Testing ◽  
The Public ◽  
Regime Changes ◽  
The Future ◽  
The Commons ◽  
Future Outcomes ◽  
The Impact

We will need collective action to avoid catastrophic climate change, and this will require valuing the long term as well as the short term. Shortsightedness and uncertainty have hindered progress in resolving this collective action problem and have been recognized as important barriers to cooperation among humans. Here, we propose a coupled social–ecological dilemma to investigate the interdependence of three well-identified components of this cooperation problem: 1) timescales of collapse and recovery in relation to time preferences regarding future outcomes, 2) the magnitude of the impact of collapse, and 3) the number of actors in the collective. We find that, under a sufficiently severe and time-distant collapse, how much the actors care for the future can transform the game from a tragedy of the commons into one of coordination, and even into a comedy of the commons in which cooperation dominates. Conversely, we also find conditions under which even strong concern for the future still does not transform the problem from tragedy to comedy. For a large number of participating actors, we find that the critical collapse impact, at which these game regime changes happen, converges to a fixed value of collapse impact per actor that is independent of the enhancement factor of the public good, which is usually regarded as the driver of the dilemma. Our results not only call for experimental testing but also help explain why polarization in beliefs about human-caused climate change can threaten global cooperation agreements.

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