scholarly journals RISK MANAGEMENT IN PUBLIC FINANCE SYSTEM OF UKRAINE UNDER GLOBAL CHALLENGES

2021 ◽  
Author(s):  
Diana TRETIAK ◽  
Nataliia MIEDVIEDKOVA
Keyword(s):  
Public Finance ◽  
Risk Management ◽  
Comparison Method ◽  
Functional Method ◽  
Budget Process ◽  
Finance System ◽  
Finance Management ◽  
Global Challenges ◽  
Progressive Reforms ◽  
The Impact

Purpose – to analyze the current state of risk management in Public Finance System of Ukraine and prefer recommendations for its improvement. Research methodology – the structural-functional method (for revealing the influence mechanism of public finance risks on main indicators of Public Finance System), the comparison method (for comparing the main indicators of Public Finance System between Ukraine and other countries). Findings – recommendations for reducing of public finance risks will provide the budget with reliable sources of in-comes, optimize the structure of government spending, and improve the budget process in order to create conditions for enhancing the quality and efficiency of budget decisions. Research limitations – some risks are only of a qualitative nature and cannot be measured to analyze the impact of risks on the main indicators of Public Finance System. Practical implications – improvement of a risk-oriented method in Public Finance System under global challenges is an effective method of developing the existing Public Finance Management in Ukraine. Originality/Value – risk management in Public Finance system under global challenges is a new stage of comprehen-sive relations which opens the way for further progressive reforms. A great importance is to use the experience of risk management measures gained by EU states, but also taking into account the peculiarities of socio-economic situation in Ukraine.

scholarly journals Program-Targeted Approach in Public Finance Management: Modern Problems of Budgetary Planning

2021 ◽  
pp. 107-121
Author(s):  
Igor Molchanov ◽  
Natalia Molchanova ◽  
Natalia Nurislamova
Keyword(s):  
Public Finance ◽  
Financial Management ◽  
Information Technologies ◽  
Public Law ◽  
Planning System ◽  
Financial Policy ◽  
Budget Process ◽  
Finance Management ◽  
Financial Management System ◽  
The Impact

The purpose of the article is to identify areas for improving budgetary planning tools as an integral part of public finance management. The level of quality of budgetary planning is an important factor in balancing budgets at different levels of the budget system at the time of increasing global instability. Effective measures are taken under conditions of permanent improvement of financial management, based on the use of advanced information technologies, innovative methods for assessing the socio-economic situation of public-law entities. Theoretical and methodological bases of functioning of the budgetary planning system, the possible ways of its improvement in the context of institutional transformations are identified. During the period of actualization of strategic goal-setting in the economy, for the development of the financial management system in terms of improving the budget process, a detailed analysis and assessment of the impact of internal and external factors on the financial and economic environment is required. Opportunities to identify certain patterns and objective trends in the dynamics of macroeconomic indicators and parameters of budgets of the budgetary system are created on this basis. The timeliness of the use of such financial tools as budgeting, result orientation and program-targeted planning, the use of which allows to link the expenditures of public-law entities with the current financial policy, as well as to increase the degree of openness and transparency of the budgetary process, has been proved. Conclusions on the advisability of applying best foreign practices in the activities of financial management bodies at the subnational level are drawn. The key areas of further research in the spatial aspect are the development of multivariate forecasts and econometric models that make it possible to assess the possibilities of economic development of the country and the tax potential of administrative-territorial units.

Key vectors for improving the activity of regional bodies of the Federal Treasury given the integrated management of public finance

2020 ◽  
Vol 26 (10) ◽  
pp. 2364-2384
Author(s):  
M.L. Nechaeva ◽  
D.A. Kiotova
Keyword(s):  
Public Finance ◽  
Integrated Management ◽  
Municipal Finance ◽  
Novgorod Oblast ◽  
Finance Management ◽  
Economic Method ◽  
Analysis And Synthesis ◽  
Methodological Principles ◽  
The Impact ◽  
Nizhny Novgorod Oblast

Subject. The article focuses on a set of financial and budgetary relations existing in regional bodies of the federal treasury, inter alia, in public finance management. Objectives. We search for new tools and available methods to enhance the performance and efficiency of the Federal Treasury bodies, illustrating the operation of the Federal Treasury for the Nizhny Novgorod Oblast. Methods. The study is based in general methods (the analysis and synthesis, abstraction and generalization), specific research (special) methods (economic analysis, statistical-economic method). Results. We devised the methodological framework to pinpoint vectors to follow ensuring the development of treasury system. As part of the study, we discovered two main factors to improve the activity of the Department of the Federal Treasury for the Nizhny Novgorod Oblast, such as Factor 1 – The Automated Finance Management System, Factor 2 – Financial Forecast. Considering the impact of the factors, we can determine what can be done to strategically manage public and municipal finance. Based on the studies, we can recommend steps to enhance the performance of the treasury system. Conclusions and Relevance. To implement Factor 1, we suggest setting the single identification and authentication system, which will help outline the public and municipal finance management strategy during turbulent times. To implement Factor 2, we propose methodological principles for forecasting of public finance, which will be based on the time series analysis so as to evaluate patters and dependencies and subsequently make up a model for further trend forecast. The findings will be useful for executives of the Federal Treasury offices and professionals delegated to manage public finance. Furthermore, the findings can underlie further research on economics and finance.

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 INSTITUTIONAL SUPPORT OF PUBLIC FINANCES

2021 ◽  
pp. 5-12
Author(s):  
Alla Chornovol ◽  
Yuliia Nemish ◽  
Olha Biliavska
Keyword(s):  
Public Finance ◽  
Institutional Support ◽  
The State ◽  
External Control ◽  
Financial Control ◽  
Public Finances ◽  
The Public ◽  
Finance Management ◽  
And Control ◽  
The Impact

Purpose. The purpose of the article is to study the legal and organizational principles of public finance management. Methodology of research. To achieve this goal, the following tools of research methods were used: dialectical - to determine the initial conditions and content of public finance; analytical - when processing literary and Internet sources; causal - to determine the institutional support of public finances; abstract-logical - to generalize the presented material and draw conclusions. Findings. The issues of the essence, structure and peculiarities of the functioning of public finances in Ukraine are studied; the institutional units that ensure their formation and control over their use are specified. The peculiarities of the content of public finances of Ukraine are considered, the peculiarities of their components are determined in order to achieve not only economic, but also social goals by the state. Under the institutional support of public finances, we understand a purposeful hierarchical system of legal institutions that form, use, redistribute and control the funds of the public sector. Thus, based on this, among the components of institutional support are: state; executive, legislative and judicial powers; VRU, CMU, central executive bodies, higher judicial bodies, National Bank, Accounting Chamber; local councils, local executive bodies, budgetary institutions, subjects of state and communal property; advisory bodies under the President of Ukraine, the Cabinet of Ministers of Ukraine; scientific, public and professional institutions (organizations) in the field of public finance. The relevance of the study of issues related to improving the efficiency of state bodies on the basis of recommendations of international organizations and the formation of appropriate regulatory and legal support is substantiated. For example, it was noted that an action plan for the respective years should be developed, which includes directions for each area of the Strategy for Reforming the Public Finance Management System (in our opinion, public) and specifies the state bodies responsible for a particular area of public finance. The bodies of state financial control are determined in accordance with the current legislation, in particular: external control carried out by the legislative bodies - the committees of the Verkhovna Rada and the Accounting Chamber; executive authorities and the central bank - the Cabinet of Ministers (through specialized state bodies) and the NBU; and internal (performed by heads of state bodies) and internal audit (performed by the main managers of budget funds). The requirements of the current legislation to ensure openness of their spending and opportunities for free access to this information in order to strengthen public control over the use of public funds are analyzed. The composition and main problems of institutional support of public finances are formulated and practical recommendations for its evaluation are provided, which will allow to increase the efficiency of public finance management. Originality. The scientific novelty lies in the separation of the content of the institutional support of public finances and recommendations for its evaluation according to the established criteria. Practical value. The main provisions of this study in the form of evaluation proposals can be used to monitor the impact of public reform policy on the development of public finances. Key words: public finance; management; institutional support; public authorities; public financial control.

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 Digitalization in Public Finance Management

2020 ◽  
pp. 146-158
Author(s):  
Olga Glazunova ◽  
Viktorija Glazunova
Keyword(s):  
Public Finance ◽  
Information System ◽  
Russian Federation ◽  
Financial Management ◽  
Budget Process ◽  
Finance Management ◽  
Integrated Information System ◽  
The Russian Federation ◽  
Budget System ◽  
Integrated Information

The article is devoted to the development of information technologies in the field of public finance management. The purpose of the work is to detail the functioning of “Electronic Budget” state integrated information system of public finance management, to justify its creation and development. In order to achieve the goal, the functionality of the information system is disclosed, its purpose is to be able to familiarize citizens with the activities of organizations of the public administration sector and public legal entities for monitoring and, as a result, to improve the quality of financial management. Regulatory legal documents regulating the operation of “Electronic Budget” State Integrated Information System (SIIS) and establishing the powers of the Ministry of Finance of the Russian Federation and the Federal Treasury as operators of the information system, topical issues of information publication by participants of the information system, importance of filling the integrated portal of the budget system of the Russian Federation with information are considered. The results of analyzing the completeness and relevance of publishing relevant information on the integrated portal of the budget system by chief administrators of budget funds of the federal budget as of October 1, 2019, financial bodies of subjects of the Russian Federation and management bodies of territorial state extrabudgetary funds as of May 1, 2019 and October 1, 2019 in terms of publication forms, as well as prospects of publication in 2020 are shown. The analysis shows the lack of informational system participants’ activity in publishing information established by normative legal acts, as well as the existing shortcomings of the “Electronic Budget” SIIS. The results of the study can be used both by specialists in the field of finance, participants of “Electronic Budget” SIIS of public finance management, and citizens interested in the budget process of the Russian Federation and implementing national projects in the country.

scholarly journals INSTITUTIONAL TRANSFORMATIONS OF THE PUBLIC FINANCE SYSTEM

2021 ◽  
Vol 2 (37) ◽  
pp. 325-331
Author(s):  
I. Chugunov ◽  
V. Makogon ◽  
Yu. Markuts
Keyword(s):  
Public Finance ◽  
Public Debt ◽  
Institutional Environment ◽  
Jel Classification ◽  
Debt Management ◽  
Financial Resources ◽  
Budget Process ◽  
Finance System ◽  
The Public ◽  
Budget System

Abstract. The article reveals the role of the public finance system in macroeconomic stability, regulation of economic processes, and improving the level and quality of life of the population. The directions of institutional transformations of the public finance system are determined. The authors disclose the provisions on improving the efficiency of public financial resources, improving public debt management tools, developing the institutional environment of public-private partnership, criteria for allocating public financial resources in the unfavorable dynamics of budget revenues. The share of public debt in the GDP of the EU countries is analyzed and estimated. The article proposes provisions to increase the effectiveness of public financial control and audit, improve the system of public forecasting to ensure timely implementation of adequate financial and budgetary measures and respond to the socio-economic situation in the country, strengthening the strategic nature of public financial and budgetary forecasts. It is substantiated that in the conditions of institutional transformations of formation of budgetary indicators, their architectonics should be carried out proceeding from necessity: optimization of expenses of budgets of various levels; acceptance of new expenditure commitments is possible only if the comparative assessment of their effectiveness is higher than the current commitments, taking into account the timing and level of available financial resources for their implementation; continuous analysis and evaluation of expenditure commitments to determine inefficient costs. The article identifies the importance in the current conditions of development of the public finance system of continuous assessment of fiscal risks to ensure the stability and balance of the budget system; ensuring a sufficient level of flexibility of budget expenditures based on the macroeconomic situation in the country; improving the regulatory and methodological support of the budget process. Keywords: public finance, budget system, public debt, fiscal policy, economic growth. JEL Classification Е62, H60, O40 Formulas: 0; fig.: 0; tabl.: 1; bibl.: 10.

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.

Sign in / Sign up

Export Citation Format

Share Document