scholarly journals Role of External Public Audit in Ensuring the Financial Stability of the Budgets of Developing Countries

2021 ◽  
Vol 20 (1) ◽  
pp. 108-117
Author(s):  
Eldar Karabayev ◽  
Lyazzat Sembiyeva ◽  
Altai Zeinelgabdin ◽  
Lyazzat Beisenova ◽  
Dzmitry Pankou
Keyword(s):  
Developing Countries ◽  
Financial Stability ◽  
Structural Changes ◽  
Developed Countries ◽  
The State ◽  
State Budget ◽  
Foreign Countries ◽  
State Audit ◽  
State Programs

The system of external state audit reveals the potential for structural changes in terms of making effective management decisions that ensure the rational consumption of investment and other resources, taking into account the organizational and economic level of development. Based on the experience of foreign countries, it should be noted that in developed countries audit is the leading form of independent control. The purpose of this article is to determine the role of external public audit in ensuring the financial stability of the budgets of developing countries. To assess the financial stability of budgets, traditional methodological approaches, i.e. the analysis of absolute indicators and analysis of relative coefficients are used. In the study, financial stability was examined in the context of the possibility of evaluating the state audit of the budgets of developing countries for all expenses of the republican budget without raising the level of public debt. As a result of consideration of the budgets of developing countries, the problems were identified and the directions for their solution were proposed. In addition, tools which allow not only assess the financial stability of the budget, but also determine recommendations for managerial impacts aimed at strengthening the state budget are proposed. Thus, conducting a state audit in order to increase financial stability will lead to an increase in the efficiency of public administration and to a greater alignment of mechanisms for implementing state programs and projects with strategic planning mechanisms.

scholarly journals Role of Central Bank Independence in Banking and Financial Stability Ensuring

2020 ◽  
Vol 4 (2) ◽  
pp. 115-121 ◽  
Author(s):  
Victoria Dudchenko
Keyword(s):  
Developing Countries ◽  
Central Bank ◽  
Financial Stability ◽  
Fixed Effects ◽  
Developed Countries ◽  
Central Bank Independence ◽  
Stage Of Development ◽  
Banking Stability ◽  
The Impact

This paper is devoted to defining the role of the central bank in ensuring banking and financial stability. The main purpose of the study is to assess the direction and strength of the impact of central bank independence in terms of its individual aspects on the parameters of banking and financial stability for different groups of countries. Systematization of literature sources and the results of existing empirical research has shown that the expected effects of increasing the independence of the central bank are to improve banking and financial stability. For the study, a sample of statistical data for 10 developed and 10 developing countries for the period 1991-2012 was formed. The methodological basis of the study were the tools of panel regression modeling with fixed effects with Stata software use. The article presents the results of empirical analysis, which showed that the independence of the central bank is an important factor in ensuring banking stability. At the same time, the impact on financial stability has not been conclusively confirmed. The study empirically confirms and theoretically proves that the stage of development of the country determines the strength of such influence. Thus, developed countries generally show closer links between central bank independence and banking and financial stability, which in most cases are directly dependent, while developing countries have less lasting effects. The results of the analysis of the links between certain aspects of central bank independence and the level of banking and financial stability are of great practical value. The results of the study create a scientific basis for substantiating the sequence of actions aimed at strengthening the independence of the central bank. Thus, in developing countries, the focus should be on defining and prioritizing central bank goals, while developed countries should take a deeper approach to this issue and ensure the independence of monetary policy and financial independence of the central bank. Keywords: central bank, independence, banking stability, financial stability, Z-score, non-performing loans, capitalization, developed countries, developing countries, panel data.

scholarly journals DIRECTIONS OF IMPROVEMENT OF THE TAX SYSTEM OF UKRAINE ON THE BASIS OF ANALYSIS OF EXPERIENCE OF FOREIGN STATES

2020 ◽  
Vol 1 (4(106)) ◽  
pp. 125-132
Author(s):  
Є. М. Найдьон ◽  
В. А. Сандул
Keyword(s):  
Developed Countries ◽  
State Regulation ◽  
The State ◽  
Necessary Condition ◽  
Economic Downturn ◽  
State Budget ◽  
Tax System ◽  
Foreign Countries ◽  
Tax Systems ◽  
Business Entities

The relevance of the article is that one of the largest economic areas of state regulation of Ukraine's economy is taxation. After all, it is through taxes that economic relations and the interests of the state, regions, citizens of the state and business entities are regulated. With the advent of the state there is a need to pay taxes to form the state budget. Therefore, they are an attribute of the state. Taxes are known to be an integral part of the financial system on which the normal functioning of the state is based. The activity of the tax system of our state is first of all closely connected with economic, political or any other situation. That is why it can be argued that the state of the tax system is influenced by the level of development in the country, developed legislation and progressive changes. The tax systems of different countries operate on different principles, and therefore taxes are collected differently in them, and the purposes for which they are intended are different. However, the composition and structure of the Ukrainian tax system is to some extent similar to the tax systems of developed countries, and needs further improvement taking into account their experience. The purpose of the article is to analyze the tax systems of foreign countries and formulate proposals to improve the mechanism of its functioning and directions of reforming the modern tax system of Ukraine. It is concluded that the successful construction of the tax system is an important condition for Ukraine's integration into the world market. Reforming the tax legislation of Ukraine is a necessary condition for the effective operation of the economic system as a whole. Thus, the study shows the imperfection of the domestic tax system and the need to improve it in accordance with and taking into account the experience of progressive tax systems of foreign countries. Thus, the creation of a tax system that will focus on domestic producers and at the same time promote new investment, economic development, competitiveness, providing benefits and advantages to new and technologically updated enterprises will help fill the state budget. Reducing the rates of the single social contribution, according to the legislator, will help increase the economic activity of businesses that find themselves in a difficult financial situation due to the economic downturn and financial and economic crisis and will help displace the shadow economy.

scholarly journals Evaluation of state budget structural changes based on the coefficient method

2021 ◽  
Vol 18 (1) ◽  
pp. 55-64
Author(s):  
Serhiy Frolov ◽  
Sylwester Bogacki ◽  
Fathi Shukairi ◽  
Alina Bukhtiarova
Keyword(s):  
Public Finance ◽  
Financial Stability ◽  
Structural Changes ◽  
The State ◽  
Rate Of Change ◽  
Cost Structure ◽  
State Budget ◽  
Linear Coefficient ◽  
State And Local ◽  
The Cost

According to the current situation in the world economy connected with the coronavirus pandemic, it is difficult to predict GDP growth. Non-economic factors determine the rate of decline in economies of almost all countries. Accordingly, it is extremely difficult to ensure the stable functioning of financial systems. In this situation, the role of public finance, especially the state budget, significantly increases, given the peculiarities of the formation of different levels’ budgets. This research aims to evaluate state budget structural changes on the example of Ukraine. Based on the linear coefficient and the quadratic coefficient of absolute structural changes, the quadratic coefficient of relative structural changes, and integral coefficients of structural changes the authors analyzed the state of public finance in Ukraine since the formation of the state and local budgets and their optimal use to mitigate the effects of the pandemic on the economy can become one of the factors in maintaining financial stability and developing anti-crisis measures. The forecast values of the growth rate of budget revenues and expenditures confirm that the projected revenue gaps are significantly higher than the projected expenditure gaps. The cost structure of the state budget of Ukraine is characterized as a structure with a low level of differences. The Gatev and Ryabtsev coefficients demonstrate unidirectional dynamics. In contrast, Salai coefficient shows the opposite dynamics, which confirms a lack of stability in the cost structure. From 2008 to 2019, the chain rate of change has a significant variation range.

scholarly journals Tax administration in the state audit system

2021 ◽  
pp. 147
Author(s):  
Lyazzat Sembiyeva ◽  
Aruzhan Burtebayeva
Keyword(s):  
Financial Stability ◽  
Graphical Analysis ◽  
The State ◽  
Tax Administration ◽  
State Budget ◽  
Audit System ◽  
Theoretical Approaches ◽  
State Audit ◽  
The Republic ◽  
Tax Payments

Introduction. In modern conditions of a difficult economic situation, tax institutions are the most important lever of the public administration system, responsible for the implementation of the revenue side of the state budget, which is behind the welfare of millions of Kazakhstanis. In this regard, the role of the audit of the efficiency of tax administration is increasing, as regulated by the Law of the Republic of Kazakhstan «On STATE audit and financial control». However, this direction is quite new and requires further improvement.Purpose of the research. The purpose of the article is to generalize and systematize theoretical approaches to the essence of tax administration, analyze domestic and foreign practice of its organization in the system of state audit and develop recommendations for improving efficiency.Research methods. The study was based on systems analysis, solving specific problems was achieved using comparative, statistical and graphical analysis, using ranking, grouping methods and modeling fundamentals.Results. The efficiency of the work of tax authorities, the completeness of collection of tax payments and, ultimately, the financial stability of the state depend on the efficiency of the organization of tax administration. In this regard, the mechanism of tax administration should be built rationally and consistently. Conducting a state audit of tax administration is a mandatory element of ensuring the completeness and transparency of budget revenues and the efficiency of using funds for administration.Perspectives. Based on the study of foreign experience in administration within the framework of governmental audit and the current state of digitalization of the economy, there is a need to refine indicators for assessing the effectiveness of the tax authorities, as well as to develop and implement the necessary electronic services.

Effectiveness of Tax Policy of Ukraine: Evidence and Economy Implications

2020 ◽  
pp. 124-131
Author(s):  
Olena P. Slavkova ◽  
Oksana I Zhilinska ◽  
Maksym Palienko
Keyword(s):  
Economic Development ◽  
Tax Evasion ◽  
Tax Policy ◽  
The State ◽  
State Budget ◽  
Advantages And Disadvantages ◽  
State Tax ◽  
State And Local ◽  
Tax Payments

The article deals with the peculiarities of the formation and implementation of tax policy in the country. The analysis of change of tax receipts to the state and local budgets is carried out. The role of tax payments in the economic development of the country is determined. The efficiency of the state tax policy in Ukraine is analyzed, its advantages and disadvantages are determined. The important role of tax payments in stimulating economic and social development is substantiated. The analysis of the elasticity of change of indicators of economic development of the country from the change of volume of tax receipts to the budget is carried out. The necessity of improving the existing policy of establishing, accrual, payment, and distribution of tax revenues as one of the most promising areas to stimulate economic growth is concluded. Keywords: tax policy, revenues, tax evasion, state budget, elasticity, economic development

scholarly journals A room with a view: a special issue with a special perspective

2021 ◽  
Vol 26 (3) ◽  
pp. 205-210
Author(s):  
Simone Borghesi
Keyword(s):  
Climate Change ◽  
Developing Countries ◽  
Climate Policy ◽  
Present Article ◽  
Emerging Economies ◽  
Emissions Trading ◽  
Developed Countries ◽  
Special Issue ◽  
Climate Policies

AbstractThe present article describes the main insights deriving from the papers collected in this special issue which jointly provide a ‘room with a view’ on some of the most relevant issues in climate policy such as: the role of uncertainty, the distributional implications of climate change, the drivers and applications of decarbonizing innovation, the role of emissions trading and its interactions with companion policies. While looking at different issues and from different angles, all papers share a similar attention to policy aspects and implications, especially in developing countries. This is particularly important to evaluate whether and to what extent the climate policies adopted thus far in developed countries can be replicated in emerging economies.

Migration, Poverty, the Role of State, (International) Law and Development in the Industrialised Countries of Europe

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Brian-Vincent Ikejiaku
Keyword(s):  
Middle East ◽  
International Law ◽  
Developed Countries ◽  
The State ◽  
Border Security ◽  
Law And Development ◽  
Poor Countries ◽  
Role Of The State ◽  
Industrialised Countries

Abstract The current radical strategies by which there is, on one hand, an increasing European assistance to developing poor countries of Africa/Middle East and on the other hand, tightened border-security within Europe as a means to reduce migration from the South; may worsen the state of poverty in Europe, particularly on the immigrants and impact on the workforce in Europe with implication on development. Though, these strategies may sound radically appealing, they are however, unlikely to reduce migration flows to Europe. While there is still a “wide development gap” between the poor countries of Africa/Middle East and industrialised countries of Europe, migration will often increase, at least in the next two-three decades. Radical border security in Europe will expose the migrants to human trafficking in different form and manifestation contrary to Article 3 UN Protocol on Trafficking in Person. The paper examines the role of the State and Law and development, in addressing the issues of poverty and migration within the industrialised countries of Europe. The research argues that there is the likelihood that poverty and human right issues will increase in Europe in the near-future, if the State/EU fails to play their role, by changing their policy direction and repositioning themselves by improving their Law and development stance. The research employs the human rights-based approach, interdisciplinary and critical-analytical perspective within the framework of international Law and development. It employs qualitative empirical evidence from developed countries of Europe and poor developing countries for analysis.

scholarly journals The role of the state in creating green economy

2016 ◽  
Vol 7 (2) ◽  
pp. 207 ◽  
Author(s):  
Paulina Szyja
Keyword(s):  
Structural Changes ◽  
Global Scale ◽  
The State ◽  
Green Economy ◽  
Economic Downturn ◽  
Low Carbon ◽  
Low Carbon Economy ◽  
Is Implementation ◽  
Role Of The State

Since the crisis of the real economy in 2008, an intense discussion about the need for changes in the economy, supported by a number of declarations on the global scale, has been developed. The analysis of the causes and effects of the economic downturn and the challenges of the future have had a huge impact on this state of affairs. As a result, some states have taken action to remedy the situation. Many of them were aimed at structural changes in production, consumption and environmentally friendly investment. At the same time, the concept of "low carbon economy" and "green economy" gained importance. The aim of this paper is to present the role of the state in the economy in terms of creating conditions for a green economy. The thesis of the publication is: implementation of structural changes related with creating a green economy requires involvement of the state.

scholarly journals INTERNATIONAL FEATURES AND NATIONAL PECULIARITIES OF THE HUMAN CAPITAL FORMATION OF THE WORLD ECONOMY

2019 ◽  
Vol 21 (3(72)) ◽  
pp. 159-170
Author(s):  
V.N. FOMISHYNA ◽  
S. V. FOMISHYN ◽  
O.K. LADUSHYNA
Keyword(s):  
Human Capital ◽  
Functional Role ◽  
Structural Changes ◽  
Developed Countries ◽  
Human Potential ◽  
Labor Costs ◽  
Human Capital Development ◽  
Capital Development ◽  
World Development

Topicality. Subjective educational, professional, moral and psychological properties of a person which were important at all times, nowadays receive special significance in the context of the formation of a global knowledge economy,. It now becomes an axiom that a person, his knowledge and skills, his ability to creativity is the main productive resource and the main value of society. Valuable measure gets an economic importance in the sense that, in the case of its deformation, all society's efforts, expenditures of government and intergovernmental institutions, households and other actors in sufficient (or high) cost of human capital achievement will fail in forming the main value and the main productive resource of society. Aim and tasks. The purpose of the article is to study the functional role, international features of the formation of human capital and their manifestations in the national economy. Research results. The most developed countries are those which have a high level of human capital development. The functional role of human capital in world development is realized through qualitative improvement of the human potential of the country, the formation of the abilities and needs of its population, plus the characteristics of the contribution of these non-market investments to economic growth, efficiency and competitiveness. Human capital, like all kinds of capital, is not objectively predetermined, it is the result of the joint efforts of the man himself, his family, enterprise, and state. For a person, these efforts are associated with labor costs, time and financial resources, for enterprises and the state - mainly with the financial costs associated with economic and social development. The financial cost of a qualitative improvement of the workforce, which means its transformation into human capital, takes the form of investment � all kinds of investments into a person, that can be valued in cash or another form and are purposeful, that contribute to the growth of labor productivity and increase income level. Investments in human capital in comparison with investments in other types of capital are distinguished by a number of peculiarities that influence the decision making of the subject in relation to the choice between current consumption or savings for the purpose of further investment and accumulation of human capital. Each of the subjects, investing in individual human capital, pursues its own goals and sees in his own way the future benefits of its accumulation. The dynamics, structure and volume of these investments shows that they differ significantly in the industrialized countries and in Ukraine. The volumes of investments into different components of human capital in Ukraine are lower than in Western countries, the USA, and Japan. As a result, in the last decades there has been a deformed structure of investment in a person, which complicates its quantitative and qualitative reproduction. Conclusion. International tendencies of human capital development are manifested in the following: the formation of a human-centric concept and the humanization of world development; growth of the role of financial markets in investing in human capital; a large proportion of human capital in the national wealth of highly developed countries; high and stable expenditures on human capital development at all levels of the economy; rapid response of the educational sphere to structural changes in the economy; the transformation of knowledge into the most extensive sphere of investment. In the system of reproduction of human capital in modern Ukraine has accumulated a number of acute problems of socio-economic and moral-ideological nature, which, due to the unfavourable development of events, could lead not only to the progress of the economic system, but also to its destruction.

scholarly journals Foreign Shareholdings Impact on Banks Efficiency and Moderating Role of Corporate Governance

2019 ◽  
Vol 8 (2S9) ◽  
pp. 414-425
Keyword(s):  
Developing Countries ◽  
Corporate Governance ◽  
Country Of Origin ◽  
Developed Countries ◽  
Moderating Effect ◽  
Due Diligence ◽  
The Board Of Directors ◽  
The Impact ◽  
Moderating Role

The research investigate the impact of foreign shareholding originated from developed and developing countries on the efficiency of acquired local banks in Indonesia during 2007-2017 by including Corporate Governance as a moderating variable. Methodology: Using the secondary aggregate data of 29 commercial banks acquired by foreign shareholders, a panel regression model using econometrics methods of GLS, and DEA were applied to examine the effects of percentage of foreign shareholdings on efficiency of the acquired local banks. The main findings; First, percentage of foreign shareholdings positively affecting efficiency of acquired local banks only if the foreign shareholders is originated from developed countries. Second, the level of economic advancement of the country of origin of foreign shareholders has significant effects on the efficiency of the acquired local banks. Third, the increase in the size of the Board of Directors tends to decrease the efficiency of the acquired local banks and fourth, the presence of Foreign Director has a positive moderating effect on strengthening the effect of percentage of foreign shareholdings on the efficiency of the acquired local banks. Overall, the originality of this studies is that the percentage of foreign shareholdings and its country of origin are two combined factors that cannot be separated in affecting the level of efficiency of its acquired local bank and the fact of significant positive moderating effect of Foreign Director. As policy consideration, monetary authority need to perform strict due diligence on prospective foreign shareholders specifically originated from developing countries, advise banks to maintain the existence of Foreign Director and to encourage small local banks to be merged prior to the acquisition by foreign shareholders.

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