Budget policy under economic transformation Cover Image

Budget policy under economic transformation
Budget policy under economic transformation

Author(s): Igor Chugunov, Valentyna Makohon
Subject(s): Economy
Published by: Institute of Society Transformation
Keywords: Fiscal Policy; Budget Strategy; Budget Mechanism; Adaptive Institutional Architectonics of the Budget System

Summary/Abstract: The paper substantiates that the strategic goals of socio-economic development foresee continuation and deepening of fiscal reforms in order to create and implement fiscal policies at a new level. This article analyses the main indicators of the fiscal policy of Ukraine and their correlation with the corresponding figures of the EU. Currently, the state budget deficit of Ukraine is one of the factors of inflation, which affects financial and economic stability, as the total public debt is forecasted for 2016 in the amount of 1.9463 trillion UAH (86% of the projected GDP). The authors have defined the main directions of the budget policy improvement in terms of economic reforms, including the use of the budget deficit as a tool for financial and economic regulation. It is indicated that the components of the budget strategy should provide a synergistic effect in the budget system restructuring process to improve fiscal stability in the country. This goal can be achieved by defining priorities of the state financial policy, building adaptive institutional patterns of the budget system based on budget management, which allows optimising relationship between elements of the system and the cyclical nature of socio-economic development.

  • Issue Year: 158/2016
  • Issue No: 3-4(2)
  • Page Range: 66-69
  • Page Count: 4
  • Language: English