ПОДАТКОВИЙ КАНАЛ ФІНАНСОВО-МОНЕТАРНОЇ ТРАНСМІСІЇ В ЕКОНОМІЦІ УКРАЇНИ
TAX CHANNEL OF FINANCE AND MONETARY TRANSMISSION IN THE ECONOMICS OF UKRAINE

Summary/Abstract: The author investigates the possibility of state regulation of the economy by promoting fiscal shock through the tax channel financial and monetary transmission. Based on the theoretical concept of fiscal stimulus in the tax channel, there were allocated separate transmission ways criterion of macroeconomic variables consistency through which fiscal impulse is distributed in the real economy. These ways are: fiscal shock from tax on personal income, fiscal shock from income tax, fiscal shock from lump-sum taxes. There was done an empirical test of three transmission ways in Ukraine’s economics tax channel by analyzing the impulse response of vector autoregression models with endogenous variables. As the result of the empirical evaluation the conclusions concerning the effectiveness of tax influence on macroeconomic proportions in Ukraine’s economics have been done. The empirical test of channel impulse tax due to changes in the tax on personal income confirms such way for the economics of Ukraine. The analysis of impulse response functions of macroeconomic indicators shows that this way of tax incentives is not corresponding to the theoretical logics of «supply-side economics». However, changes in income tax of enterprises lead to changes in production. The results of the model analysis using vector autoregression to estimate the impulse response channel components to the fiscal shock from lump-sum taxes show that the most noticeable is the reaction of the price level

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