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Финансови инструменти – механизъм за финансиране на бизнеса: практика и научени уроци

Author(s): Svetlana Aleksandrova-Zlatanska / Language(s): Bulgarian / Publication Year: 0

The Cohesion policy of the European Union is aimed at mitigating economic and social disparities among the member states through support of the economic growth, competitiveness, innovations, sustainable development and living standard. The cohesion is carried out through the following structural funds – European Regional Development Fund (ERDF), European Social Fund (ESF), Cohesion Fund (CF). The total amount of the EU budget for the period of 2014-2020 is EUR1 082 billion out of which EUR351,8 billion are allocated for cohesion. The grants given to the beneficiaries of the operating programs are completed by resources through especially developed financial mechanism. The financial mechanism for project financing consists of financial products and schemes which provide additional financing to the beneficiaries during project execution. The utilization of financial instruments is not a novelty – their utilization is dating back in 1994 but during the 2007-2013 period their usage became more common. The applied financial instruments are part of the European Investment Fund (EIF) and the European Commission joint initiative – JEREMIE, JESSICA, JASMINE (for micro and small enterprises). The accumulated financial resource for the past period reaches 5% of the entire budget under the ERDF. The financial instruments are a manner in which the EU mobilizes private investment capacity for the execution of capital-intense projects in fields such as business, regional development and energy efficiency.

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Финансовоправният режим на управление на средствата от Европейските структурни и инвестиционни фондове и административният договор

Author(s): Valery Dimitrov / Language(s): Bulgarian / Issue: 4/2018

In the article Financial Law Regime of Managing EU funds and Administrative Contract, the author criticizes the concept of administrative contract as an artificial and logically corrupt idea. Introducing the fake legal construct of administrative contract

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Фискален контрол върху стоки си висок фискален риск

Author(s): Plamen Iliev / Language(s): Bulgarian / Issue: 1/2018

Controlling the movement of goods with high fiscal risk is a set of activities of revenue bodies (National Revenue Agency) in order to prevent tax evasion and tax evasion in connection with the movement of goods with high fiscal risk on the territory of the country (Republic of Bulgaria). With control or fiscal control, on the movement of goods, with a high Fiscal risk does not establish tax liabilities but can be established certain facts and circumstances relevant to tax obligations. The list of goods with high fiscal risk is approved by an order of the Minister of Finance on a motivated proposal of the Executive Director of National Revenue Agency. Fiscal control is subject to the movement of all goods with a high fiscal level risk, irrespective of the place of receipt/unloading of the commodity – the territory of country, territory of another Member State of the European Union or territory to a third party.

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ФИСКАЛНА НЕДИСЦИПЛИНА – ИЗАЗОВИ И МОГУЋА РЕШЕЊА

Author(s): Nikola Ćirović / Language(s): Serbian / Issue: 145/2013

The lack of fiscal discipline is one of the most pressing issues in the framework of various economic systems today. The consequences of the global economic crisis have shown all the weaknesses of measures and mechanisms in terms of decision-making in fiscal policy. This problem can be seen now in almost every country. The problem of inadequate implementation of fiscal policy and the maintenance of fiscal discipline is reflected in the fact that their consequences are not visible right away, but tend to show their negative effects much later. Today, we have a situation where a certain current government suffers badly implemented prior fiscal discipline of a previous government. The paper identified causes of fiscal indiscipline, which is most easily seen in the budget process. In addition to determining the causes of fiscal indiscipline, the author puts forward a set of different possible solutions that could positively affect the stabilization of the growing public debt and eliminate the cause of fiscal indiscipline. Possible solutions are analyzed, as well as the positive and negative aspects of their use, and possible implementation problems of specific solutions.

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Фискална роля и значение на данъка върху недвижимите имоти в България - сравнителен анализ на 265 общини

Author(s): Pressiyana Nenkova,Desislava Kalcheva / Language(s): Bulgarian / Issue: 02 BG/2018

The purpose of this paper is to explore the fiscal role and importance of recurrent property tax in Bulgaria. Features of recurrent property tax, which is considered the most appropriate method for revenue accumulation at local level and its revenue potential are presented. The main tendencies of recurrent property taxation in Bulgaria are highlighted by analyzing the dynamics of tax revenues and its key determinants for the period 2004- 2016. By using cluster analysis and on the base of four indicators of property tax fiscal importance, three relatively homogeneous groups of municipalities are derived. Along with the similarities between municipalities in each group, the differences between the groups are also studied regarding the role of the tax in financing local public activities.

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ФИСКАЛНАТА ПОЛИТИКА В БЪЛГАРИЯ В ПЕРИОД НА КРИЗА

Author(s): Dimitar Chobanov / Language(s): Bulgarian / Issue: 3/2020

Fiscal policy is a key element of the economic policy. It should be targeted at economic stabilization and smoothening of the business cycle. Its significance is even bigger in countries with currency board arrangement, which limits monetary policy responses to external and internal shocks. In this paper the specific measures towards mitigation of the current crisis by the Bulgaria’s government will be examined as well as their impact on country’s economy.

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Фискални влияния върху дългосрочния икономически растеж

Author(s): Vladimir Vladimirov / Language(s): Bulgarian / Issue: 1/2011

The object of analysis of the study are the long-term effects of fiscal policy and its role for the increase in the potential for economic growth. These issues are discussed both in terms of general theory and from the point of view of the trends in the fiscal sphere of Bulgaria in the past 10-15 years. The first part of the paper presents a theoretical analysis of the channels and the mechanisms for potential influences of the fiscal policy and in particular of the tax and expenditure aggregates on economic activity in the context of the theories of endogenous growth. On that basis the study continues with an empirical and comparative analysis of the trends and the policy in the fiscal sphere in Bulgaria and the countries of the EU. There are discussed the contemporary dimensions of the correlation between the total amount of public spending and economic growth. There is emphasized the non-linear nature of that correlation and also the fact, that the fiscal influences on growth rate are not determined solely by the share of public spending in GDP, but rather are largely dependent on the structure of the spending and the methods of its financing. Particular attention in the study is paid to the tax effects on economic growth. There is argued the proposition that the role of these influences should not be overstated and that taken as the grounds for the search for easy decisions concerning tax incentives aimed at stimulating growth. Based on the analysis there are outlined possibilities for changes in the fiscal policy of Bulgaria in view of raising the quality of public finance and its positive effect on the business environment and the factors for economic growth.

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Фонд цільового капіталу як альтернатива бюджетного фінансування розвитку людського потенціалу

Author(s): Liudmyla Kozarezenko / Language(s): Ukrainian / Issue: 22/2014

Subject of work is economic relations emerging in the process of forming and operating funds of special-purpose capital. Aim ofwork is determination of possibilities, advantages and drawbacks of integrating the funds of special-purpose capital into the Ukrainianeconomic practices. Methodology of work. Historical method was used for researching the process of establishing the funds ofspecial-purpose capital and method of logical and comparative analysis was used for determining the possibilities of integrating fundsof special-purpose capital into the Ukrainian practices. Results of work. The work substantiated the expediency of applying the fundsof special-purpose capital as an alternative to budget financing of human potential development, revealed the advantages anddrawbacks of applying funds of special-purpose capital within the context of policy of human potential development in Ukraine.Branch of result application. Formation of the main directions of the state policy in the sphere of financing human potentialdevelopment. Conclusions. Funds of special-purpose capital are significant for the development of the social sphere constituting thebasis for its long-term planning and development. There are minimum two advantages for the non-commercial organizations. The firstadvantage is stability of financing. The second advantage is stability in the engagement of employees. Other advantages includeguarantees of financing and stable functioning.

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Форми і методи державної фінансової та кредитної підтримки інвестиційно-інноваційного розвитку економіки

Author(s): Halyna Palchevych,Larisa Petrenko / Language(s): Ukrainian / Issue: 3 (36)/2019

The purpose of the article is to study the forms and methods of state financial and credit support for investment and innovative development in the context of transformational changes in the economy and social sphere.The state investment projects are implemented by the state investment into objects of state ownership with the use of the state capital investments and/or the loans (loans) attracted by the state or under the state guarantees. In the modern economy, the role of the State as a direct investor is preserved for basic life-supporting industries and the social sphere, which are unattractive for private capital, as well as for industries of important State importance. The state according to the legislation of Ukraine, provides direct budgetary financing of scientific and scientific and technical activity which is divided into basic and program and target.The possibility of using state budget funds to finance investment and innovation projects is limited due to a significant budget deficit. Subvents from the state budget to local budgets for implementation of investment projects (programs) are provided exclusively for creation, growth or renewal of fixed funds of the communal form of ownership and are directed to the introduction of energy and resource-saving technologies; Construction and reconstruction of social and cultural facilities; Development of road and public utilities; Implementation of environmental and environmental activities.An important instrument of the State policy of financing investment and innovative development is the creation of a State fund for regional development, the funds of which are directed to the implementation of investment programs and projects for regional development (including cooperation projects and voluntary unification of territorial communities) aimed at the development of the regions. In order to intensify innovation activities in the regions, it is necessary to ensure adequate financing from the State Fund for Regional Development of Investment Regional Programmes and Projects with a concentration of funds on the creation of infrastructure for industrial and innovative parks, ensuring balanced development of the regions and modernization of social, production, transport and engineering infrastructure. An important instrument for enhancing investment and innovation development is state investment lending, the implementation of which takes place in the form of preferential innovation credit, consumer state credit, tax investment credit, state lending of investment projects, state investment lending of economic entities.

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Формування бюджетної політики в умовах трансформації економіки

Author(s): Tetiana Kaneva / Language(s): Ukrainian / Issue: 48/2021

Relevance of the research topic. The implementation of an effective budget policy for the formation and implementation of the budget in the system of financial and economic relations plays an important role in the process of regulating the socio-economic development of the country. In the conditions of transformational transformations, budget policy is an important tool for the influence of public administration bodies on socio-economic processes. Improving the soundness of fiscal policy requires the application of a systematic approach given the importance of development and coordination of financial and budgetary institutions. Formulation of the problem. The importance of budget policy development in the conditions of transformational transformations is conditioned by the necessity of substantiation of conceptual provisions of coordination of components of financial and budgetary policy taking into account dynamism and cyclicity of economic processes. At the same time, when forming and executing the budget in order to ensure dynamic balance, an important condition is compliance with the principles of transformation, which determine the basic model of ensuring financial and budgetary stability and balance. Analysis of recent research and publications. The issue of budget policy development is quite common in research. These are the works of famous domestic and foreign scientists: J. Keynes, P. Samuelson, J. Stiglitz, S. Kucherenko, L. Lysyak, L. Levaeva, I. Lukyanenko, V. Makogon, M. Pasichny, I. Chugunov and others. Selection of unexplored parts of the general problem. The above issues are relevant in connection with the deepening of the processes of transformation. An important task is to increase the stability of the budget system, which will help create conditions for macroeconomic stability and sustainable economic growth. It is advisable to develop tools for budget regulation. Problem statement, research goals. The objectives of the study are: to reveal the role of budget policy of economic growth, to substantiate the peculiarities of the formation and implementation of budget policy. Carry out an analysis and assessment of the revenue and expenditure side of the state budget. The purpose of the study is to reveal the directions of budget policy in the conditions of transformational transformations. Method or methodology of the study. The article uses a set of research methods: a systematic approach, statistical analysis, structuring, analysis, synthesis, etc. Presentation of the main material (results of work). The role of budget policy of economic growth is revealed, the peculiarities of formation and implementation of budget policy are substantiated. The directions of budget policy in the conditions of transformational transformations are substantiated. Field of application of results. The results of the study can be used in the process of formation and implementation of financial and budgetary policy of Ukraine, reforming the public finance system and its components. Conclusions in accordance with the article. Fiscal policy is an effective tool of macroeconomic regulation, volatility of economic development and dynamism of social processes determines the need to develop new approaches to budget formation and implementation in the system of financial and economic relations in order to strengthen the regulatory financial and budgetary mechanism to stimulate economic growth. It is important to have a mutually agreed combination of components of the financial and budgetary mechanism, which will help optimize the budget architecture and ensure the innovative direction of economic development. The main prerequisites for ensuring a quality level of budget architecture are the effectiveness of approaches to institutional support for the development of the budget environment.

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Формування видатків бюджету на соціальне забезпечення

Author(s): Tatiana Krykun / Language(s): Ukrainian / Issue: 30/2016

The subject of research are the theoretical and practical issues of budget for financing the social protection system. The aim of the study is to reveal the essence of the budget expenditure on social protection of the population. Research methods. The paper used a set of scientific methods and approaches, including systemic, structural, comparative, factorial methods that allowed to realize the unity of the conceptual study. The results of robots. The essence of the state budget in financing of social expenses. Analyzed the development of social protection of the population, as the financial system of relations. Some aspects of the budget spending on social protection of the population in the conditions of transformation of economy. It was determined that the evolution of social development and financial relations led to the identification of social protection of the population in a weighty financial component, which has become one of the most effective instruments to promote the development of human capital. The main objective of the implementation is to provide long-term macroeconomic and social stability in the country. Improving social protection system should be accompanied by structural changes in fiscal policy, institutional improvement of governance mechanisms, increasing the quality level of forecasting of social and economic development of society in the medium term. Currently, important is to deepen the theoretical and methodological bases of financial support the social welfare system as a part of the regulatory mechanism of financial policy of the country, will strengthen the relationship of the financial regulation of the dynamics of socio-economic development. Application of the results. The state budget. Budget expenditures in financing the social protection system. Conclusions. One of the prerequisites for sustainable development of the society is to create an effective system of financial provision of social protection, which should be viewed as the process of implementation of the regulatory mechanism of financial policy of the country, provides for the formation and use of financial resources for social protection of the population, taking into account trends in the socio-economic development of the country. Financial viability and balance are strong components of the social security system, which is complex and provides for citizens of the state guaranteed minimum of social services. Ensuring conditions for increasing the level of welfare of the population requires the development and implementation of prudent and consistent fiscal policy. In order to increase the level of budget performance in terms of financing social sphere need to streamline the list and the number of social benefits, the use of instruments of social assistance, optimization of social infrastructure in accordance with the characteristics and needs of local communities. Improving social protection system should be accompanied by further development of the institutional and methodological foundations of social protection expenditure planning, formation of indicators provide social services.

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Формування видатків бюджету у системі соціально-економічного розвитку країни

Author(s): Igor Chugunov,Iryna Ihnatiuk / Language(s): Ukrainian / Issue: 28/2016

The subject of research is the theoretical and practical issues of planning expenditures in terms of economic transformation. The article purpose is the disclosure of formation of expenditures as an instrument of influence on socioeconomic development. Research methods. In this paper is used a set of scientific methods and approaches, including systemic, structural, comparative, factorial methods that allowed to realize conceptual integrity of the study. Results of work. Paper discloses the economic essence of the formation of budget expenditures as a component of the budget management of socio-economic development, which consists in the application of tools set of budget resources, including the definition of objectives and directions of social development, the innovative objectives of economic growth, predictive indicator of budgetary allocations, the relationship of the main functions and tasks of program activities of the budget process, public financial control and evaluation of budget funds that will contribute to strengthening the dynamic balance of the budget system, justification of budget planning, raising efficiency of budget spending and the budget programs. Are improved the approaches to the formation of quality of performance indicators for budget programs in order to establish the degree of achievement of targets, goals, tasks that will allow to strengthen relationship between the financial resources used and results, improve appropriate management decisions in planning the budget. We got the further development of methodological principles of perspective forecasting and strategic planning of budget expenditures based on their impact on the dynamics of socio-economic indicators and trends of social development. Generalized and systematized experience of planning and execution of the budget expenditure in countries with developed and transitional economies. Scope of results. Budget expenditures. Formation of expenditures in the financial system and economic regulation. Conclusions. Budgetary expenditures are an important instrument of macroeconomic policy, with their help, the government has the ability to influence the allocation of financial resources, employment, price level, the structure of social production and social transformation. Improving the efficiency of public spending requires compliance with a number of macroeconomic conditions, including balanced budget of planning budget expenditures considering policy priorities of socio-economic development, the expansion of the powers of financial managers, recipients of budget funds while strengthening accountability of managers for the institutions achievement of budget programs. The set of performance indicators achieved, corresponding to the main goals and objectives of budget allocations made taking into account the volume of budget expenditures, efficiency of institutional transformation of the social environment of the economic substance of the efficiency of public spending as part of the system of state regulation of social and economic development.

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Формування видатків бюджету як складової суспільного розвитку

Author(s): Valentyna Makohon,Irina Adamenko / Language(s): Ukrainian / Issue: 40/2019

Relevance of research topic. The development and implementation of effective policy in the field of financial and budgetary relations is a powerful tool for influencing the country's socio-economic development. Accordingly, ensuring effective influence on the pace and quality of economic growth requires the improvement of the system of budget expenditures as a component of social development taking into account the strengthening of globalization processes. Formulation of the problem. With the acceleration of the pace of financial and economic globalization, its increasing influence on the system of public finances and its components, the issues of increasing the efficiency and effectiveness of fiscal policy regarding the expenditure part of the budget are urgent, which requires further scientific research of the theoretical and applied aspects of the formation of budget expenditures as a component of social development. Analysis of recent research and publications. The problem of the formation and implementation of budget policy regarding the expenditure part of the budget, its impact on socio-economic processes is currently quite widespread in scientific research. These are works by well-known domestic and foreign scholars: J. Buchanan, P. Samuelson, J. Stiglitz, T. Bogolib, L. Lisyak, I. Lukyanenko, A. Mazaraki, V. Sidenko, I. Chugunov and others. Selection of unexplored parts of the general problem. The above-mentioned issues are actualized in connection with the strengthening of globalization processes, the adverse external and internal economic environment, which requires the solution of a number of specific tasks related to increased efficiency of the distribution and use of public financial resources, improvement of the budget policy of Ukraine in relation to the formation of budget expenditures. Setting the task, the purpose of the study. The research objective is to reveal the role of the expenditure part of the budget in ensuring social development, to reveal the features of the budget policy regarding the formation of the expenditure part of the budget. The purpose of the study is to substantiate the priority tasks of the budget policy regarding the formation of budget expenditures and the improvement of their architectonics in the context of institutional transformations. Method or methodology for carrying out the research. The article uses a set of methods of scientific research: system approach, statistical analysis, structuring, analysis and synthesis, etc. Presentation of the main material (results of work). The role of the expenditure part of the budget in ensuring social development is determined and the priorities of the budget policy regarding budget expenditures formation, improvement of their architectonics in the context of institutional reforms are substantiated. The analysis and estimation of the structure of expenditures of the consolidated budget of Ukraine in terms of functional and economic classification, payments on repayment and servicing of the state debt are carried out. The field of application of results. The results of this study can be applied in the process of formation and implementation of the budget policy of Ukraine. Conclusions according to the article. The development of public finances depends on the direction of transformation of the formation of the expenditure part of the budget in line with changes in the socio-economic environment. The budget strategy for planning the expenditure part of the budget, its structure contributes to a balanced distribution of national income is substantiated. At the same time, the relevant strategy should be based on qualitative assessment and monitoring of the development trends of the domestic economy and aimed at ensuring the innovative activity of production. In the context of transformational transformations, the task of optimizing budget expenditures and ensuring a sufficient level of their flexibility based on economic cyclicality and macroeconomic situation in the country are important. The article defines the strategic priorities of budget policy regarding the formation of budget expenditures as a component of social development.

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Формування доходів в умовах економічних перетворень

Author(s): Nataliia Gusarevich / Language(s): Ukrainian / Issue: 30/2016

The subject of research are theoretical and practical issues on formation of budget revenues in conditions of economic reforms. The aim of the study is to reveal the methodological and practical provisions for the establishment and development of the system of formation of budget revenues in conditions of economic reforms. The methods of research. The paper applies a set of scientific methods and approaches, including comparison, analysis, theoretical synthesis, systemic and structural methods, which allows to implement conceptual unity of the study. Results of work. The methodological and practical principles of formation of budget revenues of Ukraine in conditions of economic reforms. Investigated the structure of budget revenues of the consolidated budget of Ukraine. The features of formation and development of the national system of budgetary management in economic development. Scope of results. Organization and conducting scientific research in the process of development of the main directions of implementation of budget policy in the system of budget revenues. Conclusions. The revenue budget is an important tool to ensure socio-economic development of the country. The economic essence of revenues disclosed as an aggregate of financial relations in the process of accumulation of share of gross domestic product to centralized funds under the influence of measures of state regulation. The formation of budget revenues performs storage and distribution-regulatory functions, along with the implementation of fundamental financial and social principles. The system of formation of incomes of the budget should be balanced in the medium and long term, especially debt of business entities regarding taxes and levies, the level of implementation planned budget targets. In terms of economic reforms, it is advisable to improve the institutional environment and financial instruments planning and forecasting budget revenues. What is required is the rethinking of the essence of the system of formation of budget revenues in the process of stimulation of economic processes, improving the theoretical and methodological level on fiscal policy and taking into account domestic and foreign experience of development based on the identified features fiscal regulation appropriate fiscal policy, both as an influence tool, the other as the object of regulation in economic growth.

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Формування методичних підходів до забезпечення моніторингу і діагностики доходів і видатків бюджету міста у системі міжбюджетних відносин

Author(s): Yuliya Markuts / Language(s): Ukrainian / Issue: 23/2014

In this article the author presents approaches to the interpretation of the concepts of «monitoring» and «diagnosis» in the contextof local government, an organizational mechanism for process diagnostics city budget allocated orientation of the local budget andpresented a comprehensive method of monitoring and diagnostic performance of revenues and expenditures of the city on throughthe use of method coefficients. These results can be used in scientific and practical fields of finance, economics and management.

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Формування місцевих бюджетів в контексті бюджетної децентралізації

Author(s): Natalia Yevtushenko / Language(s): Ukrainian / Issue: 27/2015

The subject of the work is the intergovernmental relations in general and the state of formation and use of local budgetsin particular.The aim is to analyze the development of fiscal decentralization and local government on this basis suggest further waysof fiscal autonomy of local governments.Methodology of work. This work was based on studies of modern scientific views on the definition of the essence of fiscaldecentralization and local governance in Ukraine.Results. The article is devoted to the problems of fiscal decentralization of local government in Ukraine and its financialsupport. The critical analysis of existing normative legal regulation of this process and suggested ways of further fiscal andfinancial autonomy of local authorities. The main weaknesses of the ongoing fiscal decentralization systematic and practicalrecommendations for their elimination in the medium and long term.Conclusions. Analysis of the impact of changes in the budget of the formation and the actual level of implementation oflocal budgets proves once again transferred to the local budget funding sources proved insufficient to fully financeexpenditures. In addition, local authorities and government will not be able to use the expanded revenue base in its solediscretion in connection with the expansion of new powers delegated by the state. Conducting real budget reform iscorrelated with the reform of local government and administrative-territorial structure that will ensure increased financialindependence of local budgets and the financial security of the delegated powers.

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Формування місцевих бюджетів в умовах бюджетної децентралізації

Author(s): Mykhailo Kuzheliev,V.V. Plahotniuk / Language(s): Ukrainian / Issue: 36/2018

The subject of the study is the full range of methods for ensuring financial independence for local budgets in a decentralized environment.The purpose of the study is to work out a strategy based on the systematic approach to ensure financial independence for local budgets in a decentralized environment. The study methodology includes methods of analysis and synthesis, statistical methods, such as graphic and tabular methods, and methods for comparing and generalization. The results of the study. A comparative analysis of the impact of decentralization on the local budgeting has been carried out using the example of the 2014-2016 budget of Irpin. Some recommendation has been drafted to improve the system of local budgeting including some ways of greater development of the empowerment and autonomy of local budgets. Non-typical for Ukrainian economy gender method of budget analysis has been considered resulting in additional analysis of local budgets and eliciting a fact of the existence of some problematic budget lines regarding a gender-based approach in budgeting and working out a number of recommendation to eliminate them. The sphere of application of results. Local budgeting in a decentralized environment. Local budgets.Conclusion. Budget decentralization being taken into consideration opens up the prospect of the development of local self-government in order to deal effectively with the administration of local affairs, and enhance the role of citizens in the sphere of decision-making and practical implementation of socio-economic programs for the region. Financial basis of local budgets must assist local self-government in an effective implementation of the development strategy for the region. An analysis of the revenue and expenditure sides of the budget of Irpin in 2014-2016 in the context of the budgeting and income distribution of local budget shows a considerable increase in the level of fiscal decentralization of the income section of the budget, direct dependence of local authorities on the central Government and partly on transfer payments and emphasizes the need to strengthen the self-sustainability of local budgets and cover the requirement of financially literate managers.It has been found that a balanced division of powers between the central Government and the regions and decentralization of public finances are needed to reform local budgets (including the budget of Irpin). The sources of tax revenues are considered to be distributed between central and local authorities according to proper discharge of their duties that should be a subject for legislation on local self-government. Besides it is essentially necessary to give the local authorities the right to establish local taxes and duties and their rates.The analysis of a gender-based budgeting clearly indicates the importance of objective approach to budgetary expenditure. An integrated analysis of all the spheres of financing needs is important for rational and efficient allocation of financial resources at the state and local levels.

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Формування ризикового капіталу в процесі інвестування інновацій

Author(s): V. Kandeeva / Language(s): Ukrainian / Issue: 22/2012

In this item were inspected some questions of forming venchur capital, investigations in early fazes of innovation prosses and classification of venchur invest system.

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Формування та виконання бюджету країни в умовах глобальної пандемії COVID-19

Author(s): Andrіy Nikitishin / Language(s): Ukrainian / Issue: 52/2022

Relevance of research topic. The global COVID-19 pandemic is forcing government regulators to adjust the priorities of the state budget and tax system. Under such conditions, it is particularly important to ensure the effectiveness of the system of formation and implementation of the country's budget which allows to create conditions for expanding fiscal space. Formulation of the problem. Restrictive measures in the fight against the global COVID-19 pandemic negatively affect the fiscal policy of the state. Taxpayers need support from the state which in turn affects the structure of revenue and expenditure budgets at all levels. To increase the level of socio-economic development of the country and territorial communities it is necessary to ensure balanced fiscal regulation. Analysis of recent research and publications. The issue of formation and implementation of the country's budget is widely reflected in the works of foreign and domestic scholars: J. Keynes, A. Laffer, R. Musgrave, P. Samuelson, J. Stiglitz, W. Tanzi, I. Adamenko, Y. Zhalilo, L. Lysiak, I. Lukianenko, V. Makohon, M. Pasichnyi, Yu. Radionov, I. Chuhunov and others. Selection of unexplored parts of the general problem. The growing fiscal risks caused by the destabilizing impact of the global COVID-19 pandemic require strengthening the soundness of the process of formation and implementation of the country's budget. Problem setting, research goals. The main objectives of the study are: to show the peculiarities of the formation and implementation of the country's budget in the global COVID-19 pandemic; to substantiate the main directions of improving the system of formation and implementation of the country's budget under modern conditions. The purpose of the study is to assess the peculiarities of the formation and implementation of the country's budget in the global COVID-19 pandemic. Research methodology. The article uses a set of methods and approaches: systemic and structural approach, statistical analysis, structuring, comparative approach, factorial approach, etc. Results of work. The essence and role of the fiscal system under the conditions of social and economic instability are revealed. The peculiarities of the formation and implementation of the national budget in the global COVID-19 pandemic are shown. The comparative analysis and assessment of the main budget and tax indicators in the countries with developed and transformational economies is carried out. The main directions of improving the system of formation and implementation of the country's budget under conditions of the global COVID-19 pandemic at all levels of the budget system are substantiated. Area of application of results. The results of the study can be used in the formation and implementation of fiscal policy under modern conditions. Conclusions. The crisis provoked by the global COVID-19 pandemic is negatively affecting the fiscal policy of the state, and therefore public authorities must take prudent and reasonable measures of discretionary fiscal policy, including during the formation and implementation of the state budget. Significant fiscal support measures taken by the government to combat COVID-19 are designed to support taxpayers by reducing tax pressures and increasing state social assistance, which is important to ensure economic growth and employment. Health policy, unemployment benefits, government support for corporate liquidity, remittances and wage subsidies increase the expenditure side of the budget. On the other hand, the difficult macroeconomic conditions caused by the global COVID-19 pandemic create and maintain significant budgetary risks while ensuring the proper level of revenue execution of budgets at all levels.

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Формування та реалізація бюджетної політики в умовах розвитку інноваційної економіки

Author(s): Halyna Palchevych,A. Mogiley / Language(s): Ukrainian / Issue: 22/2012

The paper investigated the role of fiscal policy as an important component of the system of state regulation of innovative economic development. The analysis of the main aspects of development and implementation of fiscal policy in Ukraine. Identified priority areas for the construction of an effective fiscal policy.

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