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The article analyzes the main directions of development of financial autonomy of universities. The alternative sources of funding universities in terms of the lack of funding are determined. It has been found out that the proper organization of financial structure and expansion of the areas of fundraising by universities contributes to their competitiveness.
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The article investigates and analyzes the financial policy of Ukraine today. The problem of financial policy and defined its basic types. Some measures to improve the financial situation in Ukraine
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The main task of the article consists in investigation of basic and alternative sources of financial support the development of intellectual capital. The peculiarities of the financial support the development of intellectual capital through the research of the sources of financing its main components: human capital, innovation, scientific and technical activities were examined in the article. Also the author gives his own definition of the notion «financial support for human capital development». During the investigation both domestic and foreign experience of the financing development of main components of intellectual capital were analyzed. The development of human capital is ensured by budgetary funding and financial resources from alternative sources, including educational loans and funds from the obligatory and voluntary medical insurance. Financial support for innovation and scientific and technical activities are realizing on account of budget, bank lending, bank factoring, funds of venture companies, innovative leasing and wherewithal of private investors.
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The aim of the paper is summarized and deepen the theoretical base for social sphere and rationale set of recommendations for improving the efficiency of its operation based on the financial aspects of development. This paper analyzes the current state of funding social services in Ukraine and its impact on provision of social services at a sufficient level and of good quality. Definitely, now Ukraine in terms of financing social sector remains far behind the developed countries. Funds are lacking not only in the field of social development sector, but also in their routine maintenance that lead to the decline of social and cultural facilities, poor provision of services and the system of social protection and social character of existing programs are not effective in reducing level or poverty in Ukraine. Therefore there is a need for new approaches and develop an effective financing mechanism for effective social sphere. In the article the proposals to improve the functioning of the socio-cultural sectors including the financial aspects of their development.
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The article is devoted the scientific comprehension of problems of forming and distribution of shadow economy, and also possibilities of limitation of its influence on the stage of distribution. Certainly forms of display of shadow economy in the real life, its reasons and methods of fight against this negative phenomenon.
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Problem setting. Development of financial and administrative relations is caused by the factors, the main ones are: 1) the reform of public administration system, 2) the reform of public finance system, 3) continuation of the process of filling with a new, more powerful meaning the legal status of man and citizen according to the Constitution of Ukraine.Recent research and publications analysis. The issues related to the administrative financial relations have been the focus of domestic scientists - specialists in administrative and financial law, among them V.B. Averyanov, Yu.P. Bytyak, V.M. Garashchuk, E.S. Dmitrenko, S.V. Kurinnyi, M.P. Kucheriavenko, V.K. Kolpakov, O.A. Lukashev, V.Ya. Nastyuk, O.P. Ryabchenko, O.O. Semchyk, O.I. Kharitonova and others.Paper objective. Legal relations in the field of administration of public finance.Paper main body. Public finance depending on its origin is classified into the following types: 1) public finance of European and world institutions attracted to use inUkraine; 2) the public finance of the state and territorial communities; 3) the finances of other corporate members of society, which ensure public needs.Administration of public finances is interdisciplinary in nature, and financial-administrative relations are regulated by rules of public law (rules of both financial and administrative, constitutional law).The financial and administrative relations – are regulated by rules of public law, public relations, that emerge, change and terminate during the mobilization, allocation and use of public finance, they have public and imperious character and ensure the public needs of society, its individual social groups and members, state and local communities whose satisfaction requires adequate financial resources.The financial and administrative relations, like any other jural relationships, have its structure, the elements of which are: 1) the subject; 2) the object; 3) the legal and factual content.Conclusions of the research. Given the current realities it is expedient to highlight the following important characteristics of the financial and administrative relations: a) they arise in the sphere of administration of public finance; b) they have as a compulsory subject public authorities, representing public and legal interest, acting on behalf of the state, a territorial community or a certain part of society and implementing its administrative competence c) they are characterized by relations of power and subordination and legal inequality of the parties; d) they arise to solve financial issues in order to meet common generalized public needs of society and its individual social groups and members, the state and local communities; d) they ensure organizing influence of public administration on public finance; e) they differ by special legal regime of ensuring legality and legal protection (combination of state functions with the interests and rights of citizens, non-governmental collective subjects and local communities); g) they are divided into two levels: supranational and national.
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Introduction. Negative effects of the global economic crisis, contradictions of social and economic policies of Ukraine caused by insufficiently effective reforms and frequent changes in Ukraine’s legislation have led to numerous problems in the field of budgetary relations, including the excessive centralisation of budget funds, increasing public debt, insufficient provision of sources of real income for delegated local authorities, etc. These problems can be solved by means of the declared fiscal decentralisation. Its implementation will help to strengthen the financial basis of the local self-government, improve the social and economic situation and provide an increasing number of jobs and decreasing migration. The purpose of the paper is to evaluate the process of fiscal decentralisation and the changes, caused by it in relationships between budgets due to the delineation of expenditure responsibilities and sources of income in order to compare the obtained and expected results. Results. The main disadvantages of fiscal and tax reforms have been defined as follows: rapid implementation without proper substantiation and preparation; incomplete sectoral reforms and administrative-territorial reform that would precede the budgetary reform; increasing centralisation of budgetary funds despite the declared fiscal decentralisation; the handover of power from public authorities to local authorities without proper financial provision. In order to implement real fiscal decentralisation it was proposed to provide conditions for people’s active self-fulfilment when they set up their own business, promoting the increase of revenues into the budget; to ensure the delegated rights on expenditures of the amount of designated financial resources alongside with the handover of power from public authorities to local authorities; to improve the order of calculation of basic (reverse) dotation with the possibility of its adjustment due to the objective circumstances; to review the revenues of the local budgets in order to increase local revenues and reduce transfers from the state budget. Conclusions. Having conducted this research, a conclusion was drawn about insufficient effectiveness of the budget and tax system reforming, intergovernmental fiscal relations and declarative nature of many activities of fiscal decentralisation.
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In the article the mechanism of tax certificates, allowing time to replenish the local budget through property taxation, to encourage taxpayers to tax compliance, promote investment and improve the liquidity of tangible assets in the region. Proved tax certificate has considerable potential for the formation of additional revenues of local budgets in Ukraine.
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The purpose of the article is to identify and analyze the features of the constituents of the fiscal policy of the state with their components. The fiscal policy of the state as one of the key components of the state financial policy: 1) plays an essential role in regulating the economy by influencing the state revenues and expenditures; 2) is caused by a number of factors (causes), in particular the requirements of the European integration processes, decentralization and the fight against systemic crisis phenomena in the economy. Today, Ukraine's fiscal policy does not fully realize its potential, which determines the relevance of the issues raised in the work.It has been clarified that the fiscal policy of the state should be understood as the purposeful policy in the field of state budget revenues, the policy of establishing (defining) and receiving (accumulation) of its revenues (i.e. the state budget) in order to solve such key (main) tasks as : 1) reduction of the general level of unemployment; 2) raising the standard of living of the population; 3) stimulation of entrepreneurial activity (initiative); 4) prevention of inefficient use of resources; 5) development of innovation and investment activity; 6) preventing the growth of inflation.It has been found out that the main (key) integral structural components of the fiscal policy of the state are: 1) the policy of state income (revenues), which consists of the targeted activity of the state in regulating tax, non-tax and other revenues on a non-refundable basis in accordance with the legislation in force in a particular country (including fees for the provision of administrative services, transfers, own revenues (receipts) of budget institutions and organizations) in order to effectively perform state functions; 2) the policy of state expenditures, which should be understood as the targeted state activity in regulating budget expenditures, providing loans from the budget, repaying debt and placing budget funds in deposits, purchasing securities, etc.It has been proved that the strategic goals of the fiscal policy of Ukraine should be: 1) unshadowing the economy; 2) creating a favorable investment climate; 3) ensuring the investment of resources into the human capital, in the first turn, into the educational and professional potential; 4) optimization of the structure of budget revenues/expenditures; 5) carrying out the weighted debt policy, etc.The prospect of further research in this direction is the development of practical proposals (recommendations) for improving Ukraine’s fiscal policy in the context of anti-crisis measures.
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Relevance of the research topic. In modern conditions, fiscal policy is an important tool for regulating economic processes, stimulating economic growth. Important factors influencing the vectors of fiscal policy are financial and economic endogenous and exogenous risks due to trends in national economic development and the intensification of globalization. Accordingly, the assessment of economic processes, financial and economic risks is an important condition for the formation and implementation of effective fiscal policy. Formulation of the problem. In the context of deteriorating trends in national economic development and intensification of globalization processes, important tasks are: substantiation of priority areas of fiscal policy, in particular on the formation of budget revenues and expenditures, ensuring an economically justified level of raising social standards and public capital investment. At the same time, the basis of the quality level of fiscal policy implementation is its coherence with the strategic priorities of the country's socio-economic development. Analysis of recent research and publications. The issue of formation and implementation of fiscal policy is quite common in research. These are the works of famous domestic and foreign scientists: J. Keynes, P. Samuelson, J. Stiglitz, V. Tanzi, S. Kucherenko, L. Lysyak, L. Levaeva, I. Lukyanenko, M. Pasichny, I. Chugunov and others. Selection of unexplored parts of the general problem. The above issues are relevant in connection with the deteriorating trend of economic development, the violation of fiscal stability and balance, which requires a number of specific tasks related to the formation and implementation of effective fiscal policy. Problem statement, research goals. The objectives of the study are: to reveal the role of fiscal policy in regulating socio-economic processes; substantiate the peculiarities of the formation and implementation of fiscal policy in modern conditions; to analyze and evaluate the main tax revenues of the consolidated budget of Ukraine. The purpose of the study is to reveal the directions of fiscal policy as a component of economic development. Method or methodology of the study. The article uses a set of research methods: a systematic approach, statistical analysis, structuring, synthesis, etc. Presentation of the main material (results of work). The role of fiscal policy in the regulation of socio-economic processes is revealed. The peculiarities of the formation and implementation of fiscal policy in modern conditions are substantiated. The analysis and estimation of the basic tax receipts of the consolidated budget of Ukraine is carried out. The directions of fiscal policy as a component of economic development are determined. Field of application of results. The results of the study can be used in the formation and implementation of fiscal policy. Conclusions in accordance with the article. The validity of the implementation of fiscal policy is an important condition for achieving national socio-economic interests. In order to increase the effectiveness of fiscal policy as a component of economic development, at this stage, it is advisable to: ensure financial stability and implement measures to reduce the risk of imbalances, including modernization of infrastructure and basic sectors of the economy, effective protection of the domestic market and export support; stimulating investment processes in the economy.
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The subject of the study is the main theoretical and practical issues of the fiscal policy implementation.The purpose of the article is to study theoretical postulates that reveal the essence and peculiarities of fiscal policy, as well as assess the problems of implementing fiscal policy in Ukraine. The research hypothesizes that the government’s moves towards the most favourable financial environment will allow the Ukrainian economy to make better use of the potential of market institutions (insurance, credit, banks, etc.) in the budgeting process and direct the fiscal policy towards easing the tax burden. The purpose and hypothesis of the study determine its tasks.Methods of the research. In accordance with the logic of the scientific search, the article used theoretical analysis, including consideration of individual traits and identification of new characteristics of problems, comparison, mathematical and statistical methods.The results of the work. It is shown that the transformation of the role and functions of the state in society influence the formation and evolution of fiscal policy. The accent is made on the ambiguity of the interpretation of fiscal policy by the scientific community. It is proposed to consider the concept of "fiscal policy" in a broad and narrow sense; in terms of objective and subjective signs; economic content and forms of manifestation, etc. Fiscal policy is a powerful tool for economic development of the country. The priority directions of fiscal policy are named. A weighted approach to shaping and implementing fiscal policy requires taking into account the influence of exogenous and endogenous factors that determine decision-making. In addition, when developing the main directions of fiscal policy, the state should proceed from the need to maintain financial stability and prevent the fall of the standard of living of citizens. Explored is the discrepancy between the strategic goal of fiscal policy and ways to achieve it, as well as a number of other contradictions inherent in modern fiscal policy in Ukraine.Sphere of application. The bodies of the financial system, including the fiscal service, financial departments, tax inspections.Conclusions. Ukraine needs to continue political and economic reforms, resolutely fight corruption, actively implement privatization, deepen tax reform, including improving tax legislation.
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The research subject includes the theoretical basis and mechanism of fiscal and monetary policy coordination. The study aims to justify the conceptual basis of fiscal- monetary policy interactions to ensure economic development. Methods. To achieve the appropriate tasks, we used a set of methods and approaches that helped ensure our investigation's conceptual unity. The systemic and structural approaches, analysis and synthesis methods, comparison, generalization, modeling, and scientific abstraction are applied. Results. In this paper, we improved the theoretical and methodological foundations of fiscal and monetary policy coordination. The author highlighted the necessity to use the institutional approach in that case. Also, we gave practical proposals to develop the system for assessing the effectiveness of the coordination of fiscal and monetary policy. Practical implications. Government economic policy and instruments of its implementation. Conclusions. Empirical experience has shown the advisability of fiscal and monetary policy coordination to ensure sustainable endogenous economic growth. Coordination of government financial policy measures in the context of the economic cycle stages should be based on an institutional approach. The interaction of fiscal and monetary policies should focus on increasing social welfare and the maintenance of long-term macroeconomic stability. The adaptive interaction of monetary and fiscal mechanisms and the improvement of the state's economic system's institutional architectonics contribute to the intensification of business entities' economic activity. Meanwhile, those factors positively influence on economy's competitiveness. The necessity of introducing a system for assessing the effectiveness of the coordination of fiscal and monetary policy determines effective measures of financial regulation at a certain stage of economic development.
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The study presents the systematic response of fiscal policy to public debt developments, aiming to reveal its crucial importance in determining whether the debt-to-GDP dynamics leads to a desired equilibrium or not. On this basis, we will show that the values of the debt-to-GDP ratio in Bulgaria close to 55-60% are an acceptable boundary where debt can be considered as manageable and sustainable. These calculations contribute as they give new directional ideas when measuring the fiscal effects of fiscal policy, they can also serve as an anchor for various stress testing scenarios as well as an analysis of the social expenditures outweighing in the future.
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Trend of fiscal decentralization, present in the member States of the European Union and countries in transition current in the Republic of Serbia.The first major step in this direction was done by passing a law regulating the financing of local government. The line with the commitment of the Republic of Serbia for EU membership, the question is to what extent is executed harmonization with the EU in this field.Comparing the current legal solutions, it can be concluded that in principle achieved harmonization with the principles contained in the European Charter of Local Self-Government. However, only the alignment with the principles of European law does not automatically providing the goals to be achieved by fiscal decentralization.
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The validity of the Tween Deficit Hypothesis (TDH) is tested based on the use of panel data from 188 countries and the use of least squares panel regression. Although the hypothesis presumes a universalism of its application, the empirical results indicate the presence of characteristic groupings of countries. The division is based both on the rejection or acceptance of the hypothesis, as well as on the magnitude and influence of country-specific factors directly influencing the relationship between current account and government budget balances. The empirical data clearly shows the deafferentation of the studied countries based on the level of economic development, as well as based on petrol and manufacturing oriented export countries. Another interesting finding is the fact that countries with a currency board demonstrate the clearest rejection of the TDH between all of the studied countriesThe validity of the Tween Deficit Hypothesis (TDH) is tested based on the use of panel data from 188 countries and the use of least squares panel regression. Although the hypothesis presumes a universalism of its application, the empirical results indicate the presence of characteristic groupings of countries. The division is based both on the rejection or acceptance of the hypothesis, as well as on the magnitude and influence of country-specific factors directly influencing the relationship between current account and government budget balances. The empirical data clearly shows the deafferentation of the studied countries based on the level of economic development, as well as based on petrol and manufacturing oriented export countries. Another interesting finding is the fact that countries with a currency board demonstrate the clearest rejection of the TDH between all of the studied countries. Key words: current account balance, government budget balance, twin deficit hypothesis, panel regression, G-8, G-20, Eurozone, countries with currency board, OPEC member countries.
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The article concerns the relation between holistic concept in marketing and successful market performance. First, the notion of “holistic marketing” is discussed, then a wide description of the essence and features of the “agile organization” is added in providing explanation of why 21st Century marketing is not tagged to particular unit, rather refers to all units, and what internal – external environment interaction has to be achieved. By referring to the research on marketers’ opinion from all over the world and to a particular example of the principles of the culture of innovation of Google, theoretical formulations receive practical illustrations.
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Less than one-sixth of citizens believe the government is independent and takes the key decisions for infrastructure projects in the energy sector in the interest of society. More than half of the population indicates that government decisions are dominated by foreign governments, and the interests of local oligarchs and economic groups and international companies are being put forward. These opinions are not influenced by education, age, employment or size of the settlement.
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Седемнадесета международна научна конференция, посветена на 90-годишния юбилей на проф. д.ик.н. Марин Петров, 25 Октомври 2019 г., УНСС
This book collects scientific papers and reports presented on the conference ‘The Membership of Bulgaria in the EU: Twelve Years Later’ organized by the International Economic Relations and Business department at University of National and World Economy, Sofia, Bulgaria. The conference, held on 25 October 2019, was dedicated to the 90th anniversary of prof. D.Sc. (Econ) Marin Petrov. The book contains select papers by leading economists from the university, dedicated researchers and Ph.D. students as well as external experts who provide valuable practical insights and contribute to the contemporary topics reviewed during the conference: EU Cohesion policy and its effects on SMEs; European Green Deal and its economic/geo strategic implications; The contribution of the existing gas infrastructure for EU’s and Balkans’ energy security; Expenditure factors for Eurozone growth; Income inequality in the EU; Fiscal stability of the EU; safe heaven assets; Digital single market; Environmental sustainability; renewables; comparative research for perceptions towards electro mobiles; Knowledge management system evolution. ‘The Membership of Bulgaria in the EU: Twelve Years Later’ is an annually organized academic event with the vision to foster open dialogue, offer contemporary research and exchange of ideas between fellow academics, policy makers, businesses, stakeholders, and the public.
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This book collects scientific papers and reports presented on the conference ‘The Membership of Bulgaria in the EU: Nine Years Later’ organized by the International Economic Relations and Business Department at University of National and World Economy (UNWE), Sofia, Bulgaria. The conference, held on 7 October 2016, was dedicated to the upcoming Bulgarian Presidency of the Council of the EU. The contributors to the present edition of the book explore topics such as European integration and Cohesion, the role of the financial centres in the EU, development in the banking sector, Banking union, Eurozone and inflation, financial risk mitigation. Researchers discuss some EU strategic goals such as the energy union and environmental policies, energy economics, electricity generation, energy markets and liberalization as well as research activities and initiatives such as the program Horizon 2020. Authors review aspects related to the organizational issues, change management, communication in organizations, business culture, corporate social responsibility, corporate governance, irregularities and financial corrections. The book contains in-depth research related to the innovations and outsourcing, digital marketing, regional financial sustainability in Bulgaria and analysis on the local tourism. ‘The Membership of Bulgaria in the EU: Nine Years Later’ is an annually organized academic event with the vision to foster open dialogue, offer contemporary research and exchange of ideas between fellow academics, policy makers, businesses, stakeholders and the public.
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Конференцията е организирана под патронажа на ректора на УНСС проф. д.ик.н. Стати Статев и посветена на предстоящото българско председателство на ЕС
This book collects scientific papers and reports presented on the conference ‘The Membership of Bulgaria in the EU: Ten Years Later’ organized by the International Economic Relations and Business Department at University of National and World Economy (UNWE), Sofia, Bulgaria. The conference, held on 20 October 2017 was dedicated to the upcoming Bulgarian Presidency of the Council of the EU. The book begins with a welcoming speech by Ivelina Vasileva, Member of the National Assembly of the Republic of Bulgaria as well as chair of the Environment and Water Committee and deputy chairperson of the Committee on European Affairs and Oversight of the European Funds to the National Assembly. She highlighted the benefits for Bulgaria from its membership in the European Union supported by most recent empirical data. Stimulating effect to the Bulgarian economy was provided by the European budget through the European Structural and Investment Funds. There was a progress noted in terms of infrastructure, regional development, Cohesion, competitiveness, employment effects, healthcare and environmental actions. The contributors to the present edition of the book explore topics such as European integration and Cohesion, trade effects to the Bulgarian economy, European Union budget, EU financial tendencies, fiscal stability and level of indebtedness, capital markets. Researchers dedicate attention to contemporary issues such as EU strategic goals, EU energy union and environmental policies. The overall progress and stage of development of the EU and its institutional system are being discussed as well as democracy. Authors review aspects related to the project management, international business environment and marketing. ‘The Membership of Bulgaria in the EU: Ten Years Later’ is an annually organized academic event with the vision to foster open dialogue, offer contemporary research and exchange of ideas between fellow academics, policy makers, businesses, stakeholders and the public.
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