Pub Date : 2023-08-04DOI: 10.33763/finukr2023.04.105
Yurii Radionov
Introduction. Dynamic, systemic transformations in society impact the development of socio-economic relations and improvement of terminology. Financial science is constantly updated, enriched with new terms that reveal and/or expand the essential meaning of certain financial processes and phenomena. A new term “public finance” appeared, which has gained great popularity in the scientific economic literature, especially among scientists of Ukraine. Researching its essence is an important factor in better understanding not only the genesis of the origin, but also the meaning of modern finance. Problem Statement. Obtaining the status of a candidate for EU membership opens up new opportunities for Ukraine and imposes certain obligations on bringing domestic financial terminology to generally recognized international practice. It is necessary to decide on the composition of public finances, which should be in the system of managing the country's financial resources. After all, the reconstruction of the state after the war will require increased attention from the public regarding the accumulation, distribution, redistribution and use of financial resources in the priority directions of socio-economic development. The question of the effectiveness of management and use of financial resources today and in the near future will become an extremely urgent task of the entire system of the country's financial resources (Public Finance Management, PFM). The purpose is to determine the genesis of the concept, essence, composition, structure of public finances and prospects for their development. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The dominant definition of public finance, in addition to meeting public needs, is independence and autonomy, as well as transparent formation and completion of all stages of the budget process. Based on this concept, it can be argued that under the conditions of the Soviet system, due to the lack of transparent mechanisms for the formation of budget revenues and budget execution, it was state rather than public finances that existed. The emergence of public finances is closely related to the activities of public authorities, which represent the state as a social institution and perform its functions at all levels of government. The democratization of state institutions affected the activities of state structures, including financial institutions. It is the relations concerning the formation and use of finances to satisfy the needs and interests of the people using the mechanism of transparency and openness of public funds management that are the basis of the formation of public finances. This peculiarity is a characteristic feature that makes it possible to distinguish them from public finances. The author'sdefinition of the term “public finance” is proposed. Conclusions. The complexity and ambiguit
{"title":"Genesis of public finances and their development in Ukraine","authors":"Yurii Radionov","doi":"10.33763/finukr2023.04.105","DOIUrl":"https://doi.org/10.33763/finukr2023.04.105","url":null,"abstract":"Introduction. Dynamic, systemic transformations in society impact the development of socio-economic relations and improvement of terminology. Financial science is constantly updated, enriched with new terms that reveal and/or expand the essential meaning of certain financial processes and phenomena. A new term “public finance” appeared, which has gained great popularity in the scientific economic literature, especially among scientists of Ukraine. Researching its essence is an important factor in better understanding not only the genesis of the origin, but also the meaning of modern finance. Problem Statement. Obtaining the status of a candidate for EU membership opens up new opportunities for Ukraine and imposes certain obligations on bringing domestic financial terminology to generally recognized international practice. It is necessary to decide on the composition of public finances, which should be in the system of managing the country's financial resources. After all, the reconstruction of the state after the war will require increased attention from the public regarding the accumulation, distribution, redistribution and use of financial resources in the priority directions of socio-economic development. The question of the effectiveness of management and use of financial resources today and in the near future will become an extremely urgent task of the entire system of the country's financial resources (Public Finance Management, PFM). The purpose is to determine the genesis of the concept, essence, composition, structure of public finances and prospects for their development. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The dominant definition of public finance, in addition to meeting public needs, is independence and autonomy, as well as transparent formation and completion of all stages of the budget process. Based on this concept, it can be argued that under the conditions of the Soviet system, due to the lack of transparent mechanisms for the formation of budget revenues and budget execution, it was state rather than public finances that existed. The emergence of public finances is closely related to the activities of public authorities, which represent the state as a social institution and perform its functions at all levels of government. The democratization of state institutions affected the activities of state structures, including financial institutions. It is the relations concerning the formation and use of finances to satisfy the needs and interests of the people using the mechanism of transparency and openness of public funds management that are the basis of the formation of public finances. This peculiarity is a characteristic feature that makes it possible to distinguish them from public finances. The author'sdefinition of the term “public finance” is proposed. Conclusions. The complexity and ambiguit","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126618979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-14DOI: 10.33763/finukr2023.06.047
Y. Zhalilo
Introduction. In the last decade, the global economy has seen an intensification of inflation trends, the nature of which goes beyond the standard duality of demand-driven and cost-driven inflation. This puts the significant limitations on the performance of conventional anti-inflationary tools and pushes to active studying of the given phenomenon. Problem Statement The task becomes relevant to specify the institutional changes, necessary to overcome the structural disproportions, responsible for the inflationary trends in modern economy. Purpose. To specify the factors of price growth of non-monetary nature, and to determine the ways to overcome their impact based on the institutional modernization of the national economy. Methods. General scientific and special methods have been used, such as: analysis, synthesis, induction, method of theoretical generalization, deduction, transition from abstract to concrete. Results. The specific features of unconventional inflation have been determined as having the institutional nature. Based on the study of modern anti-inflationary strategies of developed countries, the need has been proven to recover the institutional framework of monetary transmission based on the implementation of wider scope of public policy tools. The effectiveness of partner actions facing unconventional inflations has been proven. The main features of anti-inflationary partnership have been determined. The direction of actions has been prescribed for main partners: the National Bank, commercial banks, the government, business, local self-governance, bodies , ordinary people. Conclusions. The phenomenon of unconventional inflation, that has become globally widespread in recent years, necessitates significant widening the range of the tools of anti-inflationary policy, and the involvement of a comprehensive range of stakeholders, capable to mitigate the impact of inflation drivers. Their partner interaction according to the defined priority directions can ensure the synergy in the impact on the unconventional inflation factors due to strengthening the adaptive capacity to institutionally determined changes in assets’ prices.
{"title":"Unconventional inflation and anti-inflationary partnership","authors":"Y. Zhalilo","doi":"10.33763/finukr2023.06.047","DOIUrl":"https://doi.org/10.33763/finukr2023.06.047","url":null,"abstract":"Introduction. In the last decade, the global economy has seen an intensification of inflation trends, the nature of which goes beyond the standard duality of demand-driven and cost-driven inflation. This puts the significant limitations on the performance of conventional anti-inflationary tools and pushes to active studying of the given phenomenon. Problem Statement The task becomes relevant to specify the institutional changes, necessary to overcome the structural disproportions, responsible for the inflationary trends in modern economy. Purpose. To specify the factors of price growth of non-monetary nature, and to determine the ways to overcome their impact based on the institutional modernization of the national economy. Methods. General scientific and special methods have been used, such as: analysis, synthesis, induction, method of theoretical generalization, deduction, transition from abstract to concrete. Results. The specific features of unconventional inflation have been determined as having the institutional nature. Based on the study of modern anti-inflationary strategies of developed countries, the need has been proven to recover the institutional framework of monetary transmission based on the implementation of wider scope of public policy tools. The effectiveness of partner actions facing unconventional inflations has been proven. The main features of anti-inflationary partnership have been determined. The direction of actions has been prescribed for main partners: the National Bank, commercial banks, the government, business, local self-governance, bodies , ordinary people. Conclusions. The phenomenon of unconventional inflation, that has become globally widespread in recent years, necessitates significant widening the range of the tools of anti-inflationary policy, and the involvement of a comprehensive range of stakeholders, capable to mitigate the impact of inflation drivers. Their partner interaction according to the defined priority directions can ensure the synergy in the impact on the unconventional inflation factors due to strengthening the adaptive capacity to institutionally determined changes in assets’ prices.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133580052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-14DOI: 10.33763/finukr2023.06.010
A. Danylenko, Galyna Yershova
Introduction. The ongoing hostilities in Ukraine reduce Ukraine's potential for independent sustainable economic growth. The sovereign debt burden is significantly increasing, production facilities are being destroyed, and with them the industrial potential of the country, the possibility for a quick return of the majority of forced refugees to Ukraine from abroad is declining. The response to these challenges should include the application of the most active methods of implementing state policy aimed at ensuring the economic independence and well-being of Ukraine. The prerequisite for overcoming the identified problems will be not only the end of hostilities on the territory of Ukraine, but also the implementation of a system that encourages businesses to recover, increase the profitability of their production, as well as the concentration of the state’s attention on the achievement of priority goals, among which, of course, the main one will be ensuring security and social and economic recovery of the country. Problem Statement. Determining the role of the state in post-war reconstruction, substantiating the possibilities of applying instruments of state impact on the development of the economy of Ukraine. Purpose. Substantiating, taking into account the specifics of the pre-war development of the economy of Ukraine and based on the world experience of post-war recovery, an effective state toolkit, the implementation of which will not only speed up the recovery of the economy, but also ensure the quality of the development. Methods. The research was conducted on the basis of a systematic approach, the principles of objectivity and critical analysis, systematization of analytical and statistical data, and scientific insight into the consequences of external and internal factors affecting the development of the economy. Results. The main effective tools that contributed to restarting post-war economies, changing their structure and rapid economic development are identified. As part of the analysis of domestic state initiatives to restore the economy of Ukraine, priority steps have been outlined that will contribute to the intensification of business activity and ensure its broader access to long-term debt capital. Reasonable expediency of implementation of indicative planning, reform of the state policy of attracting foreign investments, internal system of stimulating business activity, implementation of investment risk insurance, etc. The need to revise the priorities of the country's economic development, which would take into account not only current realities, but also focus on the strategic goals of Ukraine's future, was emphasized. Conclusions. While aiming at the recovery of the national economy, the state faces many complex tasks, the solution of which requires the concentration of efforts of both the government and society in general. The world experience of post-war reconstruction proves that even after tragedies, it is possible to esta
{"title":"Post-war economic recovery: main factors of impact and global experience for Ukraine","authors":"A. Danylenko, Galyna Yershova","doi":"10.33763/finukr2023.06.010","DOIUrl":"https://doi.org/10.33763/finukr2023.06.010","url":null,"abstract":"Introduction. The ongoing hostilities in Ukraine reduce Ukraine's potential for independent sustainable economic growth. The sovereign debt burden is significantly increasing, production facilities are being destroyed, and with them the industrial potential of the country, the possibility for a quick return of the majority of forced refugees to Ukraine from abroad is declining. The response to these challenges should include the application of the most active methods of implementing state policy aimed at ensuring the economic independence and well-being of Ukraine. The prerequisite for overcoming the identified problems will be not only the end of hostilities on the territory of Ukraine, but also the implementation of a system that encourages businesses to recover, increase the profitability of their production, as well as the concentration of the state’s attention on the achievement of priority goals, among which, of course, the main one will be ensuring security and social and economic recovery of the country. Problem Statement. Determining the role of the state in post-war reconstruction, substantiating the possibilities of applying instruments of state impact on the development of the economy of Ukraine. Purpose. Substantiating, taking into account the specifics of the pre-war development of the economy of Ukraine and based on the world experience of post-war recovery, an effective state toolkit, the implementation of which will not only speed up the recovery of the economy, but also ensure the quality of the development. Methods. The research was conducted on the basis of a systematic approach, the principles of objectivity and critical analysis, systematization of analytical and statistical data, and scientific insight into the consequences of external and internal factors affecting the development of the economy. Results. The main effective tools that contributed to restarting post-war economies, changing their structure and rapid economic development are identified. As part of the analysis of domestic state initiatives to restore the economy of Ukraine, priority steps have been outlined that will contribute to the intensification of business activity and ensure its broader access to long-term debt capital. Reasonable expediency of implementation of indicative planning, reform of the state policy of attracting foreign investments, internal system of stimulating business activity, implementation of investment risk insurance, etc. The need to revise the priorities of the country's economic development, which would take into account not only current realities, but also focus on the strategic goals of Ukraine's future, was emphasized. Conclusions. While aiming at the recovery of the national economy, the state faces many complex tasks, the solution of which requires the concentration of efforts of both the government and society in general. The world experience of post-war reconstruction proves that even after tragedies, it is possible to esta","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116509748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-14DOI: 10.33763/finukr2023.06.061
Igor Ljutyj, N. Miedviedkova
Introduction. In peacetime, each country that implements the democratic values of civil society determines the growth of the welfare of citizens and the realization of their economic interests and constitutional rights as the main development priority. At the same time, the state’s financial policy is the main economic instrument of growth. It provides an optimal, efficient distribution of GDP through the institutions of the budget system and forms a stable financial environment, which is a condition for the realization of property rights and the investment potential of legal entities and individuals. Such conditions are ideal for implementing market laws , the mechanism of financial policy, and its methods and tools generally have a corrective and stimulating effect. In a different economic situation, other tools and methods of the state’s financial policy mechanism become effective when the country is at war. Problem Statement. The peculiarity of the implementation of financial policy in war conditions is a violation of financial stability and macroeconomic imbalances, the main challenge is the cash gaps between revenues and expenditures of the state and local budgets, which is a consequence of a reduction in the revenue component of the state budget when a significant increase in defense and security spending is required. Purpose. Justification of the modern paradigm of the financial policy of the state and the peculiarities of its implementation in the conditions of war on the territory of Ukraine, as well as the development of measures to implement the priority goals of the state's financial policy in the conditions of war and post-war reconstruction. Methods. Statistical and analytical methods, a systematic approach, a method of groupings, generalizing characteristics, a tabular method and a comparison method were used. To reveal the essence of financial policy in terms of the formation of budget expenditures in war conditions, the methodology of the theory of uncertainty and the structural-functional approach were applied. Results. The study of the modern paradigm of the state's financial policy in Ukraine substantiates the need to identify three models for its implementation: 1) in a peaceful state, 2) during the war, 3) financial policy of Ukraine’s recovery. The strategic goals of each model of financial policy may coincide, this primarily applies to goals that should ensure a positive trend in GDP growth and monetary incomes of citizens. However, modern challenges in the period of a full-scale war on the territory of Ukraine determine the only priority goal of the present for the whole society - ensuring Victory and de-occupation of the territory. Measures that make it possible to realize the priority goals of the state's financial policy in war conditions should be divided into two groups: the first is immediate (primary) measures to optimize budget spending in war conditions, and the second is budgetary measures for post-war reconstr
{"title":"The modern paradigm of the financial policy of the state and the features of its implementation under the war on the territory of Ukraine","authors":"Igor Ljutyj, N. Miedviedkova","doi":"10.33763/finukr2023.06.061","DOIUrl":"https://doi.org/10.33763/finukr2023.06.061","url":null,"abstract":"Introduction. In peacetime, each country that implements the democratic values of civil society determines the growth of the welfare of citizens and the realization of their economic interests and constitutional rights as the main development priority. At the same time, the state’s financial policy is the main economic instrument of growth. It provides an optimal, efficient distribution of GDP through the institutions of the budget system and forms a stable financial environment, which is a condition for the realization of property rights and the investment potential of legal entities and individuals. Such conditions are ideal for implementing market laws , the mechanism of financial policy, and its methods and tools generally have a corrective and stimulating effect. In a different economic situation, other tools and methods of the state’s financial policy mechanism become effective when the country is at war. Problem Statement. The peculiarity of the implementation of financial policy in war conditions is a violation of financial stability and macroeconomic imbalances, the main challenge is the cash gaps between revenues and expenditures of the state and local budgets, which is a consequence of a reduction in the revenue component of the state budget when a significant increase in defense and security spending is required. Purpose. Justification of the modern paradigm of the financial policy of the state and the peculiarities of its implementation in the conditions of war on the territory of Ukraine, as well as the development of measures to implement the priority goals of the state's financial policy in the conditions of war and post-war reconstruction. Methods. Statistical and analytical methods, a systematic approach, a method of groupings, generalizing characteristics, a tabular method and a comparison method were used. To reveal the essence of financial policy in terms of the formation of budget expenditures in war conditions, the methodology of the theory of uncertainty and the structural-functional approach were applied. Results. The study of the modern paradigm of the state's financial policy in Ukraine substantiates the need to identify three models for its implementation: 1) in a peaceful state, 2) during the war, 3) financial policy of Ukraine’s recovery. The strategic goals of each model of financial policy may coincide, this primarily applies to goals that should ensure a positive trend in GDP growth and monetary incomes of citizens. However, modern challenges in the period of a full-scale war on the territory of Ukraine determine the only priority goal of the present for the whole society - ensuring Victory and de-occupation of the territory. Measures that make it possible to realize the priority goals of the state's financial policy in war conditions should be divided into two groups: the first is immediate (primary) measures to optimize budget spending in war conditions, and the second is budgetary measures for post-war reconstr","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130534262","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-14DOI: 10.33763/finukr2023.06.112
M. Dyba, I. Gernego
Introduction. Overcoming the coronavirus crisis made it possible to return the focus of the authorities to global issues of sustainable recovery, which are directly related to the so-called green course and the transition to a low-carbon economy. At the international level, the Intergovernmental Panel on Climate Change (IPCC) has implemented a number of initiatives that determine the importance of reducing greenhouse gas emissions on the planet, including carbon dioxide (CO2). Worthy of special attention is the fact that it is necessary to implement appropriate strategies of state support and the involvement of progressive financial instruments in order to develop the priorities of the low-carbon economy. Problem Statement. Assessment of prospects for the development of carbon credits and offsets in the context of expanding the range of monetary and fiscal instruments of state regulation of sustainable development. Purpose. To substantiate the essential characteristics of carbon credits and offsets with the aim of providing proposals for the use of foreign experience to create an effective state mechanism designed to stimulate their use for the reconstruction of the economy of Ukraine, namely qualitative recovery, based on maintaining the appropriate level of environmental, social and management components, stimulating the financing of relevant projects and programs. Methods. General scientific and special methods were used, in particular: scientific abstraction and epistemological (content) analysis, synthesis, induction and deduction, analogies and systematization, system-structural analysis, expert evaluation method, index method and grouping method. Results. The article examines the modern environment of sustainable development, considers the state and the potential of popularizing carbon credits and offsets on the way to sustainable development, prospects and tools for developing the relevant market. In addition, the study emphasizes the stages of formation of the carbon credits market. Emphasis is placed on the possibilities of interaction between the participants of the carbon credit market. In view of expanding the practical application of carbon credits, the differences between carbon credits and offsets are emphasized. Forecasts of the development of the global market of carbon credits and offsets were analyzed. Fiscal instruments of influence on the European market of carbon credits and offsets were considered, which made it possible to assess the applied aspects of their application, in particular for the recovery of the economy of Ukraine. Conclusions. Carbon credits are a kind of asset, namely, they make it possible to determine the rights to emit carbon gases. Instead, carbon offsets have a “passive” nature, because they are represented by units that confirm the possibility of reducing these emissions. The annual growth of the volume of carbon credits and offsets in the world determines the need to strengthen the system of state re
{"title":"Carbon credits and offsets in the context of state policy of sustainable development","authors":"M. Dyba, I. Gernego","doi":"10.33763/finukr2023.06.112","DOIUrl":"https://doi.org/10.33763/finukr2023.06.112","url":null,"abstract":"Introduction. Overcoming the coronavirus crisis made it possible to return the focus of the authorities to global issues of sustainable recovery, which are directly related to the so-called green course and the transition to a low-carbon economy. At the international level, the Intergovernmental Panel on Climate Change (IPCC) has implemented a number of initiatives that determine the importance of reducing greenhouse gas emissions on the planet, including carbon dioxide (CO2). Worthy of special attention is the fact that it is necessary to implement appropriate strategies of state support and the involvement of progressive financial instruments in order to develop the priorities of the low-carbon economy. Problem Statement. Assessment of prospects for the development of carbon credits and offsets in the context of expanding the range of monetary and fiscal instruments of state regulation of sustainable development. Purpose. To substantiate the essential characteristics of carbon credits and offsets with the aim of providing proposals for the use of foreign experience to create an effective state mechanism designed to stimulate their use for the reconstruction of the economy of Ukraine, namely qualitative recovery, based on maintaining the appropriate level of environmental, social and management components, stimulating the financing of relevant projects and programs. Methods. General scientific and special methods were used, in particular: scientific abstraction and epistemological (content) analysis, synthesis, induction and deduction, analogies and systematization, system-structural analysis, expert evaluation method, index method and grouping method. Results. The article examines the modern environment of sustainable development, considers the state and the potential of popularizing carbon credits and offsets on the way to sustainable development, prospects and tools for developing the relevant market. In addition, the study emphasizes the stages of formation of the carbon credits market. Emphasis is placed on the possibilities of interaction between the participants of the carbon credit market. In view of expanding the practical application of carbon credits, the differences between carbon credits and offsets are emphasized. Forecasts of the development of the global market of carbon credits and offsets were analyzed. Fiscal instruments of influence on the European market of carbon credits and offsets were considered, which made it possible to assess the applied aspects of their application, in particular for the recovery of the economy of Ukraine. Conclusions. Carbon credits are a kind of asset, namely, they make it possible to determine the rights to emit carbon gases. Instead, carbon offsets have a “passive” nature, because they are represented by units that confirm the possibility of reducing these emissions. The annual growth of the volume of carbon credits and offsets in the world determines the need to strengthen the system of state re","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116585175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-14DOI: 10.33763/finukr2023.06.075
Vasyl Kudrjashov
Introduction. During the war, the tasks of implementing new approaches to managing operations involving the attraction and use of resources within the framework of state budget financing arose. At the same time, the risks of maintaining financial stability and debt sustainability intensified. The resolution of these issues became the subject of cooperation between the state administration bodies of Ukraine and the IMF. Problem Statement. The gaps between the growing expenses of the state budget and their revenue coverage have increased. The result was an increase in the burden on the financing of the state budget, which required making significant changes to the sources of attracting funds and the mechanisms for their implementation. Purpose. Conducting an analysis of changes in the management of the state budget financing of Ukraine during the war in the aspect of Ukraine's cooperation with the IMF. Methods. An analysis of state budget financing during the war and overcoming its consequences was carried out. The main tasks, sources and mechanisms of state budget financing are revealed. The problems of resource attraction from the domestic financial market, as well as financing from external sources, are highlighted. Results. At the initial stage of the war, budget expenditures were significantly increased and changes were made to their structure. At the same time, deficit indicators increased, and its coverage was provided by budget financing operations. Due to the high risks of increasing the non-debt resource (on the basis of privatization and active operations), there arose a need of increasing state borrowing. During the use of internal resources, monetary financing was allowed, which had a negative impact on the dynamics of macroeconomic indicators. External debt obligations are provided on preferential terms and have a long-term nature. The use of such financing made it possible to ensure macroeconomic and financial stability in Ukraine, but was accompanied by an increase in public debt indicators. It is noted that the allocation of domestic state borrowing needs to be reviewed, and external financial assistance is subject to changes in the direction of rationalization and replacement by internal financing. Conclusions. Measures developed within the framework of cooperation between Ukraine and the IMF allow to ensure budgetary capacity and debt sustainability. In order to strengthen them, it is proposed to increase the volume of non-debt resources for financing the budget, to replace monetary financing with non-state sources of its provision, to adopt programs for the gradual restoration of fiscal rules, as well as access to international capital markets, to make changes to the attraction of financial assistance (gradual replacement of it by other sources), adjusting the strategic principles of public debt management, taking into account the effects of the war and the needs of post-war recovery.
{"title":"Management of state budget financing in the aspect of Ukraine’s cooperation with the IMF","authors":"Vasyl Kudrjashov","doi":"10.33763/finukr2023.06.075","DOIUrl":"https://doi.org/10.33763/finukr2023.06.075","url":null,"abstract":"Introduction. During the war, the tasks of implementing new approaches to managing operations involving the attraction and use of resources within the framework of state budget financing arose. At the same time, the risks of maintaining financial stability and debt sustainability intensified. The resolution of these issues became the subject of cooperation between the state administration bodies of Ukraine and the IMF. Problem Statement. The gaps between the growing expenses of the state budget and their revenue coverage have increased. The result was an increase in the burden on the financing of the state budget, which required making significant changes to the sources of attracting funds and the mechanisms for their implementation. Purpose. Conducting an analysis of changes in the management of the state budget financing of Ukraine during the war in the aspect of Ukraine's cooperation with the IMF. Methods. An analysis of state budget financing during the war and overcoming its consequences was carried out. The main tasks, sources and mechanisms of state budget financing are revealed. The problems of resource attraction from the domestic financial market, as well as financing from external sources, are highlighted. Results. At the initial stage of the war, budget expenditures were significantly increased and changes were made to their structure. At the same time, deficit indicators increased, and its coverage was provided by budget financing operations. Due to the high risks of increasing the non-debt resource (on the basis of privatization and active operations), there arose a need of increasing state borrowing. During the use of internal resources, monetary financing was allowed, which had a negative impact on the dynamics of macroeconomic indicators. External debt obligations are provided on preferential terms and have a long-term nature. The use of such financing made it possible to ensure macroeconomic and financial stability in Ukraine, but was accompanied by an increase in public debt indicators. It is noted that the allocation of domestic state borrowing needs to be reviewed, and external financial assistance is subject to changes in the direction of rationalization and replacement by internal financing. Conclusions. Measures developed within the framework of cooperation between Ukraine and the IMF allow to ensure budgetary capacity and debt sustainability. In order to strengthen them, it is proposed to increase the volume of non-debt resources for financing the budget, to replace monetary financing with non-state sources of its provision, to adopt programs for the gradual restoration of fiscal rules, as well as access to international capital markets, to make changes to the attraction of financial assistance (gradual replacement of it by other sources), adjusting the strategic principles of public debt management, taking into account the effects of the war and the needs of post-war recovery.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133202599","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-14DOI: 10.33763/finukr2023.06.034
Serhii Korablin
Introduction. The large-scale war against Ukraine caused a radical change in its economic policy, including in the monetary sphere. However, this did not affect the plans of the National Bank of Ukraine to return to the inflation targeting (IT) regime after the end of the martial law period. Problem Statement. The introduction of IT in Ukraine was caused by chronic exchange rate and inflation problems that occurred despite many attempts to fix the exchange rate of the hryvnia to the US dollar. However, its application in Ukraine did not fully take into account the international experience accumulated by that time. In addition, the challenges caused by the start of military aggression against Ukraine did not receive the necessary attention. Purpose. Analysis of some features and results of inflation targeting in Ukraine. Determination of possible areas of improvement of its monetary policy. Methods. Abstract-logical method, methods of comparisons, graphical and statistical analysis, theoretical generalization are used. Results. The conceptual provisions of IT in Ukraine have left without proper attention the world experience gained during the overcoming of the global financial crisis of 2008-2009, as well as the corona crisis caused by COVID-19. In addition, the challenges caused by the start of military aggression against Ukraine in 2014 were not taken into account. As a result, the practical properties of IT in Ukraine corresponded to its rigid version, which was common before the crisis of 2008-2009. Conclusions. The transition of leading central banks to flexible IT was a forced move caused by their inability to promote economic growth by supporting price stability alone. This led to the expansion of the target orientation of monetary policy, as a result of which it began to focus not just on price stability, but "a rational balance between the stability of inflation and the stability of the use of resources." In Ukraine, this qualitative transformation did not attract due attention. As a result, a number of problematic issues arose regarding the determination of the disinflation schedule, the speed of institutional reforms, target inflation, potential rates of economic growth, the effectiveness of using one (main) monetary instrument, the timeliness and validity of currency liberalization, the inability of the central bank to comply with IT without attracting stabilization loans from international organizations.
{"title":"Inflation targeting in Ukraine: some aspects, results and conclusions","authors":"Serhii Korablin","doi":"10.33763/finukr2023.06.034","DOIUrl":"https://doi.org/10.33763/finukr2023.06.034","url":null,"abstract":"Introduction. The large-scale war against Ukraine caused a radical change in its economic policy, including in the monetary sphere. However, this did not affect the plans of the National Bank of Ukraine to return to the inflation targeting (IT) regime after the end of the martial law period. Problem Statement. The introduction of IT in Ukraine was caused by chronic exchange rate and inflation problems that occurred despite many attempts to fix the exchange rate of the hryvnia to the US dollar. However, its application in Ukraine did not fully take into account the international experience accumulated by that time. In addition, the challenges caused by the start of military aggression against Ukraine did not receive the necessary attention. Purpose. Analysis of some features and results of inflation targeting in Ukraine. Determination of possible areas of improvement of its monetary policy. Methods. Abstract-logical method, methods of comparisons, graphical and statistical analysis, theoretical generalization are used. Results. The conceptual provisions of IT in Ukraine have left without proper attention the world experience gained during the overcoming of the global financial crisis of 2008-2009, as well as the corona crisis caused by COVID-19. In addition, the challenges caused by the start of military aggression against Ukraine in 2014 were not taken into account. As a result, the practical properties of IT in Ukraine corresponded to its rigid version, which was common before the crisis of 2008-2009. Conclusions. The transition of leading central banks to flexible IT was a forced move caused by their inability to promote economic growth by supporting price stability alone. This led to the expansion of the target orientation of monetary policy, as a result of which it began to focus not just on price stability, but \"a rational balance between the stability of inflation and the stability of the use of resources.\" In Ukraine, this qualitative transformation did not attract due attention. As a result, a number of problematic issues arose regarding the determination of the disinflation schedule, the speed of institutional reforms, target inflation, potential rates of economic growth, the effectiveness of using one (main) monetary instrument, the timeliness and validity of currency liberalization, the inability of the central bank to comply with IT without attracting stabilization loans from international organizations.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123004750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-14DOI: 10.33763/finukr2023.06.096
A. Sokolovska
Introduction. The high tax burden on labor is a problem not only for Ukraine, but also for many European countries, negatively affecting the labor market, in particular, it is considered one of the reasons for relatively high unemployment and informal employment. In Ukraine, it is proposed to solve this problem by consolidation the unified social contribution(hereinafter-USC) and personal income tax( hereinafter-PIT)(in fact, by abolishing the unified social contribution). Problem Statement. Despite the fact that the implementation of this proposal is associated with serious fiscal and social risks, it has not been the subject of scientific debate, although it was first published in Ukrainian periodicals in 2018-2020. Purpose. To assess the abolition of the unified social contribution in the context of compliance of such a transformation with European guarantees of adequate social protection and the European social model in general. Methods. The methods used are comparative and statistical analysis, abstract logic, analogies and theoretical generalization. Results. It has been established that, unlike the proposal to consolidate USC and PIT in Ukraine, the implementation of which will lead to a decrease in the living standards of people who have already retired and will receive a minimum income from the state budget, which will be able to protect them only from absolute poverty, and reliance on future pensioners-participants of private pension funds of all risks related to their provision after termination of employment, principle 15 of the European Pillar of Social Rights emphasizes the right of older persons to adequate pensions and a dignified old age. The importance of achieving this goal is evidenced by the fact that every three years, the European Commission publishes a report that reviews the current and future adequacy of old-age incomes in EU member states in three dimensions – poverty prevention, ability to replace income received before retirement and retirement duration – and analyzes key reforms aimed at ensuring the financial sustainability of pension systems. Such reforms are carried out in two main areas: revision of social contribution rates and expansion of financing from general government revenues, in particular, property, consumption, and environmental taxes. Conclusions. It has been found out that the abolition of USC as a stable source of financing the social insurance system in Ukraine will result in either its erosion or complete dismantling of the welfare state. This may complicate our movement towards the EU due to the inconsistency of Ukrainian approaches to solving social problems with European ones.
{"title":"Consolidation of the unified social contribution and personal income tax in the context of Ukraine’s European integration aspirations","authors":"A. Sokolovska","doi":"10.33763/finukr2023.06.096","DOIUrl":"https://doi.org/10.33763/finukr2023.06.096","url":null,"abstract":"Introduction. The high tax burden on labor is a problem not only for Ukraine, but also for many European countries, negatively affecting the labor market, in particular, it is considered one of the reasons for relatively high unemployment and informal employment. In Ukraine, it is proposed to solve this problem by consolidation the unified social contribution(hereinafter-USC) and personal income tax( hereinafter-PIT)(in fact, by abolishing the unified social contribution). Problem Statement. Despite the fact that the implementation of this proposal is associated with serious fiscal and social risks, it has not been the subject of scientific debate, although it was first published in Ukrainian periodicals in 2018-2020. Purpose. To assess the abolition of the unified social contribution in the context of compliance of such a transformation with European guarantees of adequate social protection and the European social model in general. Methods. The methods used are comparative and statistical analysis, abstract logic, analogies and theoretical generalization. Results. It has been established that, unlike the proposal to consolidate USC and PIT in Ukraine, the implementation of which will lead to a decrease in the living standards of people who have already retired and will receive a minimum income from the state budget, which will be able to protect them only from absolute poverty, and reliance on future pensioners-participants of private pension funds of all risks related to their provision after termination of employment, principle 15 of the European Pillar of Social Rights emphasizes the right of older persons to adequate pensions and a dignified old age. The importance of achieving this goal is evidenced by the fact that every three years, the European Commission publishes a report that reviews the current and future adequacy of old-age incomes in EU member states in three dimensions – poverty prevention, ability to replace income received before retirement and retirement duration – and analyzes key reforms aimed at ensuring the financial sustainability of pension systems. Such reforms are carried out in two main areas: revision of social contribution rates and expansion of financing from general government revenues, in particular, property, consumption, and environmental taxes. Conclusions. It has been found out that the abolition of USC as a stable source of financing the social insurance system in Ukraine will result in either its erosion or complete dismantling of the welfare state. This may complicate our movement towards the EU due to the inconsistency of Ukrainian approaches to solving social problems with European ones.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114487734","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-29DOI: 10.33763/finukr2023.03.075
K. Pavliuk, Serhii Bartosh
Introduction. Decentralization in Ukraine, the new stage of which began in 2014, in particular regarding the redistribution of powers and financial resources between the levels of the budget system, played a positive role in ensuring the livelihood of communities under martial law after the start of full-scale Russian aggression. Problem Statement. In domestic scientific opinion, attention is usually paid either to the applied aspects of budgetary (fiscal, financial) decentralization, or to the analysis of classic works of representatives of the first and second generations of fiscal decentralization. At the same time, any practical measures require the study of theoretical foundations, including those that have been developed over decades and those that have developed in recent years. The purpose is to generalize the work of foreign scientists on fiscal decentralization, which cover the first and second generation of theories, as well as relate to currently relevant issues. Methods. General scientific methods of analysis and synthesis, induction and deduction, grouping, generalization, etc. are used. Results. An analysis of the theories of fiscal decentralization of the first and second generation was carried out, in particular in the aspects of increasing accountability and transparency of the government system, balanced (centralized and decentralized) provision of local public goods, the influence of endogenous and exogenous factors on its overall effect, theories of social choice, etc. The issue of fiscal decentralization, which is currently the subject of research by scientists, is considered: the impact on economic growth and human development, the dependence of the positive effect on the quality of the institutional environment, the role in anti-crisis regulation, the ratio of advantages and disadvantages in countries with developed economies, newly industrialized countries and cranes that are developing Conclusions. A certain consensus of scientists has been formed on the positive impact of decentralized systems, implemented worldwide over the last few decades, on socioeconomic development and growth of the economy, especially subject to proper substantiation of relevant reforms. At the same time, the impact on human development is ambiguous and depends on many internal and external factors. A sufficiently high quality of the institutional environment is a prerequisite for the successful course of the fiscal decentralization. In centralized countries, which are characterized by a rather rigid mechanism of economic regulation, fiscal decentralization is not only possible but also causes positive consequences, although they do not always coincide with the results of countries with liberal economies. Fiscal decentralization also justifies itself in emergency situations, which confirms the example of Ukraine after the start of full-scale Russian aggression, when communities have shown the ability to respond quickly to internal and external ch
{"title":"Modern approaches to fiscal decentralization (part 2)","authors":"K. Pavliuk, Serhii Bartosh","doi":"10.33763/finukr2023.03.075","DOIUrl":"https://doi.org/10.33763/finukr2023.03.075","url":null,"abstract":"Introduction. Decentralization in Ukraine, the new stage of which began in 2014, in particular regarding the redistribution of powers and financial resources between the levels of the budget system, played a positive role in ensuring the livelihood of communities under martial law after the start of full-scale Russian aggression. Problem Statement. In domestic scientific opinion, attention is usually paid either to the applied aspects of budgetary (fiscal, financial) decentralization, or to the analysis of classic works of representatives of the first and second generations of fiscal decentralization. At the same time, any practical measures require the study of theoretical foundations, including those that have been developed over decades and those that have developed in recent years. The purpose is to generalize the work of foreign scientists on fiscal decentralization, which cover the first and second generation of theories, as well as relate to currently relevant issues. Methods. General scientific methods of analysis and synthesis, induction and deduction, grouping, generalization, etc. are used. Results. An analysis of the theories of fiscal decentralization of the first and second generation was carried out, in particular in the aspects of increasing accountability and transparency of the government system, balanced (centralized and decentralized) provision of local public goods, the influence of endogenous and exogenous factors on its overall effect, theories of social choice, etc. The issue of fiscal decentralization, which is currently the subject of research by scientists, is considered: the impact on economic growth and human development, the dependence of the positive effect on the quality of the institutional environment, the role in anti-crisis regulation, the ratio of advantages and disadvantages in countries with developed economies, newly industrialized countries and cranes that are developing Conclusions. A certain consensus of scientists has been formed on the positive impact of decentralized systems, implemented worldwide over the last few decades, on socioeconomic development and growth of the economy, especially subject to proper substantiation of relevant reforms. At the same time, the impact on human development is ambiguous and depends on many internal and external factors. A sufficiently high quality of the institutional environment is a prerequisite for the successful course of the fiscal decentralization. In centralized countries, which are characterized by a rather rigid mechanism of economic regulation, fiscal decentralization is not only possible but also causes positive consequences, although they do not always coincide with the results of countries with liberal economies. Fiscal decentralization also justifies itself in emergency situations, which confirms the example of Ukraine after the start of full-scale Russian aggression, when communities have shown the ability to respond quickly to internal and external ch","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115378954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-29DOI: 10.33763/finukr2023.03.027
N. Tsyganova, T. Zhyber
This article presents a concept for decision-making on budgeting investment projects using public funds. The proposed approach is to embed data-driven budgeting into a system of anticipatory government management based on the results of fund managers. Through data and analytics, local authorities can better allocate resources and determine the priority of investments that improve community performance. Problem Statement. Data-driven budgeting of fund managers, in the network of which investment projects are carried out, is necessary to eliminate the systematic underperformance of capital expenditures of budgets compared to the plan and to ensure sustainable development using budgetary funds. Ukrainian budget legislation separates capital expenditures, development expenditures, and investment projects using budgetary funds, but does not clearly coordinate the use of these concepts. Purpose. Conceptualization of the technique of data-driven budgeting in the implementation of investment projects for the reconstruction of Ukraine on the basis of anticipatory management determination of proposals for its legislative regulation, data requirements and methods of analysis of expenditures for investment projects using budgetary funds. Methods. The study uses methods of analysis and subsequent theoretical generalization of foreign experience of data-driven budgeting at the community level from UN, IMF, OECD materials, and foreign scholars' research. Results. The implementation of investment projects based on anticipatory management is described, and proposals for legislative regulation, requirements for data and expenditure analysis methods for investment projects using budgetary funds are formulated. It is determined that data-driven budgeting facilitates cooperation between the government, fund managers, and citizens, who as interested parties increase transparency and accountability in implementing investment projects by using budgetary data. The use of long-term budget programs in data-driven budgeting for investment projects is considered. It is determined that the economic classification of expenditures and budget financing requires review and modernization for a closer connection with investment projects and budget development expenditures. The need for a systemic approach to ensuring the quality use of data based on requirements for data and methods of their use in data-driven budgeting is substantiated. A format for a long-term development budget based on anticipatory management is proposed, alongside annual and three-year consumption budgets. Conclusions. Conceptualization of data-driven budgeting emphasizes the use of a special format for budget programs that manage development expenditures. Investment projects using budget funds should be implemented through long-term budget programs and with a business approach by fund managers in whose networks they are carried out.
{"title":"Data-driven conceptual approach to investment project budgeting for sustainable development of Ukraine","authors":"N. Tsyganova, T. Zhyber","doi":"10.33763/finukr2023.03.027","DOIUrl":"https://doi.org/10.33763/finukr2023.03.027","url":null,"abstract":"This article presents a concept for decision-making on budgeting investment projects using public funds. The proposed approach is to embed data-driven budgeting into a system of anticipatory government management based on the results of fund managers. Through data and analytics, local authorities can better allocate resources and determine the priority of investments that improve community performance. Problem Statement. Data-driven budgeting of fund managers, in the network of which investment projects are carried out, is necessary to eliminate the systematic underperformance of capital expenditures of budgets compared to the plan and to ensure sustainable development using budgetary funds. Ukrainian budget legislation separates capital expenditures, development expenditures, and investment projects using budgetary funds, but does not clearly coordinate the use of these concepts. Purpose. Conceptualization of the technique of data-driven budgeting in the implementation of investment projects for the reconstruction of Ukraine on the basis of anticipatory management determination of proposals for its legislative regulation, data requirements and methods of analysis of expenditures for investment projects using budgetary funds. Methods. The study uses methods of analysis and subsequent theoretical generalization of foreign experience of data-driven budgeting at the community level from UN, IMF, OECD materials, and foreign scholars' research. Results. The implementation of investment projects based on anticipatory management is described, and proposals for legislative regulation, requirements for data and expenditure analysis methods for investment projects using budgetary funds are formulated. It is determined that data-driven budgeting facilitates cooperation between the government, fund managers, and citizens, who as interested parties increase transparency and accountability in implementing investment projects by using budgetary data. The use of long-term budget programs in data-driven budgeting for investment projects is considered. It is determined that the economic classification of expenditures and budget financing requires review and modernization for a closer connection with investment projects and budget development expenditures. The need for a systemic approach to ensuring the quality use of data based on requirements for data and methods of their use in data-driven budgeting is substantiated. A format for a long-term development budget based on anticipatory management is proposed, alongside annual and three-year consumption budgets. Conclusions. Conceptualization of data-driven budgeting emphasizes the use of a special format for budget programs that manage development expenditures. Investment projects using budget funds should be implemented through long-term budget programs and with a business approach by fund managers in whose networks they are carried out.","PeriodicalId":209191,"journal":{"name":"Fìnansi Ukraïni","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117330376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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