Budget strategy in the conditions of economic globalization

Valentyna Makohon · Tetiana Кrykun

14 citations0/0 files storedProblems and Perspectives in Management

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Economic Issues in Ukraine Economic and Fiscal Studies Fiscal Policies and Political Economy

Abstract

Economic changes create a strong need for the reconsideration of the system of financial and budgetary knowledge and paradigms already created in developed countries regarding the possibility of their use in the countries with developing economies. In this article, the authors clarify that the process of formation of the efficient and mutually agreed budget policy with strategic tasks of the social and economical development of countries requires development of the budget strategy. Its essence is the dynamic realization of the system of goals, principles, directions, tasks of state authorities, co-ordination and adequacy of their long-term regulatory measures to internal and external changes in the economic environment and social transformations aimed at ensuring macroeconomic stability, accelerating economic growth and improving the well-being of the population. The principles of budget strategy development have been clearly defined: scientific substantiation; integrity; efficiency; systematic approach; adaptability; variability; interdependence; purposefulness; sociality; legitimacy. The share of government expenditures, budget deficit and public debt in the gross domestic product in the EU and Ukraine has been estimated. The priority directions of budget strategies in the conditions of economic transformations have been defined, in particular, regarding the increase of efficiency of public expenditures and establishment of restrictions on their level of growth; improvement of the mechanism for managing budget deficits, public debt and guarantees and reduction of their limits. The research has demonstrated a huge influence of the budget strategy on the social and economical processes and on the development of the social relations.

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References

1991The Strategy Process: Concepts, Contexts, Cases 2012The impact of high government debt on economic growth and its channels: An empirical investigation for the euro area 2014Public debt and economic growth: Is there a causal effect?2015Public debt and growth: Heterogeneity and non-linearity 2004Financing Creative Industries in Developing Country Contexts, a report prepared for United Nations Conference on Trade and Development (UNCTAD) XI, High level Panel on Creative Industries and Development, June 2004 Sao Paulo Brazil 2018Strategy work in the public sector—A balancing act of competing discourses

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2020Budget planning with the development of the budget process in Ukraine

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