Institutional principles of social trust in the context of fiscal and monetary security

Анотація

A review of the state of research on the problems of social confidence in the institutions of fiscal and monetary power as a factor of fiscal and monetary security in foreign and domestic economic literature (taking into account the consequences of the COVID-19 pandemic) has been made. It is shown that the research is based mainly on the methodology of functional analysis and measurement of the subjective attitude to the object of trust, which is formed by changes in the behavior of the object and therefore can not serve as a signal to prevent negative trends. Regarding the interpretation of the essence of trust, its deep foundations, which is important for building an effective system of practical actions, in this area there are no generally accepted approaches, but there is a diversity of views and opinions. At the same time, the guidelines for determining the level of economic security in Ukraine, including financial security, are too cumbersome, somewhat outdated and difficult to apply in practice. Basic approaches to understanding and measuring trust and proposals for qualitative characteristics and possible quantitative indicators of social trust in the institutions of fiscal and monetary authority, based not on subjective impressions, but on assessments of the objective state of the fiscal and monetary sphere, are substantiated. It is proposed to build a system for assessing warning signals concerning the possible dynamics of the level of confidence and the risks and dangers, including the consequences of the COVID-19 pandemic, based on the ratios of hexagon components of macroeconomic indicators that reflect the conditions of the internal and external microeconomic stability , state budget balance, the balance of payments, exchange rate and interest rates). The role of social trust in the institutions of fiscal and monetary power as a basis for balanced dynamics of all components of economic development and a factor of fiscal and monetary security is revealed.

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