Fiscal policy under economic transformation

Анотація

Approaches to functioning of fiscal policies in countries with developed and transformational economics are generalised and systematised with the view to enhance the efficiency of structural reforms of the financial system and to reduce the impact of fiscal imbalances on economic processes. Proved is the significance of more intensive fiscal decentralisation and implementation of earlier adopted programmes of the financial sector reform as well as the improvement of the coordination between monetary and fiscal policies. The authors substantiated the expediency of the financial system transformation by increasing fiscal transparency, decreasing tax burden on utilising labour resources, and improving mechanisms of control of complying with fiscal restrictions. It was established that the fiscal policy adaptation to current economic trends involves the formation of modern financial institutions, balancing the fiscal burden, and keeping to indicative values of the budget deficit and public debt, while contributing to the innovative transformation of the economy. Substantiated is the need to carry out weighed fiscal policies in the system of budgetary expenditures, including the readjustment of a debt policy with regard to the state budget balancing, working out a mediumterm debt strategy with account for endogenous and exogenous financial and economic factors. The importance of using the mechanism of managing a budgetary deficit through encouraging domestic loans is grounded. It has been established that measures of budgetary control aimed at macroeconomic stabilisation and securing sustained stability of the financial system of a country are assuming significance.

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