Macroeconomic determinants of budget policy tools modernization
Journal Title: Visnyk Ternopilskoho natsionalnoho ekonomichnoho universytetu - Year 2016, Vol 2, Issue
Abstract
An assessment of the macroeconomic impact of the use of tools of fiscal policy has been done and six stages of institutional formation using the methods of systematic, historical, structural, comparative analysis have been singled out. There have been discovered institutional traps for implementation of tools of fiscal policy and proposed directions to solve it. The emphasis is on the fact that in today’s endogenous and exogenous challenges and factor constraints the budget policy should enter the package of adaptive regulatory anticrisis measures to ensure macroeconomic stabilization and competitive development of the national economy though relevant model. The attention has been paid to allocation and evaluation of effectiveness of the use of budgetary innovation to establish budgetary rules, the introduction of the budget of the moratorium, refinancing debt, active operations with free funds on the Single Treasury Account, crediting projects of investment character^, provision of public (local) guarantees for investment projects development agreements concluded with foreign states, banks and international financial organizations. The expediency of introducing new approaches to budget making has increased multiplier effect in the use of budgetary levers to stimulate socio-economic development of Ukraine. The necessity of providing balance and stability of the budget system through the use of budget planning in the macroeconomic indicators of sustainable development and the methodology for determining imbalances Macroeconomic Imbalance Procedure (MIP), which is used in the budget process in the EU, has been grounded. To make fiscal policy of a stimulating nature there is offered its modernization in the following areas: the adoption of fiscal doctrine that resist to model the competitive development of the national economy, the medium-term forecasting of budget options, macroeconomic indicators of sustainable development of the national economy, model risk management of public debt, a program to reduce debt burden, the method for determining and managing financial risks, new approaches to broaden the tax base, measures effective expenditure management, grant a form of ntergovernmental transfers, a system of joint financing and guarantee public funding of innovation and investment projects.
Authors and Affiliations
Tatiana Zhelyuk, Anastasia Kastelan
Keywords
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