Methodological Approach to the Evaluation of the Flexibility of Fiscal Policy in the Context of Cyclical Development of the Economy
Journal Title: Проблеми економіки - Year 2014, Vol 2014, Issue 3
Abstract
The paper considers the improvement of the methodological approach to the evaluation of the flexibility of fiscal policy in view of its different orientation at different stages of the macroeconomic business cycle and defined on this basis the three types of flexibility (flexibility to fiscal expansion, restriction and consolidation). Assessment of the flexibility of fiscal policy is based on the evaluation of three characteristics: the estimates of fiscal space, functional space and components of uncertainty of trends. Indicators of fiscal space: the ability to generate a positive indicator of cyclically-adjusted budget balance, government debt, interest differential and GDP growth, the current funding requirements, the necessary size adjustments of the state budget balance to GDP, the value of the stabilization fund. The flexibility of fiscal policy or the capacity of its maneuverability in accordance with changes in the economic situation in Ukraine during the 2003 - 2013 periods was evaluated. Its reactivity, inability to carry out counter-cyclical impact, primarily due to the lower level of the generated function space was determined.
Authors and Affiliations
Olexandra Laktionova
Keywords
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