FISCAL REFORMING OF PUBLIC FINANCES

The paper reveals the most important rules, regulations and changes at the fiscal reform and development of public finances. The study investigates fiscal rules and regulations as an institution of public finances in the context of national institutional environment. The research analyzes the mechanisms of implementation through reforms and structure relationship and interaction between the subjects of public finances. It is also of paramount importance aspect of institutional reform its decisive role even in comparison with fiscal policy that can be successful in terms of public finance goals. The paper substantiates the necessity of state in fiscal reform of public finances, determines economic development fiscal adjustment means and offers tools for implementation of fiscal policy.