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Place of technological policies in the system of public finances

Journal: University Economic Bulletin (Vol.1, No. 33)

Publication Date:

Authors : ;

Page : 302-314

Keywords : technological growth; public finances; European technology platforms; public-private partnerships; technology policy; stimulating measures of the state; high technology; innovation;

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Topic of the study - the most effective government support priorities of socio-economic development through public finance tools and ways to enhance equitable cooperation between state and business in the implementation of high-tech and innovative projects in the sectors of the national economy. The aim of the study is to offer the most effective and appropriate directions, tools to support technological growth in Ukraine through the instruments of public finance by enhancing cooperation between business and the state. Develop guidelines and instruments of financial support, regulatory and institutional influence of the state in order to better involve market instruments to enhance investment in projects of high technology and for innovation diffusion in all sectors of the national economy. Methods of systems analysis, synthesis, analogies was used in this study. The financial policy of the country should provide a set of positive factors to improve market activities, technological growth, innovation activity, commodity diversification in international markets. The financial system of the state as part of sustainable state development, in addition to the functions of distribution, redistribution, control and regulation, also performs a stimulating function to facilitate structural change by supporting development priorities within the framework of technology policy through policy instruments of financial and credit, tax (provision of various benefits and preferences) education etc. Conclusions. Ukraine need to review the EU system of benefits and incentives by redistribution of GDP. It should clearly identify development priorities and encourage them, as is customary in mixed-developed market economies, which provides significant state participation in all economic processes. State stimulation is effective, also is the result of projected earlier (in structure of supported priorities) structure of domestic production and exports. So, if a country strongly stimulates the raw industry, the result will be the raw oriented social production. If the resources is limited and the government will ignore technological development priorities, the result will be patriarchal, low competitive national economy at this stage of development. Funds from GDP redistribution the state could use for technological development priorities and effective mechanisms to support them. In particular, stimulate innovation, form a government order for large volumes of software products for the purpose of new competitive technologies implementation in all spheres of public life, including the economy, which will increase its competitiveness, efficiency of public administration, labor productivity in all sectors of the economy, provide the transition of the economy to the scientific and technical model and innovation development, increase the share of high technology products, promote quality and affordability of education, science, culture and health care through the introduction of ICT; empower people to access national and international information electronic (e-) resources; create jobs, improve working conditions and life; deepen the implementation of the regulatory and legal framework of the information society. This first impulse may pull the attention of a different scale domestic investors (individual, collective and institutional) to implement similar projects in Ukraine. Macroeconomic consequences of these settings in the future will result in citizens financial awareness increase of capital market instruments and will allow to intensify it to attract to the national economy a significant investment resources as an alternative to the private sector and the banking sector, which will save the citizen savings from depreciation, reduce demand for foreign currency as a storage tool.

Last modified: 2019-05-17 05:58:45