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Journal: University Economic Bulletin (Vol.1, No. 32)

Publication Date:

Authors : ; ;

Page : 241-251

Keywords : budget system; budget revenues; budget expenditures; budget policy; medium-term budget planning; socio-economic development; efficient use of public funds.;

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The subject of research is a theoretical and practical issues of formation and implementation of budget policy in the economic transformation. The article purpose is the disclosure of the formation of budget policy as an instrument of influence on socio-economic development. Research methods. In this paper is used a set of scientific methods and approaches, including systemic, structural, comparative, factorial methods that allowed to realize conceptual integrity of the study. Results of work. The economic nature of budget policy as a tool of state regulation of social and economic development, which is to use institutional levers of budget resources, including the definition of objectives and areas of social development, innovation objectives of economic growth, projected figures on the state budget, state financial control and evaluation efficient use of public funds. Overview and systematized foreign experience implementing mechanisms and measures of fiscal adjustment that will allow its use for improving the basic principles of budget policy, improve the efficiency of budget funds. Developed institutional framework of a regulatory mechanism for budgetary policy in revenues, expenditures, budget deficit and public debt, based on the principles of unity, consistency and effectiveness of relevant relationships between the structural components, including the integration of their impact on the dynamics of macroeconomic indicators. Improved methodological basis of evaluating the effectiveness of budget policy based on criteria of a balanced budget, implementation of quality indicators of budget programs, the dynamics of real gross domestic product; basic principles, mechanisms and instruments of fiscal policy considering priorities of socio-economic development; approaches to formation and implementation of fiscal policy in terms of institutional reforms and the growing influence of globalization on the domestic economy, given the feasibility of deepening the coordination of fiscal and monetary policies that increase the degree of adaptability to the budget architectonics transformational changes and trends in the global economy. Scope of results. Budget policy. Public finances in the system of economic regulation. Conclusions. Budget policy is one of the most effective tools to ensure macroeconomic stability and further acceleration of economic growth. Using tools and instruments of budget policy to support systemic change of financial component of social development should take into account the impact of aggregate economic, institutional and social factors. The impact of budget adjustment depends on the scientific validity of its role in the development of public relations, models of social and economic development. In terms of economic transformation is appropriate a search of optimal balance between macroeconomic indicators and the share of gross domestic product redistributed through the budget system, the degree of decentralization and improvement of quality of budgetary institutions.

Last modified: 2018-05-06 05:38:09