Public finance management system in modern conditions
The public finance management system is an important lever for equalizing financial and budgetary disproportions in the context of institutional changes. The paper aims to substantiate the directions of development of the public financial management system. Economic and statistical methods and corre...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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LLC "CPC "Business Perspectives"
2020-12-01
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| Series: | Investment Management & Financial Innovations |
| Subjects: | |
| Online Access: | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14496/IMFI_2020_04_Chornovol.pdf |
| _version_ | 1818887632119136256 |
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| author | Alla Chornovol Julia Tabenska Tetiana Tomniuk Liudmyla Prostebi |
| author_facet | Alla Chornovol Julia Tabenska Tetiana Tomniuk Liudmyla Prostebi |
| author_sort | Alla Chornovol |
| collection | DOAJ |
| description | The public finance management system is an important lever for equalizing financial and budgetary disproportions in the context of institutional changes. The paper aims to substantiate the directions of development of the public financial management system. Economic and statistical methods and correlation-regression analysis methods are used to determine the relationship between the GDP deflator and the share of revenues, expenditures, the general government budget deficit, and public debt in GDP, assessing the features of the public financial management system in Ukraine and EU countries. This study reveals that one of the main restraining factors in the public finance system development is a significant level of uncertainty in economic processes, which intensifies macroeconomic fluctuations, significant indicators of the share of public debt and budget deficit of the state administration sector pose risks to financial and economic stability; their potential negative impact on socio-economic processes is much more destructive than the pro-cyclical nature of fiscal policy. From this point of view, the public finance management system should be directed at optimizing financial and budgetary tools to prevent the growth of public debt and budget deficit in gross domestic product, which determines the importance of substantiating further development directions of the public financial management system. It is concluded that the mechanism of public financial management in recent years is quite rigid and restrictive, in the context of institutional change expands the tools of public financial management and increases its impact on socio-economic processes. |
| first_indexed | 2024-12-19T16:40:19Z |
| format | Article |
| id | doaj.art-7f5329f8bbc34b5f88c3a80e7fb827f9 |
| institution | Directory Open Access Journal |
| issn | 1810-4967 1812-9358 |
| language | English |
| last_indexed | 2024-12-19T16:40:19Z |
| publishDate | 2020-12-01 |
| publisher | LLC "CPC "Business Perspectives" |
| record_format | Article |
| series | Investment Management & Financial Innovations |
| spelling | doaj.art-7f5329f8bbc34b5f88c3a80e7fb827f92022-12-21T20:13:49ZengLLC "CPC "Business Perspectives"Investment Management & Financial Innovations1810-49671812-93582020-12-0117440241010.21511/imfi.17(4).2020.3414496Public finance management system in modern conditionsAlla Chornovol0https://orcid.org/0000-0001-5155-7317Julia Tabenska1https://orcid.org/0000-0002-8590-7829Tetiana Tomniuk2https://orcid.org/0000-0002-7654-0770Liudmyla Prostebi3https://orcid.org/0000-0002-9344-4326Doctor of Economics, Professor, Chernivtsi Institute of Trade and Economics of Kyiv National University of Trade and EconomicsPh.D., Doctor of Philosophy, Associate Professor, Chernivtsi Institute of Trade and Economics of Kyiv National University of Trade and EconomicsPh.D., Doctor of Philosophy, Associate Professor, Chernivtsi Institute of Trade and Economics of Kyiv National University of Trade and EconomicsPh.D., Doctor of Philosophy, Associate Professor, Chernivtsi Institute of Trade and Economics of Kyiv National University of Trade and EconomicsThe public finance management system is an important lever for equalizing financial and budgetary disproportions in the context of institutional changes. The paper aims to substantiate the directions of development of the public financial management system. Economic and statistical methods and correlation-regression analysis methods are used to determine the relationship between the GDP deflator and the share of revenues, expenditures, the general government budget deficit, and public debt in GDP, assessing the features of the public financial management system in Ukraine and EU countries. This study reveals that one of the main restraining factors in the public finance system development is a significant level of uncertainty in economic processes, which intensifies macroeconomic fluctuations, significant indicators of the share of public debt and budget deficit of the state administration sector pose risks to financial and economic stability; their potential negative impact on socio-economic processes is much more destructive than the pro-cyclical nature of fiscal policy. From this point of view, the public finance management system should be directed at optimizing financial and budgetary tools to prevent the growth of public debt and budget deficit in gross domestic product, which determines the importance of substantiating further development directions of the public financial management system. It is concluded that the mechanism of public financial management in recent years is quite rigid and restrictive, in the context of institutional change expands the tools of public financial management and increases its impact on socio-economic processes.https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14496/IMFI_2020_04_Chornovol.pdfdebtdeficiteconomyEUexpendituresfinance |
| spellingShingle | Alla Chornovol Julia Tabenska Tetiana Tomniuk Liudmyla Prostebi Public finance management system in modern conditions Investment Management & Financial Innovations debt deficit economy EU expenditures finance |
| title | Public finance management system in modern conditions |
| title_full | Public finance management system in modern conditions |
| title_fullStr | Public finance management system in modern conditions |
| title_full_unstemmed | Public finance management system in modern conditions |
| title_short | Public finance management system in modern conditions |
| title_sort | public finance management system in modern conditions |
| topic | debt deficit economy EU expenditures finance |
| url | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14496/IMFI_2020_04_Chornovol.pdf |
| work_keys_str_mv | AT allachornovol publicfinancemanagementsysteminmodernconditions AT juliatabenska publicfinancemanagementsysteminmodernconditions AT tetianatomniuk publicfinancemanagementsysteminmodernconditions AT liudmylaprostebi publicfinancemanagementsysteminmodernconditions |