№ 2/2020

Fìnansi Ukr. 2020 (2): 115–126https://doi.org/10.33763/finukr2020.02.115

SCIENTIFIC DISCUSSIONS

DERLYTSIA Andrii ¹

¹Ternopil National Economic University
OrcID ID : https://orcid.org/0000-0002-5123-1584

The future of public finance: an introduction to financial futurology

The article attempts to explore the directions of possible public finance transformation under the influence of the emerging digital economy and digital society. Futurology approaches were used to study the future of the financial system. Financial futurology is defined as the doctrine of prospective and potential features of the financial system on the basis of knowledge about tendencies and vectors of technology, economy, and social development. It is substantiated that financial futurology should jointly consider issues related to both fiscal futurology (the study of public finance perspectives) and futurology of personal, corporate finance and the financial market. The method of financial futurology and its differences from traditional economic forecasting are outlined, due to the necessity of applying the dialectical approach in addition to the methods of formal logic. The influence of digitalization on the economic, social, political and administrative environment of public finances is investigated. The prospective features of tax systems and fiscal innovations in the future are revealed. The possible impact of digitization on the functioning of budgetary institutions and the peculiarities of financing budgetary expenditures in the field of education, health care, law enforcement, social transfers, etc. are clarified. It is concluded that over the next 10-15 years, public finance system, as well as the financial system in developed countries, will be undergoing a major transformation. The need to continue applying financial futurology approaches to assess the potential impact of the emergence of the digital economy and digital society on the functioning of financial institutions is emphasized.

Keywords:financial futurology, fiscal futurology, public finance, public sector, fiscal innovations, digitalization

JEL: H11, H68, G17

DERLYTSIA A. . The future of public finance: an introduction to financial futurology / A. . DERLYTSIA // Фінанси України. - 2020. - № 2. - C. 115-126.

Article original in Ukrainian (pp. 115 - 126)

Download

Downloads :216

1. Toffler, A. (2000). The Third Wave. Kyiv: Universe [in Ukrainian].
2. Schwab, K. (2019). Fourth Industrial Revolution. Forming the fourth industrial revolution. Kharkiv: Family Leisure Club [in Ukrainian].
3. Cabinet of Ministers of Ukraine. (2018). Concept of development of digital economy and society of Ukraine for 2018–2020 (Decree No. 67-p, January 17). Retrieved from zakon.rada.gov.ua/laws/show/67-2018-%D1%80#n13 [in Ukrainian].
4. Welch, J. H. (n. d.). Financial Futurology: What Financial Institutions May Soon Look Like. Retrieved from www.bcrp.gob.pe/docs/Proyeccion-Institucional/Seminarios/
2009/Evento-04/Paper-200904-John-Welch.pdf.
5. Scupola, A. (2018). Digital Transformation of Public Administration Services in Denmark: A Process Tracing Case Study. Nordic and Baltic Journal of Information and Communications Technologies, 1, 261–284.
doi.org/10.13052/nbjict1902-097X.2018.014
6. Huynh, E. (2019). The future of education: An essay collection. Retrieved from www.ippr.org/research/publications/future-of-education/
7. Charlesworth, A., Johnson, P. (2018). Securing the future: funding health and social care to the 2030s. Retrieved from www.ifs.org.uk/uploads/R143.pdf.
8. International Monetary Fund. (2017). Digital Revolutions in Public Finance. Retrieved from www.imf.org/en/Publications/Books/Issues/2018/04/02/Digital-Revolutions-in-Public-Finance-44925.
9. Steinfort, L., Kishimoto, S. (Eds.). (2019). Public Finance for the Future We Want. Retrieved from www.tni.org/en/publicfinance.
10. Hirsch, R. (2003). Dialectics and Logic. Retrieved from www0.cs.ucl.ac.uk/staff/R.Hirsch/papers/dialectics/dialectics.pdf.
11. Stiglitz, J. (1998). Public Sector Economy. Kyiv: Osnovy [in Ukrainian].
12. Rudiger, A. (2018). Fiscal Transparency and Accountability Research Note for the Fiscal Futures’ Scenario Planning Workshops. Retrieved from www.internationalbudget.org/publications/fiscal-futures-scenario-thinking-for-fiscal-transparency-and-accountability.
13. Johnson, K. D. (2018). Blockchain technology implications for development. Retrieved from riskinnovation.asu.edu/wp-content/uploads/2018/01/ResearchPaper-Blockchain-KevinDJohnson-Published.pdf.
14. Detter, D., Fölster, S. (2017). State wealth of nations. How government asset management can enhance or undermine economic growth. Lviv: The Old Lion Publishing House [in Ukrainian].
15. Gabor, D. (1964). Inventing the future. Pelican Books.