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ACADEMY
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MANAGEMENT
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№ 6/2016

№ 6/2016

Fìnansi Ukr. 2016 (6): 7–

PUBLIC FINANCE MANAGEMENT

IEFYMENKO Tetiana 1, KONOPLEV Sergey 2

1SESE “Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0002-9163-3959
2 Harvard Kennedy School (Harvard University)


INSTITUTIONAL ASPECTS OF REFORMING PUBLIC FINANCES


The regulatory potential of an economy is focused on the realization of the goals for sustainable economic development. However, the implementation of perspective reform initiatives is not always successful due to the absence of clear public institutional and structural transformation policies. In many developing countries, the insufficient level of consensus of political and economic interests in the society is often the main obstacle to the use of new approaches in public financial management (PFM) which includes a large number of activities, systems, and institutions. Therefore, reformers should develop a detailed plan for activities, including preventing challenges that disrupt the budget process and simultaneously maximize the efficiency of permanent financial resources such as revenues, expenses and debt. In general, the task of managing changes in public finances is complicated because of external and internal factors of uncertainty. PFM is strongly connected to the regulatory mechanisms of resource allocation that has significant consequences for the economy and society. Thus, in any circumstance, a permanent budget process is vital along with the execution of public constitutional functions.

Keywords:public finance management, public administration, reforms, decision making, change agents, fiscal burden, management mechanisms, structure organization, behavior, world crises, function, institutions, risks of destabilization.

JEL: H11, H12, H89.


Iefymenko T. . INSTITUTIONAL ASPECTS OF REFORMING PUBLIC FINANCES / T. . Iefymenko, S. Konoplev // Фінанси України. - 2016. - № 6. - C. 7-.

Article original in Ukrainian (pp. 7 - 30) DownloadDownloads :859
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