№ 3/2017

Fìnansi Ukr. 2017 (3): 19–35https://doi.org/10.33763/finukr2017.03.019

BUDGET POLICY

KUDRJASHOV Vasyl ¹, PODDERJOGIN Anatolij ²

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0003-4801-3620
²Kyiv National Ecomomic Universiry named after Vadym Hetman

Modernization of fiscal policy in the EU

The article studies changes in the fiscal policy of the European Union aimed at ensuring the sustainability of public finances and support of economic growth. New approaches to the regulation and coordination of public finance management of EU Member States are defined. The research covers the issues of application of austerity policies to meet the challenges of fiscal consolidation. Mechanisms for mitigating fiscal adjustment to reduce the negative impacts of fiscal policy on economic and social development are considered. The policy of income, expenditure and financing of public budgets in the EU as a whole and in individual Member States, in particular in Germany, Poland, Lithuania and the United Kingdom, is analyzed. The directions for further reform of the fiscal policy in order to fulfill the tasks of fiscal consolidation, as well as the promotion of economic growth, are defined. It is stressed that during the modernization of this policy in Ukraine it is necessary to overcome a number of problems, which are largely addressed in the EU. The authors emphasize the importance of the study of these changes for Ukraine, where the recovery of positive dynamics has only just begun and needs support with the use of fiscal policy mechanisms.

Keywords:fiscal policy, fiscal consolidation, expenditure policy, incomes policy, the financing of public budget, public debt, fiscal adjustment, austerity policy.

JEL: E62, F36, H61, H63, H87

Kudrjashov V. . Modernization of fiscal policy in the EU / V. . Kudrjashov, A. . PODDERJOGIN // Фінанси України. - 2017. - № 3. - C. 19-35.

Article original in Ukrainian (pp. 19 - 35)

Download

Downloads :755

1. Heyec`, V. M. (2016). Social capital – 25: establishment of the state or its development? Economy of Ukraine, 8, 3–6 [in Ukrainian].
2. Iefymenko, T. I. (2013). Actual problems of modern strategies of tax system reforming. Finance of Ukraine, 3, 7–26 [in Ukrainian].
3. Lunina, I. O. (2013). Taxation of wealth: international experience and lessons for Ukraine. Finance of Ukraine, 2, 21–31 [in Ukrainian].
4. Sidenko, V. R. (2014). The policy of completion of the formation of the European economic and currency union: main tendencies and possible consequences for Ukraine. Economy of Ukraine, 10, 51–66 [in Ukrainian].
5. Fedosov, V. M. (2002). Financial restructuring in Ukraine: challenges and directions. Ky`yiv: KNEU [in Ukrainian].
6. Yaroshenko, F. O. (2011). Budget deficit as an instrument for post-crisis renovation of world economy. Finance of Ukraine, 1, 3–12 [in Ukrainian].
7. Eurostat. (n. d.). You key to European Statistics. Retrieved from ec.europa.eu/eurostat/web/government-finance-statistics/data/main-tables.
8. Consolidated versions of the Treaty on European Union and the Treaty on the Functioning of the European Union. (2010, March 30). Official Journal of the European Union. Retrieved from eur-ex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2010:083:FULL:EN:PDF.
9. European Commission. (n. d.). Economic governance review. Report on the application of Regulations (EU) No. 1173/2011, 1174/2011, 1175/2011, 1176/2011, 1177/2011, 472/2013 and 473/2013. Retrieved from ec.europa.eu/.
10. European Commission. (n. d.). Graph of the week: Excessive Deficit Procedure explained. Retrieved from ec.europa.eu/economy_finance/graphs/2014-11-10_excessive_deficit_procedure_explained_en.htm.
11. European Commission. (n. d.). The corrective arm. Retrieved from ec.europa.eu/economy_finance/economic_governance/sgp/corrective_arm/index_en.htm.
12. Is “austerity” responsible for the crisis in Europe? (2013, May). IEM’s Economic Note. Retrieved from www.institutmolinari.org/IMG/pdf/note0513b_en.pdf.
13. European Commission. (2016, October 21). Government revenue and expenditure. Retrieved from ec.europa.eu/eurostat/statistics-explained/index.php/Government_finance_statistics#Government_revenue_and_expenditure.
14. Kudryashov, V. P. (2013). Fiscal consolidation and its effects. Economy of Ukraine, 9,
31.–46 [in Ukrainian].
15. European Commission. (n. d.). Real GDP growth rate – volume. Percentage change on previous year. Retrieved from ec.europa.eu/eurostat/web/national-accounts/data/main-tables.
16. Federal Ministry of Finance. (2015, January 12). Public investment trends in Germany. Retrieved from www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Fiscal_policy/Articles/2015-01-12-public-investment-trends-germany.html;jsessionid=F8A98BE7E9D649A9F6A1045A866970F0#doc12816bodyText8.
17. World. Challenges of global crisis (UK). (2013). World economy and international relations, 6, 75–89 [in Russian].
18. Pettinger, T. (2013, January 10). Is Austerity Self Defeating? Economics Help. Retrieved from www.economicshelp.org/blog/5268/economics/is-austerity-self-defeating/4.
19. Cornel, B. (2014, November). Is There More Room to Negotiate with the IMF on Fiscal Policy? GEGI Working Paper. Retrieved from www.bu.edu/pardee/files/2014/11/IMF-Fiscal-Policy-Working-Paper.pdf.
20. Ministry of Finance of Ukraine. (n. d.). Execution of the budget of Ukraine 2015/2016. Retrieved from www.minfin.gov.ua/news/bjudzhet/bjudzhet-potochnogo-roku [in Ukrainian].
21. State Treasury Service of Ukraine. (n. d.). State budget execution. Retrieved from www.treasury.gov.ua/main/uk/doccatalog/list?currDir=146477 [in Ukrainian].
22. Official website of State Statistics Service of Ukraine. (n. d.). Retrieved from www.ukrstat.gov.ua/.