№ 12/2018

Fìnansi Ukr. 2018 (12): 31–51https://doi.org/10.33763/finukr2018.12.031

PUBLIC FINANCE MANAGEMENT

KUDRJASHOV Vasyl ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0003-4801-3620

Management of budget operations according to fiscal rules

The purpose of the work is to reveal the content and components of fiscal rules, mechanisms for their implementation, as well as the use of fiscal policy. The study is based on EU materials. The analysis of the experience of using supranational fiscal rules, as well as the peculiarities of their application at the national level, is carried out. It is determined that the application of fiscal rules is aimed at overcoming imbalances in the budget sphere, neutralizing the risks of their deepening (during the medium and long term periods), as well as supporting progressive economic and financial development. It is noted that the economic crisis revealed the necessity of reforming fiscal rules with the aim of making changes to the balance of the public budget (transition to a structural deficit), the introduction of a spending rule, changes in public debt management, strengthening the coordination of fiscal policies of the Member States, and increasing control over budgetary operations by the European Union. An equally important direction for updating fiscal rules is an increase in fiscal responsibility of governments for supporting investment and employment. At the national level, national rules (compared to supranational ones) are more rigorous in some cases in adjusting budget balances; the regulation of expenditures, and also the management of public debt. Particular attention is paid to the issues of expanding the transparency of budget operations, control over their implementation by the parliament and independent financial institutions. It is determined that the improvement of fiscal rules is very relevant for Ukraine. It is recommended to extend the list of fiscal rules for use in Ukraine and provide for the necessary mechanisms for their implementation.

Keywords:public finances, fiscal policy, fiscal rules, state budget, state debt, supranational fiscal rules, national fiscal rules

JEL: Е62, H20, H61, H63

Kudrjashov V. . Management of budget operations according to fiscal rules / V. . Kudrjashov // Фінанси України. - 2018. - № 12. - C. 31-51.

Article original in Ukrainian (pp. 31 - 51)

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