№ 3/2017

Fìnansi Ukr. 2017 (3): 7–18https://doi.org/10.33763/finukr2017.03.007

PUBLIC FINANCE MANAGEMENT

GASANOV Sergіi ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0002-7454-0419

Structural policy and public finance under institutional uncertainty

Theoretical and practical problems of structural policy are considered under institutional uncertainty, financial constraints and fiscal consolidation programs. The necessity for development and implementation of a new concept of structural policy is justified in view of the actual state of the public finance, objectives and institutional conditions of the national economy structural transformations. Between the micro level of markets and the macro level of state influence there is “a middle layer”, which is especially active, from the structural-institutional point of view. There are those political groups and centers of economic power that are pursuing own goals and have for that informal institutional mechanisms of influence on political decision-making and economic policy. They often focus on presenting their own group interests as the public ones. Thus, market and government failures oppose each other in the field of structural policy. The structural policy in transitive economy under institutional uncertainties should be considered primarily as a systematic policy aimed at the formation of the economic coordination market mechanism. This differs from the neoclassical comprehension of the structural policy as a market failures consequence.

Keywords:structural policy, public finance, institutional uncertainty, structural transformations, fiscal policy, monetary policy, fiscal consolidation, economic activities, sustainability of public finance.

JEL: B52, H10, P16, P26

Gasanov S. . Structural policy and public finance under institutional uncertainty / S. . Gasanov // Фінанси України. - 2017. - № 3. - C. 7-18.

Article original in English (pp. 7 - 18)

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