№ 10/2017

Fìnansi Ukr. 2017 (10): 7–26https://doi.org/10.33763/finukr2017.10.007

PUBLIC FINANCE MANAGEMENT

KUDRJASHOV Vasyl ¹

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

Financing the state budget in the period of overcoming the impacts of recession

The purpose of the work is to determine the content and components of the state budget financing and analyze its implementation in Ukraine during the period of overcoming the consequences of the recession. The study clarifies the concept of financing the budget, discloses its components (from the costs and resources mobilization). It is noted that the difference between the volume of budget deficit and budget financing as a whole is reflected by operations of deficit-debt adjustment. The financing of the state budget of Ukraine in recent years is analyzed. It is concluded that the implementation of such a course led to the need for a sharp increase in state borrowing (both domestic and foreign), in the absence of plans to privatize state property, as well as conducting active operations mainly for the purchase of non-debt securities, and not for their sale. The consequence was an increase in domestic and external public debt. The structure of financing state borrowings has undergone significant changes. The external debt has grown more rapidly. The extension of state guarantees (internal and external) has led to the accumulation of a state-guaranteed debt. The structure of its financing was characterized by a significant increase in the volume of debt to international financial institutions and foreign banks. In order to stabilize public finances, mechanisms for streamlining the volumes and the structure of financing the state budget of Ukraine are proposed.

Keywords:budget financing, budget deficit, deficit-correction, fiscal risks, public debt, active operations, state guarantees

JEL: Н61, Н62, Н63

Kudrjashov V. . Financing the state budget in the period of overcoming the impacts of recession / V. . Kudrjashov // Фінанси України. - 2017. - № 10. - C. 7-26.

Article original in Ukrainian (pp. 7 - 26)

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