MACROTHEORETICAL FOUNDATIONS OF FISCAL CONSOLIDATION
Journal Title: Вісник Київського національного університету імені Тараса Шевченка. Економіка. - Year 2016, Vol 6, Issue 183
Abstract
Fiscal consolidation – is an important type of macroeconomic policies aimed at reducing the budget deficit and stabilize and reduce public debt in the long term. The ultimate goal of this policy is to ensure the sustainability of public finance violations during the financial crisis. The article emphasized that in today's state macroeconomic policy focused mainly on the economic reforms in the fiscal sector, the implementation of programs of fiscal consolidation, the introduction of new fiscal rules and reform of the old, institutional changes in fiscal regulation, improving transparency in the fiscal sphere. The area of fiscal consolidation embarked on optimization and rationalization of budgetary balance structure of government spending, and financial security reforms in all areas it is. Emphasized that the main direction of modernization of the financial system of Ukraine is conducting fiscal consolidation to limit the deficit of public finances and the slowdown in public debt. Macroeconomic fiscal consolidation tools that can be applied in Ukraine are systematized and classified. Feasibility of balancing of public finances of Ukraine has been determined through institutional interdependence fiscal consolidation of fiscal instruments that allowed isolating certain prerequisites to intensify monetary policy aimed to support growth by expanding lending to the real economy. The fiscal consolidation program aimed at stabilizing public finances and improving their sustainability has been analysed. The list of potential instruments of fiscal consolidation and fiscal rules and regulations of the new generation that are designed to ensure the sustainability of public finances has been defined.
Authors and Affiliations
Ihor Liutyi, Diana Osetska
Keywords
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- EP ID EP240381
- DOI 10.17721/1728-2667.2016/183-6/1
- Views 74
- Downloads 0
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