Sources of Financing the Budget Deficit: Trends in the Application and Challenges to the Stability of Ukrainian Public Finance
Journal Title: Бізнес Інформ - Year 2015, Vol 2, Issue 0
Abstract
The article is aimed to study the composition and structure of sources for financing the budget deficit, reveal trends in their application and identify possible risks to the stability of public finance in the short-and long-term perspectives. Based on the analysis of reasons and factors of occurrence of the budget deficit and directions of use the funds for its covering, the challenges for the financial security of the State have been identified. As result of the study, it was proven that none of the sources for financing of the budget deficit does not have absolute advantage over others and is not completely non-inflationary. The Government, in deciding on the choice of the mode of financing the budget deficit, must proceed from the position of economic feasibility of each source of financing, combining them and minimizing the possible negative consequences for both the budget and the economy as a whole in the short and long run. Summing up the modern conceptual approaches to balancing the budget, the expedience of choosing for Ukraine strategies to stabilize public finances on the basis of the functioning of finance, taking into account the influence of the internal (institutional and macroeconomic) and the external (global) factors, has been substantiated. Prospect of further research in this area is to give reasons for necessity of focusing on activities to support long-term economic growth when projecting future financial plans of the State, taking into consideration the possible reduction of the budget deficit that can require a finer balance between fiscal policy and reforms of expenditures.
Authors and Affiliations
Tetiana Koliada
Keywords
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