Development of State Fiscal Institutions in the Context of Ensuring Economic Equilibrium in Ukraine
Marshalok T. Y.

Marshalok, Taras Ya. (2019) “Development of State Fiscal Institutions in the Context of Ensuring Economic Equilibrium in Ukraine.” The Problems of Economy 3:208–216.
https://doi.org/10.32983/2222-0712-2019-3-208-216

Section: Finance and banking

UDC 336.027

Abstract:
It is noted that the innovative revolution, technological and scientific breakthrough, emergence of new branches of the economy, the food crisis in the world and a considerable scientific, agricultural, technological potential of Ukraine are the key to its economic advancement. To achieve the highest strategic goals, it is necessary to develop a balanced and clear countercyclical state policy. The strategic benchmark of the policy should be support and development of innovations, and its integral part — a fiscal policy developed with consideration for the latest paradigm of countercyclical regulation with high-quality effective tools for ensuring economic growth and advance in living standards. These instruments should be undoubtedly based on discipline, openness and transparency in actions of managers engaged in its implementation; the ability to quickly and effectively respond to potential threats and challenges in the economy. This is possible provided the formation of a highly qualified government, which has necessary tools and skills in modeling economic conjuncture as well as the ability to use qualitative fiscal instruments of a stabilizing nature. And, most importantly, any actions should be rest upon a calculated strategy considering risks, threats and trends at the state and global level.

Keywords: fiscal policy, discretionary / non-discriminatory fiscal policy, counercyclical regulation of the economy, GDP, public debt, government revenues, government expenditures, socially-oriented (paternalistic) fiscal policy, state fiscal institutions.

Fig.: 4. Bibl.: 12.

Marshalok Taras Ya. – Candidate of Sciences (Economics), Associate Professor, Candidate on Doctor Degree, Department of Taxes and Fiscal Policy, Ternopil National Economic University (11 Lvіvska Str., Ternopil, 46020, Ukraine)
Email: marshaloktm@gmail.com

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