The Principles of Conceptualization of the Public Investment in the Context of Economic Cooperation and Development
Tymechko I. R., Radelytskyy Y. O.

Tymechko, Iryna R., and Radelytskyy, Yuriy O. (2023) “The Principles of Conceptualization of the Public Investment in the Context of Economic Cooperation and Development.” The Problems of Economy 4:58–63.
https://doi.org/10.32983/2222-0712-2023-4-58-63

Section: World economy and international relations

UDC 336.11

Abstract:
The aim of the article is to substantiate the principles of conceptualization of public investment on the basis of foreign experience. The principles of conceptualization of public investment are defined. The tools of management at all levels within the framework of the principles of public investment are substantiated: investing, using an integrated strategy adapted to different places; implementing efficient tools for coordination between levels of management; coordinating the investment between all levels of government in order to invest at the appropriate scale; assessing the long-term consequences and risks of public investments in advance; engaging with stakeholders throughout the investment cycle; mobilizing private actors and financial institutions to diversify funding sources and build capacity; improving the skills of civil servants and representatives of institutions involved in the field of public investment; focusing on outcomes and promoting experiential learning; developing the fiscal policies adapted to investment objectives; requiring the sound and transparent financial management at all levels of government; promoting transparency and strategic use of public procurement at all levels of government; striving for the quality and consistency of regulatory systems between levels of management. For the implementation of effective governance, the Government of Ukraine is working on the following tasks: to form an effective public administration system capable of implementing a holistic and consistent policy aimed at adequately responding to internal and external challenges and sustainable social development; to create a modern system of local self-government that contributes to the dynamic development of regions and transfers the maximum possible amount of powers to the level closest to citizens – communities; to change the approach to public finance management for transparent and efficient use of budget funds; to introduce elements of e-government to improve the efficiency and quality of public services and minimize the petty corruption occurrences.

Keywords: public investment, principles of public investment, economic growth.

Bibl.: 11.

Tymechko Iryna R. – Doctor of Sciences (Economics), Senior Research Fellow, Department of Regional Financial Policy, Institute of Regional Research named after V. I. Dolishniy of the NAS of Ukraine (4 Kozelnytska Str., Lvіv, 79026, Ukraine)
Email: tymi@ukr.net
Radelytskyy Yuriy O. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Accounting and Auditing, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79000, Ukraine)
Email: 05051@ukr.net

List of references in article

Fournier, J. “Positive Effect of Public Investment on Potential Growth“. OECD Economics Department Working Papers, no. 1347 (2016). DOI: 10.1787/15e400d4-en
OECD, Subnational Public-Private Partnerships: Meeting Infrastructure Challenges, OECD Multi-level Governance Studies. Paris: OECD Publishing, 2018. DOI: 10.1787/9789264304864-en
“Dorozhnia karta reformuvannia upravlinnia publichnymy investytsiiamy“ [Roadmap for Reforming Public Investment Management]. https://www.mof.gov.ua/storage/files/%D0%94%D0%BE%D1%80%D0%BE%D0%B6%D0%BD%D1%8F_%D0%BA%D0%B0%D1%80%D1%82%D0%B0_%D0%A3%D0%9F%D0%86.pdf
“Effective Public Investment Implementation Brochure, 2019“. https://www.oecd.org/effective-public-investment-toolkit/
Cohesion policy data. https://opencoesione.gov.it/en/
New Regional Policy. https://regiosuisse.ch/en/new-regional-policy-nrp
“Zusammenarbeit mit den Landesrechnungshofen“. https://www.bundesrechnungshof.de/DE/5_ueber_uns/2_was_wir_tun/landesrechnungshoefe/landesrechnungshoefe_node.html
“Public Governance, Performance and Accountability Act 2013“. https://www.legislation.gov.au/C2013A00123/latest/versions
The National Agency for Public Procurement. https://www.government.se/government-agencies/the-national-agency-for-public-procurement/
“Shared management“. https://european-social-fund-plus.ec.europa.eu/en/shared-management
“Efektyvne vriaduvannia“ [Effective Governance]. https://www.kmu.gov.ua/diyalnist/reformi/efektivne-vryaduvannya