USE OF AN EXPENSE INSTRUMENT OF FISCAL POLICY IN THE FORMATION OF EFFECTIVE FISCAL SPACE OF UKRAINE
Keywords:
Key words, fiscal policy, instruments of fiscal policy, expenditure regulation, fiscal space, sustainable social development, dizigitalization.Abstract
Lutsyk A.I., Synyutka N.H. USE OF AN EXPENSE INSTRUMENT OF FISCAL POLICY IN THE FORMATION OF EFFECTIVE FISCAL SPACE OF UKRAINE
Purpose. The aim of the article is to provide scientific substantiation of theoretical aspects of the use of an expense instrument of fiscal policy, as well as an analysis of the effectiveness of its application in national practice.
Methodology of research. Methods of general scientific and empirical methods of economic science based on a systematic approach are used in the course of the research, in particular: methods of scientific knowledge: dialectical and logical, analysis and synthesis, generalization, graphical, statistical analysis – in the process of evaluating the effectiveness of state expenditures, scientific abstraction – when developing proposals for increasing the efficiency of the use of a fiscal policy expense instrument.
Findings. The analysis of the efficiency of expenditure regulation in the implementation of fiscal policy is carried out. It has been established that it is necessary to increase the share of investment and innovative expenditures, limiting the growth of social and debt payments in order to ensure sustainable social development. It is necessary to identify strategic goals and develop long-term strategies for using fiscal policy instruments to achieve them when implementing fiscal policy.
Originality. Approaches to the use of public expenditures as an instrument of influence on social and economic processes are improved. Unlike existing ones, such an approach allows to reduce budget deficits and contributes to the formation of the basis for sustainable social development in a rational fiscal space.
Practical value. The obtained results of the study are grounds for improving fiscal and budgetary policies by adopting appropriate legislative changes.
Key words: fiscal policy, instruments of fiscal policy, expenditure regulation, fiscal space, sustainable social development, dizigitalization.
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