Budget Security as Factor of Economic Development of the State

Keywords: budgetary security, threats to budgetary security, budgetary system, public debt, deficit to public debt.

Abstract

A system analysis of the core threats to the budgetary security of the state shows that the current performance of the budgetary system in Ukraine was formed under the pressure of destructive external and internal risks aggravating the budgetary security problem. The article’s objective is to deepen theoretical and methodological foundations for the assessment of core threats to the budgetary security of the state. 

It is demonstrated that the occurrence of external and internal threats to the budgetary security is characterized by the following tendencies: high level of GDP redistribution through the budgetary system; the growing figures of the total public debt, the government guaranteed debt and the payments to service and repayment of the public debt in Ukraine; the persisting high deficit of the public budget; high level of centralization of the budgetary funds. 

It is substantiated that the execution of budget revenues involves two main dimensions of risk activities, which are the threats related with the proceeding of taxes and other categories of obligatory payments to the budget, and the administrative threats stemming from the existing system of tax administering. The impact of the first group of threats can be minimized by building up a rational budgetary system with the optimal level of fiscal burden. Minimization of the impact from the second group of threats will enable for the effective work of government bodies charged with administering and control.  

The factors that cause risks and threats of budget losses resulting from failures in the budget revenues administration system are determined: risks which occurrence will result in the budget revenues never reaching the expected levels due to the inefficiency of forecasting and planning of budget revenues and failures in the routine operation process, first and foremost when mobilizing payments to the budget; risks of the excessive costs with the occurrence of which the costs for guaranteeing the projected figures of budget revenues by revenue category will exceed the economically viable ones; risks of the violation of the law, and risks of budget revenues administering per se.

Downloads

Download data is not yet available.

References

Koren, N. V. (2015). Vyklyky ta zahrozy biudzhetnii bezpetsi na etapi suspilnykh transformatsii [Challenges and threats to budgetary security at the stage of social transformations]. Naukovyi visnyk Khersonskoho derzhavnoho universytetu. Seriia “Ekonomichni nauky” – Scientific Herald of Kherson State University. Economic Sciences, 14, 3, 130–133 [in Ukrainian].

Pikhotskyi, V. (2010). Efektyvnist fiskalnoi polityky yak instrumentu sotsialno-ekonomichnoho rozvytku Ukrainy [Effectiveness of fiscal policy as an instrument of socio-economic development of Ukraine]. Finansy Ukrainy – Finance of Ukraine, 3, 30–37. [in Ukrainian].

General condition of economic security of Ukraine. (2010). www.me.gov.ua. Retrieved 12.01.2012 from http://www.me.gov.ua/ [in Ukrainian].

Bondaruk, O. (2017). Analiz biudzhetnykh zahroz ta yikh vplyvu na finansovu bezpeku Ukrainy [Analysis of budget threats and their impact on financial security of Ukraine]. Mizhnarodni vidnosyny. Seriia “Ekonomichni nauky” – International Relations. Part “Economic Sciences”, 10. Retrieved from http://journals.iir.kiev.ua/index.php/ec_n/article/view/3275 [in Ukrainian].

Ofitsiinyi vebsait Ministerstva finansiv Ukrainy [Official website of the Ministry of Finance of Ukraine]. mof.gov.ua . Retrieved from https://mof.gov.ua/uk [in Ukrainian].

Ofitsiine Internet-predstavnytstvo Natsionalnoho banku Ukrainy [Official website of the National Bank of Ukraine]. bank.gov.ua. Retrieved from https://bank.gov.ua/control/uk/index [in Ukrainian].

Vlasiuk, O. S., Shemaieva, L. H., & Londar, L. P. (2016). Borhova stiikist yak stratehichnyi napriam pidvyshchennia rivnia finansovoi bezpeky [Debt sustainability as a strategic direction of the level of financial security increasing]. Kyiv: NISD [in Ukrainian].

Zubenko, V. V., Samchynska, I. V., Rudyk, A. Yu., Shapoval, T. A., Korniyenko, A. I., Bohdan, T. P. et al. (2017). Biudzhetnyi monitorynh: Analiz vykonannia biudzhetu za 2016 rik. IBSED, Proekt “Zmitsnennia mistsevoi finansovoi initsiatyvy (ZMFI-II) vprovadzhennia” [Budget Monitoring. Analysis of budget execution in 2016. IBSER. Municipal Finance Strengthening Initiative Project Roll-out (MFSI-II)]. Kyiv: USAID [in Ukrainian].

Fedosov, V., & Yurii, S. (Eds.). (2012). Biudzhetna systema [Budget system]. Kyiv: Tsentr uchbovoi literatury; Ternopil: Economichna dumka [in Ukrainian].

Ofitsiinyi vebsait Derzhavnoi kaznacheiskoi sluzhby Ukrainy [Official website of the State Treasury of Ukraine]. www.treasury.gov.ua. Retrieved from http://www.treasury.gov.ua/main/uk/index [in Ukrainian].


Abstract views: 45
PDF Downloads: 19
Published
2020-11-24
How to Cite
Bondaruk, T. H., Momotiuk, L. Y., & Bondaruk, O. S. (2020). Budget Security as Factor of Economic Development of the State. Statistics of Ukraine, 89(2-3), 40-47. https://doi.org/10.31767/su.2-3(89-90)2020.02-03.05