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LONGTERM BUDGET STRATEGY IN A SYSTEM OF ECONOMIC CYCLICALITY

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UDC 336.02
 
CHUGUNOV Ihor,
Doctor of Economics, Director of Scientific Research Financial Institute, Head of Finance Department,
Kyiv National University of Trade and Economics
 
LONGTERM BUDGET STRATEGY IN A SYSTEM OF ECONOMIC CYCLICALITY
 
Background. One of the main instruments of state regulation of social and economic development is perspective budget planning, that is to develop the main directions of development and use of public funds in the medium and long term, given the need to perform tasks that face society at a certain stage of its development. Conducting targeted fiscal policy involves the introduction of strategic budgeting. During long-term budget planning, the conditions to enhance the effectiveness of state influence on economic development appear.
Review of scientific sources on the subject allowed us to determine that the development and implementation of the budget strategy is a prerequisite for improving the quality of budget planning process, strengthening budget management impact on socio-economic development. In order to enhance the impact of the budget strategy on socio-economic development of society, efforts aimed at improving balance and budget transparency, efficiency of public spending, improving intergovernmental relations, ensuring the quality of budgets at all levels of effective public financial control have to be used.
Results. A significant achievement of this research is development of long-term fiscal strategy to 2100. Substantiation of improving budget management, that is constantly adapting to the institutional changes of the economic environment, the dynamics and trends of social development, economic cyclicality.
Conclusion. The budget strategy is one of the most important components of state regulation of social and economic development. Budget regulation must be constantly improved and adapted to the institutional changes of the economic environment, the dynamics and trends of social development, economic cyclicality with the need to improve balance and effectiveness of public finances. The efficiency of the budget strategy is defined as the excess of the effectiveness of budget expenditures over the fiscal revenue. The value of this excess should be greatest. Countries that are able to some extent to achieve this have an effective financial tool for economic growth.
 
Keywords: budget, budget system, budget revenue, budget spending, budget deficit, budget regulation, budget planning, budget policy, budget strategy, economic cyclicality.

 LONGTERM BUDGET STRATEGY IN A SYSTEM OF ECONOMIC CYCLICALITY