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STATE FINANCIAL POLICY OF SOCIAL AND ECONOMIC DEVELOPMENT OF THE COUNTRY

on .

UDC 336.02(477)
 
MELNICHENKO Serhii,
Director at the Manufacturing and Property Relations Finance Department
 
STATE FINANCIAL POLICY OF SOCIAL AND ECONOMIC DEVELOPMENT OF THE COUNTRY
 
Background. A balanced state financial policies is an essential condition for social and economic development, effective implementation of economic reforms. It is appropriate to strengthen the institutional framework of system of financial regulation, the efficiency of the budget system and of planning and spending of budget expenditures. Development and implementation of public financial policy should be based on reasonable provisions to facilitate the balance of the financial system and the effectiveness of the financial regulation of society.
Analysis of recent research and publications on selected topics allowed us to determine that in recent years the financial policy of the government has not sufficiently promoted innovative economic development and social welfare of the population. In view of this, the issue of determining appropriate institutional framework for further development of financial and budget management, taking into account the macroeconomic dynamics was the aim of the study.
Results. An important achievement of this research is disclosure of state financial policy as a tool for social and economic development, identifying key areas to improve public financial policy in the economic transformation The analysis of the share of consolidated budget expenditures in gross domestic product in the context of functional classification.
Conclusion. Today the state financial regulation of the country is formed in a socio-economic policy, based on the need of equal participation of the state in the world economic and financial relations, improving the quality of public social services requires a strategy for economic growth to a new institutional level. It is necessary to take measures directed at improving balance and budget transparency, efficiency of budget expenditures, improving budget relations, ensuring quality of budgets at all levels, the implementation of effective public financial control to enhance the impact of the budget system for social and economic development of the society. State financial strategy should be directed to the relevant economic transformation, endogenous growth factors. This budget is a valuable tool of a system of state regulation of the economy has to be based on a long-term program of economic and social development of the country. State financial policy as part of regulation of social development is a combination of financial, institutional provision of the formation and use of budget funds to achieve financial and economic balance and efficiency of economic transformations.
 
Keywords: public finance, budget system, budget control, budget revenues, budget expenditures, government financial policy, socio-economic development of the country.

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