FINANCE. TAXES. CREDIT УДК 306.1 JEL: 1SESE “Academy of Financial Management”, Research ID : http://www.researcherid.com/rid/https://www.webofscience.com/wos/author/record/HMP-1501-2023 CONCEPTUAL FRAMEWORK OF FURTHER DEVELOPMENT OF PUBLIC FINANCE MANAGEMENT SYSTEM Change management capacity in the public finance management system (PFMS) to a large extent depends on the current state and the degree of development of the national economy; however, in every country there are institutional constraints hindering appropriate reforms. At focus of all stakeholders should be generalized evaluation of implementation of PFMS strategies with characteristics that meet international best practice, avoiding information asymmetry and ensuring the completeness and transparency of data. It is expedient to consistently form the foundation of an integrated managerial thinking on the basis of unified indicators of sustainable development. The effectiveness of regulatory decisions depends on the institutional capacity of national governments and their administrative structures to quickly envisage internal and external risks of destabilization, as well as factors of ambiguity of social end economic realities flow. Implementation of innovations to reform is not always successful because of the lack of strategic direction in the state policy of structural changes. In transition countries, lack of compromise between interests of the public, business and government for political reasons, is often a major obstacle to sustainable economic recovery. Using the updated approaches to PFMS should occur considering space-time factors. Provision of public services according to declared constitutional obligations must be accompanied by the use of transparent mechanisms of revenue and preferences generation in interrelation with transfers, subsidies and expenditure items. When developing detailed plans of changes, one should include priorities and ways to prevent threats of violations of budgetary processes, and strive to maximum effectiveness of continuous cycles of financial resources circulations in income and expenditures. Keywords:public finance management, reforming, decision-making process, governance arrangements, organizational structure, economic crisis, functions, institutions
1. Frait J., Komarkova Z. Financial Stability, Systemic Risk and Macroprudential Policy, in: CNB Financial Stability Report 2010/2011. 2011, pp. 96–111. 2. Bilorus O.G. Ekonomichna Globalistyka. Svit-Systema Globalizmu [Economic Globalistics. World-System of Globalism]. Kyiv, University “Ukraina”, 2016 [in Ukrainian]. 3. Heyets V.M. Ekonomika Ukrainy: klyuchovi problemy i perspektyvy [Ukraine’s economy: key problems and prospects]. Ekonomika i Prognozuvannya – Economy and Forecasting, 2016, No. 1, pp.7–22 [in Ukrainian]. 4. Gritsenko A.A. Institutsional’naya Politicheskaya Ekonomiya: Predmet, Metodolohiya, Soderzhaniye [Institutional Political Economics: Subject, Methodology, Content]. Saarbrücken, LAP LAMBERT Academic Publishing, 2014 [in Russian]. 5. Mulgan G. The Art of Public Strategy: Mobilizing Power and Knowledge for the Common Good. New York, Oxford University Press, 2010. 6. March J., Olsen J.P. Democratic Governance. New York, The Free Press, 1995. 7. Keynes J.M. The General Theory of Employment, Interest, and Money. Harcourt, Brace&World, 1965. 8. Williamson O.E. The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting. New York, The Free Press, 1985. 9. Ostrom E. A Behavioral Approach to the Rational Choice Theory of Collective Action: Presidential Address, American Political Science Association, 1997, in: American Political Science Review, 1998, Vol. 92, No. 1, pp. 1–22, available at: wwz.unibas.ch/fileadmin/wwz/redaktion/wipo/Vorlesungen/2012/PolEcon/Ostrom98.pdf. 10. Arrow K.J. The Economics of Information, in: Collected Papers of Kenneth J. Arrow. Cambridge, MA, The Belknap Press of Harvard University Press, 1984, Vol. 4, pp. 136–152. 11. Eichengreen М. Reforming the International Financial Architecture. 2011, May, available at: eml.berkeley.edu/~eichengr/Reforming_Intl_Arch_2011_Ed.pdf. 12. Selected Works of Joseph E. Stiglitz. Vol. II: Information and Capital Markets. Oxford, NewYork, Oxford University Press, 2013. 13. Public Financial Management and Its Emerging Architecture. M. Cangiano, T. Curristine, M. Lazare (Eds.). Washington, DC, IMF, 2012. 14. Iefymenko T.I., Zhuk V.M., Lovins’ka L.G. Informatsia v Antykryzovomu Upravlinni: Global’nyi Aspekt Standartyzatsii Obliku ta Finansovoi Zvitnosti [Information in Crisis Management: Global Dimension of Standardization of Accounting and Financial Reporting]. Kyiv, SESI “Academy of Financial Management”, 2015 [in Ukrainian]. 15. Bogdan I.V. Protsyklichna chy antytsyklichna fiskal’na polityka: metody diagnostyky [Procyclic or anticyclic fiscal policy: methods of diagnostics]. Ekonomika Ukrainy – Economy of Ukraine, 2016, No. 11, pp. 45–57 [in Ukrainian]. |
|
Published since September 1958 |
|||
| Login |
| |||