FINANCE. TAXES. CREDIT УДК 336.1 JEL: 1 Academy of Financial Management, Research ID : http://www.researcherid.com/rid/ 57216875031 PROCYCLIC OR ANTICYCLIC FISCAL POLICY: METHODS OF DIAGNOSTICS The article is devoted to practical aspects of the application of modern tools of the diagnostics of a fiscal policy in the context of the formation of conditions for the macroeconomic stability and the support of a sustainable economic growth in the future. A methodical approach to the determination of a directedness of the fiscal policy and its correspondence to the problems of macroeconomic balance with regard for the current trend of an economic cycle is presented. For this purpose on the basis of the data of IMF and reports of the State Exchequer Service of Ukraine, Pension Fund of Ukraine, and State Statistics Service of Ukraine with the use of our previous results of studies concerning the estimation of indicators of the sector of general public administration (SGPA) and according to standards of the tax-budgetary statistics of IMF GFSM-2001, the value of potential GDP, gap between it and the value of real GDP, elasticity of incomes of the SGPA relative to GDP, cyclic component of incomes of the SGPA, operational and summary balances of the SGPA with regard for the cyclic component and without it, and fiscal pulses of the balances of the sector of public administration are calculated and analyzed. On the basis of the obtained data, the time periods (since 2002 till 2015), in which the fiscal policy of Ukraine affected procyclically or anticyclically the economic dynamics trajectory, are determined. The risks of a strengthening of macroeconomic disbalances, which are related to a negative fiscal pulse that comes from the fiscal policy of Ukraine for two last years due to the consolidation of consumer and investment expenditures and to the direction of money assets (including the borrowed ones) to the acquisition of financial assets, are substantiated. Keywords:sector of a general public administration, cyclically corrected fiscal deficit, procyclic and anticyclic fiscal policies, fiscal pulse
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