Abstract. The purpose of the study is to determine the methodological principles for implementing Participatory Budgeting as an effective instrument of the budgetary policy at the local level, in particular, the analysis of the main risks and limitations of this process, the identification of its main stages and the features of the main types of activity, which includes each stage. Methodological bases of the study consist of general scientific methods of obtaining knowledge of economic phenomena and processes. Realization of study tasks requires the following methods: method of theoretical generalization -during the study of scientific works, regulatory legal acts; abstractlogical method -to generalize the theoretical and methodical provisions, as well as to determine the purpose of the study; method of a systematic approach -the definition of directions for improving the functioning of Participatory Budgeting as an effective instrument for implementing budgetary policy. Results. The main components, which should include Participatory Budgeting process are proposed, the purpose of which is to facilitate the establishment of a social dialogue between local authorities and residents of the territorial community, and to create conditions for the participation of the residents of the territorial community in the budgetary processes to meet their needs. The analysis of the conducted studies made it possible to determine the main risks and limitations of participatory budgeting. Practical implications. The main stages of the participatory budgeting process are outlined, in particular: the preparatory stage, the stage of budget formation and its approval, the main point of which is the establishment of a budget committee and the commencement of its work, the implementation stage, the stage of monitoring and evaluation of participatory budgeting. The main types of activity included in each stage have been studied. All of the above made it possible to develop a cycle of participatory budgeting as one of the directions of budgetary policy. We believe that the popularity of this process is determined by the benefits received by the residents, local authorities and the city in general. Value/originality. Formation and implementation of budgetary policy at the local level in the current conditions of decentralization of power with the help of the developed cycle of implementation of Participatory Budgeting will promote the establishment of a social dialogue between local authorities and residents of the territorial community, creating conditions for the participation of residents of the territorial community in a transparent budgetary process to meet their needs.
A balanced socio-economic development of any country is closely related to the efficiency of the system of intergovernmental relations, which should be aimed at optimizing the process of fiscal decentralization and clear definition of the powers of local government. Interbudgetary regulation in Ukraine reflects processes of the national and political importance and is of great importance in the composition of intergovernmental fiscal relations, which priority is growing in terms of decentralization reforms. Purpose. The main objectives of this study are: to summarize a complex task that is resolved in the process of budgetary control; to analyze the dynamics of revenues of the consolidated budget of Ukraine in 2007-2016 and the proportion of own local revenues in GDP; to distinguish formation features of Ukrainian local budgets by region; to analyze volumes of local budgets per capita in terms of area; to highlight the leverage rate of local budgets; to analyze the share of interbudget transfers in total local budgets. Results. The study is a synthesis of the complex challenges that must be resolved in the process of budgetary control, such as: balancing the budget; foster the interest of local governments in the maximum revenue mobilization; reallocation of existing budgetary resources, taking into account local features. The dynamics of the revenues of the consolidated budget of Ukraine in 2007-2016 was analyzed and concluded that the proportion of own local revenues in GDP tended to decrease with a simultaneous increase in the share of the interbudget transfers from the state budget. Abovementioned resulted in the ensuring of a stable share of local budgets in the GDP structure (at 14-15%). As a result of the intergovernmental fiscal decentralization reform by the results of 2016 the share of own revenues of local budgets Ukraine in GDP rose to 7.2%, or 1.1% compared to 2015 with a simultaneous decrease in the interbudget transfers share from the state budget to 8.2% (0.6% compared to 2015). Analyzed the share interbudget transfers in total local budgets, which for a long period tended to increase (from 47.2% in 2007 to 53.4% in 2016), which is contrary to the basic principles of fiscal decentralization. Conclusion. Grounded features of Ukrainian local budget revenues by region and proved that the unevenness of income between regions of Ukraine are often equivalent to the level of industrial production. Analyzed volumes of local budgets per capita in terms of area. Presented the list of influence instruments on local budgets indexes of incomes, including the increase in the minimum wage, inflation, continuing reform of the budget system in the direction of fiscal decentralization and transfer volumes.
Improving the methodology for estimating and forecasting the level of debt security of the country in the medium and long term is of paramount importance for an adequate response to destabilizing factors. Increasing the degree of openness of the national economy, the existing problems of the internal development of the country’s economy, significant changes in the global economic space and adjusting the methodological approaches to integrated assessments and forecasting the level of debt security in Ukraine are all of particular relevance. World practice has shown that countries with higher public debt are more vulnerable to changing financial conditions that can actually endanger the economy and contribute to increasing the depth and duration of a recession, given the government’s inability to provide sufficient budget to support the economy.The purpose of this study is to develop innovative approaches to assess and forecast the level of Ukraine’s debt security in order to adequately respond to existing destabilizing factors. The use of a methodical approach to estimate and forecast the level of debt security in Ukraine is substantiated. The following indicators are proposed for application in the process of debt security assessment: external debt to annual exports; the ratio of the total amount of external debt servicing payments to the state budget revenue (which is currently considered as an indicator of the state of budgetary security); the ratio of the cost of external debt servicing to annual exports and GDP; the ratio of international reserves to short-term public debt; the share of short-term public debt in its total volume. The state of debt security in Ukraine in 2009—2017 was estimated and a forecast was made for 2018—2020. Modern estimation mechanisms of the state of debt security were studied, their deficiencies were outlined and directions of improvement were proposed. It is shown that the overwhelming majority of Ukraine’s debt security indicators are in the critical and unsatisfactory and, moreover, tend to further deterioration. The methodical approach to the estimation and forecasting of the level of debt security of Ukraine, which represents the gradual implementation of the estimation and forecasting of debt security of the state, is highlighted and a list of the most optimal methods for application at each of the stages is grounded.
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