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Evaluating the Impact of Budget Deficit on the Financial Security of the State
Koliada T. A., Guz M. V.

Koliada, Tetiana A., and Guz, Maria V. (2019) “Evaluating the Impact of Budget Deficit on the Financial Security of the State.” Business Inform 7:266–272.
https://doi.org/10.32983/2222-4459-2019-7-266-272

Section: Finance, Money Circulation and Credit

UDC 336.14(477)

Abstract:
The article is aimed at evaluating the impact of budget deficit on the financial security of the State by monitoring Ukraine’s budget security indicators for the period 2010-2018 and elaborating proposals to stabilize the system of public finances in today’s economic environment. The components of financial security are disclosed, indicators of budget security are calculated, they are compared with the limits according to the Methodical recommendations for determining the level of economic security of Ukraine, the result is that all indicators range from a satisfactory to a critical range. Based on the analysis of budget security indicators, it is proved that the main actions of the government in this direction should concern stabilizing the economic situation by optimizing the budget spending structure, reducing the volume of public debt and the cost of servicing it. The increase in the budget deficit contributes to the build-up of public debts by the cost of the loans that Ukraine takes to cover the deficit and to repay previous debts, thus creating a debt spiral. Minimizing the budgetary risks will depend on the mechanisms for responding to internal and external challenges and threats, which take place not only in the fiscal sphere, but also in the plane of socio-political transformations in the State. Prospect for further research in this direction lies in proving of the need to introduce new fiscal rules to strengthen the resilience of the public finance system as an instrument of the State regulation of the economy, that best suits the current realities of the country’s development.

Keywords: budget deficit, financial security, indicators of budget security, public finances, management of budget deficit.

Fig.: 1. Tabl.: 5. Bibl.: 9.

Koliada Tetiana A. – Candidate of Sciences (Economics), Senior Research Fellow, Associate Professor, Department of Public Finance, State Tax University (31 Universytetska Str., Irpin, Kyiv region, 08205, Ukraine)
Email: [email protected]
Guz Maria V. – Masters Student, Educational and Scientific Institute of Finance, Banking of the University of the State Fiscal Service of Ukraine (Bldg B, 31 Universytetska Str., Irpіn, Kyiv region, 08201, Ukraine)
Email: [email protected]

List of references in article

Finansovyi mekhanizm strukturnoi modernizatsii ekonomiky Ukrainy [Financial mechanism of structural modernization of the Ukrainian economy]. Irpin: Vyd-vo Natsionalnoho universytetu DPS Ukrainy, 2013.
[Legal Act of Ukraine] (2013). https://zakon.rada.gov.ua/rada/show/v1277731-13
“Pokaznyky vykonannia Derzhavnoho biudzhetu Ukrainy“ [Performance of the State Budget of Ukraine]. Ofitsiinyi sait Ministerstva finansiv Ukrainy. http://www.minfin.gov.ua/control/uk/publish/archive/main?cat_id=77643
Dakhnova, O. Ye., and Horodetska, T. E. “Otsinka stanu biudzhetnoi bezpeky Ukrainy“ [Assessment of the state of budgetary security of Ukraine]. Financial and credit activity: problems of theory and practice, no. 1 (2018): 345-352.
[Legal Act of Ukraine] (2016). http://zakon5.rada.gov.ua/laws/show/190-2016-п
Koren, N. V. “Biudzhetna bezpeka derzhavy v umovakh sotsialno-ekonomichnykh transformatsii“ [Budgetary security of the state in the conditions of socio-economic transformations]. Naukovi zapysky Natsionalnoho universytetu «Ostrozka akademiia», no. 4 (2017): 159-164.
Koliada, T. A. “Biudzhetna stratehiia yak instrument podolannia strukturnykh dysbalansiv dokhidnoi chastyny biudzhetu Ukrainy“ [Budget strategy as a tool for overcoming structural imbalances in the revenue side of Ukraine's budget]. Finansy Ukrainy, no. 5 (2014): 61-73.
Koliada, T. A. “Upravlinnia derzhavnym borhom u konteksti stabilizatsii derzhavnykh finansiv Ukrainy“ [Public Debt Management in the Context of Stabilization of Public Finances of Ukraine]. Ekonomichnyi chasopys-XXI, no. 7-8 (1) (2015): 82-85.
Kalinovskyi, R. O. “Vplyv biudzhetnoho defitsytu na realizatsiiu stabilizatsiinoi polityky derzhavy“ [Impact of the budget deficit on the implementation of the stabilization policy of the state]. Visnyk Kyivskoho natsionalnoho universytetu imeni Tarasa Shevchenka, no. 1 (2018): 27-32.

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