Budget strategy in the conditions of economic globalization
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Author(s)Igor ChugunovLink to ORCID Index: https://orcid.org/0000-0002-3612-7236
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Valentyna MakohonLink to ORCID Index: https://orcid.org/0000-0002-2331-8455
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Tetiana КrykunLink to ORCID Index: https://orcid.org/0000-0003-0355-5768
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DOIhttp://dx.doi.org/10.21511/ppm.17(3).2019.08
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Article InfoVolume 17 2019, Issue #3, pp. 101-110
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- 1415 Views
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377 Downloads
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Creative Commons Attribution 4.0 International License
Economic changes create a strong need for the reconsideration of the system of financial and budgetary knowledge and paradigms already created in developed countries regarding the possibility of their use in the countries with developing economies. In this article, the authors clarify that the process of formation of the efficient and mutually agreed budget policy with strategic tasks of the social and economical development of countries requires development of the budget strategy. Its essence is the dynamic realization of the system of goals, principles, directions, tasks of state authorities, co-ordination and adequacy of their long-term regulatory measures to internal and external changes in the economic environment and social transformations aimed at ensuring macroeconomic stability, accelerating economic growth and improving the well-being of the population. The principles of budget strategy development have been clearly defined: scientific substantiation; integrity; efficiency; systematic approach; adaptability; variability; interdependence; purposefulness; sociality; legitimacy. The share of government expenditures, budget deficit and public debt in the gross domestic product in the EU and Ukraine has been estimated. The priority directions of budget strategies in the conditions of economic transformations have been defined, in particular, regarding the increase of efficiency of public expenditures and establishment of restrictions on their level of growth; improvement of the mechanism for managing budget deficits, public debt and guarantees and reduction of their limits. The research has demonstrated a huge influence of the budget strategy on the social and economical processes and on the development of the social relations.
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JEL Classification (Paper profile tab)Е62, H60, O40
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References28
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Tables3
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Figures0
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- Table 1. Average growth rate and the share of government expenditures in GDP, %
- Table 2. The share of budget deficit and public debt in GDP for 2008–2017, %
- Table 3. Projected increase in the share of government expenditures in GDP, %
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Impact on poverty and income inequality in Malaysia’s economic growth
Rabiul Islam ,
Ahmad Bashawir Abdul Ghani ,
Irwanshah Zainal Abidin ,
Jeya Malar Rayaiappan
doi: http://dx.doi.org/10.21511/ppm.15(1).2017.05
Problems and Perspectives in Management Volume 15, 2017 Issue #1 pp. 55-62 Views: 12037 Downloads: 5745 TO CITE АНОТАЦІЯPoverty and income inequality are extreme issues that still exist in Malaysia. Any rise in poverty and income inequality definitely affect economic growth. There are many great efforts taken by the government of Malaysia to eradicate poverty and to reduce the gap of income inequality which occurs since 1970’s. The incidence of poverty and income inequality is higher in rural areas compared to urban areas. This paper is mainly to study the level of poverty and income inequality in Malaysia together with government intervention to develop Malaysia’s economic growth. The research is focused among the working people at Ipoh, Perak. In this paper, questionnaire forms are being distributed to get information regarding the issue of poverty and income inequality. It also looks into the strategies taken by the government of Malaysia to eradicate poverty and income inequality. Few recommendations are given in terms of education policy, financial aid and assistance from government and non-government organization (NGO) to upgrade the standard and quality of living among the poor and lower-income group of people.
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Impact of inflation on economic growth: evidence from Nigeria
Anthony Olugbenga Adaramola ,
Oluwabunmi Dada
doi: http://dx.doi.org/10.21511/imfi.17(2).2020.01
Investment Management and Financial Innovations Volume 17, 2020 Issue #2 pp. 1-13 Views: 9346 Downloads: 5624 TO CITE АНОТАЦІЯIn an attempt to examine the influence of inflation on the growth prospects of the Nigerian economy, the study employs the autoregressive distributed lag on the selected variables, i.e. real gross domestic product (GDP), inflation rate, interest rate, exchange rate, degree of economy`s openness, money supply, and government consumption expenditures for the period 1980–2018. The study findings indicate that inflation and real exchange rate exert a significant negative impact on economic growth, while interest rate and money supply indicate a positive and significant impact on economic growth. Other variables in the model depict no influence on the economic growth of Nigeria. The causality result shows the unidirectional relationships between interest rate, exchange rate, government consumption expenditures and gross domestic product. However, inflation and the degree of openness show no causal relationship with gross domestic product. As a result, the study recommends that a more pragmatic effort is needed by the monetary authorities to target the inflation vigorously to prevent its adverse effect by ensuring a tolerable rate that would stimulate the economic growth of Nigeria.
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Formalization of the impact of imbalances in the movement of financial resources on economic growth of countries in Central and Eastern Europe
Serhiy Kozmenko ,
Maxim Korneyev
doi: http://dx.doi.org/10.21511/afc.01(1).2017.06
Accounting and Financial Control Volume 1, 2017 Issue #1 pp. 48-58 Views: 7973 Downloads: 1381 TO CITEThe article deals with the impact of financialization on economic growth in countries of Central and Eastern Europe. It determinesthe impact of imbalances in the movement of financial resources caused by financialization on economic growth of these countries. It proves that the implementation of measures aimed at increasing the openness of the economy and maintaining solvent demand have a positive impact on economic growth of the surveyed countries in the long run. It also proves the importance of developing a set of measures of strategic nature regulating imbalances in the movement of financial resources caused by financialization.
