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Fiscal Rules in Ensuring the Debt Security of Ukraine
Koliada T. A., Bench L. Y., Pozhytkova P. A.

Koliada, Tetiana A., Bench, Liliia Ya., and Pozhytkova, Polina A. (2023) “Fiscal Rules in Ensuring the Debt Security of Ukraine.” Business Inform 8:241–247.
https://doi.org/10.32983/2222-4459-2023-8-241-247

Section: Finance, Money Circulation and Credit

UDC 336.276

Abstract:
The aim of the article is to deepen and develop the scientific foundations of disclosure of the essence and significance of fiscal rules in the budget process, the features of their practical application in the countries of the world in the context of strengthening the debt security of Ukraine. The article systematizes fiscal rules by kinds, provides an essential characterization, identifies the disadvantages and advantages of their practical application in order to manage the debt security of the State. The popularity and frequency of application of various kinds of fiscal rules in the budget process of 106 countries of the world for the period from 1990 to 2021 are determined, some visual graphs are built. The distribution of fiscal rules by kinds in the context of economic groups of the countries of the world is carried out, an assessment of their effectiveness in the implementation of counter-cyclical fiscal policy is provided. The practice of using fiscal rules in the budget process of Ukraine is disclosed, the reasons for violation of their marginal indicators during military aggression are determined. The need to use a combination of different kinds of fiscal rules in order to achieve positive effects on debt security and level the cyclical nature of fiscal policy is emphasized. Proposals for improving the process of public debt management in the context of ensuring the optimal level of debt security of Ukraine are substantiated. Prospect for further research in this direction is to prove the need to restore the system of fiscal rules after the end of the war and bring it to the requirements of the European Union, taking into account the European integration vector of Ukraine’s development.

Keywords: fiscal rules, debt security, fiscal policy, public debt management, government borrowing, debt burden, budget process.

Fig.: 2. Tabl.: 1. Bibl.: 10.

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]
Bench Liliia Ya. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]
Pozhytkova Polina A. – Student, Faculty of Finance, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

List of references in article

Schaechter, A. et al. “Fiscal Rules in Response to the Crisis - Toward the «Next-Generation» Rules: A New Dataset“. IMF Working Paper. 2012. WP/12/187. https://www.imf.org/external/pubs/ft/wp/2012/wp12187.pdf
[Legal Act of Ukraine] (2010). https://zakon.rada.gov.ua/laws/show/2456-17#Text
“Treaty on European Union, signed at Maastricht on 7 February 1992“. Official Journal of the European Union. C 191/01. July 29, 1992. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:C:1992:191:FULL&from=NL
Muzychenko, G., Koliada, T., and Churkina, I. “Impact of European Integration Processes on the Necessity of Long-Term Budget Planning Introduction in Ukraine“. Baltic Journal of Economic Studies, vol. 3, no. 5 (2017): 329-333. DOI: http://dx.doi.org/10.30525/2256-0742/2017-3-5-329-333
Kondro, P. V. “Systema upravlinnia borhovoiu bezpekoiu: problemy, zarubizhnyi dosvid ta napriamy reformuvannia“ [System оf Debt Security: Problems, Foreign Experience and Directions of Reform]. Efektyvna ekonomika, no. 12 (2021). DOI: 10.32702/2307-2105-2021.12.200
Blanchard, O. Fiscal Policy Under Low Interest Rates. Washington DC: The MIT Press, 2023.
Antonov, M. S. “Upravlinnia borhovoiu stiikistiu derzhavy“ [Management of Debt Sustainability of the State]: dys. ... kand. ekon. nauk : 08.00.08, 2017.
Davoodi, H. R. et al. “Fiscal Rules and Fiscal Councils: Recent Trends and Performance during the Pandemic“. IMF Working Paper no. 22/11. 2022. https://www.imf.org/-/media/Files/Publications/WP/2022/English/wpiea2022011-print-pdf.ashx
“Fiscal Rules Dataset, 1985-2021“. International Monetary Fund. https://www.imf.org/external/datamapper/fiscalrules/IMF%20Fiscal%20Rules%20Dataset%201985%20-%202021%20-%20January%202022%20rev%20Dec%2021.xlsx
Bohdan, T. “Novi fiskalni pravyla v YeS: perspektyvni zavdannia dlia Ukrainy“ [New Fiscal Rules in the EU: Promising Tasks for Ukraine]. Ekonomichna pravda. March 06, 2023. https://www.epravda.com.ua/columns/2023/03/6/697731/

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