Year: 2024 | Month: March | Volume 69 | Issue 1
Directions of Fiscal Policy Transformation in the Crisis Period of Economic Development of Ukraine
Liubov Lysiak
Tetiana Tereshchenko
Svitlana Kachula
Oksana Hrabchuk and Hanna Lebid
DOI:10.46852/0424-2513.2.2024.21
Abstract:
The purpose of the study is to determine the directions of transformation of the country’s fiscal policy at the expense of the main fiscal sources during the crisis period. The methods of analysis, interpolation, probabilistic analysis, entropy estimation and entropy production were used during the research. The article presents the results of the assessment of the dynamics of the main fiscal indicators of Ukraine in two time frames for the period 2011-2020 and for the period 2011-2022. It was determined that the expansion/
extension of the period of assessment of the dynamics during the crisis of 2021-2022 made it possible to identify qualitative changes in the dynamics of fiscal indicators while maintaining their cyclicality. Such changes are especially destructive in the real sector of economy, which has led to a significant increase in the level of uncertainty of all fiscal indicators. Based on the results of the analysis of entropy production in the system of connections between fiscal indicators, directions for mitigating crisis phenomena in the
economy of Ukraine are proposed. In particular, a change from a restrictive fiscal policy to a discretionary (stimulating) one and an increase in public expenditures aimed at stimulating the development of the real sector of the economy and consumption, which will determine positive economic dynamics with a lag of 9 months, are recognized as expedient.
Highlights
- The article is devoted to the analysis of directions of transformation of the Ukraine’ fiscal policy at the expense of the main fiscal sources in the crisis period.
- The obtained results demonstrated ascertained dissipation of the revenue part of the Consolidated Budget of Ukraine to a state of stagnation.
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