Fiscal policy in a decentralized space of the financial system of Ukraine
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Lifescience Global
Abstract
The article deals with fiscal policy in the decentralized space of the financial system of Ukraine. The
methodology of complex, systematic assessment of fiscal policy in the decentralized space of the financial system of the
state is grounded. It is proved that effective methodological approach to assessing fiscal policy in the decentralized
space of the financial system of the state is a vector auto regression (VAR), which provides dynamic correlation of time
series with simultaneous determination of each exogenous and endogenous variable in the system, in case of fiscal
impulses (shocks) in economy. The production-institutional function is used which, when adapting to the relationship
between GDP and tax burden with specific statistics, changes the type of trend of tax revenue. A method for evaluating
the effectiveness of financing targeted programs for decentralized territory has been developed. The dynamics of direct
and indirect taxes to the state and local budgets are analyzed and the fiscal significance of VAT in GDP, the state budget
and tax revenues of Ukraine is determined. The amount of tax debt and the state budget deficit has been estimated and
the structure of tax benefits in terms of taxes and fees in Ukraine is presented. The projected values of real tax revenues
per capita are substantiated and the forecast parameters of the level of subsidization of local budgets of decentralized
territories are given.