Bezhuba M. Financial policy in the system of government economic regulation

The essence of fiscal policy as a component of regulatory economics that requires use of the institutional mechanisms, instruments, levers, and forms of financial architectonics aiming to provide macroeconomic stabilization and creating preconditions for sustainable economic growth and balanced development of the social relations is revealed. A structural and functional model of impact of the fiscal policy on the dynamics of domestic investment and consumer demand is offered. The approaches to the development and implementation of budget and tax policy in advanced economies and economies in transition at the different stages of the economic cycle are proposed. The basic formation principles of financial policy over the medium term considering the volatility of the economy are grounded. The statements that enable to evaluate the effectiveness of national fiscal policy based on the dynamics criteria of the consumer price index, government budget balance, stability of the tax system, expected level of the exchange rate, balance of payments; the approaches to the system development of public financial regulation allowing to enhance economic growth over the medium term; the mechanism of formation and implementation of the public financial policy under conditions of growing influence of globalization on domestic economy are improved.