Tirbakh L. Budget policy in Ukraine under conditions of economic transformation

The economic nature of state fiscal policy as a part of an institutional financial regulation architectonics of social development as a set of principles, forms, tools, instruments and management levers of public financial resources used by the participants of the budget process ensuring conditions for economic growth and social development is revealed. The study generalizes and systemizes implementation experience of fiscal adjustment measures undertaken by countries with advanced economies and economies in transition during the different stages of the economic cycle. In this thesis we have determined approaches to budget management of interbudget relations in terms of the fiscal decentralization. The medium-term priorities of the national fiscal policy considering dynamic changes of the endogenous and exogenous economic environment, different objectives and goals of socio-economic development are justified. We have developed statements to increase the efficiency of capital budget investment involving evolution of formation and evaluation tools of state strategic economic programs, introduction of indicative medium-term budget planning, correction of the methodological principles of investment development projects; determining approaches of the institutional features of the national budget policy under conditions of establishing and further progress of the state financial system. The methodological bases of the regulatory mechanism of fiscal policy in terms of revenues, expenditures, deficit and public debt are refined.