Formation of Financial and Economic Mechanism Sensuring the Concept of Sustainable Development

Abstract

As a result of the analysis, it was found out that for the effective implementation of the financial and economic mechanism requires a comprehensive application of all methods and levers as an economic and financial mechanism. It is proposed to consider the financial and economic mechanism with a set of financial and economic methods, tools, methods and levers, which, in combination of applications, make it possible to regulate financial and economic processes and analyze the effectiveness of achieving sustainable development goals in full. Estimation of the issue of the formation of the financial and economic mechanism of the concept of sustainable development It should be noted that the purpose of the financial and economic mechanism is to create favorable conditions for sustainable development. And under the effectiveness of this mechanism, it is necessary to understand the achievement of the goals with the minimum expenses of resources and damage to the environment. Taxation of ecosystem services should be considered an effective part of the financial and economic mechanism of the concept of sustainable development, since it performs a stimulating function. The main objective of taxation of ecosystem services is to reduce emissions to the environment and ensure mobilization of funds and their direction for environmental protection. Consequently, the transformation of the financial and economic mechanism should be considered as a process of purposeful transformation of individual elements of the financial and economic mechanism against the subjects of individual levels of financing. During the analysis, the periods of transformations of financial and economic mechanisms, which include: the stage of conceptualization of sustainable development are proposed: Stage of institutionalization of sustainable development; Stage of actualization of sustainable development in the global economy. A characteristic feature of the transition to the next stage is to enhance the integration of financial instruments. With increasing and deepening of the global relationships, there was a need to provide more effective international cooperation. An impetus to cooperation between Ukraine with international financial organizations and governments of foreign states was the influence of external and internal challenges of economic, political and social character in modern conditions.