The budget policy of Ukraine under martial law

Чугунов, Ігор; Makohon, Valentyna; Titarchuk, Mykhailo; Кrykun, Tetiana

doi:10.21511/pmf.12(1).2023.01

Cited by 8 publications

(4 citation statements)

References 21 publications

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“…There is a decrease in revenues, an increase in budget expenditures, in particular, on security and defense, and an increase in the budget deficit. Under such conditions, it is necessary to strengthen financial and budgetary discipline by ensuring control over the use of budget funds, increasing the predictability of state revenues and expenditures, and mutual coordination of actions of all participants in the budget process (Chugunov et al, 2023).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Budgetary policy should determine specific directions and ways of restoring economic balance. The strategic tasks of budget policy in the conditions of limited financial resources include carrying out a balanced budget policy, improving the mechanism for mobilizing own budget revenues; assessing fiscal risks associated with changes in the macroeconomic environment, increasing the efficiency of budget expenditures; ensuring a balance between financing the most critical items of the state budget and stimulating economic recovery (Chugunov et al, 2022).…”

Section: Literature Reviewmentioning

confidence: 99%

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Management of budget flows under martial law

Romenska,

Datsenko,

Samoday

et al. 2024

Public and Municipal Finance

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Managing budget flows under martial law is important to ensure the security and financial stability of the state, helping to mobilize the necessary resources and concentrate them on financing key needs. This paper aims to identify and outline possible measures to balance the movement of budget flows in order to harmonize them with the goals of state policy in the field of national security. The movement of budget flows of income and expenses was assessed, and trends and changes were identified using economic and statistical methods. The assessment results confirmed the need for reasonable planning of budget flows in the context of the impact of unforeseen military events on the process of budget execution in terms of revenues and expenditures, which leads to failure to meet expenditure indicators, causes a lack of financial resources and an increase in the budget deficit. One of these measures is the improvement of budget planning, which is based on the analysis, detection, and assessment of the probability of occurrence and countering the risks related to the state’s financial system. Correlation-regression analysis confirmed the growing dependence of revenues on official transfers from the EU, foreign governments, international organizations, donor institutions, and government bodies. The results obtained are basic for developing measures to balance incoming and outgoing budget flows under martial law. They provide for the obligation to create a financial support system (including international financial aid) while strengthening state financial control measures for the timely, targeted, effective direction of budget flows, including for the security and defense of the state.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Management of budget flows under martial law

Romenska,

Datsenko,

Samoday

et al. 2024

Public and Municipal Finance

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“…The Strategy also emphasizes the crucial role of the EU and its diplomatic umbrella as a factor to consider regarding any possible cooperation with China by Ukraine. In addition, one should consider the specific financial situation in Ukraine during the war, with a 4.5-fold increase in the budget deficit, mainly financed by external borrowings and grants from Western partners (Chugunov et al, 2023).…”

Section: Ukraine -China Asymmetric Economic Power Relations Between T...mentioning

confidence: 99%

Ukraine – China Asymmetric Economic Power Relations: What is to Come after BRI?

Malyarenko

2024

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This article analyzes the dynamics of the Ukraine -China asymmetric power relations in the areas of economic cooperation and infrastructure projects, with said relations having been affected by a gray rhino event, namely the Russo-Ukrainian armed conflict. I argue that both China and Ukraine have adapted to the disruption of transit routes -in particular, the functioning of the Belt and Road Initiative -affected by the hostilities in the territory of Ukraine and international sanctions imposed on Russia and Belarus. China, as a more powerful actor, through its active economic diplomacy and diversification strategy, has managed to obtain additional benefits from wartime trade with Ukraine and the reorientation of transit routes through Eurasia. Ukraine, as a less powerful actor, lost its status as a transit state, which constituted its natural geo-economic niche in the 1990s and 2000s; nevertheless, the country's connectivity with the world for the export of Ukrainian agricultural products are ensured through European Union (EU)-funded Solidarity Lanes and the Black Sea Grain Initiative. Although the Ukrainian economy has been functioning in crisis mode during the war, the postwar reconstruction of Ukraine's transit potential is likely to depend on the extensive EU -China cooperation based on mutually beneficial connectivity programs. The exact nature of Ukraine -China cooperation, however, depends on the timing and results of the Russo-Ukrainian war.

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“…To recover the economy, the Ukrainian government should pursue a balanced fiscal policy, assess fiscal risks associated with changes in the macroeconomic environment, and improve the efficiency of budget expenditures (Chugunov et al, 2023). Serikova et al (2018) are also convinced that the efficiency of tax administration determines the level of tax revenues, the functioning of the economic system, and the stable economic development of any state.…”

Section: Literature Reviewmentioning

confidence: 99%

Tax policy and activation of internal factors of economic growth: EU experience for Ukraine

Dobrovolska,

Sonntag,

Kachula

et al. 2024

Public and Municipal Finance

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The state policy of Ukraine aims to promote sustainable economic growth and improve its quality through economic activity, particularly through the optimization of the tax system, which is particularly relevant both during the period of martial law in Ukraine and the post-war recovery. The purpose of the study is to assess the formation and implementation of the state tax policy to activate the internal factors of economic growth in Ukraine under martial law. The study of tax policy in Ukraine and EU countries has shown that the EU countries are characterized by a consistent and transparent tax policy that stimulates investment, innovation, and entrepreneurship to activate internal factors of economic growth. The paper uses fiscal analysis based on the Cobb-Douglas production-institutional function; its main concept is the mutual location of the Laffer points of the first and second types and the actual level of the tax burden. The results show a noticeable adjustment of the real fiscal climate in Ukraine in line with changes in threshold fiscal standards. Considering martial law in Ukraine and the need for the state’s ability to post-war recovery, the study suggests changing the rates of specific taxes, after which it is necessary to make a transition from private fiscal instruments with inherent rate values to the aggregate fiscal burden.

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The budget policy of Ukraine under martial law

Cited by 8 publications

References 21 publications

Management of budget flows under martial law

Management of budget flows under martial law

Ukraine – China Asymmetric Economic Power Relations: What is to Come after BRI?

Tax policy and activation of internal factors of economic growth: EU experience for Ukraine

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