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№ 1/2016

Nauk. pr. NDFI 2016 (1): 50–67

BUDGET POLICY

The role of budget relations transparency in the public finance management system

This article examines the role and place of budget relations transparency in the public finance management system in the context of its improvement. The problems of fiscal standards of transparency, criteria and components of transparency in the budget and tax area are analyzed. The author investigates the influence of transparency in budget relations on the improvement of efficiency of the public finance sector, mitigation of fiscal risks and achievement of investment attractiveness of the domestic economy. The article provides an overview of the best foreign budget transparency assessment models applied by international organizations and
discusses the possibility of adapting them to Ukrainian realities. Particular consideration is given to the impact of budget relations transparency on borrowing costs and the effectiveness of public spending. The article is also focused on the areas of public finance management reform in Ukraine in compliance with the requirements of international best practices, in particular, the IMF’s Fiscal Transparency Code. Indicators describing the transparency of the fiscal system are substantiated. Based on international experience, the author formulates key issues to be addressed in the national regulations intended to increase transparency of budget relations in the context of improving the public finance management system.

Keywords:public finance management system, budget strategy, fiscal policies, transparency, international financial institutions.

JEL: D80, D81, H12.

IHOLKIN I. . The role of budget relations transparency in the public finance management system / I. . IHOLKIN // Наукові праці НДФІ. - 2016. - № 1. - C. 50-67.

Article original in Ukrainian (pp. 50 - 67)

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