РОЛЬ ФІСКАЛЬНОЇ ПОЛІТИКИ В МАКРОФІНАНСОВІЙ СТАБІЛЬНОСТІ УКРАЇНИ

Abstract

In the light of growing economic challenges and in the time of the war, the role of fiscal policy in macro-financial stability becomes extremely important for ensuring economic stability and development in Ukraine. Fiscal policy as an important mechanism for managing the state's financial flows, determines not only the amount of tax revenues and expenditures, but also affects inflation, employment, and other macroeconomic indicators. Consideration of its role in the context of macro-financial stability is of strategic importance for the development of effective strategies for managing economic resources and ensuring the sustainability of the country's economy. The purpose of the article is to determine the role of fiscal policy in the macro-financial stability of Ukraine. The study used general scientific methods of cognition, in particular, a critical analysis of the available scientific literature on the implementation of the state fiscal policy and its impact on macro-financial stability and economic growth, data compilation related to the systematization of tasks and principles, as well as methods of induction and deduction. It reveals how effective fiscal policy can act as an effective tool for maintaining stability, avoiding the growth of public debt, and directing resources to strategically important sectors of the economy, contributing to the sustainable economic development of the country in conditions of uncertainty and conflict. Effective implementa- tion of fiscal policy enables the government to manage economic cycles, smooth out imbalances, and respond to fiscal shocks. This contributes to the formation of the country's financial security, increasing its competitiveness and limiting the shadow economy. It is concluded that fiscal policy plays a significant role in the formation of financial and economic security of the country, and significantly affects the competitiveness of the national economy even for the development of the shadow economy. The publication analyzes important elements of interaction between fiscal policy and the macro-financial stability of the State. It is concluded that a decrease in tax pressure or an increase in expenditures in certain sectors of the economy will affect macro-financial stability, ensuring a balance between financial resources and public needs.