Implementation Of Financial Policy Research Articles

Analysis of the relationship between financial policy-competitiveness capacity - economic growth: A study of economic transformation in Vietnam

This study aims to examine the relationship between fiscal policy, provincial competitiveness and Vietnam's economic growth. The study uses the VECM model for time series data including the factors Total tax revenue of the country, Growth of the expanded money supply represents fiscal policy; Provincial competitiveness and Vietnam's economic growth in the period 1990-2021. The study has provided additional empirical evidence on the relationship between financial policy, provincial competitiveness and economic growth in the context of selecting Vietnam. The research results show that financial policies have affected economic growth in localities in the third period with an impact of 3%. In comparison, provincial competitiveness has affected economic growth right in the 1st period with a large impact of 18%. The change of economic growth has an impact in the same direction with provincial-level financial and energy competitiveness policies. From this result, the authors propose implications to limit the lag in the implementation of financial policies.

FUNCTIONS OF FINANCE AS A FACTOR IN THE DEVELOPMENT OF FINANCIAL LAW

The purpose of the article is to identify the functions of finance as a system-forming category of financial law that influences the dynamics of financial and legal regulation. Based on the results of the study, the following conclusions were drawn: finance, being an economic category, is integrated into a large part of the monetary turnover of the economy and inevitably performs certain functions that are objectively prescribed by the very fact of its existence; the thesis is substantiated that among the key functions of finance, their target function deserves special attention; the fundamental role of the objective function is shown. The legal mechanisms for ensuring the target function of finance are shown. Factors of transformation of finance functions have been identified. It is substantiated that legal regulation should focus on creating effective mechanisms for the implementation of financial policies, covering both public and private finance.

The impact of green finance policy on land ecological security: City-level evidence from China

As the phenomenon of ecological degradation increases, there is a growing body of research related to green finance, but no papers evaluating the link between it and land ecological security. Thus, this research calculates land ecological security using data from 158 cities in China's major grain-producing regions from 2012 to 2020. Taking China's green finance policy as an example, it applies the synthetic difference-in-difference method to analyze green finance's impact on land ecological security. The conclusions show that, first, green financial policy implementation has contributed to the improvement of land ecological security by 0.154 units. This result still holds after a series of robustness tests such as parallel trend tests, dynamic effects tests, and placebo tests. Second, mechanism analysis finds that green finance affects land ecological security through three paths: agricultural scale management, agricultural technological progress, and eco-industrialization. Third, in terms of the sub-dimension of eco-industrialization, green finance promotes domestic tourism revenues, agriculture, forestry, and animal husbandry, while its impact on international tourism revenues and fisheries is not significant. The results herein confirm the role of green finance in securing ecological security of land. Future research will further enrich the indicator system of land ecological security as well as excavate the boundary conditions for green finance in order to promote land ecological security.

Analyze the Impact of the Digital RMB on International Payments and Financial Structure Based on Literature Review

With the development of network technology and digital economy, the demand for convenience, security, inclusiveness and privacy of retail payment is increasing. Central banks or monetary authorities in many countries and regions are actively exploring ways to digitize fiat money to meet this demand. The Chinese government has decided to introduce digital RMB as a digital form of legal tender to enhance the payment experience, strengthen financial supervision, promote economic transformation and financial technology innovation and application. The introduction of digital RMB helps to reduce the cost and risk of traditional cash flow, promote the upgrading of payment methods and the development of digital economy. Based on the comprehensive and systematic collection, collation and analysis of the relevant literature in the field of digital RMB, this paper explores the impact of digital RMB on international payment and financial structure. The study found that digital RMB has international security as a payment tool, which can promote cross-border transactions and change the global payment system. Digital RMB can enhance international financial security and affect the implementation of financial policies in various countries.

Сучасна парадигма фінансової політики держави та особливості її реалізації в умовах війни на території України

Introduction. In peacetime, each country that implements the democratic values of civil society determines the growth of the welfare of citizens and the realization of their economic interests and constitutional rights as the main development priority. At the same time, the state’s financial policy is the main economic instrument of growth. It provides an optimal, efficient distribution of GDP through the institutions of the budget system and forms a stable financial environment, which is a condition for the realization of property rights and the investment potential of legal entities and individuals. Such conditions are ideal for implementing market laws , the mechanism of financial policy, and its methods and tools generally have a corrective and stimulating effect. In a different economic situation, other tools and methods of the state’s financial policy mechanism become effective when the country is at war. Problem Statement. The peculiarity of the implementation of financial policy in war conditions is a violation of financial stability and macroeconomic imbalances, the main challenge is the cash gaps between revenues and expenditures of the state and local budgets, which is a consequence of a reduction in the revenue component of the state budget when a significant increase in defense and security spending is required. Purpose. Justification of the modern paradigm of the financial policy of the state and the peculiarities of its implementation in the conditions of war on the territory of Ukraine, as well as the development of measures to implement the priority goals of the state's financial policy in the conditions of war and post-war reconstruction. Methods. Statistical and analytical methods, a systematic approach, a method of groupings, generalizing characteristics, a tabular method and a comparison method were used. To reveal the essence of financial policy in terms of the formation of budget expenditures in war conditions, the methodology of the theory of uncertainty and the structural-functional approach were applied. Results. The study of the modern paradigm of the state's financial policy in Ukraine substantiates the need to identify three models for its implementation: 1) in a peaceful state, 2) during the war, 3) financial policy of Ukraine’s recovery. The strategic goals of each model of financial policy may coincide, this primarily applies to goals that should ensure a positive trend in GDP growth and monetary incomes of citizens. However, modern challenges in the period of a full-scale war on the territory of Ukraine determine the only priority goal of the present for the whole society - ensuring Victory and de-occupation of the territory. Measures that make it possible to realize the priority goals of the state's financial policy in war conditions should be divided into two groups: the first is immediate (primary) measures to optimize budget spending in war conditions, and the second is budgetary measures for post-war reconstruction Conclusions. The justification of the modern paradigm of the financial policy of Ukraine is conditioned by the need for conceptual and methodological research in the field of transformation of the existing financial system of the state, which has not got rid of the elements of administrative-command control levers and to substantiate the legal and institutional foundations for the development of the public finance system of the state. “Recovery bonds” as an investment resource for post-war recovery can become a separate instrument in the market of domestic government borrowings. The priority of realizing the goals of the state’s financial policy model during the war should not deny the strategic goals of realizing the financial policy goals of restoring Ukraine as a European state.

The impact of China’s financial policy on economic resilience during the pandemic period

The COVID-19 has impacted the social economy of various provinces in China to varying degrees. How to quickly restore the social economy has become the most concerned issue of the Party, the country and all sectors of society. This paper combines the entropy weight method and TOPSIS method-technique for order performance by similarity to ideal solution, taking the financial policy transmission mechanism as the theoretical basis, and selects the data of 29 provinces in China to obtain the contribution of finance in the socio-economic resilience under the pandemic situation. The empirical analysis results show that the weights of financial policy, pandemic situation and financial basis are different. It can be clearly seen from the weight data that the financial basis is crucial to the socio-economic resilience. Although the COVID-19 pandemic will cause huge losses to the whole society and will also seriously hinder the socio-economic recovery, the effective implementation of financial policies and the good trend of the pandemic situation have a significant promoting effect on the socio-economic recovery.

Four facts about relationship lending: The case of Chile 2012-2019

Using confidential credit-registry data on the universe of bank loans, we characterize the monthly behavior of relationship lending in Chile between 2012 and 2019. We focus on two aspects of relationships between firms and banks: their closeness, and their concentration. We uncover four stylized facts about relationships lending: their behavior through time, cyclical properties, properties of credit contracts in relationships, and the effect of relationships on monetary policy transmission. Our results show that relationship lending plays an important role in credit allocation and in the implementation of financial policies.

Financial policy of the state in the system of economic development.

Relevance of the research topic. In the conditions of martial law, stricter requirements are put forward for the formation and implementation of the state's financial policy, transparency in financial relations. At the same time, the war provoked an increase in fiscal risks affecting the level of financial security of the country. The above conditions the implementation of a number of reforms in the financial sphere. The task of raising the quality level of the state's financial policy in the system of economic development and its tools became important. Formulation of the problem. The substantiation of directions for raising the quality level of the state's financial policy requires the use of a rational approach based on the duality of the tasks set before the state administration of Ukraine in the conditions of martial law: ensuring the proper level of financing of public expenditures and creating fundamental conditions for the support and recovery of the domestic economy. The development of provisions regarding the implementation of the financial policy of the state in the system of economic development will provide an opportunity to increase the degree of its adaptability to socio-economic processes. Analysis of recent research and publications. The problem of formation and implementation of the financial policy of the state in the system of economic development is quite widespread in scientific research. These are the works of famous domestic and foreign scientists: J. Keynes, P. Samuelson, J. Stiglitz, V. Tanzi, L. Lysiak, I. Lukianenko, A. Mazaraki, A. Nikitishyn, M. Pasichnyi, Yu. Radionov, I. Chugunov and others. Selection of unexplored parts of the general problem. The above-mentioned issues are actualized in connection with large-scale military operations on the territory of Ukraine, which lead to new extraordinary challenges for ensuring the country's financial security. Setting the task, the goal of the research. The tasks of the research are: to reveal the peculiarities of the implementation of financial policy in the system of economic development of the country in the conditions of martial law; carry out an analysis and assessment of the state finance system. The purpose of the study is to substantiate the strategic directions of financial policy in the system of economic development. Method or methodology of research. The article uses a set of scientific research methods: system approach, scientific abstraction, induction and deduction. Presentation of the main material (results of work). The features of financial policy implementation in the country's economic development system are revealed. The strategic directions of the financial policy of the state in the conditions of martial law are substantiated. Field of application of results. The results of the research can be used in the process of forming and implementing financial policy. Conclusions according to the article. Large-scale military operations in Ukraine pose threats to the provision of both the country's financial and national security in general: control over financial flows becomes more complicated, budget revenues decrease, etc. Modeling financial interrelationships, identifying their cause and effect, synergistic effects, should be the basis for raising the quality level of the state's financial policy in the system of economic development, restoring economic balance in the war and post-war periods.

Energy-saving effect of financial development and its dynamic heterogeneity: Empirical evidence from the dynamic panel quantile model

The energy-saving effect of financial development is directly related to the formulation and implementation of financial policies. Considering the inertial characteristics of energy consumption, this study tested the energy-saving effect of financial development and examined its heterogeneity in terms of low-carbon cleaning and policy change. The results were as follows: First, when energy consumption was at the lower quantile, as consumption increased, the promoting impact of financial development on energy consumption decreased. When energy consumption was at the upper quantile, as consumption increased, the restraining impact of financial development on energy consumption increased. Second, an increase in the quantile level showed that financial development exerted an increasingly stronger influence on promoting clean energy consumption. When non-clean energy consumption was at the upper quantile, financial development exerted an increasingly strong inhibitory effect on non-clean energy consumption. Third, before green credit policy changed, the energy-saving effect of financial development was not widespread and obvious. After green credit policy changed, the restraining impact of financial development on energy consumption increased with the level of consumption. Fourth, after green credit policy changed, compared with the increase of financial development toward promoting clean energy consumption, the inhibitory effect of financial development on non-clean energy consumption significantly improved relative to the second case.

Research on the Realistic Dilemma and Path of Rural Supply Chain Financial Policy Implementation

With the proposal of rural revitalization strategy, rural inclusive finance plays an increasingly important role in the economic development of rural areas. Under the support and guidance of relevant national policies, China has vigorously developed rural supply chain finance in recent years, and issued a series of policies to promote the development of supply chain finance from the state to the provinces and cities at all levels. However, due to the lack of service awareness of financial institutions, insufficient policy publicity and the low level of modernization of agriculture and rural areas, China's supply chain financial policies are difficult to implement. Based on the above practical problems, this paper puts forward the optimization path to promote the implementation of rural supply chain finance policies in China, so as to effectively play the role of supply chain finance in solving the financing difficulties in rural areas and promote the stable and healthy development of rural economy in China.

Obstacle to Effective Financial Policy Implementation in the Local Government System in Sierra Leone

Financial policy making and implementation is one issue that cannot be over emphasized because of the important role it plays in the life of any organization wishing to survive and to grow in the face of dynamic environment, based on the need for organisations to achieve their objective. This research is conducted to study the obstacles to effective financial policies Implementation in the local government system in Sierra Leone with a particular reference to Waterloo Rural District Council. Public policy plays a crucial role in both local and national institutions in Sierra Leone. Whereas, public policy implementation has been fundamental to Sierra Leone since independence, the paradox of public policy Implementation has continued to militate the realisation of policy objectives in the country. The study uses a qualitative method to highlight the need for proper and effective policy Implementation while identifying some impediments to be tackled in ensuring that financial policies, particularly those relating to institutional or organizational development are effectively and timely implemented. These impediments include among others; corruption, ethnicity bad leadership, political instability, low public service structures. The study therefore put forward sustainable development measures, such as effective use of political will, eschewing social vices (like ethnicity, favoritism nepotism and mediocrity), continuity of policies between governments, eradication of corruption etc.

МЕТОДИЧНИЙ ІНСТРУМЕНТАРІЙ ОЦІНЮВАННЯ ФІНАНСОВОГО ПОТЕНЦІАЛУ У КОНТЕКСТІ МОНІТОРИНГУ ЕФЕКТИВНОСТІ ФІНАНСОВОЇ СТРАТЕГІЇ ПІДПРИЄМСТВА ЕЛЕКТРОЕНЕРГЕТИЧНОЇ ГАЛУЗІ

The article substantiates that the development of the financial architecture, being a component of overall economic stability and financial development, reaches the optimal level with the help of state regulation and the implementation of financial policy. The proposed scientific-methodical approach to assessing the development of the financial architecture is based on the calculation of the composite index of the development of the financial architecture - as a symbiosis of the sub-indices of the following components: banking, budgetary, non-banking, currency, money credit and stock market components. The algorithm of the scientific and methodical approach includes the following stages: the selection of indicators for assessing the development of the financial architecture - in total, the use of 29 indicators is proposed for six sub-indices; normalization of single indicators taking into account the type of their influence on the development of the financial architecture; block assessment taking into account the weight of individual indicators of the development of the financial architecture for each sub-index; calculation of the composite index of financial architecture development; determination of zones of development of financial architecture in accordance with the limit values and identification of the obtained values of the composite index for a certain zone. Approbation of the proposed scientific and methodological approach to assessing the development of the financial architecture for 2016-2021 was carried out. According to the results of the assessment, it was established that the development of the financial architecture of Ukraine was the highest in 2020 and was characterized as satisfactory.

ФОНДОВИЙ РИНОК ЯК ІНСТРУМЕНТ СТАБІЛІЗАЦІЇ ЕКОНОМІЧНОГО РОЗВИТКУ УКРАЇНИ

To restore and stabilize economic development in Ukraine, it is necessary to ensure access to investment resources through effective capital formation mechanisms. Therefore, an urgent issue is the study of the essence and clarification of the functions of the stock market in conditions of a deep crisis, as well as as a tool for the implementation of financial policy in the country. The purpose of the article is a theoretical generalization of the essence of the stock market category and clarification of the functions of the stock market during the stabilization of the national economy. The subject of the research is the essence and functions of the stock market in the context of recovery and stabilization of economic growth. The methods of the research: generalization, comparison, analysis, synthesis. The statement of basic materials. The article highlights controversial issues regarding the definitions of "stock market" and "securities market". A refined definition of the concept of "stock market" is proposed, taking into account the current conditions of the functioning of the economy of Ukraine. Based on the generalization of the theoretical and methodological principles, the key functions of the stock market are highlighted. The peculiarities of the manifestation of the functions of the stock market during the recovery and stabilization of the national economy have been clarified. The practical significance of the obtained results lies in the formation of a theoretical basis for determining the priority directions of the development of the stock market in crisis conditions. Conclusions and perspectives of further research. Stabilization of the national economy largely depends on the development and functioning of the stock market, which will ensure a balanced distribution of capital to restore the stability of economic development after the end of the war in Ukraine. The stock market is a system of economic and legal relations related to the emission and circulation of securities and their derivatives, it must act in accordance with the relevant standards and perform a number of functions. Given its purpose in the country's economic system during a period of deep crisis, the key functions are mobilization, distribution (redistribution), regulation, price formation, information, stabilization, and stimulation.

ПАРАМЕТРИ ДОСЛІДЖЕННЯ СОЦІАЛЬНОЇ НЕРІВНОСТІ КРІЗЬ ПРИЗМУ РОЗРОБКИ ФІНАНСОВОЇ ПОЛІТИКИ ДЕРЖАВИ

The article discloses the parameters and indicators of measuring the state and changes in social inequality as a component and component of the formation of financial policy. The relevance of the analysis of the problems of the development of the financial policy of the state is determined by the large number of participants and the importance of taking into account the antagonistic interests of subjects interacting in the conditions of socially-oriented states, that is, those that prioritize the development of human capital, the creation of conditions for ensuring the rights and freedoms of citizens, the formation equal opportunities and leveling of negative manifestations of social inequality. It is proposed to consider social inequality as an indicator for evaluating the measures implemented in the field of financial relations and increasing the effectiveness of levers and tools for the implementation of the state's financial policy in terms of the development of a socially oriented economic system. The definition of the essence of "financial policy" is considered. The statement about the understanding of the essence of the financial policy of the state in terms of certain actions of the state regarding the management of financial resources in order to achieve the established goals and the performance of its functions by the state has been formed. The parameters of the measurement of social inequality and its interrelationship for the formation and implementation of the financial policy of the state are considered, namely from the point of view of the indicator of the effectiveness of the achievement of the established goals and the effectiveness of the levers of the financial policy. The importance of the study of social inequality in terms of the analysis of action not only in the sphere of social security is emphasized. It is proposed to study and analyze social inequality as an indicator of the effectiveness of financial policy implementation in the conditions of a socially-oriented economy, in two directions, namely: the level and quality of life of the population.

КОРПОРАТИВНАЯ ФИНАНСОВАЯ ПОЛИТИКА: НОВЫЕ РИСКИ, ВОЗМОЖНОСТИ И ПЕРСПЕКТИВЫ (на примере ПАО «КуйбышевАзот»)

At the present stage of economic development the role and importance of financial resources increases significantly in progress and modernization of enterprises. It leads to search for new financial instruments and technologies to stimulate the introduction of new innovation projects for implementation of financial policy. It is their potential and effective use allows the company to optimize costs, create prerequisites for the transition to accelerated adoption new corporate solutions in terms of managing financial resources and risks, including using the latest information products and technologies.

ECONOMIC AND LEGAL MECHANISM FOR THE FORMATION AND IMPLEMENTATION OF THE STATE’S FINANCIAL POLICY IN THE CONDITIONS OF THE RUSSIAN-UKRAINIAN WAR

The purpose of the article is to study the theoretical and applied principles and identify problematic aspects of the economic and legal mechanism and the peculiarities of the formation and implementation of the state's financial policy in the conditions of the Russian-Ukrainian war. The results of the conducted research made it possible to establish that the formation and implementation of the financial policy of Ukraine are under the influence of significant destabilizing factors.Significant problems regarding the formation and implementation of the financial policy of Ukraine were identified, in particular: the strengthening of the negative impact of inflationary factors, a significant decrease in the volume of the country's GDP, increased instability of the exchange rate and risks of devaluation of the national monetary unit, an increase in the volume of money supply in circulation, a decrease in the volume of gold and currency reserves, as well as problems of planning and forecasting the parameters of the formation and implementation of the financial policy of the state in the conditions of the Russian-Ukrainian war. The deviation of the values ​​of Ukraine's financial indicators from the normative values, which testify to the critical drop of the country's GDP in the conditions of military resistance to the armed aggression of the Russian Federation to -45.1%, the increase in the inflation rate to 115%, the increase in the volume of money supply in circulation by all aggregates, the decrease in the level of economy monetization up to 38% and gold and currency reserves up to 25.24 billion US dollars, as well as an increase in the poverty level of the population up to 42%, is proved. It is proposed to improve the economic and legal mechanism for the formation and implementation of the financial policy of the state, taking into account the factors of the state of war in the country, to direct the main efforts to the timely detection and prevention of risks and threats of a financial nature, as well as to stabilize the banking, monetary and credit, budget and currency systems.

Modern budget policy: features and criteria for assessing quality

The development of the principles of an appropriate budget policy (or a budget policy of adequate quality) is the central topic of research by Russian and foreign scientists, experts from the International Monetary Fund and the World Bank as a response to the need of the world community to search for universal tools for ensuring economic growth with the unconditional fulfillment of current budget obligations, which in including the ability to mitigate the negative effects of fluctuations in economic cycles. Revision of the significance and role of the budget as one of the main instruments for the implementation of financial policy is especially relevant at the present time in connection with the global revision of the strategic priorities for the development of the state in the new socio-economic realities.

Dominant trends in intersectoral research on funding innovation in business companies: A bibliometric analysis approach

Our paper develops theoretical and methodological principles of grounding assessing the dominant trends in intersectoral academic research related linked to the main tools and instruments of funding innovations in business companies. We employ the analytical approach as well as the two-stage bibliometric analysis of scientific articles published in the past 80 years and indexed in Scopus abstract and citation database which has been selected for its clarity, coverage, as well as its scope. In addition, we employ the outcomes of analytical analysis conducted using with the help of Google Trends tool. This approach described above allowed allows us to compare the peak periods for the changing the search queries of main concepts on this problem with the periods of the most significant events in the innovation sphere and financial policy. Moreover, we apply the VOSViewer software for identifying the dominant trends in intersectoral research related to funding innovation of business companies, as well as for finding out which instruments for the implementation of the financial policy implementation are more relevant for academics and scholars.Our results from the first stage demonstrate that the researchers’ focus on funding innovation of business companies and financial regulation was targeted on such topics as tax, monetary, budget, and investment instruments. Additionally, our results from the second stage additionally helped us to determine the dominant trends in intersectoral research connected to each group of the identified instruments. Thence, our findings contributed to the clustering of the theory of funding innovation of business companies by structure and main instruments. These results can be useful for by the multidisciplinary scientists, entrepreneurs, investors, innovators, as well as other relevant stakeholders and practitioners in making their everyday decisions on funding innovations in business companies.

Features of legal regulation of the financial system in the modern world

The article is devoted to the study of complex system analysis of the current state of the financial system and its elements. The current national financial legislation, by-laws and experience of forming the financial system in the European Union are considered. It is noted that the development and implementation of financial policy, the organization of sustainable and stable money circulation in the country is one of the important activities of the state. That is why the issue of the financial system has always, one way or another, been reflected in the constitutions, ie it was and remains one of the objects of legal regulation. As the world economy developed, the relevance and comprehensiveness of its legal regulation gradually increased, growing both in depth and breadth: on the one hand, the number of financial institutions and relations governed by the constitution and other sources of constitutional law increases, and on the other such regulation. In order to understand the points of contact between law and the financial system, the reasons, content and aspects of its legal regulation, it is necessary to try to formulate a general concept of finance and the financial system of the state and its structure. Only on the basis of the analysis of the essence and correlation of the named phenomena it is possible to determine the place and significance of finance in law. There is currently an urgent need for major legal changes regulation of financial and economic relations. Modern financial transformations have covered a wide range of public relations, as evidenced by changes in tax, budget, currency, insurance legislation, banking and credit reforms. However, the reality shows that the improvement of all management systems is taking place in a crisis caused by Russia’s military intervention in Ukraine’s internal affairs, in connection with which the need to use the experience of the European Union is particularly acute. This applies not only to fiscal policy, but also, in particular, issues of taxation, banking, building an effective financial management system, creating an effective structure of financial authorities.

Financial Policy Implementation at the Ministry of Research and Development Institutions During the COVID-19 Pandemic

At the end of 2019, an outbreak of COVID-19 occurred in China. Soon after, a global pandemic was declared. The virus entered Indonesia. The increase in COVID-19 cases led to reduced national economic growth, decreased state revenues, and increased state spending and financing. There were three significant impacts, namely on purchasing power, weakening investment, and declining export commodities. This changed the direction of Indonesia’s financial policy. Quick steps were taken by the Government to help overcome the COVID-19 pandemic, namely by refocusing the budget to deal with the pandemic. This policy resulted in capital expenditure for projects and research that were not directly related to the COVID-19 response to be postponed. Moreover, some activities or projects that had been contracted had to be renegotiated to delay work, and employee spending had to be postponed as well. The purpose of this research was to analyze the impact of the changes in Government economic policies outlined in the Medium-Term Development Plan (RPJM) on the field of research and development, and to analyze potential research and development in the field of technology that can be carried out in dealing with the pandemic. This work was conducted using descriptive qualitative methods, and data were collected through interviews and direct observations.
 Keywords: COVID-19, economic policy, budget refocusing