Системні взаємозв’язки бюджетної безпеки в умовах фінансової глобалізації

Abstract

Globalization has a dual effect on the world financial system, contributing to its development and simultaneous occurrence of potential threats to financial security of states. Despite their rapid escalation to the real ones, most countries in the world do not perceive these threats as serious. Enhancement of the latter necessitates studying the problems of providing for the budget safety under conditions of world globalization, redefining directions when forming effective budgetary system in terms of secure development, strengthening the fiscal security of state. It is necessary to explore in detail the drivers that influence the level of budget safety and its interrelations with other components of economic security. The aim of present work is to examine relationships of budget safety taking into account effect of the process of financial globalization and to assess its level by the principles of retrospective analysis. We proposed our own interpretation of the concept of budget safety as the level of capability of a budgetary system to ensure solvency and financial stability of the state, effective use of budget funds taking into account strategic development priorities of budgetary relations and potential capability to resist and predict the threats of internal and external origin. Results of analysis of economic security indicate the highest rate of decline in financial security in 2015 by 14.1 percentage points to the level of 36.7 % among all the components of economic security. It was established that this situation is due to a decrease in revenues from basic budget-forming taxes with strengthening fiscal pressure on the economy, a sharp devaluation of the national currency, a significant growth of the state and the state-guaranteed debt with increased risk of default, illiquidity and insolvency of financial institutions, shrinking resource base of banks, problems with their capitalization. This determined critical and close to critical state of almost all the components of financial security. We analyzed current status of indicators in budget security. The correlation links are assessed between the integral level of budget safety and other components of economic security. The factors and interrelations of impact on the level of budget safety were defined. Direct dependence and the largest impact on the poor level of fiscal security were caused by absolutely dangerous levels of currency and debt security. We substantiated the need to improve a methodological approach to determining the level of safety with regard to the globalization processes and drivers of exogenous and endogenous origin, which reflect the share of the shadow economy, debt and fiscal burden on the budget, inflation processes and other indicators, key to providing revenues to the budget. The scientific novelty of present research is in the following: based on the results of analytical assessment of interrelations in budget security, we defined methods, means and tools for state regulation over risks and threats, we performed a strategic monitoring, prediction and implementation of measures of preventive nature to ensure economic security. A practical significance of the results obtained is the verification of provisions to improve scientific and methodological principles for the assessment of level of budget security of the state taking into account the budget safety interrelations with other components of economic security. Results have practical value to the bodies of state administration when compiling strategic and program documents to ensure the economic security of the state.