BUSINESS INFORM №6-2014

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Section: Finance, Money Circulation and Credit
UDC 336.22.02:330.33
Laktionova O. A.
Flexibility of Fiscal Policy in the Context of Cyclical Development of the Economy (p. 308 - 319)
The article discusses the factors of flexibility of fiscal policy in terms of its countercyclical impact. Factors limiting the capacity of building countercyclical fiscal impact in developing countries were examined. Based on ratios of real GDP growth and changes in the cyclically adjusted balance the state budget on the potential GDP, as well as the correlation between real GDP and the adjusted budget deficit is defined degree of counter-or pro-cyclicality of fiscal policy. The essence of flexibility of fiscal policy is disclosed based on the category of fiscal space. Effective potential impact was discussed under three types of fiscal policy: expansive, restriction and consolidation. Factors of flexibility are the characteristics of elasticity of the objects adjustment. The main instruments are the formation of various kinds of flexibility reserve opportunities – debt stock, the surplus of the state budget, state stabilization funds.
Keywords: flexibility of fiscal policy, fiscal policy, countercyclicality, procyclicality, fiscal space
Fig.: 3. Tabl.: 2. Bibl.: 33.

Laktionova Oleksandra A. – Doctor of Sciences (Economics), Associate Professor, Head of the Department, Department of Finance and Banking, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]

Article is written in Ukrainian
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Reference to this article:
Laktionova, Oleksandra A. (2014) “Flexibility of Fiscal Policy in the Context of Cyclical Development of the Economy.” Business Inform 6:308–319.

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