The specifics of fiscal policy under the conditions of pandemic shock-Reference-Cited by-同舟云学术

The specifics of fiscal policy under the conditions of pandemic shock

Published:2021-11-15 Issue:2 Volume:2021 Page:96-113
ISSN:2414-3499
Container-title:Naukovi pratsi NDFI
language:
Short-container-title:Nauk. pr. NDFI

Author:

UKHNAL Nataliia^ORCID,

Abstract

The development the conceptual principles of fiscal policy is impossible without understanding the consequences of the global epidemiological crisis and assessing the actions of governments aimed at minimizing existing problems and preventing a potential negative impact on the national economy. The article evaluates the peculiarities of the formation of anti-crisis fiscal and monetary measures, to which more than 10% of world GDP is directed , in the context of global pandemic recession and challenges caused by the lack of preparedness in healthcare facilities and systems. The peculiarity is revealed that in the developed countries there is a wide fiscal space in comparison with the developing countries. The purpose of the article is to show the features of socio-economic processes and main measures of financial policy aimed at minimizing the negative consequences of the pandemic shocks. The scientific novelty is to identify ways to strengthen the resilience of the financial system and government support for entrepreneurship in Eastern Europe and the Caucasus in the context of necessary measures and restrictions related with the COVID-19 pandemic. The tools of budget, tax and social support, creation of stabilization packages, liquidity programs for commercial banks, mobilization of financial resources through the creation of funds, in particular through international cooperation, are considered on the example of the Eastern Partnership countries. It is substantiated the necessity of using by the national governments of anti-crisis measures of fiscal policy and the creation of mechanisms for emergency mobilization of financial resources and material resources to increase competitiveness and long-term demand, providing compliance with the priorities of environmental safety and objectives of social justice. Given climate change and environmental degradation, further search is needed to increase the resilience of the economy and society to future shocks.

Publisher

State Educational-Scientific Establishment The Academy of Financial Management

Subject

General Earth and Planetary Sciences,General Engineering,General Environmental Science

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