Global Experience in Improving Multi-Level Coordination of the Management of Public Investments to Ensure Their Efficiency

Abstract

The issue of improving the multi-level coordination of the management of public investments to ensure their efficiency is especially relevant for Ukraine, as its effective mechanisms maximize the return on investment for regional development. Ukraine will need significant public investment to recover from the destruction caused during the Russian-Ukrainian war, and these investments are (and will be) the driving force behind the recovery of the domestic economy. In conditions when investment opportunities and investment funds are limited, the question arises of their rational use and direction to achieve prioritized tasks. Taking into account the fact that the implementation of public investments is a long process with a wide range of persons involved, the issue of the efficiency of multi-level coordination of public investment management becomes especially acute. The experience of different countries, and especially the members of the Organization for Economic Cooperation and Development (OECD) in the field of establishing effective multi-level coordination of authorities at different levels, needs to be highlighted and taken into account in domestic practice. The theoretical and methodological basis of the study is a number of OECD materials, as well as scientific works of foreign and Ukrainian scholars. The article summarizes the experience of OECD member countries (both positive and negative) in the field of multilevel management. Emphasis is placed on the first pillar of the OECD Recommendation and the three principles it incorporates, in particular, the use of an integrated strategy adapted to local characteristics, the introduction of effective coordination instruments and horizontal coordination. Among the best implementation practices are the examples of the European Union, Japan, New Zealand, Australia, Austria, Canada, France, the United Kingdom, Turkey, Luxembourg and Switzerland. A number of steps towards improving the multi-level coordination of the management of public investments in Ukraine to ensure their efficiency have been proposed.

Keywords

• coordination
• management
• public investment
• global experience
• region
• territorial community