Problemi Ekonomiki (Jun 2018)
Financial Regulation in the Leading Economic Theories of XX-XXI Centuries
Abstract
The aim of the article is to determine the place of the state financial regulation in the postulates of the basic economic theories of XX-XXI centuries. There carried out an analysis, systematization and generalization of scientific works of outstanding scientists — founders and representatives of various directions of the economic theory of XX-XXI centuries — about the participation of the state in the regulation of economic development. The main postulates of state regulation of the economy in such concepts as Keynesianism, monetarism, the supply theory, institutionalism are singled out. It is substantiated that the state participation in redistribution processes through using financial instruments is defined practically in all economic theories, however, with the levels of domination and efficiency as an instrument for providing economic reforms being different. The wide use of financial levers for stabilizing the economic situation, smoothing cyclical fluctuations, maintaining high growth rates and high employment in the Keynesian model, the supply theory, institutionalism are demonstrated. The non-recognition of financial policy as a means to stabilize the economy by monetarism is testified. It is concluded that there are advantages and disadvantages in financial regulation of the economy in each of the economic theories under consideration. It is determined that the predominance of this or that concept depends on the general economic policy of the state and the goals of state regulation. It is argued that in the recent history of Ukraine’s financial policy, the approaches determined by the supply theory dominate, in particular since the entry into force of the Tax Code of Ukraine, the amount of taxes and fees has been reduced, the income tax rate and the single contribution to the compulsory state social insurance have been reduced. Prospects for further research in this direction are defining the economic doctrine of Ukraine and effective instruments for financial regulation of the economy to ensure economic growth.
