Фінансово-кредитна діяльність: проблеми теорії та практики (Dec 2022)

ECONOMIC AND LEGAL MECHANISM FOR THE FORMATION AND IMPLEMENTATION OF THE STATE’S FINANCIAL POLICY IN THE CONDITIONS OF THE RUSSIAN-UKRAINIAN WAR

  • Марія Бліхар,
  • Леся Ваолевська ,
  • Наталія Ортинська ,
  • Марія Вінічук ,
  • Мар’яна Кащук

DOI
https://doi.org/10.55643/fcaptp.6.47.2022.3935
Journal volume & issue
Vol. 6, no. 47

Abstract

Read online

The purpose of the article is to study the theoretical and applied principles and identify problematic aspects of the economic and legal mechanism and the peculiarities of the formation and implementation of the state's financial policy in the conditions of the Russian-Ukrainian war. The results of the conducted research made it possible to establish that the formation and implementation of the financial policy of Ukraine are under the influence of significant destabilizing factors. Significant problems regarding the formation and implementation of the financial policy of Ukraine were identified, in particular: the strengthening of the negative impact of inflationary factors, a significant decrease in the volume of the country's GDP, increased instability of the exchange rate and risks of devaluation of the national monetary unit, an increase in the volume of money supply in circulation, a decrease in the volume of gold and currency reserves, as well as problems of planning and forecasting the parameters of the formation and implementation of the financial policy of the state in the conditions of the Russian-Ukrainian war. The deviation of the values ​​of Ukraine's financial indicators from the normative values, which testify to the critical drop of the country's GDP in the conditions of military resistance to the armed aggression of the Russian Federation to -45.1%, the increase in the inflation rate to 115%, the increase in the volume of money supply in circulation by all aggregates, the decrease in the level of economy monetization up to 38% and gold and currency reserves up to 25.24 billion US dollars, as well as an increase in the poverty level of the population up to 42%, is proved. It is proposed to improve the economic and legal mechanism for the formation and implementation of the financial policy of the state, taking into account the factors of the state of war in the country, to direct the main efforts to the timely detection and prevention of risks and threats of a financial nature, as well as to stabilize the banking, monetary and credit, budget and currency systems.

Keywords