EVALUATING THE EFFECTIVENESS OF UKRAINE'S BUDGETARY POLICY IN THE CONTEXT OF ENSURING ENVIRONMENTAL, ECONOMIC AND SOCIAL DEVELOPMENT STANDARDS

Abstract

This study seeks to assess the Ukraine’s budgetary policy effectiveness from a targeted approach perspective. A set of indicators characterizing the state of ensuring the national environmental, social and economic living standards as a premise for sustainable socioeconomic development of Ukraine has been suggested as the assessment criteria to evaluate the effectiveness of the budgetary policy. The purpose of the article is to evaluate the effectiveness Ukraine’s budgetary policy in the context of ensuring environmental, economic and social standards of development. Using a range of methodological tools (grouping, comparison, graphical display), the study offers a monitoring of the actual status and trends of ensuring environmental, social and economic standards of socioeconomic development of Ukraine as a target priority of budgetary policy that has revealed a hazardous dynamics of individual indicators of environmental, economic and social development. The three groups of indicators for the transformation of the fiscal regulatory mechanism of Ukraine’s budgetary policy have been reasoned by the trend of change in basic values: (1) those that are characterized by a positive trend in volatile changes in the time horizon, (2) those that demonstrate menacing negative trends over time, (3) those that are characterized by stochastic values, and therefore actually are not subject to intended control in the context of the budgetary policy for ensuring socioeconomic development of Ukraine. The share of the latter two indicators out of the three groups mentioned above exceeds 60% which indicates the presence of antinomic imbalances and the low level of the Ukrainian budgetary policy management effectiveness from a functional approach perspective. As of today, the results of economic mathematical modelling by the key criteria for assessing the quality of budgetary policy have revealed a low level of the Ukrainian national policy effectiveness overall, both at the stage of its development and implementation.