№ 11/2023

Fìnansi Ukr. 2023 (11): 34–48https://doi.org/10.33763/finukr2023.11.034

In memory of Viktor Fedosov

ZATONATSKA Tetiana ¹, LJUTYJ Igor ², ANISIMOVA Olga ³

¹Taras Shevchenko National University of Kyiv, Research ID : http://www.researcherid.com/rid/I-1647-2018
OrcID ID : https://orcid.org/0000-0001-9197-0560
²Taras Shevchenko National University of Kyiv
OrcID ID : https://orcid.org/0000-0002-3561-2432
³SSI «Institute of Educational Analytics»
OrcID ID : https://orcid.org/0000-0002-6721-3030

Public finance governance under uncertainty

Introduction. Effective public financial management is the basis for the stability of the national financial system. Most countries have faced the problem of uncertainty in planning and forecasting budget revenues and expenditures. This is due to a series of events that have significantly affected budgeting and budget forecasting methods. However, classical approaches remain at the heart of public finance management, as they are based on the national legal and regulatory framework, organizational and institutional architectonics of the budget system,features of the national economy and mentality.
Problem Statement. Russia's armed aggression against Ukraine has created uncertainty not only in our country but also throughout the world. The war has disrupted traditional economic relations, led to the imposition of sanctions, and changed the structure of revenues and expenditures of budgets around the world.
The purpose of the article is to analyze modern theories of public finance management and their adaptation to the conditions of uncertainty in the context of global turbulence and the war in Ukraine.
Methods. The comparison method was used to analyze the theories of public finance management, and the scientific methods of deduction, induction, comparison, synthesis were used to assess the benefits of using new technologies in the budgeting process.
Results. The basic theories of public finance management are considered. A number of approaches and methodologies are identified, which, in combination with modern digital tools, can be considered effective in conditions of uncertainty. It is substantiated that traditional theories remain relevant because they are based on national legislation in a particular area, so their modification and adaptation require a thorough quantitative and qualitative analysis, as well as changes in the legal and regulatory framework in the budgetary sphere.
Conclusions. The effectiveness of the main theories of public finance management under conditions of uncertainty is assessed. It is proved that the relevance of existing methods in the field of public finance management should be based on Data Science tools that allow making flexible and relevant forecasts, processing structured and unstructured large data sets. It is recommended to use fintech tools to increase the transparency of the use of funds and more reliable collection of information, which will help speed up budget execution and strengthen control over the movement of financial resources.

Keywords:public finances, budget policy, uncertainty, state budget revenues and expenditures, planning and forecasting of budget expenditures, Data Science

JEL: H50, H60

Zatonatska T. . Public finance governance under uncertainty / T. . Zatonatska, I. . Ljutyj, O. . ANISIMOVA // Фінанси України. - 2023. - № 11. - C. 34-48.

Article original in Ukrainian (pp. 34 - 48)

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