PUBLIC FINANCIAL SYSTEMS OF FOREIGN COUNTRIES: INSTITUTIONAL FEATURES
DOI:
https://doi.org/10.34132/pard2024.24.02Keywords:
state finances, finance, financial system, structure of state financesAbstract
The article examines the concept and content of the state financial system. It was emphasized that state finance is one of the key and most important spheres of the financial system of the modern state, which must undoubtedly provide appropriate amounts of financial resources to all branches and spheres of state activity and the effective performance of both economic and social functions. The main theoretical approaches to determining their structure are substantiated. Study of the peculiarities of the formation of public finances in foreign countries, their functions and directions of use. An analysis of the state financial systems of leading foreign countries: the USA (as a country with the leading economy in the world) and Germany (a country with a leading economy in Europe), their structures and features was carried out. The purpose of the study is to determine the essence of the state financial system as a whole, to consider approaches to the definition of the essence of the financial system by domestic and foreign scientists, to identify the common features and structural differences of the state financial systems of leading foreign countries, as well as to conduct an analysis of the financial system of politics before and during the COVID- 19 and the war in Ukraine, which showed the socio-economic and political orientation of these countries. As a result of the study, generalizing definitions of the main approaches to defining the financial system were selected. Also, among the general features of the state financial systems of the analyzed countries, the state budget as the main link, and the presence of special extra-budgetary funds, which will allow using the best institutional features in the field of financial policy and regulation of the budget sphere according to priority directions, were found. It has been proven that the state finances are the foundation of stable functioning and the guarantee of the economic development of the country, its further improvement of the material well-being of the population.
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