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id: 27187
Title: Fiscal and Monetary Policy of Economic Development
Authors: Chugunov I., Pasichnyi M., Koroviy V., Kaneva T., Nikitishin A.
Keywords: fiscal policy, monetary policy, budget, taxes, economic development.
Date of publication: 2021-08-30 11:15:17
Last changes: 2021-08-30 11:15:17
Year of publication: 2021
Summary: Fiscal and monetary policy coordination should focus on increasing public welfare and maintaining
long-term macroeconomic stability. This article aims to enhance the theoretical and methodological
basis of fiscal and monetary policy formation and determine the priority areas for improving their
coordination to ensure sustainable economic development. We developed an institutional approach
to study the fiscal-monetary mix. It is advisable to create favorable monetary conditions for fiscal
measures and form a balanced budget for monetary regulation. The authors proposed the structuralfunctional model that highlights both fiscal and monetary policies’ impact on aggregate demand. The
results showed no positive effects of general government expenditures on the GDP per capita growth
in 19 emerging economies 1995 to 2018. The influence of public spending on economic growth
depends on institutions’ quality, the composition of expenditures, and fiscal architecture. The
expediency of increasing the share of productive expenditures that positively affect stimulating the
economy is substantiated. In the long-run, monetary policy should ensure a comprehensive
combination of inflation targeting conditions, the adaptive use of tools to achieve intermediate and
final targets.
Publication type: Стаття Scopus
Publication: Fiscal and Monetary Policy of Economic Development. European Journal of Sustainable Development. 2021. V. 10. № 1. P. 42-52. Doi: 10.14207/ejsd.2021.v10n1p42
In the collections: Статті / Видання інших установ/
Published by: Адміністратор
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