TRANSFORMATION OF APPROACHES TO MANAGEMENT OF REVENUES, EXPENDITURES AND BUDGET DEFICIT OF THE STATE IN CRISIS AND POST-CRISIS PERIODS

Abstract

The article examines the transformation of approaches to management of revenues, expenditures and budget deficit of the state in crisis and post-crisis periods. The relevance of the topic is due to the loss of effectiveness of traditional approaches to ensuring budget balance and the need to adapt fiscal policy to conditions of uncertainty. As a result of the study, a change in the logic of fiscal management (from orientation on formal balance to ensuring the adaptability of the budget system) has been established. It is proved that the budget deficit in crisis conditions serves as a stabilization tool, and its effectiveness is determined by the structure of financing, and not by the absolute level.  Budget deficit management goes beyond the traditional choice between internal and external sources of financing and takes on the character of building a multi-level system in which different groups of instruments perform different functions depending on the time horizon and structure of budget imbalances. The models of revenue management (internal restructuring, combined adaptation, external substitution) and expenditure management (fiscal expansion, budget restructuring, hard concentration) are systematized, and deficit financing regimes are identified according to their types (cash, structural, investment). The instrumental structure of covering the budget deficit of Ukraine in the war and post-war periods is specified by classifying it by phases of application, functional purpose and budget effect. It is established that short-term liquidity instruments (war bonds, grants, preferential lending) ensure the solvency of the budget, but do not form debt sustainability, while sustainable financing instruments (green, social bonds, public-private partnership) are focused on financing recovery and have a long-term effect provided that institutional readiness is present. The practical significance of the research is the possibility of using the results to shape budget policy, in particular to select a combination of sources of deficit financing, optimize the expenditure structure, and implement sustainable financing instruments.