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Description:
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У статті проаналізовано феномен фіскального федералізму. Досліджено ризики
втрати фіскального суверенітету і позитивні наслідки від уніфікації фіскальної
політики в межах валютного союзу. Наголошено на важливості показника фіскальної
позиції країни при визначенні її здатності приєднатись до фіскального союзу.
The phenomenon of fiscal federalism is analyzed. Risks of the loss of fiscal sovereignty
and positive effects from standardization of fiscal policies within the boundaries of a currency
union are studied. Emphasis is made on the importance of the measure of fiscal position of a country in evaluating its capacity to join a fiscal union.
The conditions are analyzed, required to implement the idea of fiscal federalism. The
assumption is put forward and grounded theoretically about a positive correlation between
the degree of decentralization of a government and the government’s capacity to secure
effective distribution of social benefits.
In view of the theory of optimal currency zones, the situation is considered when
monetary union leads to integration of financial markets and development of monetary
mechanisms for risks sharing. It is assumed that these mechanisms may be substituted by
taxation and budgetary policy, because they weaken the effects of asymmetrical shocks.
Operation of sub-national debt markets is studied, with analyzing a range of preliminary
conditions effectuating their dynamics and peculiarities.
Peculiarities of fiscal and monetary policies mix are analyzed, with investigating the
mechanisms that can trigger by-side effects or the so called externalities in the currency
union member states. It is argued that once a single monetary authority and numerous fiscal
bodies are established, they would require fiscal limitations, in order to prevent excessive
deficit at sub-regional level, or in member states in case of Eurozone. Emphasis is made on
the effective impact of fiscal discipline on lending process. The impact of budgetary
federalism on the development of a country undergoing asymmetric shocks is considered,
mechanisms to mitigate their negative effects are discussed. |