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Zamkova N., Gnydjuk I. Finansova polityka subnacional'nogo rivnja. Visnyk Kyi'vs'kogo nacional'nogo torgovel'no-ekonomichnogo universytetu. 2020. № 3. S. 66-78.

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DOI:  http://doi.org/10.31617/visnik.knute.2020(131)04

UDC 336.02 : 332.1
 
ZAMKOVA Nataliia, 
Doctor of Philosophic Sciences, Professor,
Director of the Vinnytsia Institute of Trade and Economics
of Kyiv National University of Trade and Economics

E-mail: Ця електронна адреса захищена від спам-ботів. вам потрібно увімкнути JavaScript, щоб побачити її.
ORCID:https://orcid.org/0000-0001-9557-2607
 
HNYDIUK Inna, 
PhD in Economics, Associate Professor
Vinnytsia Institute of Trade and Economics
of Kyiv National University of Trade and Economics

E-mail: Hnydiuk@vtei.com.ua
ORCID:https://orcid.org/0000-0002-6724-7740

FINANCIAL POLICY OF THE SUBNATIONAL LEVEL

Background. The maximum consideration of region’s needs is increased under the Euro­pean integration context, the administrative model change to the center-region relationship, as well as under the globalization processes influence. Therefore, given the fact that the rate of socio-economic development of the state and the regions depends on the effectiveness of the financial policy, in particular, it is possible to conclude that it is necessary to study the finan­cial policy at the subnational level.
The aim of the article is to study the current state of financial policy at the subnational level.
Materials and methods. The methods of generalization, comparison, statistical, analy­sis and synthesis are used in our study. The information base of the research is formed by scien­tific achievements of Ukrainian scientists and practitioners, statistical materials and Internet sources.
Results. The current state of financial policy formation and development of the sub­national level is investigated on Vinnytsia region example.
Vinnytsia region fiscal policy analysis shows that there are different sources of filling the budget of the region, using which, local governments have the opportunity to perform their assigned functions of development of local communities. Research into the practice of local budget revenue generation has shown that tax revenues and official transfers are the main source of local budget replenishment.
Credit policy in the Vinnytsia region is considered in the context of providing pre­ferential long-term loans to young families for construction and purchase of housing, budget loans to business entities, long-term loans to individuals.
Investigation of the region’s investment policy shows the low level of investment in the region with significant investment potential and requires attention both to the existing ones in the region, as well as to attracting new foreign direct investments and support of investors.
Conclusion. Today the issue of finding new directions for subnational level of finan­cial policy development is becoming increasingly relevant. In our opinion, the strategic objec­tives of such financial policy should be the maximum financial arrangement of the region, the coordination of fiscal and tax policies at national and subnational levels.
Keywords: financial policy, subnational level, tax policy, budgetary policy, invest­ment policy, income, expenditures.

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