Legal bases of financial activity of the state and local governments
Students Name: Tereshkevych Maksym Vasylovych
Qualification Level: magister
Speciality: Law
Institute: Institute of Jurisprudence and Psychology
Mode of Study: full
Academic Year: 2020-2021 н.р.
Language of Defence: ukrainian
Abstract: Tereshkevych M. V. Legal bases of financial activity of the state and local governments. - National University "Lviv Polytechnic", Lviv, 2020. An important institution of state power, as well as a democratic society is the institution of financial activities of the state. Today, the formation of the economic and financial sphere of Ukraine is taking place within the process of state development, as well as in the context of global economic stagnation due to the coronavirus pandemic. Nevertheless, the institution of financial activity of the state is gradually reaching the level of development and improvement required by international standards and norms. The object of study is the financial activities of the state and the processes of collection, distribution, redistribution and use of centralized and decentralized funds. Scope of research of the study is the legal status of public authorities and local governments implementing financial policy. Goal of researchstudy and characterize the system of public administration and policy in the field of financial activities of state bodies, financial institutions, authorities and public organizations that perform the functions of state control in the field of finance or other functions whose powers are financial activities [1, p. 211]. The modern financial market in Ukraine is still underdeveloped. A generalized analysis of Ukraine’s financial system shows its unbalanced nature. At the same time, it has already reached the level of development when the use of its capabilities can significantly contribute to solving key economic problems [2, p. 54]. At the present stage of formation, the Ukrainian financial system has a number of problems that hinder and hinder its development. [3, p. 19]. The priorities of the financial system in Ukraine are: to create a group of powerful banks; reduce tax pressure; streamline financial flows; to begin structural and institutional transformations of the banking system, effective reorganization of enterprises. [5, p. 28]. The “key” to economic growth in the country is development of effectively functioning and developed financial sector. It is necessary to take into account that economic development, on the one hand, is conditioned level of development of financial intermediation and the market financial services, on the other - its provision requires maintaining and ensuring an appropriate level of financial sustainability in the country, which in turn is based on effective formation and development of the financial system supervision. All this necessitates a comprehensive and comprehensive study of strategic principles of development financial supervision in the country taking into account the priorities and goals of socio-economic development of the country as a whole and financial sector. Increasing the level of welfare of the population and increasing the efficiency of the subjects management are one of the main tasks of the state can be implemented through financial policy. Therefore, today it is important to identify problems and prospects for the development of financial policy by the commissionerspublic administration bodies of Ukraine. It causes the need to form a balanced public finance policies based on the effective use of financial potential of the country and its individual regions. Today in Ukraine at the present stage of formation the financial and credit system does not fully meet the needs of economic development of our state, as it has a number of problems that hinder and inhibit its development, namely: high dependence of the resource base on external borrowing and a significant share of foreign capital in the structure of the financial and credit system of Ukraine; the presence on the market of institutions with a low level of capitalization, which does not adequately ensure their financial stability; lack of effective mechanisms and tools for managing assets and liabilities of financial and credit institutions; low profitability of financial institutions due to the general low quality of assets, high share of non-profit assets in the total assets of banks and unreasonably high cost of doing business; low level of management and corporate governance [4, p. 528]. List of used literature sources. 1. Lunina, O.P. (2010). Problems and prospects for the development of public finance in Ukraine // Finance of Ukraine. 31–2. 2. Orlyuk, O.P. (2010). Financial Law. Academic course: textbook. 801- 808. 3. Polozenko, D.V. (2011). The financial system of Ukraine and the budget process: the essence and ways to improve them // Finance of Ukraine. 18– 25. 4. Pshyk, B.I. (2011). Financial and credit relations in Ukraine: formation, development, directions of improvement: monograph / BI Pshyk; Institute for Regional Studies of the National Academy of Sciences of Ukraine. 551-552. 5. Cherep, A.V. (2010). Features of the modern financial system in market conditions // Economy and State. 28–30.