which it should be based, as well as the role of the state and authorities in ensuring the
process of implementing such a policy.
Usually, the authors outline general or universal principles of financial policy or
its main components [18; 22; 30]. L.V. Lysiak, studying various approaches to
distinguishing principles of fiscal policy as financial policy component, lists the basic
requirements that must be observed when designing and implementing an effective
fiscal policy model in Ukraine: "fiscal policy will be an effective means of managing
budget relations and active an element of financial policy, if it is based, on the
following basic principles: objectivity (scientific approach), continuity (consistency),
compulsory, efficiency, transparency, rationality, composition, safety equivalence [19
p.152-153]. At the same time, the author emphasizes that " fiscal policy principles are
derived from system of principles and provisions that characterize the key, system-
forming foundations of conceptual model of a society of social progress and justice,
oriented towards creating conditions for free and comprehensive development of the
individual, an adequate line of progress of world civilization (according to which
Ukrainian society should develop) "[19, p.154].
Summarizing the main principles that should be taken into account when
developing an adequate and strategically oriented public finance policy and which
should be governed by public finance policy in the process of state regulation of social
development [19; 20; 22; 30; 32] gave grounds for distinguishing the main ones and
adding others (Table 5).
Table 5 Basic principles of formation and implementation of the state social
development financial policy
Principle
Content of principle
Systemicity
The system approach involves the consideration of the architectonics of
financial policy (an identified set of constituent elements as a holistic entity
with a systemic feature - the flow of financial flows to the social development
of society, interconnections, interaction and interdependence between these
components, the formation of a hierarchical system and the definition of its
structure, internal architecture, importance and roles in the system)
Goal setting
Clear definition of strategic and tactical goals of social development, which
should be achieved in frame of state financial policy, and tasks depending on
a certain stage of development of the country and other factors, choice and
implementation of methods of their achievement
Fairness
Socially equitable distribution of resources, reduction of inequality,
observance of certain criteria for the provision of social benefits, services
Adaptability
Adequate response to the external environment, susceptibility to changes
Efficiency
Effective distribution of financial resources from the point of view of
achievement of public welfare and effective use of financial resources
Effectiveness
Achievement of social development financial policy target indicators
Openness
Goals, objectives and results of financial policy implementation should be
public and transparent, controlled by the public.
Source: compiled by the author
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