UDC 332.146.2:338.124.4:336:330.16; JEL E11, E27, G18, H73, R11
Storonyanska, I. Z., & Benovska, L. Ya. (2022). Byudzhetni chynnyky ekonomichnoho zrostannya rehioniv v umovakh poshyrennya pandemiyi COVID-19 [Budgetary factors of regional economic growth in the spread of COVID-19 pandemic]. Rehional'na ekonomika - Regional Economy, 103 (1), 51-61. DOI: https://doi.org/10.36818/1562-0905-2022-1-5. [in Ukrainian].
Sources: 12

Authors



Storonyanska Iryna Zenoviyivna

Doctor of Economics, Professor

Deputy Director for Scientific Work, Head of the Department of regional financial policy of the Dolishniy Institute of Regional Research of NAS of Ukraine

Contacts: istoron.ird@gmail.com, istoron@i.ua, (032)270-7043

Webpages:

Benovska Liliya Yaroslavivna

Ph.D. of Economics, Senior Researcher

Senior Researcher, Scientific Secretary of the unit of the Department of regional financial policy of the Dolishniy Institute of Regional Research of NAS of Ukraine

Contacts: lbenovska11@gmail.com

Webpages:

Resume

Domestic regions with different financial and economic development potential and budget revenues face the negative impact of the COVID-19 pandemic in different ways and demonstrate different opportunities for economic growth. The purpose of the study is to examine the impact of budgetary factors on the economic growth of regions in the context of the COVID-19 pandemic. The following methods were used for the study: abstract-logical, comparative analysis, graphical visualization, statistical. The article analyzes the financial stability of local budgets and identifies its dependence on the financial and economic potential of the regions. There is a clear distance between the oblasts of the western regions (Ternopil, Chernivtsi, Rivne, Ivano-Frankivsk) with weak financial and economic potential and high levels of transfer dependence and Kyiv, Poltava, Dnipropetrovsk regions with opposite development characteristics. The article argues that despite the negative impact of the COVID-19 pandemic on the economy of the regions, there was a positive trend in the main indicators of financial stability of local budgets: reducing transfer dependence and coverage of general expenditures with own revenues of local budgets in all regions. The objective reasons for this trend lie not in the rapid growth of local budget revenues but the relatively higher reduction in transfers from the state budget and the reduction of local budget expenditures. The correlation analysis reveals a close link between economic growth in the regions and the main taxes of local budgets and its absence or weak link between their growth rates in the 2020 crisis due to the growth of tax revenues despite the decline in Gross Regional Product. The elasticity of the main taxes of local incomes (personal income tax, single tax, etc.) to the Gross Regional Product is studied. The influence of budgetary factors on the economic growth of regions and interregional disparities in the conditions of instability is investigated and systematization of the influence of budgetary factors on regional development is carried out.

Keywords:

region, economic growth, local budgets, financial stability of the budget, instability

References


1. Mykhayliv, H. (2010). Finansova spromozhnist' sotsial’no-ekonomichnoho rozvytku rehional’nykh suspil’nykh system [Financial capacity of socio-economic development of regional social systems]. In Ekonomichnyy analiz [Economic analysis]: Vol. 7 (pp. 97-99). [in Ukrainian].
2. Kaminska, I. M. (2008). Diahnostyka finansovoyi stiykosti rehioniv Ukrayiny [Diagnosis of financial stability of the regions of Ukraine]. In Ekonomichni nauky [Economics ciences]: Vol. 5(20):1 (pp. 168-182). [in Ukrainian].
3. Kozoriz, M. A. (Ed.) (2012). Finansovyy potentsial rehionu: mekhanizmy formuvannya i vykorystannya [The financial potential of the region: mechanisms of formation and use]. Lviv: Institute of Regional Research. [in Ukrainian].
4. Mykytyuk, I. (2013). Finansova stiykist’ ta bezpeka mistsevoho byudzhetu [Financial stability and security of the local budget]. Visnyk Kyyivs'koho natsional'noho torhovel'no-ekonomichnoho universytetu – Bulletin of Kyiv National University of Trade and Economics, 1, 86-97. [in Ukrainian].
5. Adamenko, M. I., Vasylkova, K. Yu., & Yantsevych, A. A. (2017). Vnutrishni ta zovnishni faktory finansovoyi stiykosti monoproduktovoyi kompaniyi [Internal and external factors of financial stability of a single-product company]. Biznes Inform – Business Inform, 3, 312-319. [in Ukrainian].
6. Voznyak, H. (2016). Byudzhetna polityka rozvytku rehioniv Ukrayiny: suchasna paradyhma ta oriyentyry podal’shykh reform [Budget policy of development of regions of Ukraine: modern paradigm and guidelines for further reforms]. Lviv: Institute of Regional Research named after M. I. Dolishniy of NAS of Ukraine. [in Ukrainian].
7. Kravtsiv, V. S. (Ed.) (2018). Terytorial’nyy rozvytok i rehional’na polityka v Ukrayini: Vyklyky ta priorytety Ukrainy [Territorial development and regional policy in Ukraine: challenges and priorities of Ukraine]. Lviv: Dolishniy Institute of Regional Research of NAS of Ukraine. (Seriya «Problemy rehional'noho rozvytku») [(Series «Problems of regional development»)]. [in Ukrainian].
8. State Treasury Service of Ukraine: Website (2021). Retrieved from https://www.treasury.gov.ua/ua [in Ukrainian].
9. Benovska, L., & Pavlova, L. (2013). Metodychni pidkhody do otsinky konverhentnoho rozvytku rehioniv [Methodical approaches to the assessment of convergent development of regions]. In Sotsial'no-ekonomichni problemy suchasnoho periodu Ukrayiny [Socio-economic problems of the modern period of Ukraine]: Vol. 2 (pp. 146-155). [in Ukrainian].
10. State Statistics Service of Ukraine: Website (2021). Retrieved from http://www.ukrstat.gov.ua [in Ukrainian].
11. Storonyanska, I. Z., & Benovska, L. Ya. (2020). Ekonomika rehioniv Ukrayiny pid diyeyu vyklykiv pandemiyi COVID-19 [Economy of the regions of Ukraine under the influence of the challenges of the pandemic COVID-19]. Rehional’na ekonomika – Regional Economy, 2, 5-16. DOI: https://doi.org/10.36818/1562-0905-2020-2-1 [in Ukrainian].
12. Podik, I. I. (2017). Otsinyuvannya suchasnoho stanu podatkovoyi bezpeky Ukrayiny [Assessment of the current state of tax security of Ukraine]. Ekonomika ta derzhava – Economy and state, 4, 46-51. [in Ukrainian].