Conceptual Approaches to Development and Implementation of Budgetary Policy

Abstract

The paper discusses methodological issues related to the development and implementation of good budgetary policy. The basic assumption is that modern challenges indicate that the budgetary policy is an appropriate tool to ensure countercyclical management efficiency and social equity. The analysis suggests a conclusion that the achievement of the appropriate quality of budgetary policy requires coordination between budgetary and monetary policies. The paper provides the classification of sources and types of fiscal risks, and formulates conditions that ensure the appropriate approach to the development and implementation of budgetary policy. Keywords—gооd budgetary policy; fiscal risk; budgetary rules; macroeconomic sustainability; social equity