Universal Journal of Accounting and Finance Vol. 9(3), pp. 477 - 486
DOI: 10.13189/ujaf.2021.090322
Reprint (PDF) (634Kb)

Financial Decentralization as a Key Factor in the Socio-Economic Development of Territorial Entities

Volodymyr I. Kravchenko ^1,*, Lina V. Bondareva ², Roman Yu. Bykov ², Larisa V. Danilova ², Olha V. Myrna ^3
1 Department of Advertising and Public Relations, National Aviation University, Kyiv, 03058, Ukraine
² Department of Public Administration and Local Self-Government, Kherson National Technical University, Kherson, 73008, Ukraine
³ Department of Public Management and Administration, Poltava State Agrarian University, Poltava, 36003, Ukraine

ABSTRACT

The article is devoted to the current problem of introduction and effective functioning of the process of financial decentralization as a key factor in the socio-economic development of territorial entities. It has been found that the problem of creating and implementing effective mechanisms for solving the problem of financial differentiation is one of the most important areas of building effective social and economic policies in the context of the spread of innovative forms of public administration at the local level. There are generalized scientific works on the socio-economic development of territorial entities of Ukraine, given an author's interpretation of this concept in the article. Approaches to the definition of financial decentralization have been systematized and a clarified definition has been provided. The general directions of the introduction and functioning of the institute of financial decentralization are justified. The advantages and disadvantages of the financial decentralization process are identified both for the state as a whole and for a separate territorial entity. A universal system for the functioning of the financial decentralization process has been established, which consists of interconnected subsystems that function on the basis of sustainability and feedback. Quantitative analyses have been performed by the means of constructing an integral indicator. Proposals on directions of improvement of financial decentralization process in modern conditions of Ukraine are presented. It was concluded that the improvement subsystem is a key factor in the success of the entire financial decentralization system by providing continuous feedback for other subsystems for the continuous introduction of new ideas, technologies, and models for managing this process.

KEYWORDS
Quality Conditions, Territorial Community, System, Tax Base, Public Administration

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Volodymyr I. Kravchenko , Lina V. Bondareva , Roman Yu. Bykov , Larisa V. Danilova , Olha V. Myrna , "Financial Decentralization as a Key Factor in the Socio-Economic Development of Territorial Entities," Universal Journal of Accounting and Finance, Vol. 9, No. 3, pp. 477 - 486, 2021. DOI: 10.13189/ujaf.2021.090322.

(b). APA Format:
Volodymyr I. Kravchenko , Lina V. Bondareva , Roman Yu. Bykov , Larisa V. Danilova , Olha V. Myrna (2021). Financial Decentralization as a Key Factor in the Socio-Economic Development of Territorial Entities. Universal Journal of Accounting and Finance, 9(3), 477 - 486. DOI: 10.13189/ujaf.2021.090322.