Fiscal risk management in Ukraine under new challenges

Keywords: fiscal risks, risk management, public finance, budget, war.


This article examines fiscal risks and their management in Ukraine and abroad, drawing on international best practices. The main aim is to analyze global risks in the short and long term and evaluate how public finances have been managed in Ukraine and other countries during economic crises, while suggesting areas for improvement. The study utilized various scientific methods, including the structural-functional method to uncover risk management mechanisms within public finance systems and the comparative method to contrast key indicators of Ukraine's public finance system with those of other nations. Key findings include the identification of primary tools used nationally and internationally to mitigate the impact of fiscal shocks during crises. Budgetary practices from different countries were also examined, emphasizing fiscal rules, social expenditure allocation, and incentives for innovation and investment. The research highlights how global challenges and economic crises have led countries to adopt different approaches based on their economic development and risk management integration into fiscal processes. Recommendations are provided to enhance fiscal risk management measures in Ukraine, particularly in the ongoing wartime context. In conclusion, this article underscores the importance of effective fiscal risk management and offers specific suggestions to strengthen fiscal risk management practices in Ukraine, considering current circumstances and unforeseen challenges.


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Author Biographies

Diana Tretiak, Taras Shevchenko National University of Kyiv, Ukraine.

PhD, Associate Professor, Department of Insurance, Banking and Risk Management, Taras Shevchenko National University of Kyiv, Ukraine.

Alim Sizov, Military Institute of Taras Shevchenko National University of Kyiv, Ukraine.

Ph.D., Associate Professor, Military Institute of Taras Shevchenko National University of Kyiv, Ukraine.

Nataliia Miedviedkova, Taras Shevchenko National University of Kyiv, Ukraine.

Ph.D., Associate Professor, Department of Finance, Taras Shevchenko National University of Kyiv, Ukraine.

Tetiana Murovana, Taras Shevchenko National University of Kyiv, Ukraine.

Ph.D., Associate Professor, Department of International Economics, Taras Shevchenko National University of Kyiv, Ukraine.

Anna Karpych, Taras Shevchenko National University of Kyiv, Ukraine.

Ph.D. student, Department of Finance, Taras Shevchenko National University of Kyiv, Ukraine.


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How to Cite
Tretiak, D., Sizov, A., Miedviedkova, N., Murovana, T., & Karpych, A. (2023). Fiscal risk management in Ukraine under new challenges. Amazonia Investiga, 12(68), 126-140.
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