Institutional Principles of Building the Fiscal Mechanism for Regulating the Investment Development of the National Economy

Abstract

The state, influencing the processes of organization of fiscal relations by forming institutions, directs the established fiscal relations, manages the channels and directions of fiscal flows, clarifies the proportions of financial resources distribution and thus regulates the investment development of the economy. Therefore, the aim of the study is to determine the institutional principles for building a fiscal mechanism, from which depends not only its effective functioning, but also the impact on investment processes in the national economy. In order to substantiate the institutional principles of building a fiscal mechanism for regulating the investment development of the national economy, general and special research methods were used (analysis and synthesis, induction and deduction, abstraction, analogy, theoretical generalization, etc.). The historical development of institutional theory is considered in the course of the research. Approaches to the interpretation of the meaning of “institution” concept are defined, their functions and characteristics are outlined. The essence and components of the institutional structure of the fiscal mechanism for regulating the investment development of the national economy are substantiated. As a result of the research it is proved that the institutional structure of the fiscal mechanism is four-level and includes the cognitive level, regulatory level, organizational level, resource-technological level. It is determined that at the present stage of development of Ukraine the institutional structure of the fiscal mechanism is formed, but its characteristics do not sufficiently correspond to the features, resources and tasks of regulating the investment development of the national economy.