THE THEORETICAL BASIS FOR THE FORMATION OF THE FINANCIAL POLICY OF THE REGION'S ECONOMIC GROWTH
Abstract
The state's financial policy in the current conditions of market transformation is crucial for the development of both the national economy and its regions. The complications of the processes of economic transformation, the instability of their economic growth, the financial crisis and its negative effects have revealed that the existing financial policy is incapacitated and poorly effective, unable to respond adequately and in a timely manner to such events. The purpose of the article is to substantiate the conceptual approaches to the formation of the modern financial policy of the region's economic growth. The research used the appropriate scientific methods: deduction, monographic, analysis and synthesis. Modern development of financial theory is considered in conjunction with economic schools and theories and concepts. However, it was discovered that today the financial policy of the region's economic growth does not have a certain ideology and is situational, inconsistent and contradictory, since its new paradigm, which would have a modern methodological basis and take into account the dynamics and consequences of the market transformation of the economy, would not have formed yet an integrated system of organization of internal and external financial relations and effective methods of their regulation, adapted to the existing conditions of both the national economy and the regional one. Financial policy is a complex and multi-level category, which has different forms of manifestation, internal and external factors of formation. This necessitated the improvement of its theoretical interpretation as an imperative, theoretically and scientifically substantiated system of measures for the planning, organization, regulation and control of financial relations in the process of creation and use of financial resources of the state and economic entities. Awareness and practical comprehension of the problem allowed to scientifically designate a new paradigm of the financial policy of the economic growth of the region, which is based on the modern methodological basis, takes into account the dynamics, consequences and the existing conditions of a market economy. In developing the financial policy of economic growth of the regions, existing disproportions should be taken into account not only economic development of the country's regions, but also disproportions of economic growth.
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