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State Financial Control In Terms Of Digitalization Of The Institutional Environment

Author

Listed:
  • Svitlana Volosovych

    (Kyiv National University of Trade and Economics, Ukraine)

  • Yurii Baraniuk

    (Kyiv National University of Trade and Economics, Ukraine)

Abstract

The purpose of the study is to substantiate the benchmarks of digitization of the institutional environment of state financial control in Ukraine based on foreign experience. The methods of qualitative, quantitative, and correlation analysis, graphical modelling, causality tests, comparisons and generalizations were used. Results. The essence of the institutional environment of the state financial control is determined and its contradictions are revealed. It is established that in order to overcome the contradictions of the institutional environment of state financial control, it is necessary to resolve the issue of intensifying its digitalization since the use of financial technologies affects the state of governance. Directions of the digitization of the institutional environment of the state financial control were examined through the prism of relations "control-state", "control-enterprise", "controlsociety", and "control-European Community", with the justification of proposals that should be implemented in the context of isolated components. Practical importance. The digitalization of the institutional environment of state financial control should be based on electronic democracy, parameterization of annual reports of controlling bodies, blockchain interoperability, automation of control measures, use of artificial intelligence and cloud computing technologies, services based on open data, interactive methods of information sharing (social networks, television programs, and video blogs), and electronic tax fraud identification services in international trade. Value/ originality. The level of digitalization of the external institutional environment of the state financial control is higher than the level of digitalization of the internal environment. This creates the basis for the development of the theory of state financial control, as well as the practice of its implementation, which requires appropriate innovative and technological transformations.

Suggested Citation

  • Svitlana Volosovych & Yurii Baraniuk, 2019. "State Financial Control In Terms Of Digitalization Of The Institutional Environment," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 5(4).
    • Handle: RePEc:bal:journl:2256-0742:2017:5:4:10
    DOI: 10.30525/2256-0742/2019-5-4-82-91
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    References listed on IDEAS

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    1. Davis, Lance & North, Douglass, 1970. "Institutional Change and American Economic Growth: A First Step Towards a Theory of Institutional Innovation," The Journal of Economic History, Cambridge University Press, vol. 30(1), pages 131-149, March.
    2. Oxley, Joanne E., 1999. "Institutional environment and the mechanisms of governance: the impact of intellectual property protection on the structure of inter-firm alliances," Journal of Economic Behavior & Organization, Elsevier, vol. 38(3), pages 283-309, March.
    3. Sergey Bardash & Yurii Baraniuk, 2016. "Financial Audit As A Part Of State Administration In Ukraine: Condition And Public Need," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 2(2).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    state financial control; digitalization; institutional environment; shadow economy; blockchain; big data; cloud technology;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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