Relevance of budget investment and definition of its concept
DOI:
https://doi.org/10.35774/visnyk2021.04.057Keywords:
public investments, definition of budget investments, budget expenditures, development expenditures, efficiency of budget investments, economic development.Abstract
Introduction. Since gaining independence, Kazakhstan has come a long way of establishing and improving the system of budgetary regulation. Currently, the Government of the Republic of Kazakhstan is working on the Concept of Public Finance Management of the Republic of Kazakhstan until 2030. One of the main approaches to the formation and implementation of budgetary policy in the new conditions is to increase the efficiency and economic return of budget expenditures. As you know, budget investments for the growth of the country’s economy have a multiplier effect. In the realities of today, budget investments are relevant both from the side of the implementation of such investment projects and the management of budget investments. Revision of conceptual policies requires a revision of the definition of budget investment.
Target. The article analyzes the concept of “budgetary investments”. The study takes into account the opinion of prominent economists on the basis of a theoretical review and the available scientific and methodological literature on the research topic.
Research methods. The methodological apparatus of this study on the issue of defining the concept of “budget investments” in Kazakhstan in the context of the need to improve the efficiency of these investments is based on the methods of empirical and comparative analysis, vertical and horizontal analysis and the method of expert assessments. The question of the need for a clear definition and expansion of the existing conceptual apparatus in terms of the regulation of budgetary investments of the Republic of Kazakhstan is formulated on the basis of scientific research and the use of various approaches and methodological foundations.
Results. The study made it possible to propose the author’s definition of this concept, and to determine the need for a clear classification of budget investments in order to further approve the mechanisms for determining priorities and criteria for choosing a particular investment project, the structure of the budget process as a whole.
Perspectives. The expediency of further study and development of proposals on the methodology for auditing the effectiveness of budget investments in the Republic of Kazakhstan in order to achieve socio-economic results from each invested tenge has been determined.
References
Perspectivy razvitia mirovoi ekonomiki [Prospects for the world economy] (2021). URL: http://www.imf.org/ru/Publications/WEO/Issues/2021/10/12/world-economic- outlook-october-2021 (Accessed: 01.11.2021) [in Russian].
ADB`s Asian Development Outlook 2021 Update (2021). Retrieved from: http:// www.adb.org/publications/asian-development-outlook-2021-update (Accessed: 01.11.2021) [in English].
Osnovnue socialno-ekonomicheskie pokazateli [Main socio-economic indicators] (2021). Retrieved from: http://www.stat.gov.kz (Accessed: 01.11.2021) [in Russian].
Yankovski K. P. (2008). Investici [Investment]. Piter. P. 69 [in Russian].
Vitor Gaspar, Paolo Mauro, Catherine Pattillo, Raphael Espinoza (2020). Public Investment for the Recovery. Retrieved from: http://www.imf.org/ru/ News/Articles/2020/10/05/blog-public-investment-for-the-recovery (Accessed: 10.10.2021) [in English].
Anderson E., Paolo de Renzio, Levy S. (2006). The Role of Public Investment in Poverty Reduction: Theories, Evidence and Methods. Overseas Development Institute Working, 263, 2 [in English].
Nobuyuki Kanazawa (2018). The Public Investment Multipliers: Evidence from Stock Returns of Narrowly Defined Industry in Japan. Retrieved from: http://hdl. handle.net/10086/27202 (Accessed: 16.10.2021) [in English].
Effective Public Investment Across Levels of Government: Implementing the Principles (2019). Retrieved from: https://www.oecd.org/effective-public-investment- toolkit/ (Accessed: 10.10.2021) [in English].
Budjetnyu kodeks Russiskoi Federati 31.07.1998 № 145-FZ [Budget Code of the Russian Federation of 31.07.1998 No. 145-FZ] (1998). Retrieved from: http://www. consultant.ru (Accessed: 01.11.2021) [in Russian].
Krokhina, Yulia A. (2008). Finansovoe pravo Rosii [Financial Law of Russia]. Moscow: Norma. 286 p. [in Russian].
Kustova, Margarita V., Sheveleva, Natalia A. (2014). Finansovoe pravo [Financial Law]. St. Petersburg: Piter. 105 p. [in Russian].
Komyagin, Dmitriy L. (2014). Kazna i biudzhet [Treasury and budget]. Moscow: Sсience. P. 203-218 [in Russian].
Lapteva, Anna M. (2018). [The notion of “budget investments”]. Vestnik of Saint Petersburg University. Law – Bulletin of St. Petersburg University. Right, 3, 330–
Retrieved from: https://doi.org/10.21638/11701/spbu14.2018.304 (Accessed: 01.11.2021) [in Russian].
Budjetnyu kodeks Respublici Kazakhstan 04.12.2008 № 95-IV [Budget Code of the Republic of Kazakhstan dated 04.12.2008 No. 95-IV] (2008). Retrieved from: http:// www.adilet.zan.kz (Accessed: 01.11.2021) [in Russian].
Ha-Joon Chang (2021). Kak ustroena ekonomika [How the economy works; per from English E.Ivchenko; [ed. by E. Kondukov]; edition 8. Moscow: Mann, Ivanov i Ferber. 320 p. [in Russian].
Statistika nacionalnukh schetov i investici [National accounts and investment statistics] (2021). Retrieved from: http://www.stat.gov.kz (Accessed: 25.10.2021) [in Russian].
