The Fiscal Policy Research Center places strong emphasis on education. Our goal is to disseminate knowledge, skills, and competencies to improve public finance management and support sustainable development.
Understanding public finances is important for Ukrainians for several reasons:
Transparency and accountability: Citizens who understand how public finances work can play a more active role in overseeing spending and participating in decisions about how public funds are allocated.
Anti-corruption efforts: Knowledge of financial processes helps identify potential schemes and corrupt practices in the management of public funds.
Efficient use of resources: Informed citizens are better equipped to assess the effectiveness of budget-funded programs and projects.
Participation in decision-making: Understanding public finances enables citizens to engage more actively in democratic processes, including discussions on budget priorities and resource allocation.
Therefore, educating Ukrainians to understand and analyze public finances is a key element in strengthening democracy, combating corruption, and improving the efficiency of public resource management.
Public Administration and Governance
In 2023, Viktor Maziarchuk, Head of the Fiscal Policy Research Center, taught the course “Public Finance Management in Times of Uncertainty” at the Ukrainian Catholic University.
The course examines key aspects of public finance management under conditions of uncertainty, particularly during periods of economic crises, natural disasters, pandemics, and war. It focuses on the specific features of the budget process that have emerged in Ukraine’s recent history during crisis periods, including the war with Russia (2014–2023) and the COVID-19 and H1N1 pandemics. It also explores international experience in financing and managing crisis situations.
The lectures cover topics such as the effectiveness of medium-term planning during crises, the specifics of state budget formation and execution, and the influence of political actors on public finance management. Special attention is given to the financing of expenditures during wartime, using Ukraine’s experience from 2014 to 2023 as a case study.
The main objective of the course is to prepare students to effectively manage public finances and make well-informed decisions in complex and uncertain environments.
Key Takeaways from the Lectures
During crises, governments often need to increase spending to mitigate or overcome their effects. This may include expenditures on healthcare, post-disaster recovery, unemployment support, and economic stabilization.
To maintain fiscal sustainability, governments may introduce new taxes or reform the tax system.
Uncertainty about the future can reduce consumer spending and business investment, leading to higher unemployment and lower tax revenues.
Increased spending combined with declining revenues can result in a budget deficit — a situation where expenditures exceed income.
During crises, investors and businesses tend to become more cautious about investing in new projects or expansion, which can reduce future profits and tax revenues.
