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FISCAL POLICY AS THE BASIS OF COUNTRY STABILITY
Azimjon Melie Mu odullo o‘g‘li,
Assis an o Sama kand ins i u e o economics and se ice
Raximo a Nigo a Mux o o na,
S uden o Sama kand ins i u e o economics and se ice
[email p o ec ed]
Usmono a Yulduzxon Sha ka qizi,
S uden o Sama kand ins i u e o economics and se ice
yulduz[email p o ec ed]
Ma mu odo a Anabibi Da la mu od qizi,
S uden o Sama kand ins i u e o economics and se ice
ma mu odo [email protected]
Abs ac : This a icle analyzes he ole o iscal policy in ensu ing na ional economic s abili y.
I discusses heo e ical ounda ions, ax policy, public deb managemen , and in e na ional
expe iences, wi h a special ocus on Uzbekis an’s economic e o ms.
Keywo ds: iscal policy, s abili y, axa ion, budge discipline, public deb , mac oeconomic
egula ion.
Anno a siya. Ushbu maqolada moliya iy siyosa ning mamlaka iq isodiy ba qa o ligidagi
o‘ ni chuqu ahlil qilinadi. Mualli moliya iy siyosa ning naza iy asosla i, soliqqa o ish
izimi, da la qa zi, byudje siyosa i a xalqa o aj iba misolida O‘zbekis on iq isodiy
isloho la ini yo i adi.
Kali so‘zla : moliya iy siyosa , ba qa o lik, iskal in izom, soliq izimi, da la qa zi, byudje
siyosa i.
Аннотация. В статье рассматривается роль финансовой политики в обеспечении
экономической стабильности государства. Автор анализирует теоретические основы,
налоговую систему, государственный долг и международный опыт на примере
Узбекистана.
Ключевые слова: финансовая политика, стабильность, бюджетная дисциплина,
налоговая система, государственный долг.
In oduc ion
The ole o inancial policy in ensu ing he economic s abili y o he coun y, i s social well-
being and global compe i i eness is incompa able. Financial policy is a se o measu es aken
by he s a e o s abilize economic g ow h by egula ing cash lows in he economy,
coo dina ing budge e enues and expendi u es, se ing axes, and managing public deb . As
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economis J. Keynes no ed, “ he s a e’s inancial policy is he hea o economic li e and
cons i u es he main mechanism o he dis ibu ion o na ional income”.
In he case o he Republic o Uzbekis an, inancial policy is also conside ed one o he
co ne s ones o economic e o ms. Fiscal e o ms, changes in he axa ion sys em, and
op imiza ion o s a e in es men policy being ca ied ou in he coun y a e con ibu ing o
inc easing he compe i i eness o he na ional economy. The e o e, his a icle will p o ide an
in-dep h analysis o he heo e ical ounda ions o inancial policy, i s ole in he coun y’s
s abili y, and i s analysis based on in e na ional expe ience.
Main pa
Financial policy is a s a egic di ec ion ha go e ns he o ma ion, dis ibu ion and use o
inancial esou ces in he economy by he s a e. A. Smi h, speaking abou he ole o he s a e
in he economy in his wo k “The Weal h o Na ions”, de ined inancial policy as “a means o
dis ibu ing na ional weal h and s imula ing p oduc ion”.
The main asks o inancial policy a e:
- o ma ion o budge e enues and hei a ional dis ibu ion;
- egula ion o economic ac i i y h ough axes;
- managemen o public deb and educing hei impac on he economy;
- ensu ing he well-being o he popula ion h ough inancing social p og ams.
Fo example, in he “New Uzbekis an” de elopmen s a egy o he Republic o Uzbekis an
o 2022–2026, s eng hening iscal s abili y and budge discipline is de ined as a p io i y
di ec ion o s a e inancial policy (Dec ee o he P esiden o he Republic o Uzbekis an No.
PF–60, 2022).
Economic s abili y is he consis ency o economic g ow h a es, low in la ion, high
employmen , and a balanced budge balance in a coun y. Fiscal policy is he mos impo an
ool o ensu ing his s abili y.
Acco ding o he Keynesian app oach, du ing an economic c isis, he s a e should s imula e
demand by inc easing budge expendi u es. On he con a y, suppo e s o mone a ism — M.
F iedman and A. Schwa z — pu o wa d he idea ha “excessi e s a e in e en ion dis up s
economic equilib ium, he e o e, iscal policy, oge he wi h mone a y policy, should be
balanced.”
Today, Uzbekis an suppo s a balanced app oach o iscal policy: i inc eases economic
ac i i y by limi ing he s a e budge de ici , e ec i ely inancing in es men p ojec s, and
simpli ying he axa ion sys em.
Tax policy is he mos basic elemen o iscal policy. Th ough i , s a e e enues a e o med
and socio-economic asks a e inanced.
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As Musg a e no ed, “ ax policy is no only a sou ce o income, bu also a means o egula ing
economic g ow h.”
In Uzbekis an’s expe ience, in ecen yea s, ax a e educ ions and b oadening o he ax base
ha e s imula ed economic ac i i y. Fo example, he educ ion o he single social secu i y
paymen a e om 25 pe cen o 12 pe cen in oduced in 2019 has c ea ed a o able
condi ions o business en i ies.
In addi ion, he anspa ency o ax policy and he in oduc ion o elec onic sys ems ha e
inc eased budge e enues and educed he isk o co up ion.
Public deb is a means o empo a ily a ac ing inancial esou ces o main ain balance in he
economy. Howe e , i i inc eases excessi ely, i poses a h ea o economic s abili y.
Acco ding o he IMF, when he a io o public deb o GDP exceeds 60%, mac oeconomic
s abili y weakens. The e o e, in Uzbekis an, he a io o public deb o GDP is se a no mo e
han 40%.
Budge a y policy is he mechanism ha exp esses he s a e’s iscal policy in p ac ice. Th ough
i , in es men ac i i y in he economy, in as uc u e de elopmen and social p o ec ion issues
a e egula ed.
The expe ience o he USA, Ge many and Japan shows ha ha monizing iscal policy in
inno a i e, in es men and social di ec ions ensu es he economic s abili y o he coun y. Fo
example, in Ge many, a “ lexible iscal policy” model is in e ec , which adjus s budge
expendi u es depending on he le el o economic g ow h and in la ion.
Uzbekis an has also s eng hened coope a ion in his ega d wi h in e na ional inancial
ins i u ions - he Wo ld Bank, he In e na ional Mone a y Fund and he Asian De elopmen
Bank. Th ough his coope a ion, he necessa y e o ms a e being implemen ed o he inancial
s abili y o he economy.
Conclusion
Fiscal policy is he mos impo an economic ool ensu ing he s abili y o he coun y.
Th ough i , he s a e egula es he economy, inc eases social wel a e and s eng hens i s
posi ion in global economic compe i ion. In he case o Uzbekis an, a eas such as
s eng hening iscal discipline, simpli ying he ax sys em, managing public deb , and
imp o ing he in es men clima e a e se ing o ensu e na ional economic s abili y. In he
u u e, de eloping iscal policy based on he p inciples o digi al go e nance, g een inance,
and in e na ional iscal in eg a ion will u he inc ease he coun y's economic esilience.
Re e ences
1. Keynes, J. M. (1936). The Gene al Theo y o Employmen , In e es and Money.
London: Macmillan.
2. Smi h, A. (1776). An Inqui y in o he Na u e and Causes o he Weal h o Na ions.
London.
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O iginal a icle
49
3. Musg a e, R. (1959). The Theo y o Public Finance. New Yo k: McG aw-Hill.
4. F iedman, M., & Schwa z, A. J. (1963). A Mone a y His o y o he Uni ed S a es,
1867–1960. P ince on Uni e si y P ess.
5. In e na ional Mone a y Fund (2021). Wo ld Economic Ou look Repo . Washing on,
D.C.
6. Bundesminis e ium de Finanzen (2020). Fiscal S abili y and Policy F amewo ks in
Ge many. Be lin.
7. O‘zbekis on Respublikasi P eziden i (2022). “Yangi O‘zbekis on a aqqiyo
s a egiyasi” PF–60-son Fa moni.
8. O‘zbekis on Respublikasi Moliya azi ligi (2020). Da la moliyasini boshqa ish
sama ado ligini oshi ish o‘g‘ isidagi hisobo .
