THE IMPACT OF FINANCIAL DETERMINANTS ON THE EFFECTIVENESS OF INSTITUTIONAL INTERACTION BETWEEN BUSINESS AND THE STATE
Abstract
The article examines the impact of financial determinants on the effectiveness of institutional interaction between business and the state. The study emphasizes that financial determinants represent a system of factors influencing the stability, transparency, and efficiency of cooperation between private and public sectors. In modern conditions of globalization, digital transformation, and economic uncertainty, the role of such determinants is steadily growing. The article identifies three main groups of financial determinants that directly affect institutional interaction: fiscal and budgetary policy, investment and credit mechanisms, and the development of financial infrastructure and institutions. Fiscal and budgetary policy defines the level of tax burden, transparency of financial flows, and state support programs for business, which in turn determines the level of trust in public institutions. Investment and credit mechanisms create opportunities for business access to resources, but their limited development in many countries still constrains private sector initiatives. The development of financial infrastructure, including banking institutions, regulatory agencies, insurance and investment markets, as well as the implementation of digital financial tools, contributes to the acceleration of interaction and the formation of a favorable investment climate. It is noted that financial determinants can have both direct influence (through tax rates, subsidies, credit support) and indirect influence (through institutional trust, investment attractiveness, and the level of financial transparency). The novelty of the research lies in emphasizing the necessity of integrating financial determinants into the modeling of business processes of state–business cooperation. The study proposes considering financial determinants as a systemic element that ensures balance of interests and effective interaction between public authorities and private entities. The conclusions highlight that comprehensive and consistent application of financial determinants creates conditions for strengthening competitiveness of enterprises, stabilizing state finances, and achieving sustainable economic development. Further research directions are connected with the development of economic and mathematical models for assessing the impact of financial determinants and with the study of digital financial instruments within public–private partnerships.
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