Analysis of fiscal tools use in development of innovative economy

Abstract

Introduction. The article reviews the current state of innovation activity in Ukraine in comparison with the European countries. The essence, objective necessity and semantic content of state regulation of innovation activity are analused. Particular emphasis is placed on the economic mechanism of indirect state support of the innovation economy. The recommendations for improving fiscal adjustment tools of innovation are worked out.

Goal.The purpose of the article is to develop recommendations for improving the state of economic instruments to stimulate innovation by upgrading the levers of fiscal policy.

Method.In order to achieve the goal of the article we have used the following methods: method of systematic, logical and structural analysis for determination of the specificity and place of fiscal levers use  in state regulation of innovation, method of comparative analysis for determination of the state of development of innovative sector and its regulation in Ukraine and in other countries, especially in the EU.

The results.It has been grounded the specificity of the current state of development of innovative economy and the development of models of activization of state regulation of innovation by fiscal measures. In our research it has been the successful experience of developed countries, which have achieved top rankings of competitiveness by enhancing innovation factor of economic development. Research results promote a culture of innovation at the state level and at the level of entities. These results can be used for improvement of the strategic, institutional, administrative, resource subsystems of state regulation of innovation and modernization of fiscal levers to stimulate innovation commercialization and innovative expansion on the national market.