Vartanova M.L. Financial mechanism as an effective lever for stimulating the development of regional infrastructure for servicing the labor market. Natural Sciences and Humanities Research. 2022. No. 44(6). Pp. 48-51.

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Abstract

The transition to a market economy has created economic prerequisites for expanding the budgetary rights of local public authorities. In contrast to the planned market economy, there is, in general, a tendency to decentralize the allocation of public resources, which increases their mobility and contributes to more rapid and efficient use for the region's own needs. Due to the predominantly extensive nature development in the economy, the main deductions from the budget went to the material production industry), a large proportion of them went to the extractive and material-producing industries). This situation led to the infringement of the independence of local authorities in solving the problems of socio-economic development of the region, made it difficult to finance regional needs, did not interest local authorities in developing their own financial base, and so on. The transition to a market economy has created economic prerequisites for expanding the budgetary rightsof local public authorities. In contrast to the planned market economy, there is, in general, a tendency to decentralize the allocation of public resources, which increases their mobility and contributes to more rapid and efficient use for the region's own needs. Due to the predominantly extensive naturedevelopment in the economy, the main deductions from the budget went to the material production industry), a large proportion of them went to the extractive and material-producing industries). This situation led to the infringement of the independence of local authorities in solving the problems of socio-economic development of the region, made it difficult to finance regional needs, did not interest local authorities in developing their own financial base, and so on.