Functions of public finance: theoretical aspect

Abstract

The presented article is narrative in nature: the authors have attempted a meaningful analysis of the category «public finance», defining its functions in the system of financial relations. The purpose of this study is to systematize approaches to defining public finances in order to expand their functions, which is relevant in the context of both global evolutionary processes and the geopolitical agenda. A review of the definitions of public finance by the most reputable representatives of financial science has been conducted, on the basis of which the rationale for supplementing the functions performed by public finance in the modern system of financial relations is presented. Speaking of relevance, it should be noted that the discussion around public finances is more fundamental than problematic. At the same time, the authors consider the transformation of the role of the state and, consequently, public finances in society to be obvious, which generates changes in the functions performed by the latter. Research interest is aroused by a wide range of opinions regarding the scientific category under consideration.: This is a form of public relations, a system of monetary relations, and a system of redistributive relations that ensures the formation of funds of monetary resources and their subsequent use to ensure the growth of the national economy. The definition of public finance as a source of financing public goods that are not a sum of preferences of members of a social society is highlighted. The key conclusion is the rationale for expanding the functions performed by public finances.