Scientific Approaches to the Taxonomy of Financial Instruments for the Inclusive Development of Territorial Communities
Abstract
The article is devoted to the theoretical and methodological substantiation of scientific approaches to the formation of a taxonomy of financial instruments for the inclusive development of territorial communities in the context of modern transformation processes and the growth of their role in ensuring social, economic, and environmental inclusion. In the current conditions of decentralization, growth of socio-economic imbalances, and actualization of the Sustainable Development Goals (SDGs), the issue of classification of financial instruments acquires special importance, since it is through their effective application that the financial stability of communities, their ability to form their own resources, attract external funding, and stimulate public participation in decision-making is ensured.
It is substantiated that the existing classifications of financial instruments in the scientific literature and international reports (OECD, UNDP, World Bank, CEPS) are fragmented, do not always take into account the inclusive orientation of financial mechanisms, and need to be coordinated according to uniform methodological principles. This determines the need to systematize tools through a scientifically verified taxonomy.
The dialectical, functional, and institutional approach to the classification of financial instruments is allocated. It is substantiated that the use of the dialectical approach made it possible to distinguish financial instruments depending on their economic nature and cause-and-effect relationships. The institutional approach is based on the allocation of financial instruments according to the institutional level of the subject of management of inclusive community development and the obligation to apply. According to the functional approach, financial instruments are divided according to the type, scope, and result of managerial impact on community development.
On the basis of the integrated application of these approaches, a classification framework of financial instruments for inclusive development has been developed, which provides a logical hierarchy of criteria, allows for a coordinated combination of various features, and contributes to comparative analysis. The proposed taxonomy is characterized by dynamism, multidimensionality, and high practical significance for the formation of an effective financial policy of territorial communities focused on inclusive development, equal access to resources, and increasing the financial capacity of local self-government.
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References
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