TRANSFORMATIONS OF FINANCIAL RELATIONS: THE CASE OF LITHUANIA
TRANSFORMATIONS OF FINANCIAL RELATIONS: THE CASE OF LITHUANIA

Summary/Abstract: State transformations of financial relations are based on the creation of a new culture and stereotypes with the aim to have a more efficient management system of financial resources. Over the past six years there has been a substantial change in financial relations in Lithuania and throughout the world. Global and local changes in the economy, membership in the EU, tax reform, human factors, innovations and other factors had a crucial impact on it. The research paper analyzes transformations of financial relations, i.e. transformations of taxes, state income, expenditure and borrowing. The tax reform, dynamics of state income and expenditure, the growth of public debt are analyzed in order to reveal transformations of financial relations that occurred in the country. Moreover, the reasons that determined the occurrence of the transformation are generalized.

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