Financial Mechanism Of Public Procurement: Concept, Structural Elements And Operating Principles

Abstract

The article critically analyzes the interpretations of the concept of the financial mechanism in finance theory and substantiates its application to the field of public procurement. An original definition of the financial mechanism of public procurement is proposed, and its structural elements—financial planning, pricing, settlement and payment relations, financial control, and incentive mechanisms—are systematized as an integrated system. The study also reveals the operating principles of the mechanism and the interrelationships among its structural elements.