МІЖНАРОДНИЙ ДОСВІД ЗАБЕЗПЕЧЕННЯ СТІЙКОСТІ МІСЦЕВИХ БЮДЖЕТІВ В УМОВАХ ГЛОБАЛЬНИХ ШОКІВ

The article examines international approaches to ensuring the resilience of local budgets under global shocks that have acquired a systemic nature in the modern economic environment. The relevance of the study is driven by the increasing fiscal vulnerability of subnational governments caused by overlapping crisis factors, including pandemic, military, energy, inflationary, and financial shocks. These disturbances generate asymmetric revenue losses, rising expenditure pressures, liquidity imbalances, and heightened debt risks for local governments, thereby challenging the stability of public finance systems. The objective of the research is to systematize international practices of crisis-oriented fiscal management at the local level and to substantiate their applicability to the contemporary challenges of Ukraine’s financial security. The methodological framework is based on comparative analysis, a systemic approach, and institutional interpretation of fiscal policy across different models of multilevel governance. The study evaluates policy responses implemented in the European Union, North America, and Scandinavian countries, focusing on intergovernmental transfers, compensation mechanisms for revenue shocks, fiscal stabilization tools, financial buffers, and investment-support instruments. The findings indicate that local budget resilience is not determined by isolated fiscal measures but emerges from the interaction of institutional arrangements, revenue structures, stabilization policies, and governance quality. The analysis demonstrates that the most effective resilience models combine countercyclical fiscal policies, flexible budgetary rules, diversified revenue bases, stabilization transfers, and reserve mechanisms. Particular emphasis is placed on the role of intergovernmental fiscal coordination, financial buffers, and investment stabilization in mitigating crisis-induced fiscal stress. The study concludes that strengthening local budget resilience requires an integrated policy framework that balances short-term stabilization objectives with long-term fiscal sustainability