Knowledge Economy and Financial Risks in Budgetary and Fiscal Relations

Abstract

This article examines the ways in which financial risks in budgetary and fiscal relations are managed within the framework of the knowledge economy. It draws on the comparative experiences of the Republic of Moldova, the European Union, and selected international practices, highlighting both convergences and divergences in their approaches. The analysis indicates that, although all actors acknowledge the growing importance of intellectual capital, the mechanisms used to identify, assess, and mitigate risks differ substantially. The European Union provides an example of a more integrated and coordinated model, while Moldova continues to face challenges related to institutional capacity and limited investment in research and development. These findings suggest that Moldova could benefit from adopting elements of international best practice, particularly transparent risk assessment frameworks and innovative financing instruments, in order to enhance fiscal sustainability and advance the transition toward a knowledge-based economy. The article concludes by formulating practical recommendations for policy makers, with a focus on strengthening risk management and aligning fiscal policy more closely with the demands of a knowledge-driven world. JEL: H62, H30, O30, O38