The appropriate use of debt funds and proper servicing of public debt is determined by the stability of the economy. The solution to these issues will determine the effectiveness of the implementation of budgetary policy in the state, the stability of the national currency. To solve these problems, the search for ways and methods for effective management and servicing of public debt in the country is being carried out. It is quite reasonable to consider public debt as an important instrument of financial policy in the state. It is the main criterion for determining how effective the economy is and how well the state performs its functions both at the national and international levels.
Economists at different times had different approaches to determining public debt, the expediency of borrowing by the state and the role of the state in the economic life of the country and the resulting further opportunity to accept debts and manage financial resources. However, today economists cite a number of features, functions of public debt, and scientists have developed different approaches to understanding this concept based on the criteria of the sources of their formation and characteristics.
Approaches to the interpretation of public debt are extremely different, thereby complementing each other and show how complex the subject of research is and how broadly it can be interpreted. There are many approaches to determining public debt, as well as its impact on the state economy. Some approaches complement each other, others completely contradict each other. However, the tendency for the state to take on debts, whether external or internal, remains inevitable. And the expediency and justification of taking such, it will be possible to speak only on the fact of use of these means and development or, on the contrary, decline of economy. However, public debt as an economic category is an integral part of the state’s economy, where the state acts as an active participant in debt relations.
That is why in the article the authors highlight the economic content and purpose of public debt on the basis of the works of well-known domestic and foreign economists highlight its main functions, carry out a detailed classification of debt borrowings according to a number of features.
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