scholarly journals The state of global public debt and new approaches towards debt management

2021 ◽  
pp. 46-57
Author(s):  
Svetlana Eduardovna Tsvirko
Keyword(s):  
Developing Countries ◽  
Public Debt ◽  
Risk Mitigation ◽  
Developed Countries ◽  
The State ◽  
Debt Management ◽  
Debt Restructuring ◽  
Middle Income ◽  
New Approaches ◽  
Debt Market

This article is devoted to the state of public global public debt and new approaches towards its regulation in both developed and developing countries. The subject of this research is public debt in different groups of countries. Analysis of the situation with global public debt and the peculiarities of its regulation is necessary to learn positive foreign experience for its possible application in Russia. The following factors of significant increase of public debt are outlined: severe reduction of economic activity and decline in government revenue; increase of public spending, including related to anti-crisis measures; growing primary deficit, and this, the need to increase borrowings. The countries with low and middle income additionally face significant capital outflows from their financial markets, devaluation of national currencies, and difficulties with debt refinancing. Analysis is conducted on the structure and dynamics of public debt that developed due to the COVID-19 pandemic. The author describes the risks associated with public debt. It is noted that many developed countries were able to adjust their financial operations in response to the growing need for borrowed funds: change the existing mechanisms for entering the debt market; amend the practice of conducting auctions government securities auctions. Developing countries need debt restructuring. The conclusion is made that the debt relief process requires new approaches towards debt management, including new methods of risk mitigation, enhanced control aimed at countering “credit bubbles”; clear regulation of debt restructuring observed by all creditors.

scholarly journals Research and Publication from Developing Countries

2020 ◽  
Vol 42 (3) ◽  
Author(s):  
Mohan R Sharma
Keyword(s):  
Developing Countries ◽  
Burden Of Disease ◽  
Disease Burden ◽  
Developed Countries ◽  
Publishing Research ◽  
Economic Factors ◽  
Middle Income ◽  
High Burden ◽  
Middle Income Countries ◽  
The Developed Countries

In 2002, Richard Smith wrote an editorial, “publishing research from developing countries” in the Journal “Statistics in Medicine” highlighting the importance of research and publication from the developing countries (DCs).1 In that article, he mentioned the disparity in research and publication between the developed and developing countries. Almost two decades on, the problem still largely remains the same. It is estimated that more than 80% of the world’s population lives in more than 100 developing countries.2 In terms of disease burden, the prevalence and mortality from diseases in the low and middle-income countries are disproportionately high compared to developed countries.3 Although there is a high burden of disease, we base our treatment inferring results from research and publication from the developed countries which may not be fully generalizable due to geographical cultural, racial, and economic factors. This is where the problem lies.

scholarly journals Analysis of structure of a public debt of the countries of Latin America

2013 ◽  
pp. 228-231
Author(s):  
F. A. Ahmed Abu Bakr
Keyword(s):  
Latin America ◽  
Public Debt ◽  
Global Financial Crisis ◽  
Present Report ◽  
Debt Management ◽  
Capital Inflows ◽  
Management Options ◽  
Emerging Nations ◽  
Debt Market ◽  
International Investors

The article addresses the problem of public debt restructuring in seven largest countries of Latin America. Over the last decade there has been a steady decline in nations’ external debt liabilities. This process was originated by two main contributors: worsening borrowing conditions on the world credit market, encouraging governments to deleverage their external credit position, and a solid financial standing underpinned by a positive external environment. It is LAC-7 countries’ strong fiscal position that propelled the development of national debt market and attracted international investors. But as the present report reveals international capital inflows into public debt market is highly volatile, concentrated in the short term segment and insufficient to finance constantly rising needs of the emerging nations. Finally, the author considers debt management options for local government policies weighing the implications of the ongoing global financial crisis and the scarcity of external credit resources

scholarly journals FACTORS OF GROWTH OF THE EFFICIENCY OF PUBLIC DEBT MANAGEMENT

2021 ◽  
pp. 5-11
Author(s):  
M. E. Kosov
Keyword(s):  
Public Debt ◽  
Financial Management ◽  
The State ◽  
Debt Management ◽  
Macroeconomic Factors ◽  
The Public ◽  
Correlation And Regression Analysis ◽  
Public Financial Management ◽  
Public Debt Management ◽  
Debt Policy

Public debt is an integral part of public finances of various countries, the process of its management, including formation, maintenance and repayment has a powerful impact on the macroeconomic system of the state. The subject of the study is the public debt of the Russian Federation. The article performs a correlation and regression analysis of factors that have a direct impact on the state of the Russia’s public debt under the conditions of the restrictions caused by the Covid-19 coronavirus infection, as well as the consequences of these restrictions. The paper proposes an econometric model that describes a system of indirect macroeconomic factors that are not directly related to the state’s debt policy, but show the strongest influence on the formation of public debt in modern realities and increase the efficiency of its management, as well as reflect the quality of public financial management in general. The author concludes that the demographic burden and the indicator reflecting the ratio of the budget deficit to the total budget revenue have the greatest impact on the effectiveness of public debt management.

scholarly journals STATE DEBT MANAGEMENT OF UKRAINE

2020 ◽  
Author(s):  
Oksana Vodolazska ◽  
◽  
Hanna Herman ◽  
Keyword(s):  
Public Debt ◽  
Equation Model ◽  
Economic Security ◽  
The State ◽  
Debt Management ◽  
Financial Policy ◽  
Security Level ◽  
Macroeconomic Factors ◽  
Public Debt Management ◽  
Debt Policy

Public debt management and servicing is one of the top priorities for the country’s financial policy, and an important condition for the stability of its financial system. Due to the need of solving the problem of the state debt of Ukraine growth and the cost of servicing it, it is urgent to increase the efficiency of methods for managing it. Ineffective management of Ukraine’s government borrowings, which is mainly used to cover the budget deficit, leads to a decrease in the state’s economic security level and an increase in the burden on the budgetary sphere and an aggravation of the debt situation. The maintenance and management of public debt is inextricably linked with the pursuit of a balanced debt policy and minimization of the risks inherent in public debt. The economic and social development of the country, its stability during the period of economic crises and the post-crisis speed of recovery of the national economic system depend on the efficiency and effectiveness of this management. After experiencing a deep economic crisis in 2014–2015, economic growth began to recover in 2016, and the total public debt in relation to GDP also tends to decrease. This was caused by various factors: the deficit of the state budget and balance of payments, heavy dependence on energy imports, ineffective use of attracted loans and the lack of proper debt management. This article analyzes the existing features of the formation of an effective public debt management system in the context of improving the efficiency of Ukrainian debt policy. The proposed measures of an effective management strategy will contribute to the rational use of borrowings and create the necessary conditions for optimizing the debt burden. The main goals of state debt management in Ukraine were analyzed, as well as the world practice of analyzing public expenditure and financial accountability was considered. The existing problems in the state debt management of Ukraine are identified, practical recommendations are provided for future development of the most effective scenario for solving Ukrainian debt problems. The forecast of public debt was calculated on the basis of a linear regression equation model, and the macroeconomic factors that have the biggest impact on the growth rate of public debt were determined.

The Evolution of the Digital Divide across Developing Countries

2013 ◽  
pp. 1554-1570
Author(s):  
Nicoletta Corrocher ◽  
Anna Raineri
Keyword(s):  
Developing Countries ◽  
Digital Divide ◽  
Low Income ◽  
Competition Policy ◽  
Developed Countries ◽  
Policy Implications ◽  
Effective Strategy ◽  
Middle Income ◽  
Middle Income Countries ◽  
Emerging Patterns

This chapter aims at investigating the evolution of the digital divide within a set of developing countries between the years 2000 and 2005. In doing so, it moves away from the traditional analysis of the digital divide, which compares developed countries and developing countries, and examines the existing gap within a relatively homogeneous group of countries. On the basis of the theoretical and empirical contributions from scholars in different disciplines, we select a series of socioeconomic and technological indicators and provide an empirical assessment of the digitalization patterns in a set of 51 low income and lower-middle income countries. By means of cluster analysis techniques, we identify three emerging patterns of the digital divide and derive a series of policy implications, related to the implementation of an effective strategy to reduce digital backwardness. The characteristics of each pattern of digitalization can be also usefully employed to understand whether past interventions, especially in the area of competition policy, have been successful in addressing country-specific issues.

Features of legal regulation of the state debt of the Russian Federation subject in the context of changes in budget legislation

2020 ◽  
pp. 98-104
Author(s):  
Iu. K. Tsaregradskaya
Keyword(s):  
Russian Federation ◽  
Public Debt ◽  
Legal Regulation ◽  
Maximum Amount ◽  
The State ◽  
Debt Management ◽  
The Subject ◽  
The Russian Federation ◽  
Public Debt Management ◽  
Definition Of

The main changes in the budget legislation related to digitalization and public debt managementof the Russian Federation, that are manifested in the functioning of the electronic budget of the state and the consolidation of the legal definition of "public debt management", are considered. The author concludes that currently the legislator pays special attention to the issues of setting the upper limit of public debt, the maximum amount of borrowing by the subjects of the Russian Federation, as well as determining the debt sustainability of regions. Foreign experience of regulating such issues is analyzed on the example of a number of countries-Germany, Spain and Italy. Subjects of the Russian Federation with different debt loads are considered, as well as trends related to its increase or change. Also the possibilities of assigning the region to one of the groups with a certain level of debt stability of the subject are analyzed.

scholarly journals Public debt of Ukraine and its influence on main socio-economic indicators

2020 ◽  
pp. 5-10
Author(s):  
Sergii Stepanenko
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
The State ◽  
Debt Management ◽  
Economic Indicators ◽  
The Public ◽  
Goods And Services ◽  
Socio Economic Development ◽  
Debt Dynamics ◽  
Public Debt Management

Introduction. Solving the problem of public debt management is one of the key factors of economic stability in the country. The budget capacity of the state and the stability of its national currency largely depend on the nature of the debt problem settlement. The need to address these issues requires finding ways to improve the mechanism of public debt management and servicing in Ukraine. The purpose of the article is to study the public debt dynamics of Ukraine and model the nature of its impact on key socio-economic indicators in modern conditions. Results. The dynamics and structure of the state and state-guaranteed debt of Ukraine for the period 2013-2019 are analyzed. The negative dynamics of the growth of the total amount of debt during 2014-2018 is determined. In 2019, the total amount of debt in hryvnia decreased due to the reduction of external and guaranteed debt, but in dollar terms increased, which threatens the financial stability of the country. Using the software product EViews 10 based on the Granger causality test, the system of causal relationships between the dynamics of public debt (index) and indicators of socio-economic development: GDP growth rate, industrial production index, real income index, employment index, the index of exports of goods and services, the index of imports of goods and services has been researched. On the basis of the established causal relations the autoregressive influence models of the public debt dynamics on indicators of social and economic development are constructed, on which the error does not exceed 5%. Conclusions. According to the results of the constructed models, the negative impact of public debt on the main socio-economic indicators is determined, which is confirmed by the negative values of the elasticity indexes of socio-economic indicators. The built models serve as a preventive tool of public debt management, with the help of which it is possible to promptly respond to threats to socio-economic development by monitoring the level of public debt dynamics. Key words: public debt, public debt management, socio-economic development, financial security of the state.

scholarly journals State debt management in the context of Ukraine's economic development

2020 ◽  
pp. 21-25
Author(s):  
Artem HUSIEV
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
The State ◽  
Economic Consequences ◽  
Debt Management ◽  
Optimal Decision ◽  
Main Task ◽  
State Budget ◽  
Long Run ◽  
Debt Policy

The paper explores the theoretical and methodological basis of the concept of public debt management. The relationship between the problem of public debt and economic development of the country has been revealed. The dynamics of Ukraine's public debt for the period 2010-2019 have been analyzed. The default as a means of state debt policy has been investigated and its main economic consequences are presented. The international experience of managing public debt on the example of Argentina has been analyzed. The economic essence of technical default has been defined and the concept of technical default as a priority direction of Ukraine's state debt policy in the current conditions has been proposed. Public debt is a set of State commitments to internal and external creditors. State debt Management provides for state creation of the concept of debt policy. In economic terms, the main task of debt management is to maintain the level of public debt on a moderate level. In Ukraine, the problem of state indebtedness is particularly relevant after 2014. However, the most acute this problem was at the beginning of 2020 with the beginning of the recession economy and raising the deficit of the State budget. There are three main strategies to address public debt: investing in the country's economic development and timely repayment of liabilities, default and technical default. The strategy of investing in the country's economic development envisages emission of money or additional involvement in order to stimulate economic development, as well as timely payment of debts and interests. This strategy is appropriate in terms of relatively small amounts of public debt. Defaulted involves declaring the state insolvency payment obligations to creditors. Defaulted in the short run means a rapid deterioration in the economic situation in the country, but under certain conditions, there may be positive consequences in the long run. The technical default means the state's inability to pay debts on a certain date if there is a possibility of their payment in the future. In Ukraine today, the optimal decision of the state debt policy is the proclamation of technical default to restructure debts and prevent aggravation of socio-economic crisis in the country.

scholarly journals DEBT OBLIGATIONS OF THE STATE: STATISTICAL ANALYSIS

2021 ◽  
Author(s):  
Ulyana Vatamanyuk-Zelinska ◽  
◽  
Ivanna Pedchenko ◽  
Keyword(s):  
Public Debt ◽  
National Income ◽  
The State ◽  
Debt Management ◽  
State Budget ◽  
Public Authorities ◽  
Internal Capital Market ◽  
Debt Burden ◽  
Domestic Debt ◽  
Effective Use

The article analyzes the meaning of the concept of "public debt" according to the views of domestic and foreign scholars. The essence of this term according to norms of the Budget code of Ukraine is investigated. The activity of public authorities in the management of debt obligations of our state is considered. The state and dynamics of public debt of Ukraine for the period 2015-2019 are studied. The structure of public debt of Ukraine according to its division into external and internal is analyzed, and the shares of external and domestic debt in the total amount of public and state-guaranteed debt are determined. The dynamics of public debt obligations in terms of the amount of public and state-guaranteed debt is shown. The structure of external and internal debts of the state budget of Ukraine to the main creditors and the dynamics of payments for its repayment are described. The dynamics of the ratio of public debt to GDP of Ukraine is calculated and analyzed. The activity of a new state structure – the Debt Agency of Ukraine – in the field of debt management of our state has been studied. It is determined that a significant problem of the state is to ensure the debt burden. Ways to solve the problem of debt burden are proposed, among which an important measure is proposed – to strengthen control over the effective use of borrowed projects. It is determined that the best step in improving the system of management of debt obligations of the state can be stimulated the development of the internal capital market with the involvement of private reorientation from external to internal prevention. In modern conditions, both market economies and developing countries have inherent needs for additional funds to cover the budget deficit. This situation necessitates the constant search for additional sources of financing government liabilities, in particular, such as loans. Thus, the additional funds raised make it possible to increase total expenditures under conditions of lower national income only through a balanced and effective government policy in the field of borrowing. However, the downside of debt obligations is that sooner or later they must be repaid and interest paid for the use of these borrowed funds. The purpose of the study is to determine the structure and dynamics of public debt of Ukraine, as well as the features of its repayment.

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