scholarly journals Vietnam’s future public debt: Prospects and implicantions

2020 ◽  
Vol 4 (3) ◽  
pp. 963-972
Author(s):  
Vi Hoang Dinh
Keyword(s):  
Public Debt ◽  
Budget Deficit ◽  
Dynamic Models ◽  
Current Trend ◽  
Debt Management ◽  
Policy Implications ◽  
Basic Scenario ◽  
Sustainability Of Public Debt ◽  
Public Debt Management ◽  
The Government

By the end of 2017, VietNam's public debt had reached 3.1 million billion VND; 2.2 times higher than the end of 2011 (1,393 million VND). The ratio of public debt/GDP of Vietnam has increased rapidly in recent year, since 2011. Specifically, within only 5 years from 2011 to 2015, the ratio of public debt / GDP of Vietnam increased by 12.2 percentage points, from 50% to 62.2%. Although, the Government of Vietnam has made strong commitments to control public debt. But the actual results are not as expected and tend to get worse. With the current trend of increasing the size and risk of public debt, it is necessary to forecast the public debt and make policy implications on public debt management. Therefore, the author analyzed the state of Vietnam's budget deficit and public debt. Since the author used dynamic models Cechetti, Mohanty and Zampolli (2010) to forecast Vietnam's public debt trends to 2030, with three scenarios: The basic scenario is that there is no improvement in the balance of budget the Basic scenario is no improvement in the basic budget balance, the Bad scenario is the high budget deficit. From there, implications on public debt management that aim to increase the sustainability of public debt in VietNam.

scholarly journals Public Debt Management and The Country’s Financial Stability

Studia Humana ◽  
2021 ◽  
Vol 10 (3) ◽  
pp. 10-18
Author(s):  
Piotr Misztal
Keyword(s):  
Public Debt ◽  
Financial Stability ◽  
Management Practices ◽  
Significant Risk ◽  
Debt Management ◽  
State Budget ◽  
Domestic Capital ◽  
Public Debt Management ◽  
The Government ◽  
Polish Economy

Abstract The government debt portfolio is usually the largest financial portfolio in the country. It often contains complex and risky financial structures and can generate significant risk to the state budget and the country’s financial stability. Therefore, governments are required to have sound risk management and sound public debt structures to limit exposure to market risk, debt financing or rolling risk, liquidity risk, credit, settlement and operational risk. In recent years, the debt market crises have highlighted the importance of sound public debt management practices and related risks, and the need for an effective and well-developed domestic capital market. This may reduce the vulnerability of the economy to adverse economic and financial shocks. However, it is also important for the government to maintain a macroeconomic policy that ensures sound fiscal and monetary management. The aim of the research is to present the theoretical and practical aspects of extremely important issues such as public debt management and to indicate the most important implications for the financial stability of the country on the example of the Polish economy. The study uses a research method based on literature studies in the field of macroeconomics, economic policy and finance, as well as statistical analysis of the studied phenomenon. Results of research indicate that effective public debt management can reduce the economy’s vulnerability to financial threats, contribute to the financial stability of the country, maintain debt stability and protect the government’s reputation among investors.

scholarly journals GENESIS OF LEGAL REGULATION OF PUBLIC DEBT MANAGEMENT IN UKRAINE

2021 ◽  
Author(s):  
Olena Sudarenko ◽  
◽  
Dmytro Sydorenko ◽  
Keyword(s):  
European Integration ◽  
Public Debt ◽  
Stage Iv ◽  
Legal Regulation ◽  
The State ◽  
Debt Management ◽  
Public Debt Management ◽  
Ministry Of Finance ◽  
The Government ◽  
Debt Collection

The subject of the study is public relations in the field of public debt management in Ukraine during the independence of our country, regulated by law. The purpose of the study is to conduct a retrospective study of the formation and development of legal regulation of public debt management from the time of Ukraine's independence to the present, to reflect the gradual changes in legislation that ensure the construction of an effective public debt management system, as well as establishing the legal consequences of formation of the Debt Collection Agency of Ukraine as a public debt management body. In the course of the research was used general scientific and special methods of cognition of legal phenomena and processes: dialectical, system approach, formal logical, generalization, historical and legal. It has been investigated the practice of realizing more important state bodies in the sphere of governing the state debt in Ukraine. The stage of the genesis of the legal regulation of the public debt management was designated taking into account the gradual concretization of the powers of public authorities in the specified area and the construction of an effective system of public debt management in Ukraine. It is proposed to distinguish five stages of formation and development of public debt management: Stage I: 1991-2001 - formation of Ukrainian legislation in the field of public debt; Phase II: 2002-April 2010 - further development of legislation in the field of public debt; Stage III: May 2010-2015: definition of “public debt management“ appeared in Ukrainian legislation; Stage IV: 2015-2019 – beginning of European integration processes, the emergence of a new entity called the Government Commissioner for Public Debt Management, whose powers were not fixed at the level of law; introduction of the annual approval by the Government of the medium-term public debt management strategy developed by the Ministry of Finance; inclusion of norms that are typical for EU budget law, in particular, on the prohibition of exceeding 3% of the State budget deficit based on the nominal volume of gross domestic product of Ukraine. Stage V: from 2020 to the present - introduction of a new model of public debt management: the emergence of a new entity called the Debt Collection Agency of Ukraine, whose powers are defined in the Budget Code; involvement of the Verkhovna Rada Committee of Ukraine on Budget Affairs in the issues of public debt management; control in the field of public debt management is exercised by the Ministry of Finance of Ukraine and the Accounting Chamber. Considering the European experience, it was changed the provisions on state participation in the capital market. It is determined that the positive results achieved by Ukraine in the field of public debt management reform are not possible without taking into account Ukraine's cooperation with the IMF and the World Bank, European community, due to European integration processes, reorientation of public loan from foreign to domestic one. Proposals for improving the legislation in this area have been developed.

scholarly journals Are treasury debt instruments still attractive to foreign investors? Poland – a case study based on ATM and ATR indicators

2020 ◽  
pp. 94-106
Author(s):  
Tomasz Uryszek ◽  
Agnieszka Kłysik-Uryszek
Keyword(s):  
Public Debt ◽  
Sovereign Debt ◽  
Research Method ◽  
Management Strategy ◽  
Debt Management ◽  
Policy Implications ◽  
Foreign Investors ◽  
The Public ◽  
Public Debt Management

The article’s primary goal is to investigate foreign investors’ activity on the Polish primary debt instruments market in light of the public debt management strategy. We wanted to check the scale of investors’ response to the authorities’ policy in the sovereign debt area. The article consists of five parts. We started with the introduction, followed by a literature review. We then described the research method and data, as well as the empirical discussion.We based our study mostly on the average time to maturity (ATM) and average time to refixing (ATR) indexes. The most important findings, concluding remarks, and policy implications are presented in the last part of the paper. The study’s general outcomes show that despite the deterioration of the State Treasury debt instruments’ overall characteristics targeted to foreign investors, Polish sovereign debt papers remained attractive to buy. It was mostly due to the still relatively low refinancing and interest rate risks for debt denominated in foreign currencies.

scholarly journals Balance of the Federal Budget

2020 ◽  
Vol 7 (4) ◽  
pp. 52-62
Author(s):  
L. M. Kupriyanova ◽  
I. D. Surkhaev
Keyword(s):  
Russian Federation ◽  
Budget Deficit ◽  
Federal Budget ◽  
Point Of View ◽  
Debt Management ◽  
Intergovernmental Fiscal Relations ◽  
Budget Policy ◽  
The Russian Federation ◽  
Public Debt Management ◽  
The Government

The article is devoted to the problem of balancing the budget from the point of view of the form of implementation of the principle of building the budgetary system of the Russian Federation and the state of the federal budget, provided that all its expenses are covered by its revenues. If income is insufficient, a budget deficit occurs. The research methodology provides for a comparative analysis of the concepts and content of budget balance, tools for its provision, the main directions of budget policy and solutions to strategic problems. The result of the study is the proposals for assessing the balance of the budget to cover the deficit and the need for sources of financing the budget deficit. The formulated recommendations are focused on the optimisation of income, expenditures, the formation and use of budgetary reserves, public debt management, as well as effective regulation of intergovernmental fiscal relations. The federal budget deficit is subject to regulation in the direction of its reduction, for which the instruments for balancing it and priority directions for the activities of the financial bodies of the Government of the Russian Federation have been determined.

scholarly journals “ ANALYSIS OF FUNCTIONAL ELEMENTS OF PUBLIC DEBT MANAGEMENT.”

2021 ◽  
Vol 58 (1) ◽  
pp. 4889-4897
Author(s):  
Bobir Tashbaev
Keyword(s):  
Public Debt ◽  
Budget Deficit ◽  
Foreign Debt ◽  
Debt Management ◽  
Functional Elements ◽  
Public Debt Management

In the article, there are given several aspects on Public Internal and Foreign Debt, Public Debt Management, Scientific Proposals and Conclusions on the Budget Deficit and its Debt Servicing, Consolidated Budget,and the results of the study are defined as the functional elements of public debt management.

PUBLIC DEBT MANAGEMENT AND FOREIGN CURRENCY DENOMINATED BONDS

2007 ◽  
Vol 10 (05) ◽  
pp. 763-770
Author(s):  
SILVIA CECCACCI ◽  
ALESSANDRO MARCHESIANI ◽  
LORENZO PECCHI
Keyword(s):  
Stochastic Model ◽  
Public Debt ◽  
Foreign Currency ◽  
Debt Management ◽  
Bond Type ◽  
Total Debt ◽  
Public Debt Management ◽  
Percentage Share ◽  
Increasing Function

Foreign-currency denominated securities are introduced in a stochastic model à la Missale [13]. It is shown that the percentage share of this bond type, as compared to total debt, is an increasing function of the covariance between the output and the rate of depreciation, but it may or may not be a decreasing function of the volatility of the rate of depreciation.

MAIN PROBLEMS OF PUBLIC DEBT MANAGEMENT OF THE RUSSIAN FEDERATION

2021 ◽  
Vol 2 (5) ◽  
pp. 27-31
Author(s):  
I. V. SUGAROVA ◽  
◽  
N. V. TADTAEVA ◽  
Keyword(s):  
Economic Growth ◽  
Russian Federation ◽  
Public Debt ◽  
World Economy ◽  
Debt Management ◽  
Financial Resources ◽  
Modern World ◽  
The Russian Federation ◽  
Public Debt Management

In the modern world economy, most countries lack the financial resources to fully perform their duties and functions to their citizens. The consequence of the increase in borrowing by countries is the growth of public debt. Its management is becoming one of the most acute problems in the current conditions. The article presents the main aspects of this problem, and suggests measures to stimulate the country's economic growth.

Fiscal Deficit and Economic Growth in Bangladesh

2016 ◽  
Vol 62 (1) ◽  
pp. 31-42 ◽  
Author(s):  
Ebney Ayaj Rana ◽  
Abu N. M. Wahid
Keyword(s):  
Economic Growth ◽  
Budget Deficit ◽  
Negative Impact ◽  
Political Stability ◽  
Ordinary Least Squares ◽  
Policy Implications ◽  
Government Budget ◽  
The Government ◽  
The Impact ◽  
Government Budget Deficit

The economy of Bangladesh is currently going through a period of continuous budget deficit. The present data suggest that the government budget deficit, on average, is nearly 5% of the country’s GDP. This has been true since the early 2000s. To finance this deficit, governments have been borrowing largely from domestic and foreign sources resulting in inflationary pressure on one hand, and crowding out of private investments on the other. During the same period, although the economy has grown steadily at a rate of more than 6%, this growth is less than the potential. This article presents an econometric study of the impact of government budget deficits on the economic growth of Bangladesh. We conduct a time-series analysis using ordinary least squares estimation, vector error correction model, and granger causality test. The findings suggest that the government budget deficit has statistically significant negative impact on economic growth in Bangladesh. Policy implications of our findings include reestablishing the rule of law, political stability in the country, restructuring tax structure, closing tax loopholes, and harmonizing fiscal policy with monetary policy to attract additional domestic and foreign investment.

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