scholarly journals MONITORING OF KEY INDICATORS OF THE STATE DEBT OF UKRAINE: MODERN TRENDS

2019 ◽  
Vol 4 (8) ◽  
pp. 34-43
Author(s):  
Igor Lyutyy ◽  
Yuliia Nakonechna ◽  
Liudmyla Demydenko
Keyword(s):  
Public Debt ◽  
Financial Risk ◽  
The State ◽  
Debt Management ◽  
Main Task ◽  
Sources Of Information ◽  
The Sustainable Development ◽  
Managerial Decisions ◽  
Theoretical Generalization ◽  
Key Indicators

The article contains a theoretical generalization of the essence and necessity of state borrowing, monitoring of indicators of state and state-guaranteed debt in the conditions of government aspirations and actions in the field of ensuring the sustainability of public finances in Ukraine. The main task of the authors is to monitor the indicators of state and state-guaranteed debt in the context of the need to ensure the sustainability of pub- lic finances of Ukraine. State debt in Ukraine remains a significant factor of macro-financial risk. An important measure to prevent the threat of uncontrolled growth of public debt is to strengthen financial control and the implementation of continuous monitor- ing of its main indicators. The cost of public borrowing and the assessment of the effectiveness of their use as a factor in ensuring the sustainable development of the economy is a constant source of discussion between officials, public organizations, and representatives of scientific analysis centers. The article uses the generally accepted methodology for calculating the main indicators characterizing the state’s debt policy. The method of expert assessments analyzes the condition of the state debt and prospects of its servicing in Ukraine. Statis- tical and analytical methods have been used for the processing of statistical data on the study of the dynamics of indicators of state and state-guaranteed debt in Ukraine. The sources of information were the materials of the Ministry of Finance of Ukraine, the State Treasury Service of Ukraine, as well as the Budget Code of Ukraine, laws and regulations of Ukraine relating to the budget sphere, scientific works of domestic and foreign scientists. This study aims to address the issues of analyzing and evaluating pub- lic debt indicators in the context of improving debt management. The authors propose to use 10 indicators to monitor the state of public debt and make managerial decisions in public finance.

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.

ASSESSMENT OF THE LEVEL OF DEBT SECURITY OF UKRAINE AND DIRECTIONS FOR ITS STRENGTHENING

2021 ◽  
Vol 1 (21(49)) ◽  
pp. 109-113
Author(s):  
Maryana Fominykh ◽  
Anzhelika Parfenyuk
Keyword(s):  
Public Debt ◽  
Legal Framework ◽  
The State ◽  
Debt Management ◽  
Main Task ◽  
Negative Consequences ◽  
Debt Burden ◽  
Debt Security ◽  
Key Issues ◽  
Main Factors

The article defines the essence of the concept of "debt security". The main indicators of Ukraine's debt security during 2015-2020 are analyzed and its condition is assessed using the integrated debt security index. The main factors that affect the level of debt security and key issues to ensure a sufficient level of debt security are investigated. It is found that the increase in the size of public debt leads to a reduction of the debt security and causes a number of negative consequences and distortions in the financial system of Ukraine. The main factors that affect the level of debt security and key issues to ensure a sufficient level of debt security are investigated. However, in the strategic perspective, deepening of the financial debt of the state leads to significant disparities in the financial and economic system of the country and increasing the debt burden on the state budget, increasing the threat of default, transferring the debt burden for future generations and increasing social tension in society. Ukraine's debt security is in critical condition and therefore requires the implementation of certain measures and changes. The main task is the effective management of state external and domestic debt and its gradual reduction. It is also necessary to focus more on domestic lending in national currency, as it is more profitable and cheaper to maintain for the state. In order to identify prerequisites for strengthening the debt security and searching the methods to reduce public debt, the development of an optimal strategy of borrowing, debt management and improving of a legal framework on issues of debt security has been suggested.

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.

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 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.

scholarly journals THE DEADLY EMBRACE BETWEEN THE BANKS AND THE STATE IN SPAIN, 1850-2015

2017 ◽  
Vol 35 (3) ◽  
pp. 387-414 ◽  
Author(s):  
Francisco Comín ◽  
Joaquim Cuevas
Keyword(s):  
Public Debt ◽  
Sovereign Debt ◽  
Banking Sector ◽  
Banking Regulation ◽  
The State ◽  
Debt Management ◽  
Stock Exchanges ◽  
Budget Deficits ◽  
Public And Private ◽  
Financial Repression

AbstractThis paper focusses on the financial relations between the banking sector and the Treasury in Modern Spain. Tax systems have been insufficient, generating a chronic budget deficit. This drove to irresponsible public debt management, being the State a serial defaulter until 1987. This prevented the budget deficits could be financed by sovereign debt issued on the stock exchanges, and forced the state to resort to banks (public and private). The new series of public debt banks portfolios evolution is explained by their pursuit of returns and by changes in banking regulation and financial repression, which favoured the bankingstatus quo. The paper analyses the causes of banking regulation, derived from the public borrowing policy and also from the banking lobbying strategy. It examines the consequences of the deadly banking-state embrace which brought about the interconnection between fiscal and banking crises.

scholarly journals Banking as an emerging technology: Hoare's Bank, 1702–1742

2006 ◽  
Vol 13 (2) ◽  
pp. 149-178 ◽  
Author(s):  
PETER TEMIN ◽  
HANS-JOACHIM VOTH
Keyword(s):  
Eighteenth Century ◽  
Interest Rates ◽  
Public Debt ◽  
New Technology ◽  
Financial System ◽  
Emerging Technology ◽  
The State ◽  
Debt Management ◽  
Public Debt Management ◽  
Early Eighteenth Century

We document the transition from goldsmith to banker in the case of Richard Hoare and his successors and examine the operation of the London loan market during the early eighteenth century. Analysis of the financial revolution in England has focused on changes in public debt management and the interest rates paid by the state. Much less is known about the evolution of the financial system providing credit to individual borrowers. We show how this progress took time because operating a deposit bank was new and different from being a goldsmith. Learning how to use the relatively new technology of deposit banking was crucial for the bank's success and survival.

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.

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