The Role of Public Debt Management in Financial Stability of Ukraine

Authors: Z. Varnalii, ORCID ID 0000000266548760, Doctor of Sciences (Economics), Professor, Department of Finance, Taras Shevchenko National University of Kyiv, Kyiv, Ukraine
О. Savilova, economist, Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

Abstract: This article explores the public debt management as a basic precondition for the effective functioning of the state and the role of the debt component of the system of financial security. The analysi s of recent researches and publications has revealed that, given the threatening tendencies in the growth of public debt, a number of theoretical and methodological issues that concern, in particular: the arrangement of tools for evaluating the debt component in the context of macro-financial security, remain unresolved to date; improvement of institutional support for debt sustainability management, etc. The insufficient solving of the above problems and the need to formulate a holistic view of managing debt sustainability in the conditions of fiscal imbalances caused the relevance of the study, its purpose, objectives and content. The main factors that threaten the stability and stability of the financial system are analyzed. The model of institutional support in Ukraine is proposed, its specificity and significance are indicated. The factors that may have a positive and negative impact on the country’s economy due to the growth of public debt are investigated. It was found that the main tasks facing the government today in the issue of increasing the efficiency of debt policy are to develop effective constraints to prevent the government from carrying out aggressive and ill-considered debt policy, to legislatively fix the limits and optimal parameters of the debt burden, to clearly delineate the competence of the authorities authorities in the matter of public debt management, radical increase in the efficiency of borrowed funds, the search for ways to diversify the toolkit th borrowing and managing existing debt. The article used a set of general and specific research methods, including dialectical method of knowledge, analysis and synthesis, in addition, the techniques used clustering, classification and graphical display of results of research. Database of research are normative and legislative acts regulating the financial security of the state, and with it the debt security, monographs and articles of domestic and foreign economists in specialized economic publications, scientific conferences and seminars on the debt security.

Key words: state, financial stability, debt security, public debt management, institutional provision

Received: 16/07/2018

1st Revision: 08/10/2018

Accepted: 05/11/2018

DOI: https://doi.org/10.17721/1728-2667.2018/201-6/1

References

Antonov, M.S., 2017. Governance of Debt Consistency of the State. Sumy, Sumy state univ.
Antonov, M.S., 2015. Investigation of the influence of public debt on indicators of economic development of Ukraine.
Bulletin of the Ukrainian Academy of Banking, 38 (1), pp.50-54.
Baranetska, O.V. & Ladyuk, O.D., 2017. Problems of Securing Debt Security of Ukraine. Effective economy, [online] 7, Available at: <http://www.economy.nayka.com.ua/?op=1&z=5698> [Accessed 10th July 2018].
Baranovskyi, O.I., 2016. Investigation of theoretical principles of state debt security. Scientific Bulletin of Uzhgorod Univ. Series: Economics, [online] 1, pp.327-370. Available at: <http://nbuv.gov.ua/UJRN/Nvuuec_2016_1(1) 55> [Accessed 10th July 2018].
Baranovsky, O.I., 2014. Financial security in Ukraine (assessment methodology and mechanisms of provision). Kyiv: Kyiv. nats trad.-ekon. Univ.
Borinets, S.Y. & Mogilko, L.V., 2012. Models of organizational support for public debt management: world experience and perspectives for Ukraine. Banking, 4, pp.43-50.
Borovikova, M.O., 2013. Growth of the state debt in the post-crisis period and ways of its stabilization. Herald of the Taras Shevchenko National University of Kyiv. Economy, 149, pp.25-29.
Varnalii, Z.S., 2016. State budgeting in the system of financial security of Ukraine. Bulletin of the Khmelnytsky National. University. Economic sciences, 4 (Part 2), pp.43-47.
Varnalii, Z.S., 2017. Institutional threats to financial security of Ukraine and ways of their prevention. Economic Bulletin of the University, 34/1, pp.140-150.
Liutyi, I.O. (ed.), Zrazhevskaya, N.V. & Rozhko, O.D. (2008) State credit and debt policy of Ukraine. 2nd edition. Kyiv, Tsentr uchbovoi literatury.
Onisko, S.V. & Sinyavska, L. (2014) Debt security of the state as a component of its financial stability. Visnyk of Lviv National Agrarian University. Series: Economy of agroindustrial complex. [online] 21 (1), pp.3-8. Available from: http://nbuv.gov.ua/UJRN/Vlnau_econ_2014_21(1) 3/ [Accessed 10th July 2018].
Savilova O.V. State debt as a risk factor for financial security of the state / O.V. Savilovа: Shevchenkivska spring: Economics, materials of the International Scientific and Practical Conference of Students, Postgraduates and Young Scientists / As general editors prof. A.I. Ignatyuk: – Kyiv, 2018.- Issue XVI. – Р. 90-91.
The Joint World Bank-IMF Factsheet, 2015. Debt Sustainability Framework for Low-Income Countries. [Online] Available from: <https://www.imf.org/external/np/exr/facts/jdsf.htm> [Accessed 3rd July 2018].
Varnalii, Z. & Nikytenko, D., 2017. Competition in the system of ensuring investment security. International journal of new economics and social sciences. IJONESS, 6 (2), pp.44-56. Available at: DOI: 10.5604/01.3001.0010.7622 [Accessed 1st July 2018].

Download

  • pdf 201_6-11
    File size: 363 kB Downloads: 72