ЕФЕКТИВНІСТЬ ЗАЛУЧЕННЯ ФІНАНСУВАННЯ НА РИНКУ ДЕРЖАВНОГО БОРГУ УКРАЇНИ ТА ПОЛЬЩІ

Abstract

The study of the issue of assessing the effectiveness of attracting financing in the public debt market is still relevant. This is due to the constant increase in public debt in all countries without exception: the least developed and the most developed. Today, the large amount of public debt does not mean the presence of problems with the economy. The problems stem from inefficient management of such debts. Methods and tools that can be used to assess the effectiveness of attracting financing in the public debt market are quite broad. However, the more factors are taken into account in such an assessment, the better and more reliable the assessment will be. The effectiveness of attracting financing in the country's public debt market should take into account the conditions that characterize the state of the country's economy. The best option is to take into account the macroeconomic parameters of economic development, such as: the volume of GDP in actual prices, state budget revenues, the size of international reserves, inflation index. After all, it is the macroeconomic situation in the country that determines the opportunities and the need to attract financing in the external and domestic markets of public debt. The effectiveness of attracting financing in the public debt market can be carried out using both qualitative and quantitative instruments. The calculation of the efficiency ratio refers to quantitative statistical evaluation methods. In this case, this ratio can be modified by adding a number of new factors that are defined as either positive or negative factors. The assessment of debt financing is carried out in terms of external and domestic debt of two countries – Ukraine and Poland, which are at different levels of economic development. This allowed to interpret the results of calculations as objectively as possible and to take into account the conditions of debt financing of the needs of the economy of Ukraine and Poland. Expanding the tools for assessing the effectiveness of attracting financing in the public debt market is of practical importance and allows you to use different variations of the indicator by adding factors. This is the basis of further research.