РИНОК ДЕРЖАВНИХ БОРГОВИХ ЦІННИХ ПАПЕРІВ ЯК МЕХАНІЗМ ФІНАНСУВАННЯ БЮДЖЕТНОГО ДЕФІЦИТУ

Abstract

The military invasion of Russia on the territory of Ukraine caused a number of negative con-sequences for the economy. The state of Ukraine's economy has a direct impact on the balance of the state budget. Today, this is reflected in the growing budget deficit. The shortage of financial resources of the state became the reason for the search for potential on the domestic and foreign markets. The securities market is a platform for the formation and distribution of loan capital in any country. At the same time, a separate segment is formed that serves the state and attracts financial resources. This segment is called the market of government debt securities. The article describes the functions performed by this market, in particular: mobilizing, investment, transformational. Among the instruments circulating in this market are government bonds and treasury bonds. Do-mestic state loan obligations are one of the outcomes of the financial instruments market. The trade in such securities was analyzed in terms of investment subjects. Also, indeed, an assess-ment of the circulation of military obligations. The market of government debt securities actually covers the entire securities market in Ukraine. In general, this allows financing the needs of the state and is positive. However, without other segments, it is not sufficiently developed. The evalu-ation of the key indicators of the state securities market made it possible to single out key problems, including: mistrust of foreign investors; narrow selection of financial instruments; speculative ac-tions of unscrupulous investors; decrease in the level of income of the population, etc. We consider the following to be the main ways of activating the market: carrying out new ones related to the revision of the regulatory framework and, accordingly, bringing it into line with the norms of international standards reforms; strengthening control and review of the market, including the avoidance of speculative transactions; maturity dates for bonds and others.