ЕВОЛЮЦІЯ СТАНОВЛЕННЯ ТА РОЗВИТКУ ПОНЯТТЯ «ДЕРЖАВНИЙ БОРГ»

Abstract

Globalization and the processes generated by it and the solution of the main issues for the development of the state's economy are impracticable without addressing the issues of ownership and use of funds, their expedient and effective use. World financial crises and solutions to global issues in the state induce the state to borrow, both internal and external. Since it is impossible to stop the needs of the state and the population, as well as to stop the development of the economy, and this causes the investment of significant financial resources. To solve the main tasks of the state, it is necessary to have fundamental capital investments, therefore the state objectively borrows funds and the main task is to implement the effective use of its own and borrowed funds. Due to problems with a significant shortage of funds in the state, the country has a system of state credit, which is an important component of the financial system of the state. And it is the system of state lending that is the link between the spheres of the economy and the state budget. The very existence of the public credit system led to the emergence of the public debt system. Undoubtedly, such phenomena as financial crises, inflation, an unstable situation in the foreign exchange market and especially an increase in the size of public debt, as well as an excessive amount of budget expenditures in comparison with revenues, determine the economic situation and development of our state. Today, the size of the country's public debt and the basis for repayment of this affect all areas of the state's economic system. And that is why it is important to identify problems for its management and maintenance. The stability of the economy is determined through the expedient use of debt funds and the proper servicing of public debt. The efficiency of the implementation of budgetary policy in the state and the stability of the national currency will depend on the solution of these issues. That is why the article is devoted to the study of the theoretical foundations of the formation and development of the concept of «public debt», its analysis and generalization of its interpretation by different economic schools.