APPROACHES TO ASSESSING THE LEVEL OF GOVERNMENT DEBT SECURITY

Abstract

In conditions of economic instability and the difficult military-political situation in Ukraine, debt security is becoming especially important. Insufficiently balanced debt policy can lead to a narrowing of investment support for innovative economic development, loss of financial stability of the state, macroeconomic instability, will pose a threat to state sovereignty. The choice of approaches and methods for its assessment is crucial for the effective management of the state's debt security. The purpose of the study is to analyse and systematize existing approaches and methods to build a system of indicators for assessing the debt security of the state, as an important component of its economic security. The research is based on the use of general scientific and special methods, in particular: analysis and synthesis, comparison and generalization, analogies, systematization, methods of induction and deduction. The article analyses and summarizes the existing approaches to the formation of a system of indicators for assessing the level of debt security of the state. To assess the overall solvency in world practice, indicators are used that compare the amount of external debt with the main indicators of the reproduction process. Instead, the assessment of government debt security (liquidity) involves comparing the size of current (projected) payments on external debt with the available (projected) amounts of liquid resources. It is established that in domestic and world practice there is no single approach to the formation of a system of indicators and the definition of their limit values. At the same time, the differences in the threshold values ​​of indicators for different countries are justified, as potential risks and threats to different economies have their own characteristics. The necessity of taking into account the state of its economic development, and, first of all, the development of the institutional environment when determining the threshold values ​​of the indicators of debt security assessment of the state is substantiated. It is determined that the system of indicators for assessing the level of debt security of Ukraine needs to be supplemented and constantly adjusted to the limit values in accordance with changing conditions of the economic environment.