Abstract
The world economic globalization determines the feasibility of rethinking fiscal system knowledge on the formation and implementation of debt policy in the countries with transformation and advanced economies. In order to improve the system of public administration, the proper level of financing of innovation-investment projects, the important task is to improve the effectiveness of debt policy instruments and to ensure the consistency of its components. This article describes the essence of debt policy. The features of formation and implementation of the EU and Ukraine’s debt policy in the public administration system are defined in the context of institutional transformations. The authors assess the share of gross debt of the EU countries and the sovereign debt of Ukraine in GDP; conduct a regression analysis of the impact of public debt in GDP on real GDP growth in Ukraine. The article discusses the debt policy tasks, summarizes and systematizes the approaches to its implementation in different countries. The authors identify the features of public debt management strategies in terms of marginal indicators of the budget deficit, public debt, and instruments for improving the effectiveness of the public debt management system. The impact of debt policy on country’s financial and economic security is substantiated.
Highlights
Theoretical and practical aspects of the formation and implementation of debt policy are studied in the scientific journals over the centuries
Public debt management system based on the integration and unification of its principles
The system of public debt management has its specification in each country, which is due to the features of the institutional environment development for the financial sector and the level of countries’ social and economic development
Summary
Theoretical and practical aspects of the formation and implementation of debt policy are studied in the scientific journals over the centuries. Despite the abovementioned, the debate about their effectiveness and impact on macroeconomic stability and countries’ economic growth continues. These issues become especially important due to the financial and economic crisis, which adversely affected the dynamics of economic growth both in the countries with transformation and advanced economies. Challenges to justify new approaches to public debt management as a stimulating tool for accelerating the economic growth and the rational use of borrowed financial resources, selecting the tools and forms of budget deficit financing have become important. The research highlights the features of the formation and implementation of debt policy, studies the methods of public debt regulating and debt instruments, assesses the impact of public debt on macroeconomic processes both in countries with transition and developed economies
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