Abstract
The relevance of the study is driven by the importance of public debt as an indicator of a country's financial stability and its significant impact on economic development. Meanwhile accumulation of state debt gradually lost the obviousness of the negative in the assessment of the economic health of states. The aim of the article is to analyze one of the arguments for such a determination, namely, that in conditions of dynamic economic growth, public debt can act as a factor in promoting innovative development. The methodological basis of the study is the application of the cluster analysis and curve testing in the framework of regression analysis. The research findings demonstrate no such relationship was found. At the same time, the existence of a short-term positive effect of the use of public debt for economic added value is shown. The prospects for further research lie in examining the methods of effective public debt management to guarantee economic recovery in combination with innovative development in Ukraine.
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