Abstract
The object of research is the policy of public debt management of the United States of America and Ukraine.
 The problem solved is the low level of efficiency of the policy of public external and internal debt management of Ukraine in the context of financing economic growth.
 The main scientific results: based on the analysis of the policy of public debt management of the United States of America, it has been proved, that the public debt and the US budget deficit should be perceived not as a problem or threat to macroeconomic stability, but as a tool to stimulate economic growth. It is substantiated, that in order to optimize the policy of internal and external public debt management of Ukraine it is expedient to introduce a debt rule, which is based on the program-targeted method of attracting public debt and provides for the use of public borrowing exclusively to finance economic development programs. In this case, Ukraine, following the example of the United States, will be able to achieve sustainable economic growth, because changing the priorities from debt financing of current state budget expenditures to financing capital expenditures will allow the Ukrainian government to develop economic infrastructure, create conditions for high value-added goods and to develop small and medium business, which will ultimately ensure macroeconomic stability and progressive economic development of the state.
 The scope of practical use of research results. The results of the study can be used by the Cabinet of Ministers of Ukraine, and in particular by the Ministry of Finance during the formation of the Medium-Term public debt management strategy of Ukraine.
 Innovative technological product: The debt rule is based on the program-target method of attraction and use of the state internal and external debt that allows to use effectively the state borrowings for financing of economic growth.
 Scope of application of an innovative technological product: Policy of management of the state internal and external debt of Ukraine
Highlights
The permanence of financial and economic crises in Ukraine, the consequences of integration processes of the national economy into the world economy and transformational imbalances of macrofinancial space, accompanied by significant accumulation of the domestic and foreign public debt and continued practice of financing public consumer spending by forming new sovereign debts necessitate an in-depth study of best practices of effective public debt management policy
One of the benchmarks for the effective use of public debt to stimulate economic growth is the policy of the United States of America, which maintains a high level of financial stability, employment and economic growth by allowing excessive accumulation of the public debt compared to the Maastricht criterion
As the US experience shows, fiscal stimulation of small business development through various targeted budget programs, which in turn are financed by attracting the public debt, creates a fundamental basis for sustainable economic development, as increasing the number of private entrepreneurs and workers in their mini-firms is a guarantee of employment
Summary
The permanence of financial and economic crises in Ukraine, the consequences of integration processes of the national economy into the world economy and transformational imbalances of macrofinancial space, accompanied by significant accumulation of the domestic and foreign public debt and continued practice of financing public consumer spending by forming new sovereign debts necessitate an in-depth study of best practices of effective public debt management policy. This issue is especially relevant given the need to find effective solutions for the targeted use of public internal and external debt to stimulate economic growth in Ukraine. Studying the US experience in public debt management and adapting its elements to Ukrainian realities can be one of the ways to increase the effectiveness of Ukraine’s debt policy.
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