Debt Of Ukraine Research Articles

ДОСЛІДЖЕННЯ ДИНАМІКИ ТА СТРУКТУРИ ДЕРЖАВНОГО БОРГУ УКРАЇНИ, СПОСОБИ ЙОГО ОПТИМІЗАЦІЇ

One of the leading problems of Ukraine's economy at the present stage of its development is the issue of public debt, the constant increase in its size, irrational structure, which creates the preconditions for the dollarization of the national economy. Public debt is an important element of a market economy. As of today, there is no state that would not use borrowed funds. Borrowing by the state is due to the lack of own financial resources needed to finance the state budget and state functions. If used effectively, borrowed funds can be a positive factor in economic growth, but otherwise the increase in debt leads to economic dependence, deteriorating financial stability, as well as the financial crisis. The article reveals the issue of public debt of Ukraine, analyzes the dynamics of its value from 2009 to 2021 and identifies the reasons for the growth and / or reduction of this indicator. A study of the structure of debt obligations on the basis of the creditor, analyzed the advantages and disadvantages of internal and external borrowing. The article also provides a detailed description of the structure of internal and external creditors, the main tools used by the Government of Ukraine to attract domestic loans. Particular attention is paid to the analysis of domestic debt in terms of the structure of domestic government bonds. The ratio of public debt to gross domestic product and its comparison with the marginal and safe level are considered. A forecast was made for the amount of public debt for the future.

Internal public debt and economic growth: the case study of Ukraine

The paper addresses an estimation of public debt-to-GDP threshold ratio in the developing economy encountered with an excessive public debt impact on macro dynamics. An active field of the study focuses on the internal public debt due to a recent tendency of external share substitution in the developing economies. Among a lot of publications dedicated to the public debt, the study object usually focuses on an array of countries using the same method to evaluate the threshold ratio. Analyzing behavior specifics concerning economy in crises and thereafter, there is a need to carry out the public debt study for the particular economy as well. The research suggests an algorithm for determining internal public debt-to-GDP threshold ratio by applying a scenario modeling tool. Taking into account a growing burden of public debt in Ukraine, the authors have elaborated an econometric macro model operated through fiscal-monetary interaction. The model was used to evaluate the internal public debt-to-GDP threshold ratio in Ukraine. The threshold ratio proves to be 40% of GDP, while the similar result for the total amount of public borrowings is about twice as high. Although the given ratio remained below the estimated threshold as of the mid-term of 2017, a space degree is small and going to collapse soon. Considering sluggish economic recovery following the last recession took place in 2014–2015, Ukraine will face the challenge of reopening the agenda of growing debt burden in a near future.

Investigation of the interaction of fiscal and monetary policies in the conditions of economic growth in Ukraine

The object of research is the processes of fiscal and monetary regulation, as well as the results of their impact on the economy of Ukraine. One of the most problematic areas is the unbalanced interaction of fiscal and monetary policy, which negatively affects the efficiency of the allocation of financial resources and increases the risks of government debt. In the course of the research, methods of systemic, theoretical generalization, analysis, comparative comparison and graphical presentation of results are used, which allow the author to prove the absence of a positive synergetic effect of monetary and fiscal policy. This is determined by the unsuccessful attempts of the National Bank of Ukraine to apply inflation targeting and the critical state of Ukraine's public debt. The presence of serious problems in the financial system of Ukraine is characterized by a constant trend in the growth of public debt in 2016–2017. State and government-guaranteed debt of Ukraine in September 2017 amounted to 82 % of GDP, which accounts for 5 % of GDP. This is due to an increase in the Government's expenses for servicing its own debt obligations through domestic borrowing through issuance of domestic government loan bonds in the amount of 15.27 billion UAH for the period 2014 – 9 months of 2017. The peculiarity of the policy of public debt management in Ukraine is determined by the use of the resources of the banking system to lend to the government. This situation causes the processes of escalating quasi-fiscal operations leading to quasi-monetization, distortion of the values of economic indicators, the predicted level and effectiveness of monetary instruments of inflation targeting. Based on empirical generalizations, directions for implementing coordinated interaction of fiscal and monetary instruments are identified. This is achieved through economic activation of the stimulating role of fiscal policy, stimulation of economic growth on the part of demand, and an increase in the efficiency of using external borrowed funds. The implementation of a system of measures in the spheres of monetary circulation and credit will help to stimulate inflation, employment and equalization of the balance of payments. Advantages of the operational management of the debt of all sectors of the economy are ensuring the lack of a budget, as a prerequisite for Ukraine's stable economic development.

ANALYSIS OF STRUCTURE AND DYNAMICS OF UKRAINIAN EXTERNAL DEBT IN CRISIS CONDITIONS

This scientific work has been devoted to research one of the most important categories of economic development, namely the government debt of Ukraine. The state budget deficit, attracting and using loans to cover this deficit has led to the formation of a significant increase in government debt in Ukraine. The current economic situation in Ukraine is characterized by threatening the growth of the debt burden, which is one of the basic factors slowdown of the economy. The main reasons for the growth of public debt are: an unprecedented political crisis and the continued military conflict in the east; deep economic recession caused by the rearrangement of economic ties with international partners and the destruction of infrastructure and industrial projects in parts of the country; funding the state budget deficit from government borrowing, which growth is largely due to increasing defense spending and public debt service. The large size of the internal and external debt, increase of costs for maintenance of this debt necessitated to solve the problem of national debt, and therefore find ways to improve its management mechanism. The more burdensome accumulated external and internal debt are for the state, the more maintenance involved in the interaction with the functioning of the economy and its financial system. Classification of external debt of Ukraine is proposed in the article, which will help to identify financial threats that Ukraine faces. It also was reviewed and analyzed the structure of external debt dynamics for the 2008-2015.

Comparative analysis of internal and external national debt of Ukraine taking into account the impact factors

In this paper, scientific and methodological approaches as for interpreting the notion “national debt of the country” as a whole are systematized, the essence of “internal national debt” and “external national debt” in particular is clarified. Critical analysis of the state and dynamics of the national debt of Ukraine during 2006-2015 was performed. Dynamics of the extent of internal and external national debt of the country was studied and their comparative analysis was performed. Detailed structure of both internal part of the debt and its external part is presented. With the help of correlation analysis, strength of correlation and directions of influence of different types of debts on the national budget of Ukraine in 2006-2015 was determined.

ВПЛИВ ДЕРЖАВНОГО БОРГУ НА ФІНАНСОВУ БЕЗПЕКУ УКРАЇНИ

One of the main criteria for economic development is the size of the public debt and its dynamics. The article considers the impact of public debt on the financial security of Ukraine. The views of scientists on the essence of public debt and financial security of the state are substantiated. An analysis of the dynamics and structure of public debt of Ukraine for 2014-2019. It is proved that one of the main criteria for economic development is the size of public debt and its dynamics. State budget deficit, attracting and using loans to cover it have led to the formation and significant growth of public debt in Ukraine. The volume of public debt indicates an increase in the debt security of the state, which is a component of financial security. Therefore, the issue of the impact of public debt on the financial security of Ukraine is becoming increasingly relevant. The constant growth and large amounts of debt make it necessary to study it, which will have a positive impact on economic processes that will ensure the stability of the financial system and enhance its security.

RESEARCH OF DEBT SECURITY OF UKRAINE

On the basis of retrospective analysis of national debt in Ukraine its dynamics, structure is investigated; division of its development into periods is made. The regularities of Ukraine’s government debt have been identified and the basic tendencies of the internal and external debt have been shown. The sovereign credit rating of Ukraine has been investigated as a factor of debt security.

До питання реструктуризації зовнішнього боргу України

У статті розкрито динаміку зовнішнього державного боргу; визначено основні умови проведення реструк-туризації. Розглянуто важливі кроки, котрі здійснено для покращення ситуації у сфері управління державним боргом України протягом останніх років.