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THE POLICY OF PUBLIC DEBT MANAGEMENT

Автор: Sveta on .

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DOI: http://doi.org/10.31617/visnik.knute.2018(121)02

UDC 336.27


 
Mykola PASICHNYI,
Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of Finance,
Kyiv National University of Trade and Economics 
 
THE POLICY OF PUBLIC DEBT MANAGEMENT 
 
Background. The question of macroeconomic stability, which is one of the priorities in the development and implementation of measures of the government financial policy, is inextricably linked with the public debt management.  The increase in the ratio of public debt to gross domestic product (GDP) is actualizing the search for solutions to stabilize this indicator and further decrease it.
The aim of the article is to study the degree of factors impact on dynamics in the ratio of public debt to GDP, to evaluate the level of the national debt security and to justify the priority directions of the policy for public debt management.
Materials and methods. The theoretical and methodological basis of this research is presented by scientific works of domestic and foreign scholars, devoted to the problem under consideration. Systemic and structural approaches, the methods of factor analysis, analytical estimation, economic-mathematical modeling, generalization and scientific abstraction were applied.
Results. The theoretical and methodological statements concerning the public debt management were highlighted and developed. The estimation of the main factors impact on the dynamics of change in the ratio of public debt to GDP in 2001-2017 was carried out. The approach to evaluating the level of national debt security, based on calculation of integral indicator with the use of risk-oriented method was proposed. The priority directions for the policy of public debt management are substantiated; taking into account the peculiarities of national economic model.
Conclusion. It was determined that inflation had the greatest influence on decrease in the share of public debt in GPD and the exchange rate had  the biggest impact on increase of this indicator. It was substantiated that efficiency of public debt management depends on the quality of fiscal and monetary policy coordination. The priority tasks of the state bond issue strategy are minimizing public debt servicing costs, increasing the timing of external borrowing, and raising the credit ratings of the state. It is proposed to use the integral indicator of debt security, taking into account the features of national economy on the basis of determining the level of debt risks.
 
Keywords: public debt, public debt management, debt security, budget deficit, inflation, exchange rate, economic development.

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