MAKOGON Valentina,
Ph.D. in Economics, senior researcher, doctoral candidate of the Department of Finance
of Kyiv National University of Trade and Economics
THE SYSTEM OF PUBLIC DEBT MANAGEMENT IN TERMS OF ECONOMIC REFORMS
Background. In terms of economic transformations the necessity of improvement of effectiveness of public debt management is actualized. It is important to determine the priorities of the debt policy as a tool of socio-economic development of a country, implementation of effective public debt management tools in the system of institutional environment.
Development and implementation of debt policy should be based on scientifically based principles and results of conducted researches on public debt management that will help to create conditions for improvement of the handling level of economic processes.
Scientific sources review of selected subject shows that in terms of economic reforms debt policy is to implement adaptive-regulatory potential in order to reach a gradual economic growth. Strategic directions of public debt management should become the basis of the debt policy as a tool for socio-economic development of a country.
The system of debt management must integrate all existing institutions in it. Their effective interaction is required to obtain the necessary information and reduce subjectivity in the decision making.
Effective pubic debt management is based on defining of clear objectives of debt policy, comparison of the risks and cost of government borrowing, implementation of constant monitoring and risk management related to the scope, structure and schedule of payments on public debt, creating of preconditions to provide constant access to debt capital markets.
The above forms the basis of the aim of the research.
Results. The disclosure of ways of increase of the efficiency of public debt management system, disclosure of its nature and role in the system of socio-economic development of a country is a significant achievement of conducted study.
The analysis of the dynamics and structure of direct state and guaranteed debt is conducted, its part in gross domestic product is defined.
The peculiarities of the EU countries experience with public debt management are generalized.
The directions of improvement of the efficiency of public debt management system in terms of economic transformations.
Conclusion. Conducted study will deepen the understanding of the role of public debt management as part of the budget planning, will allow to increase the quality level of functioning of public finances system.
Keywords: public debt, budget deficit, public debt management, debt policy, quasi-public sector debt.
FREE FULL TEXT (PDF)