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Functioning of the Domestic Government Borrowing Market in Ukraine
Bench L. Y., Koliada T. A., Bai A. O.

Bench, Liliia Ya., Koliada, Tetiana A., and Bai, Anna O. (2020) “Functioning of the Domestic Government Borrowing Market in Ukraine.” Business Inform 6:259–266.
https://doi.org/10.32983/2222-4459-2020-6-259-266

Section: Finance, Money Circulation and Credit

UDC 336.273.2

Abstract:
The article is aimed at disclosing the peculiarities of functioning of the domestic government borrowing market in Ukraine; defining the main tendencies in its development and developing proposals to improve the system of domestic government borrowing. The essence and features of domestic government borrowing in Ukraine is disclosed; an assessment of the functioning of the domestic government borrowing system is presented; the main tendencies in the development of domestic government borrowing are identified using the analysis of: the dynamics of payments on domestic government debt, the volume of placement of domestic government borrowing bonds (DGBB) in the primary market and the limit level of bond yields during 2013–2019. The efficiency of functioning oif the domestic government borrowing market in Ukraine is researched by means of an analysis of the timing of the DGBB borrowing, the volumes of placement of the short-term DGBB, the nominal and real profitability of the short-term DGBB for the period of 2013–2019. The main problems of the domestic government borrowing market in Ukraine are specified. Proposals to improve the further functioning of the domestic government borrowing market are substantiated. Prospect for further research in this direction is to justify the need in the development of the financial policy of the State to set focus on the differentiation of financial market instruments and strengthening their use as a source of investment resources of the State.

Keywords: domestic government borrowing, domestic government debt, domestic government bonds, sources of financing of the budget deficit, financial instruments of the stock market.

Fig.: 8. Tabl.: 1. Bibl.: 11.

Bench Liliia Ya. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]
Koliada Tetiana A. – Candidate of Sciences (Economics), Senior Research Fellow, Associate Professor, Department of Public Finance, State Tax University (31 Universytetska Str., Irpin, Kyiv region, 08205, Ukraine)
Email: [email protected]
Bai Anna O. – Student, Faculty of Finance, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

List of references in article

Koliada, T. A. “Derzhavnyi biudzhet Ukrainy na 2018 rik: osoblyvosti formuvannia ta perspektyvy vykonannia“ [The State Budget of Ukraine for 2018: Peculiarities of Formation and Prospects for Implementation]. Biznes Inform. 2018. https://www.business-inform.net/export_pdf/business-inform-2018-4_0-pages-267_274.pdf
Bashko, V. I. “Derzhavni zapozychennia v Ukraini: otsinka potreb i propozytsii shchodo struktury“ [Government Borrowing in Ukraine: Needs Assessment and Structure Proposals]. Ekonomika prohnozuvannia. 2007. http://eip.org.ua/docs/EP_07_2_75_uk.pdf
Bench, L. Ya., and Kornatska, R. M. “Borhova polityka v Ukraini: realii ta perspektyvy“ [Debt Policy in Ukraine: Realities and Prospects]. Biznes Inform. 2014. https://www.business-inform.net/export_pdf/business-inform-2014-2_0-pages-35_39.pdf
Shapran, N. S., and Tymoshyk, O. L. “Derzhavni oblihatsii na finansovomu rynku Ukrainy“ [Government Bonds on the Financial Market of Ukraine]. Visnyk KNEU im. V. Hetmana. 2014. https://ir.kneu.edu.ua/bitstream/handle/2010/5959/51%20-%2054.pdf?sequence=1&isAllowed=y
Mytsiuk, T. M. Vnutrishnii derzhavnyi borh i problemy yoho obsluhovuvannia [Domestic Public Debt and Problems of Its Service]. Kyiv, 2018.
Ministerstvo finansiv Ukrainy : ofitsiinyi sait. https://www.minfin.gov.ua/
Natsionalnyi bank Ukrainy : ofitsiinyi sait. https://bank.gov.ua/
“Analiz struktury ta rozmiru derzhavnoho borhu v proekti derzhavnoho biudzhetu Ukrainy na 2019 rik“ [Analysis of the Structure and Amount of Public Debt in the Draft State Budget of Ukraine for 2019]. https://feao.org.ua/wp-content/uploads/2018/10/2018-10-09_budget2019_debt_md-1.pdf
Natsionalna komisiia z tsinnykh paperiv ta fondovoho rynku : ofitsiinyi sait. https://www.nssmc.gov.ua/category/golovn-novini/page/9/
Derzhavna kaznacheiska sluzhba Ukrainy : ofitsiinyi sait. https://www.treasury.gov.ua/ua
Shmahun, O. V. “Teoriia i praktyka provedennia derzhavnykh zapozychen v Ukraini“ [Theory and Practice of Public Borrowing in Ukraine]. Formuvannia rynkovykh vidnosyn v Ukraini, no. 11 (2007): 59-64.

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