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The Government Debt of Ukraine: Dynamics and Methods of Management
Lyutyy I. O., Zykova S. I.

Lyutyy, Ihor O., and Zykova, Svitlana I. (2019) “The Government Debt of Ukraine: Dynamics and Methods of Management.” Business Inform 2:383–389.
https://doi.org/10.32983/2222-4459-2019-2-383-389

Section: Finance, Money Circulation and Credit

UDC 336.276

Abstract:
In modern conditions, one of the most significant elements of the State’s economic policy is the management of government debt. Deepening of fiscal imbalances and growth of debt load in the post-crisis period update the need to explore ways to ensure the debt sustainability of Ukraine’s economy. The current structure of borrowings can be characterized as an active growth of external borrowings with relative stability of internal domestic debt. The article is aimed at studying the economic consequences of government debt in Ukraine and ways to improve the debt management. The dynamics and structure of the status of the debt government of Ukraine are analyzed; macroeconomic and budgetary factors influencing its growth are allocated; recommendations on improvement of debt policy for increase of debt security level of Ukraine, stabilization of public finances, ensuring stable social and economic development of Ukraine are given. The authors indicate the need to control the risks associated with the management of public debt (in particular, currency risk, interest risk, liquidity risks, refinancing and additional liabilities) in the planning the financing of the State budget deficit.

Keywords: government debt, management of government debt, external debt, debt policy, government debt risks.

Fig.: 1. Tabl.: 3. Bibl.: 13.

Lyutyy Ihor O. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Finance, Taras Shevchenko National University of Kyiv (60 Volodymyrska Str., Kyiv, 01033, Ukraine)
Email: [email protected]
Zykova Svitlana I. – Masters Student, Department of Finance, Taras Shevchenko National University of Kyiv (60 Volodymyrska Str., Kyiv, 01033, Ukraine)
Email: [email protected]

List of references in article

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Londar, L. P. “Vdoskonalennia borhovoi polityky yak chynnyk pidvyshchennia rivnia finansovoi bezpeky derzhavy“ [Improvement of the debt policy as a factor in raising the level of financial security of the state]. Stratehichni priorytety, no. 3 (2016): 244-252.
Ofitsiinyi sait Ministerstva finansiv Ukrainy. https://www.minfin.gov.ua/
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Cheberiako, O., and Pasichna, N. “Derzhavnyi borh yak indykator borhovoi bezpeky“ [Public debt as an indicator of debt security]. Ekonomichnyi visnyk universytetu, no. 31(1) (2016): 283-291.
Vivchar, O. I., and Kurylo, O. B. “Vplyv derzhavnoho borhu na ekonomichnu bezpeku derzhavy“ [Influence of the state debt on the economic security of the state]. Ekonomika ta derzhava, no. 4 (2013): 15-17.
Vakhnenko, T. P. Zovnishni borhovi zoboviazannia u systemi svitovykh finansovo-ekonomichnykh vidnosyn [External debt obligations in the system of world financial and economic relations]. Kyiv: Feniks, 2015.
“The Staff Report on the Revised Guidelines for Public Debt Management. April 1, 2014“. https://www.imf.org/en/Publications/Policy-Papers/Issues/2016/12/31/Revised-Guidelines-for-Public-Debt-Management-PP4855
“Prohrama upravlinnia derzhavnym borhom na 2019 rik“ [The program of public debt management for 2019]. https://www.minfin.gov.ua/uploads/redactor/files/ПРОГРАМА%20удб%202019%20наказ.pdf

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