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Journal articles on the topic 'External state debt of Ukraine'
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1
Obravyt, Viktoriia, and Viktoriia Koilo. "Comparative analysis of internal and external national debt of Ukraine taking into account the impact factors." Public and Municipal Finance 6, no. 1 (April 5, 2017): 46–56. http://dx.doi.org/10.21511/pmf.06(1).2017.05.
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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.
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MOROZ, Ivanna. "EXTERNAL GOVERNMENT DEBT MANAGEMENT OF UKRAINE IN CONDITIONS OF SOCIAL AND ECONOMIC AND PANDEMIC SHOCKS." WORLD OF FINANCE, no. 1(66) (2021): 48–63. http://dx.doi.org/10.35774/sf2021.01.048.
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Introduction. The consequences of the COVID-19 pandemic on macroeconomic dynamics and the state of external public debt are analised. The main reasons for the growth of the State Budget deficit of Ukraine are identified and the need to increase the efficiency of the external public debt management policy in the context of minimizing the budget deficit is proved. Emphasis is placed on the situational and imbalance of Ukraine’s external public debt management policy, which is due to the lack of the Economic Development Strategy of Ukraine and the Government’s program of activities for 2020. It is substantiated that the lack of clear strategic goals of economic development of the state and adherence to such a strategy has led to an increase in the cost of servicing external pu blic debt, increasing the cost of attracting it and reducing the maturity. It is also proved that the lack of strategy together with the low level of fiscal, debt and monetary policy coherence are the main reasons for inefficient conversion of external public debt, as the main amounts of external government borrowing are not used to finance economic development, but to finance state budget expenditures and to repay old debts. The purpose of to the article is to study the theoretical and practical aspects of debt policy in the context of the COVID-19 pandemic in order to justify a new paradigm of Ukraine’s external public debt management policy. Results. Based on the analysis of major macroeconomic trends in Ukraine and identifying external debt problems, the latest paradigm of external public debt management policy is proposed, the essence of which is to subordinate debt policy to tactical and strategic goals of the national economy budget, debt and monetary policy, as well as in achieving effective conversion of external government borrowing to stimulate economic development. It is proposed to use a program-targeted method of external public debt management policy, which involves raising funds from international organizations exclusively to finance specific government programs. Perspectives. It is necessary to increase the efficiency of conversion of external government loans to finance capital investments from the State budget, which will use the foreign debt potential to stimulate Ukraine’s economic development.
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Moroz, Ivanna. "Peculiarities of public debt management policy in the United States of America: experience for Ukraine." ScienceRise, no. 4 (August 31, 2021): 58–67. http://dx.doi.org/10.21303/2313-8416.2021.002040.
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The object of research is the policy of public debt management of the United States of America and Ukraine.
The problem solved is the low level of efficiency of the policy of public external and internal debt management of Ukraine in the context of financing economic growth.
The main scientific results: based on the analysis of the policy of public debt management of the United States of America, it has been proved, that the public debt and the US budget deficit should be perceived not as a problem or threat to macroeconomic stability, but as a tool to stimulate economic growth. It is substantiated, that in order to optimize the policy of internal and external public debt management of Ukraine it is expedient to introduce a debt rule, which is based on the program-targeted method of attracting public debt and provides for the use of public borrowing exclusively to finance economic development programs. In this case, Ukraine, following the example of the United States, will be able to achieve sustainable economic growth, because changing the priorities from debt financing of current state budget expenditures to financing capital expenditures will allow the Ukrainian government to develop economic infrastructure, create conditions for high value-added goods and to develop small and medium business, which will ultimately ensure macroeconomic stability and progressive economic development of the state.
The scope of practical use of research results. The results of the study can be used by the Cabinet of Ministers of Ukraine, and in particular by the Ministry of Finance during the formation of the Medium-Term public debt management strategy of Ukraine.
Innovative technological product: The debt rule is based on the program-target method of attraction and use of the state internal and external debt that allows to use effectively the state borrowings for financing of economic growth.
Scope of application of an innovative technological product: Policy of management of the state internal and external debt of Ukraine
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HUSIEV, Artem. "State debt management in the context of Ukraine's economic development." Economics. Finances. Law, no. 5 (May 29, 2020): 21–25. http://dx.doi.org/10.37634/efp.2020.5.3.
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The paper explores the theoretical and methodological basis of the concept of public debt management. The relationship between the problem of public debt and economic development of the country has been revealed. The dynamics of Ukraine's public debt for the period 2010-2019 have been analyzed. The default as a means of state debt policy has been investigated and its main economic consequences are presented. The international experience of managing public debt on the example of Argentina has been analyzed. The economic essence of technical default has been defined and the concept of technical default as a priority direction of Ukraine's state debt policy in the current conditions has been proposed. Public debt is a set of State commitments to internal and external creditors. State debt Management provides for state creation of the concept of debt policy. In economic terms, the main task of debt management is to maintain the level of public debt on a moderate level. In Ukraine, the problem of state indebtedness is particularly relevant after 2014. However, the most acute this problem was at the beginning of 2020 with the beginning of the recession economy and raising the deficit of the State budget. There are three main strategies to address public debt: investing in the country's economic development and timely repayment of liabilities, default and technical default. The strategy of investing in the country's economic development envisages emission of money or additional involvement in order to stimulate economic development, as well as timely payment of debts and interests. This strategy is appropriate in terms of relatively small amounts of public debt. Defaulted involves declaring the state insolvency payment obligations to creditors. Defaulted in the short run means a rapid deterioration in the economic situation in the country, but under certain conditions, there may be positive consequences in the long run. The technical default means the state's inability to pay debts on a certain date if there is a possibility of their payment in the future. In Ukraine today, the optimal decision of the state debt policy is the proclamation of technical default to restructure debts and prevent aggravation of socio-economic crisis in the country.
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Petrushenko, Yuriy, Maxim Korneyev, Natalia Nebaba, Olena Banchuk-Petrosova, and Anna Bohorodytska. "Assessment of the external debt impact on a country’s economic development indicators: Evidence from Ukraine." Investment Management and Financial Innovations 19, no. 1 (April 4, 2022): 360–69. http://dx.doi.org/10.21511/imfi.19(1).2022.28.
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External public debt is not only a means of raising funds to finance public needs, but also an effective tool for stabilizing a country`s economic development, the assessment and analysis of which allows making effective management decisions at the state level and developing effective measures to improve the economic and debt situation. The paper aims to assess the impact of external public debt on Ukraine’s economic development indicators (GDP, foreign direct investment, foreign exchange reserves). In order to achieve the stated goal distributed lag models are used, which allow modeling a country’s economic development (according to key indicators) within certain forecast scenarios. The study covers the period from 2009 to 2021. An analysis of the dynamics of external public debt in Ukraine led to the conclusion about the unstable debt situation in Ukraine and a significant increase in external debt in recent years. Econometric models with a distributed lag of three years are built and the results of the influence of external public debt in different time periods are analyzed. The average lag in the built models is about one and a half years (for GDP) and two and a half years (for foreign direct investment). This value indicates that the average change (increase/decrease) in external public debt will change economic development over time. A positive conclusion is made on the possibility of not only assessing the time lag between the indicators, but also on the prospects for forecasting both the public debt and key indicators of Ukraine`s economic development. AcknowledgmentThe article was published as part of research projects “Convergence of economic and educational transformations in the digital society: modeling the impact on regional and national security” (No. 0121U109553) and “Reforming the lifelong learning system in Ukraine for the prevention of the labor emigration: a coopetition model of institutional partnership” (No. 0120U102001).
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Brezhnyeva-Yermolenko, Olga, Oleksandra Volko, and Akhmad Dakhlalla. "The external state debt of Ukraine: formation, management and servicing." Modern Economics 10, no. 1 (August 28, 2018): 12–17. http://dx.doi.org/10.31521/modecon.v10(2018)-02.
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KREMEN, Olha, Anastasiia KULSHA, and Viktoriia KREMEN. "Statistical analysis of the state debt of Ukraine in modern economic conditions." Economics. Finances. Law 12/2, no. - (December 24, 2021): 41–46. http://dx.doi.org/10.37634/efp.2021.12(2).7.
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The public debt at the present stage is an objective economic phenomenon, a component of the financial system and a tool for implementing the economic strategy of the country, and its effective use can be a powerful factor in its economic growth. The paper is devoted to the study the economic essence, current state, structure and main trends of the total public debt of Ukraine. Essence of national debt, state-guaranteed debt, foreign and domestic debt and maintenance of relative amount and rate of debt are exposed. Under the type of debt obligation, public debt is divided into direct (unconditional) and guaranteed (conditional) debt, which arises as a result of the state's obligations to third parties or guarantees for these obligations. There is also a division of public debt by type of creditor. Domestic and foreign public debt are distinguished on this basis. Based on statistical data of Ministry of finance of Ukraine and Government service of statistics of Ukraine the dynamics of the debt of Ukraine is analyzed and an analysis of its structure according the type of debt obligation, and the type of creditor is carried out. Public and state-guaranteed debt during 2016–2020 grows on average annually by UAH 195.95 billion or 10.2 %. The state external debt of Ukraine increased during the period under study from UAH 980.19 billion on 01.01.2016 to UAH 1258.52 billion. at the end of 2020 with a decrease in 2019 by UAH 168.54 billion. The impact of external borrowing on economic growth is determined by the relative size of debt the share of public debt in GDP. The analysis of the indicator shows that in 2016–2020 it decreased from 81.0 % at the end of 2016 to 50.3 % in 2019, which corresponds to the legal norm, while in 2020 its share has already reached 60.8 %, which is 10.3 % more than in the previous year.
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Zadoia, Oleksandr A. "GOVERNMENT DEBT AS A THREAT TO THE COUNTRY’S ECONOMIC SECURITY." Academic Review 2, no. 55 (2021): 23–32. http://dx.doi.org/10.32342/2074-5354-2021-2-55-3.
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The article is devoted to the analysis of absolute and relative indicators of Ukraine’s public debt in order to identify threats to its economic security. A critical analysis of the “Guidelines for calculating the level of economic security of Ukraine” in terms of assessing external threats and substantiated proposals for their improvement. The dynamics of total public debt in general and external debt, in particular, has been specially studied; the ratio of public debt to GDP and the state budget; public debt service costs. Particular attention is paid to the IMF composite index, which allows to assess the adequacy of official gold and foreign exchange reserves to cover the needs of external debt. According to the analysis, most of Ukraine’s public debt indicators exceed the established thresholds, which poses a real threat to the country’s economic security. If the ratio of public debt to GDP in recent years has been reduced to the upper limit of the safe level, the parameters of the ratio of external debt to the state budget and the share of expenditures on servicing government debt are twice the Ukrainian values. This situation can create a problem with timely repayment of debts, which will reduce the confidence of creditors and increase the cost of new borrowing and will push Ukraine to enter the debt spiral. This necessitates the development of a system of special measures to stabilize the situation both by reducing debt and maintenance costs, and by increasing state budget revenues. At the same time, such an important indicator as the composite index of the IMF for the last 6 years has not only seen a positive trend, but also the achievement (and even a slight excess) of the normative value. This is evidence of the potential of the Ukrainian economy to solve the problem of debt without particularly negative consequences, both internal and external.
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Petyk, L. O., S. I. Tsiunyk, and Y. V. Kovalchuk. "The Current State of the Public Debt in Ukraine and Prospects of Using Foreign Experience in Public Debt Management." Business Inform 12, no. 527 (2021): 225–31. http://dx.doi.org/10.32983/2222-4459-2021-12-225-231.
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The article is devoted to an important component of the country’s financial security –public debt. The formation of governmental borrowing is caused by the State’s need for additional financial resources. These resources are used to ensure the fulfillment of all tasks set before the State aiming to ensure economic and social prosperity. Improperly developed policy of public debt management will undermine the financial security of the State. To analyze the state of public borrowing, the following indicators were considered: the volume of total, external and internal public debt of Ukraine from 2017 to 2021; the ratio of external, external-guaranteed, internal and internal-guaranteed public debt of Ukraine in 2021. It was determined that over the last 5 years the dynamics of governmental borrowing has been changing from positive to negative and vice versa. The problems of public debt management in Ukraine include inefficient using of borrowed funds; raising loans to cover existing debt; imperfect legislative support; small volumes of gold and foreign exchange reserves; permanent budget deficit, etc. The following prospects for public debt management were identified: a policy to reduce the budget deficit; greater focus on domestic creditors; diversification of investors; fulfillment of IMF lending conditions; simplification of the IGLBs procurement system, etc. The international experience of government borrowing management was also considered. The most effective public debt model that can be implemented in Ukraine is the example of Sweden, where the government launched a policy of reducing public debt through systemic reforms that need to be implemented at all levels of the State management
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BILETSKA, Olena. "Formation, consequences and ways of reducing the state debt of Ukraine." Economics. Finances. Law, no. 9 (September 30, 2021): 5–7. http://dx.doi.org/10.37634/efp.2021.9.1.
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Introduction. In the current realities of Ukraine, this problem affects all segments of society. The article reflects the peculiarities of the formation, the main consequences of the debt and the directions of its reduction. The purpose of the paper is to analyze the volume, identify the peculiarities of the formation, highlight the consequences and justify ways to reduce Ukraine's public debt. Results. The study focuses on the importance of public debt and its impact on economic development. It is emphasized that one of the significant problems is the significant cost of. The dynamics of public debt of Ukraine during 2014–2020 is analyzed. According to the results of the analysis, the signs of dynamism, currency comparison, proportionality of external and internal debt are determined. The positive and negative consequences of the debt are substantiated with the corresponding argumentation. The essence of the positive consequences is the possibility of maintaining Ukraine's gold and foreign exchange balance at a reliable level in compliance with the necessary settlement standards and promoting the stability of the national currency. In addition, it is important formation of a positive image of Ukraine as a country with a stable financial system. The negative consequences are manifested in the fact that significant amounts of debt cause the allocation of budget funds for its maintenance, which is a burden on the implementation of economic and social programs. Negative processes are also being formed in society, as the conditions for providing the next tranches, especially from the International Monetary Fund, affect social problems and do not always find understanding in large sections of society. Relationships with international creditors, in particular the International Monetary Fund, and governments of other countries were assessed. Proposals for debt reduction have been developed with a recommendation to implement measures for the Cabinet of Ministers of Ukraine, relevant ministries of production and the Ministry of Foreign Affairs of Ukraine. Conclusion. The peculiarities of public debt formation are revealed in the work, its influence on the economy of Ukraine is determined and substantiated proposals on reduction of its volumes are developed.
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Shkolnyk, Inna, and Viktoriia Koilo. "The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies." Investment Management and Financial Innovations 15, no. 1 (April 6, 2018): 387–400. http://dx.doi.org/10.21511/imfi.15(1).2018.32.
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The article examines the relationship between external debt and economic growth in emerging economies for the period 2006-2016. The authors used different econometric tools, e.g., ADL model and correlation analysis. The regression results showed that the original values had no significant impact on the estimation of the parameters. Thus, there was made an assumption that emerging economies have a non-linear impact on macroeconomic parameters, including external debt that has a non-linear type of influence on economic growth. The authors established that high level of external debt, in conjunction with macroeconomic instability, impedes economic growth in such countries. The regression model also showed that there is a critical level of debt burden for emerging economies, where the marginal impact of external debt on economic growth becomes negative.The results of the study highlighted the significance of the problem of effective public debt management strategy implementation in Ukraine. This issue is predetermined by the appropriate organizational support. The study recommends improving a public external debt management model. In this paper, the authors proposed a new structure with the participation of new element – independent agencies. The unified external debt management system should integrate all state institutions and executive power structures in this area.
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Brezhnieva-Yermolenko, Olha, and Albina Kharitonenko. "ASSESSMENT OF THE IMPACT OF PUBLIC DEBT ON THE FINANCIAL SECURITY OF THE COUNTRY." ECONOMIC BULLETIN OF THE DNIPROVSK STATE TECHNICAL UNIVERSITY 1, no. 2(3) (April 12, 2022): 46–53. http://dx.doi.org/10.31319/2709-2879.2021iss2(3).254827pp46-53.
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The article reviewed current trends in the field of external debt, which further exacerbate the problems in the political, economic, financial and monetary spheres of the economy. This is primarily due to the inefficient system of public debt management and leads to exceeding the threshold values of debt security. It was found that the amount of debt in the context of financial security of a country should first be studied in relation to GDP, what fully reflects the real economic situation in the country under the influence of inflation. The share of public debt in recent years has exceeded 60 % of GDP, which requires the government to take measures that would limit the possibility of borrowing in order to reduce public and state-guaranteed debt. Observations of the structure of Ukraine's public debt for the period 2011-2020 show the predominance of external debt and the gradual growth of its share. The peak of the level of public debt of Ukraine beyond the border falls on the period 2014-2017, but as of 2020 this figure was 60.8 %.Ukraine's public debt ratio is estimated in terms of currency structure, which shows that the major's share of debt in 2020 is denominated 46.22 % in US dollars. The threat to financial security for Ukraine remains high, as exchange rate volatility increases the repayment of principal and interest on debt.The analysis of public debt over the past 10 years shows the intensification of threats and risks to financial security by international financial institutions through external lending, as well as the high level of Ukraine's debt to external and domestic creditors. The study of indicators as indicators of financial security over the past 5 years shows the insufficient level of budget security of the country and the presence of internal and external threats to financial security of Ukraine.It is determined that the government's urgent task is to optimize the sources of public debt financing together with the development of clear and transparent rules of debt policy for the assessment of debt security indicators and financial risk management. The result of such changes is expected to reduce the amount of credit borrowing and a positive impact on the level of financial security of the state.
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Karmeliuk, Hanna, Svitlana Plaskon, and Halyna Seniv. "Mathematical modeling of influence of Ukraine’s external debt on standards of living." Herald of Ternopil National Economic University, no. 1(83) (February 22, 2017): 21–38. http://dx.doi.org/10.35774/visnyk2017.01.021.
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Since the current state of the global financial system can be described as a crisis of excessive debt, Ukraine’s foreign debt is crucial for the present stage of stable development. Inefficient use of external borrowed funds results in a real loss of economic and political security of the state, particularly in a decline of living standards. The purpose of the article is to analyze Ukraine’s government-backed debt, subsistence minimum, minimum and averagewages, and to identify cause-effect relationships between the external debt, the cost of living, minimum and average wages using econometric models. The paper also analyzes dynamics of government-backed external debt and indicators of living standards in Ukraine over 1996- 2016 as well as interrelation between them. A number of trend models which show dynamics of Ukraine’s external debt, subsistence minimum, minimum and average wages are developed. These models are used to calculate their projected values. The authors have developed and justified economic and mathematical models of dependencies of subsistence minimum, minimum and average wages on the foreign state debt, and economic and mathematical models of dependencies of the government-backed external debt on subsistence minimum, minimum and average wages. It is noted that there is a strong dependency of subsistence minimum and minimum wage. Periods of dynamics of subsistence minimum, minimum and average wages, calculated in hryvnia and dollar equivalents, are defined. It is shown that the trends of the above-mentioned indicators have the same branches or periods. Moreover, it is proved that as compared with hryvnia, dollar plays a significant role in shaping indicators of living standards in Ukraine. Distributed lag models of dependencies of subsistence minimum, minimum and average wages on the foreign debt are calculated. The models show that the main impact of the government-backed external debt on subsistence minimum and minimum wage is four years overdue. The models with instrumental variables of direct and inverse dependencies of the external debt on subsistence minimum and of subsistence minimum on the external debt are developed and justified. These models are used to forecast the researched indicators.
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Kondrat, Iryna, Olena Pozniakova, and Oksana Chervinska. "The Impact of Public Debt on Economic Growth in Ukraine." Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 53, no. 4 (December 31, 2019): 91. http://dx.doi.org/10.17951/h.2019.53.4.91-100.
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<p><strong>Theoretical background:</strong> The growth in government borrowing, carried out in connection with the banks’ capitalisation, significantly increased the state budget expenditures aimed at servicing the capitalisation domestic public debt, which reinforces the general tendency regarding the exacerbation of the budget risk in the debt sphere in Ukraine. A weighty debt-creating factor was the budget deficit, which was covered by borrowing. Proceeding ahead of the rate of increase in debt volumes in comparison with gross domestic product (GDP) growth rates under the influence of internal and external destabilising factors contributed to the excess of the debt levels security indicators and increased the insolvency risk of the state. The increase of the obligations share denominated in foreign currency or linked to the exchange rate in the overall debt structure as an important indicator of the financial system’s vulnerability to exchange rate fluctuations creates additional threats to debt sustainability regarding the increasing currency risk and the national currency devaluation.</p><p><strong>Purpose of the article:</strong> The article is focused on studying the dynamics and structure of Ukraine’s public debt, its ratio to GDP, and an empirical analysis of the relationship between public debt (external and domestic) and economic growth in Ukraine.</p><p><strong>Research methods:</strong> To empirically test the relationship between public debt and economic growth in Ukraine over the 1992 to 2018 period, multiple regression models were conducted. A real GDP per capita was used as an indicator for economic growth and the debt-to-GDP ratio was used as an index of public debt. Research hypotheses were the following: H1: The public external debt-to-GDP ratio and GDP per capita have a strong negative and statistically relevant correlation; H2: The public domestic debt-to-GDP ratio and GDP per capita have a strong negative and statistically relevant correlation.</p><p><strong>Main findings:</strong> Examining the dynamics and structure of Ukraine’s public debt by borrowing market (external and domestic), it is concluded that there is no strong negative or positive statistically relevant correlation between the public debt-to-GDP ratio and GDP per capita for Ukraine. The impact of this factor is so insignificant that it encourages further research to verify that low GDP growth rate causes the increase in Ukraine’s public debt.</p>
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LOBODINA, Zoriana. "Debt instruments as a source of financing the state’s expenditures." Economics. Finances. Law, no. 11/3 (November 21, 2019): 9–14. http://dx.doi.org/10.37634/efp.2019.11(3).2.
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The social and economic transformations taking place in Ukraine are accompanied by the expansion of functions of the state authorities and local self-government. This predetermines the search for sources of formation of budgetary resources on the background of permanent growth of the volume and directions of their spending and practical application of debt instruments. The purpose of the study lies in evaluating of the practice of carrying out public borrowings and in developing proposals concerning its improvement in the context of minimizing threats to government debt security. The economic essence, assignment of debt instruments have been considered, the dynamics of realization and structure of internal and external borrowings has been analyzed. The problems of applying the loan method of budget resources formation in Ukraine have been revealed. A set of measures for improvement of the use of government borrowings as a tool of the budgetary mechanism in the context of minimizing threats to the state's debt security has been developed. The results of evaluating the practice of using debt instruments give reason to argue that the irrational approach to their use, the manifestations of which are the unbalanced structure of debt payments over time, high cost of attracting resources and focus on solution of the short-term goals of budget policy, led to increased debt financial burden, the level of threats to the debt security of Ukraine and is the reason for the reduction of potential growth rates of the national economy and increasing of its vulnerability to external shocks.. In order to minimize fiscal risks the feasibility of applying measures for improvement of the use of debt instruments has been substantiated by: adherence to the limit of the state budget deficit defined by the Budget Code of Ukraine, of state and local budgets, providing of state and local guaratees, diversification of the structure of the debt portfolio of borrowings taking into account currencies, maturities and interest rates; limiting the provision of state guarantees and the implementation of state financial support to economic entities at the expense of government borrowing in the conditions of excess of the share of public debt and the state guaranteed debt in the GDP of Ukraine of the 60% limit; the use of borrowed budgetary resources to finance investment projects.
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Shevchenko, Volodymyr, and Liliia Lutsenko. "PECULIARITIES OF DEBT FINANCING OF THE UKRAINIAN ECONOMY." THEORETICAL AND APPLIED ISSUES OF ECONOMICS, no. 39 (2019): 16–24. http://dx.doi.org/10.17721/tppe.2019.39.2.
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The article examines the impact of capital attracted through domestic state bond on a recipient economy. It investigates the features of global borrowing, major reasons for debt growth and proves the importance of internal borrowing on the example of Ukraine. Further, the article overlooks the structure of debt capital and changes in the main groups of bond loans over the last years. It explains the reasons for changing dynamics of debt capital engaged by Ukraine through external and domestic borrowing. The research substantiates functional purpose of state bonds and their crucial role in balancing budget deficit andpost-crisis recovery of the national economy. With regard to the global cut of the interest rates, the perspective directions of further research of debt capital can be a feasibility of its cost, volatility of investors’ demand and reliability of debt attraction due to the country risk of a borrower. The growth of public debt in developing countries requires clarifying the structure of debt capital and clarifying the directions for using public debt. In a view of the above analysis, it is appropriate to conclude that the functional appropriation of OVDP funds is only in financing the budget deficit and the trade balance. Strategically important areas of debt capital use in Ukraine include restoring the liquidity of the banking sector, maintaining the functioning of key government institutions, ensuring Ukraine's defense capability and the creditworthiness of the national economy.
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Fominykh, Maryana, and Anzhelika Parfenyuk. "ASSESSMENT OF THE LEVEL OF DEBT SECURITY OF UKRAINE AND DIRECTIONS FOR ITS STRENGTHENING." Scientific Notes of Ostroh Academy National University, "Economics" Series 1, no. 21(49) (June 24, 2021): 109–13. http://dx.doi.org/10.25264/2311-5149-2021-21(49)-109-113.
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The article defines the essence of the concept of "debt security". The main indicators of Ukraine's debt security during 2015-2020 are analyzed and its condition is assessed using the integrated debt security index. The main factors that affect the level of debt security and key issues to ensure a sufficient level of debt security are investigated. It is found that the increase in the size of public debt leads to a reduction of the debt security and causes a number of negative consequences and distortions in the financial system of Ukraine. The main factors that affect the level of debt security and key issues to ensure a sufficient level of debt security are investigated. However, in the strategic perspective, deepening of the financial debt of the state leads to significant disparities in the financial and economic system of the country and increasing the debt burden on the state budget, increasing the threat of default, transferring the debt burden for future generations and increasing social tension in society. Ukraine's debt security is in critical condition and therefore requires the implementation of certain measures and changes. The main task is the effective management of state external and domestic debt and its gradual reduction. It is also necessary to focus more on domestic lending in national currency, as it is more profitable and cheaper to maintain for the state. In order to identify prerequisites for strengthening the debt security and searching the methods to reduce public debt, the development of an optimal strategy of borrowing, debt management and improving of a legal framework on issues of debt security has been suggested.
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Bondaruk, T. H., O. S. Bondaruk, and N. Yu Melnychuk. "The Public Debt of Ukraine and the Budget Expenditure for Its Service." Statistics of Ukraine 80, no. 1 (July 25, 2018): 30–39. http://dx.doi.org/10.31767/su.1(80).2018.01.04.
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the public debt is deepened, the visions of the public debt as a phenomenon burdening the national economy, found in various schools of economics, are reviewed. It is demonstrated that the high internal and external dept in parallel with the respectively growing expenditure for its service is a pressing problem for Ukraine, calling for an urgent solution. This raises the need for seeking ways to improve the public debt management mechanisms.
The article’s objective is to deepen the theoretical and methodological framework for assessment of the public debt in Ukraine and the budget expenditures for its service. It is demonstrated that the public debt in Ukraine results from the public budget deficit, high sovereign borrowing from internal and external sources. The econometric assessment of the time series on budget expenditures for debt service and repayment in Ukraine is given. The analysis of the public debt dynamics in Ukraine shows that not only the increasing volume of public debt and State-guarantee debt, but also the increasing budget expenditures on its service and repayment are dangerous. The high deficit of public budget is persisting, which growth is caused, inter alia, by the payment commitments. The expenditures on service and repayment of public debt constitute a large share in the public budget expenditures. Forecasting calculations made in the article demonstrate the upward tendency in the public budget expenditures on repayment and service of the public debt of Ukraine, thus signaling the growing threats to the budget security of Ukraine. The main factors for the rapidly increased debt burden in Ukraine over the latest years are identified: the considerable devaluation of domestic currency (Hryvnya), sharp drop in GDP, the shrinking internal consumer demand, etc.
It is demonstrated that the risk of the increasing payments for service of public debt is an essential and chronic factor generating problems in public finances and affecting the budget security of Ukraine.
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Petyk, L. O., R. V. Lopushanskyi, and P. V. Luka. "Assessing the Level of Ukraine’s Debt Security and the Priority Directions of Its Strengthening." Business Inform 11, no. 526 (2021): 357–62. http://dx.doi.org/10.32983/2222-4459-2021-11-357-362.
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The article is concerned with assessing the level of debt security of Ukraine at the present stage of its development. Government debt is an important component of the market economy. It is a significant factor that suspends the development of the country and poses a threat to its financial security. That is why the assessment of the level of debt security and its strengthening is a relevant task. To do this, the authors define the importance of key indicators of the country’s debt security. Each basic indicator is analyzed, the characteristic values of each of them are disclosed in accordance with their limits established by domestic legislation. The impact of each indicator on the financial security of Ukraine is displayed. Based on these indicators, the integral indicator of debt security in recent years is calculated by rationing indicators and adjusting their weight coefficients. It is calculated that today the value of the integral indicator is dangerous, which indicates a threat to the debt security of Ukraine. The main reasons that led to the critical state of the country’s debt security were considered, including: the constant deficit of the State budget, the predominance of short-term borrowing and inefficient government debt management policies. The consequences of the impact of today’s level of debt security on the financial security of Ukraine as a whole are researched. First of all, the most vulnerable consequence for the domestic economy is the lack of funds for investment programs of the socio-economic development of the State. The priority directions of improvement of domestic debt policy to strengthen the debt security of the country by improving the structure of government debt and forming a long-term strategy of national and external borrowings are characterized.
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Harkavenko, Valentyna, and Galina Yershova. "THE INFLUENCE OF GOVERNMENT DEBT POLICY ON THE DEVELOPMENT OF UKRAINE'S ECONOMY." Ekonomìka ì prognozuvannâ 2022, no. 1 (April 10, 2022): 107–23. http://dx.doi.org/10.15407/eip2022.01.107.
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The influence of the government's debt policy on the development of Ukraine's economy is analyzed. It is determined that today almost all indicators of debt stability in Ukraine exceed the critical limit, beyond which the state loses the ability to solve debt problems on its own. Thus, during 2014–2021, the domestic public and state-guaranteed debt of Ukraine increased in hryvnia equivalent by 3.9 times and as of the end of 2021 amounted to UAH 1,111.6 billion. The increase in debt was primarily due to direct public debt, which increased 4.1 times during the analyzed period. It is concluded that the scale of government borrowing in Ukraine makes it a threat to the economy, because without a change in the current government debt policy, the risk of the government's inability to meet its obligations to repay and service the debt will increase. Emphasis is placed on rethinking the country's economic policy in the direction of limiting the country's debt dependence, improving the structure of balance of payments and foreign trade balances, a balanced approach to the liberalization of relations in the foreign economic sphere and attracting foreign investment. A detailed analysis of trends in the issuance of domestic and external government bonds, as well as attracting debt financing from international financial organizations. The study of trends, and most importantly the structure of domestic government bonds, suggests that their growth is due to the need to finance not only the state budget deficit, but also the shortcomings and miscalculations of monetary and debt policy, as well as protectionist interests of individual businesses. Emphasis is placed on the fact that a significant share of non-residents' funds in domestic government bonds increases the country's exchange rate and financial vulnerability and is a factor that allows non-residents to influence the foreign exchange market and, accordingly, the national currency and international reserves of Ukraine.
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KUDRYASHOV, Vasyl. "IMPERATIVES AND RISKS OF THE STATE BORROWINGS’ ACCUMULATION." Economy of Ukraine 2018, no. 6 (June 15, 2018): 26–43. http://dx.doi.org/10.15407/economyukr.2018.06.026.
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Analysis of dynamics of indicators of the state and the state-guaranteed debt in Ukraine in recent years is carried out and imperatives of the growth of public debt are determined. It is found out that its primary factors were the expansion of financing of the state budget for budget support of the state sector of economy, banking system, as well as the financing of the budget deficit. It is concluded that the solving of such tasks was carried out under conditions of aggravation of financial risks, namely: revenue mobilization, attraction of an additional resource for the purpose of financing the budget deficit and deficit-debt adjustment, under-fulfilment of privatization plans, admission of high inflation, as well as depreciation of the national currency. It is noted that the growth of public debt was due to an increase in the state borrowings, which were used to repay obligations, cover the costs of conducting the active operations and shift part of the borrowings of corporations and institutions to the state budget. The conduct of active operations was aimed at providing the financial support to the state banks and state institutions, DGF and capitalization of some private banks. Changes in the volume of the state borrowings are disclosed in terms of the ratio of their internal and external components. The reasons and consequences of growth of costs of deficit-debt adjustment (active operations within the framework of the state budget) are determined. Under conditions of non-fulfillment of revenue plans from privatization of the state property, such a policy will lead to aggravation of fiscal risks (retention of high indicators of the state borrowings and debt financing at the expense of the NBU and the state banks). The policy of state borrowings (in terms of internal and external components) turned out to be inconsistent: sharp changes were allowed in attracting the resource from internal and external sources, and the implementation of debt policy was marked by significant peak load on the state budget as well as their high profitability both in domestic and foreign markets. The volume of loan servicing continued to grow, which became a factor of increasing budget expenditures. Financing of borrowings using the resources of the NBU and the state-owned banks were reaching high rates. The author proposes the directions of fiscal policy aimed at restraining and restricting the state and the state-guaranteed debt by introducing changes to fiscal policy in Ukraine.
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Petyk, L. O., N. V. Horanska, and N. D. Saranchuk. "Ukraine’s Public Debt: Current Status and Problems." Business Inform 12, no. 515 (2020): 332–37. http://dx.doi.org/10.32983/2222-4459-2020-12-332-337.
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In today’s conditions, it is quite problematic to pick out a State that does not use borrowings in order to further finance the needs of the State budget. Therefore, one of the most important problems of the economy of each country is the problem of changing the volume of public debt. The concept of public debt is immediately associated with a negative phenomenon. However, the experience of many countries shows the opposite – public debt is within the permissible limits of no potential threat to the economy. However, in Ukraine, its indicators in recent years have been steadily increasing and far exceeding the limits of the norm. This tendency is due to a number of factors on which the amount of public debt depends. The article is aimed at disclosing the theoretical aspects of the public debt and the State-guaranteed debt of Ukraine, as well as their differences. The structure of the debt and its volumes during 2016-2020 are researched. The views of foreign and domestic researchers on determining the concept of the aggregate public debt are considered. As result of the study, the current status of Ukraine’s public debt is reflected and the dynamics of both the public debt and the State-guaranteed debt in terms of their components have been analyzed for the past four years. The dependence of both the public debt and the State-guaranteed debt on the size of gross domestic product is considered. The share of the internal and the external debt in the composition of the public debt and the State-guaranteed debt respectively is analyzed. On the basis of the carried out analysis, the factors that affect the change in debt volumes, the main factors and causes that led to the growth of both the public and the State-guaranteed debt in Ukraine are defined, as well as the main trends and specific features of its formation. As a result, measures are proposed to overcome these problems.
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Boyko, S., O. Dragan, and K. Tkachenko. "Current trends in debt policy of city councils and directions of its improvement." Ekonomìka ta upravlìnnâ APK, no. 1 (155) (May 21, 2020): 56–67. http://dx.doi.org/10.33245/2310-9262-2020-155-1-56-67.
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The need to rethink the role of urban debt policy in accordance with the growing needs of urban communities and their sustainable socio-economic development is identified. In Ukraine, the legal preconditions for the formation of cities' own debt policy and the implementation of borrowing in both domestic and foreign nancial markets. The current state of local budgets and decentralization processes only highlight the need for cities to develop debt policy. The formation of the institution of local borrowings in Ukraine is analyzed and an in-depth analysis of borrowings of city councils in 2014-2019 is carried out with the definition of three periods: 2014-2015 - increase in borrowed funds, but such borrowings were formed mainly due to debt activity of Kyiv City Council domestic local bonds; 2016–2017 - decrease in the amount of borrowed funds, which occurred under the inÀuence of macroeconomic, political and fiscal instability; 2018-2019 - resumption of debt activity of city councils that had experience of borrowing in the previous, relatively analyzed, period and diversification of forms of local borrowing. Based on the cluster analysis, the main characteristics of the modern debt policy of city councils of Ukraine, which is based on the di൵erentiation of city councils-borrowers, are determined. The main borrower remains the Kyiv City Council (the share was about 67%), the activity of borrowings was noted in the following city councils: Zaporizhia, Dnipro, Lviv, Odessa, Ivano-Frankivsk. It is established that the debt policy of city councils is based on raising funds from NEFCO, state-owned banks and the Ministry of Finance of Ukraine. Improving the debt policy of city councils of Ukraine should be based on the synergy of actions of central government agencies: (Ministry of Finance of Ukraine, Debt Agency of Ukraine, NBU, National securities and stock market commission (NSSMC)Financial Control Ofice, etc.) and city councils. Vectors for improving the debt policy of city councils should be an integral part of the Strategy for the Development of the Financial Sector of Ukraine until 2025 and meet its key strategic goals and directions. Key words: debt policy, local debt, local borrowings, domestic local government bonds, external local government bonds, fiscal decentralization.
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Stepanenko, Sergii. "Public debt of Ukraine and its influence on main socio-economic indicators." Actual problems of innovative economy, no. 1 (January 30, 2020): 5–10. http://dx.doi.org/10.36887/2524-0455-2020-1-1.
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Introduction. Solving the problem of public debt management is one of the key factors of economic stability in the country. The budget capacity of the state and the stability of its national currency largely depend on the nature of the debt problem settlement. The need to address these issues requires finding ways to improve the mechanism of public debt management and servicing in Ukraine. The purpose of the article is to study the public debt dynamics of Ukraine and model the nature of its impact on key socio-economic indicators in modern conditions. Results. The dynamics and structure of the state and state-guaranteed debt of Ukraine for the period 2013-2019 are analyzed. The negative dynamics of the growth of the total amount of debt during 2014-2018 is determined. In 2019, the total amount of debt in hryvnia decreased due to the reduction of external and guaranteed debt, but in dollar terms increased, which threatens the financial stability of the country. Using the software product EViews 10 based on the Granger causality test, the system of causal relationships between the dynamics of public debt (index) and indicators of socio-economic development: GDP growth rate, industrial production index, real income index, employment index, the index of exports of goods and services, the index of imports of goods and services has been researched. On the basis of the established causal relations the autoregressive influence models of the public debt dynamics on indicators of social and economic development are constructed, on which the error does not exceed 5%. Conclusions. According to the results of the constructed models, the negative impact of public debt on the main socio-economic indicators is determined, which is confirmed by the negative values of the elasticity indexes of socio-economic indicators. The built models serve as a preventive tool of public debt management, with the help of which it is possible to promptly respond to threats to socio-economic development by monitoring the level of public debt dynamics. Key words: public debt, public debt management, socio-economic development, financial security of the state.
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LYUTY, Ihor, and Yuliia TERES. "DEBT POLICY IMPLEMENTATION IN EU COUNTRIES: LESSONS FOR UKRAINE." WORLD OF FINANCE, no. 4(57) (2018): 7–19. http://dx.doi.org/10.35774/sf2018.04.007.
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Introduction. The implementation of debt policy in the EU countries is associated with a range of problems, in particular, rising social spending, and increasing budget deficits. In recent years, Member States have had a negative impact on the debt crisis, which is primarily due to unbridled fiscal policies of individual countries and the banking crisis. Purpose. The article is devoted to issues of implementation of debt policy in the EU countries and the problems of overcoming the consequences of the debt crisis, which began in 2008 and extends to today. An estimation of the possibilities of using this experience in Ukraine is made considering the fact that the country is on the verge of a debt crisis. Results. It has been determined that the sovereign debt crisis is a crisis of confidence for the EU, in particular the euro zone. This required adjusting both the socio-economic and financial policies of the EU. It can be argued that the Stability and Growth Pact did not take place and that now Europe needs to form a qualitatively new budget system that could more effectively cope with the adverse economic consequences or even the failure of a Member State to fulfill its obligations. It has been determined that one of the main items of budget expenditures of the European Union countries is government debt service costs. Public debt management, above all, is carried out through government debt securities. There is a tendency to reduce the share of shortterm public debt and increase the long-term, which provides reduction of budget expenditures for servicing public debt. In particular, in some EU countries there are strict rules that determine the conditions for external borrowing, for example, new loans should not exceed the annual amounts of debt to be repaid. Conclusions. It has been established that a number of measures have been implemented in the EU countries to address the consequences of the debt crisis, in particular: diversification of sources of state debt financing and optimization of terms of circulation of government debt securities; fiscal consolidation; increase maturity of debt obligations and optimize the structure of the public debt portfolio. It is concluded that the measures taken by the EU countries to overcome the consequences of the debt crisis may be useful for Ukraine and, in fact, is a step-by-step guide for the presentation of crisis phenomena, taking into account positive and negative experiences.
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Sliusarchuk, Olha, Ruslan Lavrov, Vasyl Kuybida, Maksym Slatvinskyi, and Andrii Zelenskyi. "Fiscal Policy of Economic Development: Comparative Characteristics of Ukraine and Poland." ETIKONOMI 20, no. 2 (November 2, 2021): 275–96. http://dx.doi.org/10.15408/etk.v20i2.22013.
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In order to achieve the purpose outlined, this research uses the following methods: analysis and synthesis; economic and statistical analysis and comparison; economic and mathematical; generalization. The result shows that Poland's fiscal policy aims at developing economic infrastructure and building an economic model of the state based on the manufacture of products with a high share of value-added. However, the fiscal policy of Ukraine does not have significant effects on economic development due to the use of such instruments as public debt and capital expenditures. However, the external debt dependence of the state is relatively high. Nevertheless, it proves that the fiscal policy of Ukraine does not increase the level of economic complexity and development of the processing industry through the implementation of tax benefits. It proposes to increase the efficiency of tax authorities in Ukraine in terms of combating the shadow economy, boost the share of capital expenditures and raise the level of conversion of public debt into economic growth.JEL Classification: E62, F63, H21How to Cite:Petrunenko, I., Lavrov, R., Kuybida, V., Slatvinskyi, M., & Zelenskyi, A. (2021). Fiscal Policy of Economic Development: Comparative Characteristics of Ukraine and Poland. Etikonomi, 20(2), xx– xx. https://doi.org/10.15408/etk.v20i2.22013.
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Бондар-Підгурська, Оксана Василівна, and Алла Олександрівна Глєбова. "Assessment and analysis of efficiency system management by innovative factors for sustainable development of national economy from the position satisfaction of vital interests population in Ukraine." ЕКОНОМІКА І РЕГІОН Науковий вісник, no. 1(72) (June 21, 2019): 6–16. http://dx.doi.org/10.26906/eir.2019.1(72).1430.
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The scientific and methodological approach to the evaluation and analysis of the efficiency of system management by innovation factors for sustainable development of national economy from the point of view satisfaction vital interest’s population is developed.
This is the calculation of the modernized index human development based on the adjective model based on 26 indicators (social, economic and environmental subsystems), as well as using the methods of the main components and the slip matrix. The resultant value is the modernized Human Development Index (MHDІ) of Ukraine.
The architectonics MHDІ of Ukraine in 2007–2017 from the position of sub-indices of the ecological, social and economic subsystems is analyzed.
Consequently, the scientific and methodological approach based on the MHDI change allows us to draw conclusions regarding the effectiveness of the work and public administration bodies in the context of making managerial decisions regarding the satisfaction of the vital interest’s population. MHDI considers the main regulated parameter of the system management in the innovation factors of sustainable development in socially oriented economy. The tendency of steady decline MHDI of Ukraine in 2007–2017 on 53.45 % was confirmed, which confirms inefficient state regulation of crisis situations in Ukraine.
In order to increase the efficiency management of innovative factors by sustainable development of the national economy, from the standpoint of satisfaction vital interest’s population, it is proposed to intensify the use of public debt and savings bonds, market and non-market methods of relief and debt load. This is due to the fact that at the current stage of development in the national economy, public external debt is one of the most significant indicators of the state economy. It is at the same time a criterion for the effectiveness of public financial policy, as well as a threat and opportunity for the Ukrainian economy. In order to optimize its size, various methods, approaches, tools are used. Based on the analysis of world experience, it has been established that the securities market, in particular debt securities, plays a strategic role in regulating this issue. Therefore, it makes sense to recommend government debt bonds and government savings bonds to optimize the amount of external public debt.
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Pedchenko, N., and T. Husakovska. "APPROACHES TO ASSESSING THE LEVEL OF GOVERNMENT DEBT SECURITY." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 3 (2020): 319–26. http://dx.doi.org/10.21272/1817-9215.2020.3-36.
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In conditions of economic instability and the difficult military-political situation in Ukraine, debt security is becoming especially important. Insufficiently balanced debt policy can lead to a narrowing of investment support for innovative economic development, loss of financial stability of the state, macroeconomic instability, will pose a threat to state sovereignty. The choice of approaches and methods for its assessment is crucial for the effective management of the state's debt security. The purpose of the study is to analyse and systematize existing approaches and methods to build a system of indicators for assessing the debt security of the state, as an important component of its economic security. The research is based on the use of general scientific and special methods, in particular: analysis and synthesis, comparison and generalization, analogies, systematization, methods of induction and deduction. The article analyses and summarizes the existing approaches to the formation of a system of indicators for assessing the level of debt security of the state. To assess the overall solvency in world practice, indicators are used that compare the amount of external debt with the main indicators of the reproduction process. Instead, the assessment of government debt security (liquidity) involves comparing the size of current (projected) payments on external debt with the available (projected) amounts of liquid resources. It is established that in domestic and world practice there is no single approach to the formation of a system of indicators and the definition of their limit values. At the same time, the differences in the threshold values of indicators for different countries are justified, as potential risks and threats to different economies have their own characteristics. The necessity of taking into account the state of its economic development, and, first of all, the development of the institutional environment when determining the threshold values of the indicators of debt security assessment of the state is substantiated. It is determined that the system of indicators for assessing the level of debt security of Ukraine needs to be supplemented and constantly adjusted to the limit values in accordance with changing conditions of the economic environment.
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PLOTNIKOV, Oleksiy. "PROBLEMS OF UKRAINE’S COOPERATION WITH INTERNATIONAL FINANCIAL ORGANIZATIONS." Economy of Ukraine 2019, no. 5 (June 11, 2019): 41–47. http://dx.doi.org/10.15407/economyukr.2019.05.041.
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The contemporary aspects of Ukraine’s cooperation with international financial organizations are considered. The modern world is characterized by widespread use of external debt borrowing along with domestic sources of financing. The problems on the way of optimization of relations between Ukraine and international financial organizations are identified. In particular, these problems include: solvency of Ukraine and the growth of external debt; inadequacy of requirements of the international financial organizations to the realities of Ukraine’s economy; permanent influence of the international financial organizations on the activity of the current government of the state; requirements from the international financial institutions that are on the verge of national security of Ukraine, and in some cases cross this limit; the use of political factors to directly support the holding of various kinds of “reformers”; optimization of relations between Ukraine and the international financial organizations. The actual directions of optimization of Ukraine’s cooperation with international financial organizations are outlined. The author shows the necessity to build strategies of relations of Ukraine with international financial organizations to be based on the current state of the national economy. The transition from direct receipt of financial resources to advisory and other support from these institutions is deemed as the possible direction of further relations of Ukraine with international financial organizations. In modern conditions it is necessary to reorient the cooperation with international financial organizations to achieve the national interests of Ukraine in the country and abroad. Ukraine’s relations with the international financial institutions should be built in the context of optimizing the model of socio-economic development and changing relevant accents.
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Moroz, Ivanna. "Debt strategies of European countries and vectors of implementation of best experience in the practice of external public debt management of Ukraine." EUREKA: Social and Humanities, no. 5 (September 30, 2021): 58–68. http://dx.doi.org/10.21303/2504-5571.2021.002023.
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The policy of external and domestic public debt management in different countries has its own specifics, and its results are not always unambiguous. Thus, the existing recommendations of the International Monetary Fund and the Maastricht criteria prove that the maximum value of public debt to GDP should be no more than 60 %. Exceeding this limit can lead to a deterioration in financial stability, debt sustainability, and ultimately to a technical default of the state. However, the practice of public debt management in many developed countries shows quite opposite trends, as a significant excess of the Maastricht criterion not only does not lead to default, but on the contrary allows countries to accumulate the necessary financial resources to ensure stable economic growth.
Therefore, the study of European debt strategies and their effectiveness is a very important issue, especially given the consequences of the COVID-19 pandemic for developing countries. Given the growing external debt dependence of Ukraine as a result of both the war with the Russian Federation and the COVID-19 pandemic, the search for a better experience of European debt policy and consideration of ways to adapt it to domestic realities are discussed in our article.
Based on the analysis of the debt policy of European countries, the expediency of using debt rules, aimed at regulating both the country's debt security and the effectiveness of the use of public borrowing to stimulate economic growth has been proved.
Cluster analysis of debt strategies of some European countries has shown that the high level of dependence on external public debt has a negative impact on economic security in general, because in the event of deteriorating macroeconomic situation, the likelihood of foreign investors selling government securities increases, and in the case of external loans from international financial and credit organizations – the risks of negative impact of burdensome non-financial obligations on the national economy grow.
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Bondaruk, T. H., L. Ye Momotiuk, and O. S. Bondaruk. "Budget Security as Factor of Economic Development of the State." Statistics of Ukraine 89, no. 2-3 (November 24, 2020): 40–47. http://dx.doi.org/10.31767/su.2-3(89-90)2020.02-03.05.
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A system analysis of the core threats to the budgetary security of the state shows that the current performance of the budgetary system in Ukraine was formed under the pressure of destructive external and internal risks aggravating the budgetary security problem. The article’s objective is to deepen theoretical and methodological foundations for the assessment of core threats to the budgetary security of the state.
It is demonstrated that the occurrence of external and internal threats to the budgetary security is characterized by the following tendencies: high level of GDP redistribution through the budgetary system; the growing figures of the total public debt, the government guaranteed debt and the payments to service and repayment of the public debt in Ukraine; the persisting high deficit of the public budget; high level of centralization of the budgetary funds.
It is substantiated that the execution of budget revenues involves two main dimensions of risk activities, which are the threats related with the proceeding of taxes and other categories of obligatory payments to the budget, and the administrative threats stemming from the existing system of tax administering. The impact of the first group of threats can be minimized by building up a rational budgetary system with the optimal level of fiscal burden. Minimization of the impact from the second group of threats will enable for the effective work of government bodies charged with administering and control.
The factors that cause risks and threats of budget losses resulting from failures in the budget revenues administration system are determined: risks which occurrence will result in the budget revenues never reaching the expected levels due to the inefficiency of forecasting and planning of budget revenues and failures in the routine operation process, first and foremost when mobilizing payments to the budget; risks of the excessive costs with the occurrence of which the costs for guaranteeing the projected figures of budget revenues by revenue category will exceed the economically viable ones; risks of the violation of the law, and risks of budget revenues administering per se.
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Bondaruk, T. H., L. Ye Momotiuk, and O. S. Bondaruk. "Budget Security as Factor of Economic Development of the State." Statistics of Ukraine 89, no. 2-3 (November 24, 2020): 40–47. http://dx.doi.org/10.31767/su.2-3(89-90)2020.02-03.05.
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A system analysis of the core threats to the budgetary security of the state shows that the current performance of the budgetary system in Ukraine was formed under the pressure of destructive external and internal risks aggravating the budgetary security problem. The article’s objective is to deepen theoretical and methodological foundations for the assessment of core threats to the budgetary security of the state.
It is demonstrated that the occurrence of external and internal threats to the budgetary security is characterized by the following tendencies: high level of GDP redistribution through the budgetary system; the growing figures of the total public debt, the government guaranteed debt and the payments to service and repayment of the public debt in Ukraine; the persisting high deficit of the public budget; high level of centralization of the budgetary funds.
It is substantiated that the execution of budget revenues involves two main dimensions of risk activities, which are the threats related with the proceeding of taxes and other categories of obligatory payments to the budget, and the administrative threats stemming from the existing system of tax administering. The impact of the first group of threats can be minimized by building up a rational budgetary system with the optimal level of fiscal burden. Minimization of the impact from the second group of threats will enable for the effective work of government bodies charged with administering and control.
The factors that cause risks and threats of budget losses resulting from failures in the budget revenues administration system are determined: risks which occurrence will result in the budget revenues never reaching the expected levels due to the inefficiency of forecasting and planning of budget revenues and failures in the routine operation process, first and foremost when mobilizing payments to the budget; risks of the excessive costs with the occurrence of which the costs for guaranteeing the projected figures of budget revenues by revenue category will exceed the economically viable ones; risks of the violation of the law, and risks of budget revenues administering per se.
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Furdichko, L., and O. Pikhotska. "THE STATE OF EXTERNAL PUBLIC DEBT IN THE ECONOMIC REALITIES OF UKRAINE: ITS ANALYSIS, CAUSES AND CONSEQUENCES." Ekonomika ta derzhava, no. 11 (December 3, 2019): 25. http://dx.doi.org/10.32702/2306-6806.2019.11.25.
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Holovko, Oleh, and Lilia Solomonova. "COMPONENTS OF THE BUDGET SYSTEM OF UKRAINE AS FACTORS OF FINANCIAL AND ECONOMIC SECURITY." Three Seas Economic Journal 1, no. 3 (December 18, 2020): 29–34. http://dx.doi.org/10.30525/2661-5150/2020-3-5.
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The purpose of this study is to analyze the components of the budget system of Ukraine as factors of financial and economic security to identify negative trends in the context of the implementation of decentralization reform. It is proved that the research of this direction should start with the analysis of the conceptual apparatus and structural relationships between categories. At the top level of the hierarchy there is the category of national security of Ukraine, which, according to current legislation, means the protection of state sovereignty, constitutional order and other national interests of the country from real and potential threats. The category of financial and economic security is also often used in the scientific literature. Given the above classification, in this case we are talking about the financial security of the country as a factor of economic security. Methodology. To stimulate economic development, the practice of modern budget regulation provides for the presence of a planned deficit, which is a source of local and public debt. Depending on the areas of its financing, there are domestic and foreign, local and national debts. The relationship between the above indicators determines the level of budget security of the country, which is one of the most important factors of financial stability was identified in the work. Results. It is proved that, according to the results of the analysis, practical recommendations on budget policy of Ukraine as a factor of financial and economic security should take into account the following steps: against the background of growing social burden on the budget, it is necessary to continue the redistribution of budget funds in favour of the regions, which will increase their level of financial autonomy and reduce the amount of transfer payments; pursue a strict restriction policy to prevent the growth of the state budget deficit and uncontrolled increase in debt; the problem of pension provision increases the burden on the state budget every year. It is necessary to take measures to create a cumulative system of state and non-state pension insurance. Practical implications. The practical consequences prove that in 2016 the public debt of the consolidated budget of Ukraine reached a record 81% of GDP. However, effective economic and budgetary policy allowed to reduce it in 2019 to 50.3%, which was positive. Moreover, the share of external debt was 29.2%. The high budget deficit in 2020 will lead to an increase in debt to 58.7% of GDP, which offsets the previous positive changes. It is determined that at the beginning and at the end of the study period the expenditures of the pension system of Ukraine have been equal to about 10% of GDP. At the same time, financing from own revenues has decreased from 8% to 6%, which is negative. The most critical situation became after 2013, when this indicator began to decline rapidly, increasing the burden on the state budget. Value/originality of the work is an analysis of the components of the budget system of Ukraine as factors of financial and economic security, which in contrast to the existing ones is based on the need for further implementation of decentralization reform and allows to develop practical recommendations for budget regulation.
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Dudchyk, Oksana, Iryna Matvijchuk, Mariia Kovinia, Tetiana Salnykova, and Iryna Tubolets. "Financial literacy in Ukraine: from micro to macro level." Investment Management and Financial Innovations 16, no. 4 (December 16, 2019): 240–53. http://dx.doi.org/10.21511/imfi.16(4).2019.21.
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Low financial literacy of population hinders the financial market development, limits the possibilities of using the savings for investing and creating the additional capital in the country. At the state level it results in inflation, the budget deficit creation, a decrease in country’s gold and foreign exchange reserves, an increase in internal and external government debt. The article analyzes the approaches to understanding the concept of financial literacy, tools for its measuring and comparing at micro and macro levels, dynamics of savings and gold and foreign currency reserves, peculiarities of financial literacy through the analysis of dynamics and structure of revenues and expenditures of the government budget and the population of Ukraine. Factors influencing the financial literacy of the population have been systematized. The findings give an idea of creating the optimal managerial influence based on the estimation of financial literacy of the Ukrainian population with the help of specific statistical indicators to expand the possibilities of such influence and to regulate the economic processes to achieve the financial stability of the state and the population. The study showed low financial literacy at both population and state levels. However, at the micro level, creating the credit relations, as well as income, expenses, and savings is more effective than at the macro level.
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Анастасія Петрівна Софієнко. "ДЕРЖАВНІ ЗАПОЗИЧЕННЯ, ЯК ІНСТРУМЕНТ ФІНАНСОВОЇ ПОЛІТИКИ В УМОВАХ ВІЙСЬКОВОГО КОНФЛІКТУ." International Journal of Innovative Technologies in Economy, no. 2(22) (March 31, 2019): 9–16. http://dx.doi.org/10.31435/rsglobal_ijite/31032019/6374.
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The article deals with the problem of debt borrowing in the context of a military conflict. It is proved that state borrowings play a significant role in the context of a sharp reduction of state budget revenues caused by military actions. The experience of countries in which military conflicts have reached a logical conclusion, as well as those where they are still ongoing (including in Ukraine) are considered. It is substantiated that the accumulation of public debt, in particular the external ones, during the war lays the basis for a long- term debt crisis in the country, which negatively affects the development of the economy as a whole. It is proved that under the conditions of intervention of the international community, the aggressor country may be compelled to pay compensation to the injured party. At the same time, the analysis of modern wars gives grounds to conclude that the vast majority of them are hybrid, and therefore, the country under such conditions will solve the problem of the debt crisis, mostly on its own, using its available resources (raw materials, natural, material, human, etc.).
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HUDZ, Tetiana. "Modeling the external factors influence on financial balance of chemical enterprises of Ukraine." Economics. Finances. Law, no. 11 (November 21, 2019): 19–24. http://dx.doi.org/10.37634/efp.2019.11.4.
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Introduction. The relevance of this study is due to the search for tools to ensure the sustainable development of Ukrainian economy real sector. A possible way of forming stable institutional prerequisites for building an strong economy with the prospect of its conversion to social equilibrium state is balancing finance of industrial enterprises. Chemical industry is one of the priority areas of Ukraine’s economy. The purpose of the article is a modeling of chemical industry enterprises financial equilibrium taking into account external factors’ influence. The main research methods are dialectics, deduction and induction, mathematical gnostic analysis, trend analysis. Results. The financial equilibrium stability index of chemical industry enterprises is proposed in this article. It characterizes the stability of chemical industry enterprises financial equilibrium to external factors’ influence. They are inflation, devaluation, innovation, chemical production, its export-import balance, credit rate and bank system capitalization. Based on the use of mathematical gnostic analysis, an economic and mathematical model was created to predict the stability index of chemical industry enterprises financial equilibrium taking into account the influence of monetary, production and market factors. Forecast of balancing of corporate finance in the chemical industry under external factors’ influence is made. The state of stable negative financial equilibrium of Ukrainian chemical industry is revealed. Conclusion. Suggestions for overcoming financial imbalances at chemical industry enterprises are formed. There are: enterprise debt inventory, revision of gas price, production innovations. The findings complement the scientific foundations of sustainable development in Ukraine and can be applied by the financial management of chemical industry enterprises for their stabilization.
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KHOMUTENKO, Alla. "QUANTIFICATION OF THE ECONOMIC EFFECT FROM THE MANAGEMENT OF STATE FINANCE OF UKRAINE." WORLD OF FINANCE, no. 4(65) (2021): 69–86. http://dx.doi.org/10.35774/sf2020.04.069.
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Introduction. The results achieved in managing state finances can be expressed through organizational, social and economic effects. They are dialectically related and, to a large extent, determine the degree of satisfaction of public interests that change over time. Financial indicators obtained in the budget sphere and in the state sector of the economy, characterize the economic effect of managing state finances. Economic effect, as a rule, confirms the feasibility of a functioning managerial apparatus and the effectiveness of its decisions in all spheres of society. The purpose of the article is to evaluate the economic effect of managing state finances of Ukraine, based on the author’s methodological approach, and substantiate the directions for its increase. Results. The indicators of the economic effect of state finance management are defined in the article. The analysis of individual indicators of fiscal, debt, investment and innovation stability in the state, as well as the financial stability of subjects of the state sector of the economy for 2008–2018. The tendencies of performance indicators of the plan of the State Budget of Ukraine, the reliability of the profitable part of Pension Fund of Ukraine, revenues from privatization, external state debt, efficiency and level of mastering of budget investments are established. The number and structure of the state sector, its financial contribution to the national economy are investigated. The necessity of carrying out a number of priority measures that will positively affect the indicators of the economic effect of managing state finances of Ukraine is substantiated. Conclusions. According to the results of the assessment of the economic effect of the efficiency of state finance management it is necessary to apply measures aimed at ensuring budgetary, debt, investment and innovation stability and financial stability of state sector entities. For example, it is necessary to improving the management of state-owned enterprises, in particular: 1) to change methodological approaches to assessing the effectiveness of state sector management; 2) to establish the relationship between the budget funding of the state sector of the economy and the results of its work; 3) to use budget lending as a tool for managing the initial financial flows of the state budget; 4) to increase the responsibility of heads of state enterprises for the results achieved by them. It is proposed to improve the management of budget investments due to: 1) the development of the institution of public-private partnership in certain areas of the economy such as infrastructure, science, etc.; 2) intensification of the use of innovation potential through the creation of innovation clusters, business incubators, etc.; 3) improving the quality of evaluation of the investment project, which will positively affect the effectiveness of its implementation; 4) reorientation of the directions of movement of funds from investments in means of production to investments in human resources, which has a long-term perspective, but with higher profitability; 5) securing for the state intellectual property rights for the development of state research institutes (patents, certificates, etc.), which will provide additional revenue from franchises and trademarks.
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Kravchenko, Olha, Anatolii Kucher, Maria Hełdak, Lesia Kucher, and Joanna Wysmułek. "Socio-Economic Transformations in Ukraine towards the Sustainable Development of Agriculture." Sustainability 12, no. 13 (July 6, 2020): 5441. http://dx.doi.org/10.3390/su12135441.
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The social and economic conditions of all market participants are incentives and constraining factors influencing the levels of food, social, economic and ecologic security. The purpose of the article lies in the presentation of the author’s concept of the social and economic conditions where the transformation of economic relations between agrofood market participants is happening—in particular, the livestock products market of Ukraine—and the assessment of the state of food security of the country, as well as a comparison, by the same criteria, of the conditions of agrofood market participants in Ukraine and in four European countries: Germany, France, Italy, and Poland. This research was based on the application of empirical knowledge methods: observation, comparison, description, measurement, statistic methods, etc. So far, the participant functioning conditions in the agricultural market in Ukraine are unfavorable for the sustainable development of agriculture, especially the livestock industry. The debt burden of external creditors is growing, the amount of direct investments from the countries of the world decreases, and the growth of capital investment in terms of calculation per one employee is slowing down. The food security of Ukraine is unstable. The “market” itself is not capable of remedying all the negative phenomena. Therefore, it is necessary to apply the weighted power of the state.
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Gvozdej, Nataliia. "COOPERATION OF UKRAINE WITH INTERNATIONAL FINANCIAL AND CREDIT ORGANIZATIONS: CURRENT STATUS AND EXPANSION PROSPECTS." Three Seas Economic Journal 3, no. 2 (April 29, 2022): 52–58. http://dx.doi.org/10.30525/2661-5150/2022-2-7.
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The article analyzes the state of Ukraine's cooperation with leading international financial organizations, paying special attention to such organizations as the International Monetary Fund, the European Bank for Reconstruction and Development, the World Bank, the International Bank for Reconstruction and Development and the International Development Association. The article identifies the advantages and disadvantages of cooperation with the IMF. The investment and credit activity of IFRS in Ukraine is analyzed. The influence of IFRS on the economic development of the country has been studied. The features of Ukraine's cooperation with the European Bank for Reconstruction and Development are revealed. The most relevant joint projects of the World Bank and the Government of Ukraine are given. The subject of the study is theoretical and practical issues related to the role of international financial organizations in financing the state development of the country. The purpose of the article is to open to identify the impact of international financial and credit institutions on financing the social development of Ukraine. research methods. The work uses a combination of general scientific and specific methods and approaches, such as dialectics, consistency, the method of scientific abstraction, comparative and factor analysis, and the logical approach. Work results. The role and significance of the IFC as an important source of external financial resources are disclosed. Scientific approaches to the use of international financial assistance and ensuring economic development in conditions of financial imbalances are summarized. It is shown that the experience of international financial organizations and their recommendations make it possible to take into account global and regional trends and processes, risks and problems in the financial environment. This is important for shaping the financial policy of sovereign states and improving the formats of their cooperation in the international arena. Findings. Financial cooperation with international institutions is a powerful source and an effective tool for the development of the national economy. The resources of international financial institutions are used to implement programs aimed at market reform, ensuring the stability of the national currency, solving socio-economic problems, economic growth, financing the state budget deficit and balancing the balance of payments. But financial debt to these institutions makes the country's economy vulnerable and dependent on foreign creditors. Now, when Ukraine is in a state of crisis, the issue of finding resources in the external market needs an urgent solution. Of particular relevance is the search for ways to expand international financial cooperation of Ukraine, which is associated with the need to provide the national economy with the necessary amount of financial resources due to a lack of funds in the Ukrainian market. A sovereign country has advantages in obtaining external official financial resources in comparison with other economic entities, which are determined by the trust in the sovereign state. This means support in the international arena and better conditions for receiving financial assistance. Additional financial resources as part of external official assistance allow the introduction of the latest technologies and financing mechanisms of the IFC, which improves the best management of financial resources and increases the efficiency of their use.
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KLYMENKO, Kateryna, and Maksym SAVOSTIANENKO. "Strategic aspects of Ukraine’s cooperation with IFIs in the energy sector." Naukovi pratsi NDFI 2021, no. 1 (June 24, 2021): 83–100. http://dx.doi.org/10.33763/npndfi2021.01.083.
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The article analyzes the cooperation strategies of international financial organizations with Ukraine in terms of priority areas of cooperation in the medium term in the energy sector. The key positions on the directions of reforming the energy sector of Ukraine in line with the requirements of the IMF are studied. The authors study the state of attracting IFIs financial resources in the energy sector of Ukraine. The key areas, tasks, results of attracting financial resources of international financial institutions in the energy sector are identified. Measures are proposed to improve the legislative and regulatory framework in order to increase the effectiveness of further cooperation in the medium term. The conceptual bases of development of the new long-term Strategy of cooperation with IFIs till 2030 are stated. Adoption of the Strategy of Cooperation of Ukraine with International Financial Institutions will coordinate the priority areas of partnership in the medium term and promote the accumulation of resources of international partners, state and local budgets, other sources for development projects in key areas while maintaining acceptable external debt and achieving positive changes in the energy sector. The authors argue that in the current conditions it is advisable to intensify efforts to increase the effectiveness of joint programs in the energy sector. First of all, it is about developing national norms and rules and their harmonization with European ones (taking into account the chosen vector of development) in order to more effectively avoid and manage risks, monitor the processes of preparation, implementation and evaluation of such programs.
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Blikhar, M., N. Mykhalitska, M. Veresklia, I. Komarnytska, and G. Koziar. "FINANCIAL SECURITY OF THE STATE: INTERNATIONAL EXPERIENCE IN THE STUDY OF INSTITUTIONAL AND LEGAL CAUSES OF CRISIS PHENOMENA IN THE ECONOMY." Financial and credit activity: problems of theory and practice 2, no. 37 (April 30, 2021): 426–37. http://dx.doi.org/10.18371/fcaptp.v2i37.230333.
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Abstract. The article maps out the topical issue of reinforcing the financial and economic security of our country by switching from uncritical compliance with standard requirements of financial institutions affecting the provision and amount of international loans to development of own economic policy on the basis of rethinking the reasons for the unsatisfactory state of the financial and economic security of Ukraine. The purpose of the article is to study the issue of increasing the sustainability of the financial system of Ukraine taking into consideration foreign experience and to determine the main direction of its provision with the emphasis on the priority development of the real sector of the economy. The financial security issue has become of paramount importance and relevance not only for Ukraine but for other countries as well. The study of foreign experience showed that stagflation of the 1970s provoked an erroneous neoliberal economic reaction. Policy responses were focused on deregulation of markets, in particular labour and financial markets, on the one hand, and on achieving the price stability instead of full employment on the other hand. This neoliberal «counterrevolution» created the conditions for the emergence of «financialization» or «finance-dominated capitalism» since the early 1980s first in the USA and Great Britain and then spread around the world. Over the past 30 or so years, finance began to dominate the industry, and non-financial corporations are increasingly engaged in financial rather than production activities. For instance, in Japan it resulted in the Great Recession. In Ukraine such policy has been implemented since the early 2000s under the influence of IMF requirements. As a result, the economy has lost the ability to provide a decent standard of living for the population and encouraged the labour migration and the increase of debt burden which was practically unavoidable without catastrophic consequences for state sovereignty. It is proposed to redirect the economic policy of Ukraine from spontaneous development of the «mechanism of financialization» to the creation of a mechanism for the development of real economy and effective creation of high-wage jobs complemented by the social responsibility of entrepreneurs and improving the regulatory requirements for legal regulation of public relations related to ensuring the financial security of the state. Keywords: financial security, gross external debt, liability, social responsibility, law, labour migration; employment of population, budget deficit. JEL Classification Е02, H63, K10, M14, O11 Formulas: 0; fig.: 2; tabl.: 1; bibl.: 26.
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MARSHALOK, Taras, and Ivanna MOROZ. "IMPACT OF THE GOVERNMENT DEBT ON ECONOMIC DEVELOPMENT OF COUNTRY." WORLD OF FINANCE, no. 2(59) (2019): 23–36. http://dx.doi.org/10.35774/sf2019.02.023.
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Introduction. An increase in public debt may have a negative, neutral or positive impact on the country's economic development. A big loan does not mean big growth; it all depends on how the public money is spent. The same amount of money spent by governments from different countries has a different meaning for domestic development and the dynamics of public debt. The reasons are differences in the size of GDP, the structure of government borrowings, the shadow economy. Purpose. The objective of this paper is to deepen the theoretical backgrounds and applied aspects of influence of the public debt on the economic development of the country. Methods. In the research process, a set of research methods and approaches were used: systemic, structural-functional, comparisons and others. Results. The problem of a high level of public debt is acute in many countries throughout the world, including Ukraine. Nobody can say for sure whether a high public debt holds back the country's economic development. Theoretically, economically weaker countries, having regard to the financial constraints and economic needs, should have a higher level of public debt in relation to GDP than countries with high levels of development. However, comparing the data on the ratio of public debt and GDP in the EU, it can be noted the following: the higher indicators in the more developed countries of the EU. The latter, in fact, are the largest lenders of the world economy and at the same time have the largest volumes of the public debt both in absolute terms and in relation to GDP. As a result of the unsatisfactory financial state of the public sector, household saving goes to the repayment of the higher-level commitments, and not for the financing of the development of companies. This is especially problematic if we look at the situation of future generations – they will have less capital at their disposal. Public debt is a reduction in future revenues; hence, it is an intergenerational problem. Conclusions. It is possible to make proposals that will have a significant impact on the growth of the economy and the reduction of the public debt: – internal borrowing but not the external loans are economically justified. In this case, the debts do not increase the money base and the turnover of funds is carried out within the state; – entrepreneurship requires the systematic and consistent support that will stimulate the economic development, which needs stable business conditions in the long run.
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Varnalii, Zakharii, and Taras Tomashevskyi. "Systemic problems and ways of Ukraine financial security in the conditions of hybrid warfare." University Economic Bulletin, no. 41 (March 30, 2019): 171–79. http://dx.doi.org/10.31470/2306-546x-2019-41-171-179.
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The purpose of this paper is to identify the problems and ways of providing Ukraine financial security in a hybrid war. The subject of the study is the system of financial security of Ukraine. Research methods. The paper uses a set of scientific methods, including systematic, structural, comparative, factorial, and others which allowed to realize the conceptual unity of the research. Research results. The article deals with systemic problems and ways of ensuring the financial security of Ukraine in the conditions of hybrid warfare, clarifies the concept of "financial security", an analysis of the peculiarities of the factors of providing and assessing the financial security of Ukraine at the present stage of development of the state. It has been determined that financial security is one of the key elements of economic security, the state of finance in the state depends on the state of the economy of the country, and simultaneously, the economic well-being of the country depends to a large extent on the level of ensuring the financial security of each individual citizen, as well as of the society state in the whole. Conclusions. Financial security is the protection of financial interests of business entities at all levels of financial relations, financial coverage of households, enterprises, organizations and institutions, regions, industries, sectors of the economy, government, sufficient to meet their needs and to fulfill obligations. In public administration practice there are often problems in assessing and analyzing individual components of national security or making decisions on one of the areas of ensuring financial security, when data on changes in other components of security are not available. Ensuring the financial security of the country requires the cessation of capital flight practice being one of the most powerful internal threats to the financial security of the country as a whole. The rise of external public debt and the excessive openness of the economy are the factors contributing to financial security risks.
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Anatolii, VDOVICHEN, CHORNOVOL Alla, and TABENSKA Yuliia. "BUDGET PLANNING IN THE CONDITIONS OF INSTITUTIONAL TRANSFORMATIONS." Herald of Kyiv National University of Trade and Economics 135, no. 1 (February 24, 2021): 90–100. http://dx.doi.org/10.31617/visnik.knute.2021(135)07.
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Background. Quality level of the budget planning is an important factor in ensuring balance of state and local budgets in the conditions of institutional transformations. Adoption of effective management decisions by public authorities and local governments involves the development of the budget planning system taking into account information technology, assessment of changes in socio-economic processes. The aim of the article is to reveal the areas of improvement of the budget planning system and its tools. Materials and methods. Thesystematic method has been used in determining nature and role of the budget planning in ensuring the stability and balance of state and local budgets. The comparative method is used in the process of generalizing the features of the budget planning tools. The method of scientific abstraction is used in the disclosure of theoretical and methodological principles of improving the budget planning system. The method of analysis and the synthesis has been used to assess the planned and actual indicators (revenues, expenditures, deficit of the State Budget of Ukraine; public and guaranteed public debt). Results. The essence and role of the budget planning in ensuring the stability and balance of state and local budgets have been determined. Theoretical and methodological principles of functioning of the budget planning system have been revealed. The analysis and assessment of planned and actual indicators such as revenues, expenditures, deficit of the State Budget of Ukraine; public and guaranteed public debt for 2015–2019 have been made. The ways of improving the budget planning system in the conditions of institutional transformations have been substantiated. Conclusion. A detailed analysis and assessment of the impact of internal and external factors on the financial and economic environment is needed in order to develop the budget planning system in terms of institutional transformation. It will provide an opportunity to identify regular trends in the dynamics of macroeconomic indicators and budget indicators. An important task is to develop economic and mathematical models based on the assessment of economic development opportunities of the country, the tax potential of administrative territorial units. Keywords: budget policy, budget system, budget planning, budget revenues, budget expenditures, budget deficit, public debt.
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IVASHCHENKO, Alla, Tetiana HORODETSKA, and Sofiia MELESHKEVICH. "Overview of the current state of consumer lending in commercial banks of Ukraine and its organizational and economic support." Economics. Finances. Law 12, no. - (December 24, 2021): 22–28. http://dx.doi.org/10.37634/efp.2021.12.5.
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The paper gives the theoretical basis of the peculiarities of the process of consumer lending in commercial banks – defines the economic essence of consumer credit, its objects, tools, stages of implementation and mechanisms for repayment of credit debt. An overview of the current state and development of bank consumer lending in Ukraine is presented. An analysis of the dynamics of assets and loan portfolio of Ukrainian banks, namely: analysis of loans to individuals and analysis of the volume and share of consumer loans in the total loans to individuals in the loan portfolio and assets of banks in 2015–2021. The peculiarities of the formation of the retail loan portfolio of Ukrainian banks are studied and the directions of improving the level of organizational and economic support of consumer lending of Ukrainian banks are outlined. A necessary condition for ensuring the stability of the banking system is the development of bank lending. Constant changes in the market of banking services and openness to the external environment require banks to constantly search for markets and lending mechanisms, including consumer credit. It is the development of consumer lending that determines the formation and increase of effective demand of the population, and thus the development of the economy as a whole. Therefore, the intensification of long-term bank lending available to borrowers is one of the most important tasks of Ukraine's strategic development. In recent years, there has been a growth trend in the consumer lending sector, which, on the one hand, has become an indicator of intensification of banks' lending, but on the other hand, rapid growth in retail lending has led to increased debt and unprofitable individual banks. Therefore, there is an objective need to increase the level of organizational and economic support for consumer lending to Ukrainian banks in order to avoid credit risk. An important way to increase the profitability of consumer lending is to improve the quality of loans. To this end, it is recommended to improve the work of the bank's departments for monitoring problem loans, the use of scoring systems, the introduction of insurance of financial risks of banks on card lending.
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Khalatur, Svitlana, Kateryna Zhylenko, Ihor Vinichenko, Olena Trokhymets, and Lesia Kriuchko. "The Formation of the International Imperatives of the National (Food) Security Coefficient in Ukraine under Globalization." Przegląd Strategiczny, no. 13 (December 31, 2020): 455–75. http://dx.doi.org/10.14746/ps.2020.1.28.
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The purpose of the study is to review the academic literature on food security issues in order to examine the indicators of rational and minimal nutrition, facilitating the analysis of the existing system of indicators by which to assess the state of the food security system in a country. The aim of the article is to investigate and demonstrate the imperatives behind the formation of Ukraine’s national (food) security in the context of globalization. National food security in the broad sense should be considered as the state of the economy, and more narrowly – as the guaranteed ability of a state to meet the needs of the population by providing each citizen with the required volume, range and quality of food at a level that ensures the health and intellectual development of the individual, based on the principles of self-sufficiency of basic products and their economic and physical accessibility, regardless of the influence of external and internal factors. The Global Food Security Index Ranks of the European Union and Ukraine are analyzed. Consumer expenditure on food consumed at home in Ukraine is analyzed in the article. Average food security indicators of the EU and Ukraine are analyzed for 2001–2018, in particular for food exports, food imports, food production index, food, beverages and tobacco. The dynamics and forecasts of wheat and maize harvest and crop production in Ukraine and the EU are compared. The analysis of the Suite of Food Security Indicators of the EU and Ukraine is presented alongside a comprehensive analysis of the multifactor regression model of Food Production Index from foreign direct investment, net inflows, GDP growth, GNI per capita growth, short-term debt, tax revenue, total natural resources rents, and trade. The analysis has shown that for the analysis of the food production index it is effective to build a regression model, because it allows not only to estimate the degree of influence of the factor on the result, but also to most effectively predict the size of the food production index for the future.
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KYRYLENKO, Olha, and Olena STASHCHUK. "EVALUATION OF MACROECONOMIC FACTORS FORMATION OF FINANCIAL SECURITY OF UKRAINE." WORLD OF FINANCE, no. 2(51) (2017): 7–16. http://dx.doi.org/10.35774/sf2017.02.007.
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Introduction. The financial security of the state is one of the most important components of economic security in general and in terms of its individual functional elements. The financial security of the country determines the level of attractiveness, competitive position in world markets and creates conditions for economic development of certain entities in prospective periods. The purpose of the paper is to determine the place of financial security in the economic security of the country, the main theoretical approaches to the interpretation of the concept of “financial security” and display its main components. The article is isolating the main factors in the formation of financial security in Ukraine, studies of trends and characteristics impact on the economy. Results. The study highlighted the threat of financial security, such as threats to publicsector debt policy threat, the threat of the insurance market, the threat of monetary economy, the threat of the currency market, the stock market threats and other threats. Based on statistical and other information, the analysis of safety parameters for each of the proposed components. This analysis allowed to conclude that for any of the indicators Ukraine's economy has not reached the threshold of financial security. Conclusion. Research essence of the concept of financial security allowed the state to distinguish two main approaches to its treatment: 1) emphasis on the protection of the financial interests of businesses due to the influence of internal and external factors; 2) highlights the availability of sufficient funds to meet the needs of the state, region and individual entities. The primary measures that can be used to enhance the financial security of Ukraine's economy as a whole, should be aimed at: reducing the budget deficit, lower inflation, increase in lending business structures, reducing the proportion of cash sales, increased foreign investment in the economy stabilizing the national currency, increasing the volume of financial resources for sustainable development of the economy in the long run.
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Dubishev, V., and I. Ostrovskyi. "PECULIARITIES OF MACRO-FINANCIAL POLICY OF UKRAINE IN CONDITIONS OF BUDGET DECENTRALIZATION." Series: Economic science 7, no. 167 (November 30, 2021): 8–13. http://dx.doi.org/10.33042/2522-1809-2021-7-167-8-13.
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The article considers the relationship between modern processes of budget decentralization and macro-financial policy of Ukraine. The focus on deepening decentralization processes in Ukraine remains unchanged. This emphasizes the use of the State Strategy for Regional Development for 2021-2027. The theoretical foundations of budget decentralization were introduced in the works of C. Tibet, W. Oates, E. Bracco, W. Tanzi, A. Aristovnik and other Western researchers. C. Oates defined the decentralization of fiscal powers as a benefit that could lead to a reduction in the size of the central government. This means reducing the tax burden by increasing competition from tax jurisdictions. For quantification at the level of an individual economy, it is possible to use the index of fiscal decentralization. This index consists of two sub-indices: the self-sufficiency index and the index of importance of subnational budgets. The OECD Fiscal Decentralization Database can be used as a source of information on fiscal decentralization. A retrospective analysis of economists has shown an increase in the index of fiscal decentralization and an improvement in the state of subnational entities in a favorable macroeconomic situation. On the contrary, the crisis worsens the conditions of subnational entities and is accompanied by a decrease in this index. With the beginning of the pandemic, there was a crisis situation regarding the macroeconomic support of further decentralization processes. Long-term social problems are deepening: demographic negatives, increasing external outflow of labor resources, shrinking the country's economy, progressive deindustrialization, high resource intensity of production, in particular, low energy efficiency, growing debt burden. The most destabilizing role is played by military events in the east of the country. High regional disproportion logically leads to a violation of the single economic space of Ukraine. The size of the budget deficit and public debt is increasing. The crisis has a significant impact on all macroeconomic processes, in particular, on the macro-financial stimulation of budget decentralization processes. The urgent task is to establish effective coordination of fiscal and monetary policy, as well as increase the capacity to attract loan financing. Extreme conditions force us to temporarily give up strategic intentions as such, which are not urgent. Public-private partnership can get another chance to become an effective mechanism of social interaction. Increasing competition between budgetary institutions and private institutions in these areas has the potential to increase the quantity and quality of public services.
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Lykholat, Svitlana, Volodymyr Zaichenko, and Nataliya Rozhko Nataliya Rozhko. "Condition, Regional Disparity And Strategic Priorities Of Providing Technological Competitiveness Of Ukraine's Economy." ASEJ Scientific Journal of Bielsko-Biala School of Finance and Law 24, no. 1 (April 30, 2020): 39–43. http://dx.doi.org/10.5604/01.3001.0014.1350.
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The proper role and high importance of regional peculiarity of innovation and technological activity in the context of ensuring technological competitiveness of the economy depends on its identification and understanding of the critical differentiation of the regions of Ukraine by the number of innovatively active enterprises, production volumes, share of realized innovative products, as well as the positioning the regions of Ukraine by the share of enterprises with technological innovations, the rate of its growth and the share of realized innovative products in the total volume of industrial products sold. It is shown that the modern policy of ensuring technological competitiveness of the Ukrainian economy is formed in the context of contemporary challenges of global competition, fundamental features, which are the impact of global crises, financial and economic instability; increase of external expansion due to processes of globalization, development of information economy; pressure on the country's debt; increase in import dependency; high external labour migration activity; destabilization of economic development through military conflict and hybrid attacks; critical disparities in regional development. The strategic priorities of the state policy of ensuring technological competitiveness of the Ukrainian economy have been determined: intensification of technological development of the economy, growth of the general level of innovative activity, formation of a competitive market of intellectual property, development of infrastructure for support of technological innovations, improvement of resource provision of innovative activity, improvement of business parameters of competition.