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Subject of research – theoretical and practical aspects of the formation of the public debt of the state. The target of the article is to study the theoretical foundations and applied problems of modern debt status of the state. The scientific work's methodology is based on statistical comparison, which gave an opportunity to reveal the essence of the public debt, exploring its dynamics and structure, to identify problems of public debt and ways of overcoming them. Revealed the contents, a refined interpretation of the concept «public debt management», and also defined the constituent elements of the mechanism of public debt management. The information base of the research consists of the current legislation of Ukraine, domestic and foreign publications, studies in the theory and practice of formation of public debt. For the analysis of specific economic phenomena used statistical materials of the Ministry of Finance in Ukraine. The results of the work – the analysis of statistical data the dynamics of public debt of Ukraine for 2014–2017 that gave the possibility to determine annual increases. Proposed directions for management of the state debt of Ukraine to ensure a qualitatively new level of relations in the sphere of formation of public debt and contribute to its decline. Findings – the optimization of the debt policy of Ukraine requires development and implementation of a holistic strategy that will combine the tasks of improving the regulatory and institutional support debt policy, short–term and medium–term benchmarks in public debt management tools radically improve the efficiency of the investment component of the budget expenditure, strategic objectives reorientation of debt policy,debt relief and development of alternative, Nonlending instruments for financing budget expenditures.

The relevance of the research topic is the need to systematize the theoretical basis of public debt and credit, which underlies the study of practical aspects and is the initial stage of the study of this issue. Separation of macroeconomic effects will allow to reveal the main negative consequences, which brings an excessive increase in the size of public debt. Formulation of the problem. Income and expenditure discrepancies often accompany the budget process. At the same time, smaller amounts are usually revenues, especially when it comes to the budget of a certain country. The theoretical component, which is to study the basic essential characteristics of public debt, the systematization of scientists' views on various aspects of the emergence of public debt, the effects of public debt in the economy – the basis that serves as the basis for scientific research in the area of optimization of state coverage. The purpose of the article is to systematize the theoretical aspects of public debt and credit in terms of distinguishing features of macroeconomic effects. Research methods. A number of general scientific and special methods of scientific knowledge were used, among which: generalization, systematization, induction, deduction, abstraction. The results of this study allowed us to define the concept of public debt, which is based on the study of the features of credit relations in which the state acts as a borrower. The main macroeconomic effects arising from excessive debt growth were distinguished. The results of the study can be used as a theoretical basis for further scientific developments in this field. The conclusions of this study are to prove the continuity of the concept of public debt with the concept of public credit, with the hierarchy of interdependence of concepts has the form of the following sequence: 1) the disproportion between the revenue and expenditure; 2) deficit of the state budget; 3) state credit; 4) public debt. The effects of the national debt on the economy and the peculiarities of ...

This scientific work has been devoted to research one of the most important categories of economic development, namely the government debt of Ukraine. The state budget deficit, attracting and using loans to cover this deficit has led to the formation of a significant increase in government debt in Ukraine. The current economic situation in Ukraine is characterized by threatening the growth of the debt burden, which is one of the basic factors slowdown of the economy. The main reasons for the growth of public debt are: an unprecedented political crisis and the continued military conflict in the east; deep economic recession caused by the rearrangement of economic ties with international partners and the destruction of infrastructure and industrial projects in parts of the country; funding the state budget deficit from government borrowing, which growth is largely due to increasing defense spending and public debt service. The large size of the internal and external debt, increase of costs for maintenance of this debt necessitated to solve the problem of national debt, and therefore find ways to improve its management mechanism. The more burdensome accumulated external and internal debt are for the state, the more maintenance involved in the interaction with the functioning of the economy and its financial system. Classification of external debt of Ukraine is proposed in the article, which will help to identify financial threats that Ukraine faces. It also was reviewed and analyzed the structure of external debt dynamics for the 2008-2015.

This scientific work has been devoted to research one of the most important categories of economic development, namely the government debt of Ukraine. The state budget deficit, attracting and using loans to cover this deficit has led to the formation of a significant increase in government debt in Ukraine. The current economic situation in Ukraine is characterized by threatening the growth of the debt burden, which is one of the basic factors slowdown of the economy. The main reasons for the growth of public debt are: an unprecedented political crisis and the continued military conflict in the east; deep economic recession caused by the rearrangement of economic ties with international partners and the destruction of infrastructure and industrial projects in parts of the country; funding the state budget deficit from government borrowing, which growth is largely due to increasing defense spending and public debt service. The large size of the internal and external debt, increase of costs for maintenance of this debt necessitated to solve the problem of national debt, and therefore find ways to improve its management mechanism. The more burdensome accumulated external and internal debt are for the state, the more maintenance involved in the interaction with the functioning of the economy and its financial system. Classification of external debt of Ukraine is proposed in the article, which will help to identify financial threats that Ukraine faces. It also was reviewed and analyzed the structure of external debt dynamics for the 2008-2015.

The present work is devoted to the analysis of the current debt situation in foreign countries, investigated international practice of government debt management and summarized ways to minimize risk of increasing debt. Key words: budget deficit, government debt, world economy, government debt management, gross domestic product (GDP). ; У даній статті проаналізовано сучасний стан боргових зобов'язань зарубіжних країн, досліджено міжнародну практику управління державним боргом та узагальнено способи мінімізації ризику зростання боргу. Ключові слова: дефіцит державного бюджету, державний борг, світова економіка, управління державним боргом, валовий внутрішній продукт (ВВП).

Introduction. Issues of budget deficits, public credit and debt form the sphere of debt finance – a model established in a particular country for ensuring the balance of the budget, the organization of government borrowings, the system of public debt management in order to influence the development of the economy and the functioning of public finance.Methods. The methods of abstraction, comparison, institutional analysis and idealization have been used.Results. The study draws attention to the microeconomic fundamentals of debt finance, considering them through the prism of the individual interests. It has been found out that the developed Western countries are characterized by the public nature of debt finances as a result of the evolutionary democratization of public debt – the accessibility of government debt operations to the general public. It is revealed that due to a number of institutional restrictions, the democratization of this sphere in Ukraine has not been fully implemented yet. It is proved that the public debt manifests the same power as pure public goods: the indivisibility in consumption and the impossibility to exclude from the debt burden, which enable its study as public bads. The key features that determine the social nature of debt finance in developed democratic countries are revealed. It is proved that the determinants of debt finance are both economic and political and institutional imbalances, not only in the area of public finance, but also at the level of economic entities. The key components of the institutional environment of the functioning of debt finance are considered: political decision- making mechanisms, procedures of the budget process, the institutional organization of the financial market. It is argued that one of the key shortcomings of the domestic practice of servicing domestic public debt is the insignificant share of debt owned by citizens.Conclusions. The disadvantages and obstacles of democratization of the model of borrowing in Ukraine are studied in the paper. A promising mechanism of financial inclusion of the population in transactions with government debt is proposed.

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.

Ensuring sustainable economic development of Ukraine is impossible without the use of external government loans, which form the external public debt. Ukraine, despite only twenty years of international credit relations, is an active participant involvement of the official external financing. So the government actively used the resources of the international credit market, in particular the IMF loan programs. In the article the statistics of public debt as of July 31, 2014. Analysis of the performance evaluation of the external debt of Ukraine according to the procedure of the World Bank has shown a number of systemic failures in the management of external debt. ; Обеспечение стабильного экономического развития Украины невозможно без использования механизма внешних государственных кредитов, которые и формируют внешний государственный долг. Украина, несмотря на только двадцатилетний срок развития международных кредитных отношений, является активным участником привлечения официального внешнего финансирования. Так правительством активно используются ресурсы международного рынка кредитов, в частности кредитных программ МВФ. В статье систематизированы статистические данные государственного долга по состоянию на 31 июля 2014 года. Анализ показателей оценки внешнего долга Украины по методике Всемирного банка показал ряд системных просчетов в управлении внешним долгом. ; Забезпечення сталого економічного розвитку України неможливе без застосування механізму зовнішніх державних запозичень, які і спричиняють виникнення зовнішнього державного боргу. Україна, незважаючи на лише двадцятирічний період розвитку міжнародних кредитних відносин, є активним учасником залучення офіційного зовнішнього фінансування. Так урядом активно застосовуються ресурси міжнародного ринку позичкових капіталів, зокрема кредитні програми МФО. У поданій статті систематизовано дані по державному боргу станом на 31 липня 2014 року. Аналіз показників оцінки зовнішнього боргу України за методикою Всесвітнього банку показав ряд системних прорахунків в управлінні зовнішнім боргом.

Розглянуто основні підходи до визначення державного боргу. Визначено сутність і суспільне призначення державного боргу як об'єкта макрофінансового аналізу. Проаналізовано динаміку державного (внутрiшнього i зовнiшнього) та гарантованого державою боргу України за період 2004-2014 рр. Визначено специфічні особливості сучасного етапу формування боргових зобов'язань. Обґрунтовано важливість прийняття концептуальних засад на загальнодержавному рівні щодо формування боргової стратегії України, спрямованої на стабільне економічне зростання за рахунок забезпечення і збереження приросту ВВП шляхом використання кредитних ресурсів на інвестиційні цілі, а не споживчі. ; The main approaches to the definition of public debt. The essence and the social purpose of public debt as an object of macro-analysis. The dynamics of the public (internal and external) and publicly guaranteed debt of Ukraine for the period 2004-2014. Determined the specific features of the present stage of formation of debt. It substantiates the importance of conceptual frameworks at the national level on the formation of the debt of Ukraine's strategy of steady growth by providing and maintaining GDP growth through the use of credit resources for investment purposes, and not on the consumer.

У цій статті розглядається проблема зовнішньої заборгованості країн Європейського Союзу. Розглядаються сучасні форми здійснення зовнішніх запозичень, а також причини зовнішнього боргу країн загалом та причини, що стали початком боргової кризи саме для країн ЄС. У статті наводяться основні теоретичні варіанти подолання цієї проблеми, як у вигляді заходів для подолання проблеми зовнішнього боргу, загальноприйнятих шляхів подолання проблеми державної заборгованості, так і у вигляді основних напрямків політики для подолання цієї проблеми. Також в статті наведені дані та статистика про зовнішній борг ЕС за період 2013-2019рр, рейтинг серед країн ЄС, що мають найбільший зовнішній борг та його суми, структура зовнішнього державного боргу країн Євросоюзу за період 2017 - 2019рр. У даній статті також розглянуті основні наслідки накопичення зовнішнього боргу ; This article provides the review of the problem of external debt of the countries of the European Union. Modern forms of external borrowing are considered, as well as the reasons for the external debt of countries in general and the reasons that became the beginning of the debt crisis for the EU countries. The article provides the main theoretical options for overcoming this problem, both in the form of measures to overcome the problem of external debt, common ways to overcome the problem of public debt, and in the form of the main policy directions to overcome this problem. The data show a deterioration of the EU's position in the international arena, as well as the emergence of debt economic problems of the European Union, which adversely affects the overall situation in the world.The public debts of Greece, Spain, Ireland and Portugal need to be refinanced, measures need to be taken to improve the situation, but over the years the external debts of the countries do not tend to decrease, which has a negative impact on total external debt, a possible external debt crisis.The article also provides data and statistics on the EU external debt for the period 2013-2019, the ranking among the EU countries with the largest external debt and its amounts, the structure of the external public debt of the EU for the period 2017 - 2019. This article also discusses the main consequences of accumulation of external debt.

У цій статті розглядається проблема зовнішньої заборгованості країн Європейського Союзу. Розглядаються сучасні форми здійснення зовнішніх запозичень, а також причини зовнішнього боргу країн загалом та причини, що стали початком боргової кризи саме для країн ЄС. У статті наводяться основні теоретичні варіанти подолання цієї проблеми, як у вигляді заходів для подолання проблеми зовнішнього боргу, загальноприйнятих шляхів подолання проблеми державної заборгованості, так і у вигляді основних напрямків політики для подолання цієї проблеми. Також в статті наведені дані та статистика про зовнішній борг ЕС за період 2013-2019рр, рейтинг серед країн ЄС, що мають найбільший зовнішній борг та його суми, структура зовнішнього державного боргу країн Євросоюзу за період 2017 - 2019рр. У даній статті також розглянуті основні наслідки накопичення зовнішнього боргу ; This article provides the review of the problem of external debt of the countries of the European Union. Modern forms of external borrowing are considered, as well as the reasons for the external debt of countries in general and the reasons that became the beginning of the debt crisis for the EU countries. The article provides the main theoretical options for overcoming this problem, both in the form of measures to overcome the problem of external debt, common ways to overcome the problem of public debt, and in the form of the main policy directions to overcome this problem. The data show a deterioration of the EU's position in the international arena, as well as the emergence of debt economic problems of the European Union, which adversely affects the overall situation in the world.The public debts of Greece, Spain, Ireland and Portugal need to be refinanced, measures need to be taken to improve the situation, but over the years the external debts of the countries do not tend to decrease, which has a negative impact on total external debt, a possible external debt crisis.The article also provides data and statistics on the EU external debt for the period 2013-2019, the ranking among the EU countries with the largest external debt and its amounts, the structure of the external public debt of the EU for the period 2017 - 2019. This article also discusses the main consequences of accumulation of external debt.

The article deals with the peculiarities of the formation of the external debt of the state, indicates the reasons for its growth; the state of the external public debt of Ukraine has been monitored. Areas of inefficient use of external borrowing are identified and a set of measures to improve debt policy in Ukraine is outlined. ; У статті розглянуто особливості формування зовнішньої заборгованості держави, вказано на причини її зростання; здійснено моніторинг сучасного стану зовнішнього державного боргу України. Визначено напрями неефективного використання зовнішніх запозичень та намічено комплекс заходів щодо удосконалення боргової політики в Україні.

The article deals with the peculiarities of the formation of the external debt of the state, indicates the reasons for its growth; the state of the external public debt of Ukraine has been monitored. Areas of inefficient use of external borrowing are identified and a set of measures to improve debt policy in Ukraine is outlined. ; У статті розглянуто особливості формування зовнішньої заборгованості держави, вказано на причини її зростання; здійснено моніторинг сучасного стану зовнішнього державного боргу України. Визначено напрями неефективного використання зовнішніх запозичень та намічено комплекс заходів щодо удосконалення боргової політики в Україні.

У статті розглядаються методологічні аспекти визначення зовнішніх запозичень і зовнішнього боргу. Автор представляє різнобічні точки зору з цього питання, викладені у вітчизняній, російській та західній економічних школах. Розглядаючи конкретні визначення, дається їх гносеологічна сутність та критичний аналіз. Окремим питанням дослідження є визначення зовнішнього державного боргу законодавством України, причини його формування. Аналізуються види боргових інструментів держави, представляється класифікація зовнішнього боргу, критерії цілей залучення фінансових ресурсів, класифікація зовнішнього боргу. Представлена динаміка зовнішнього державного боргу за окремими регіонами світу. ; The article considers the methodological aspects of the definition of foreign borrowing and foreign debt. The author presents the multifaceted point of view on this subject contained in the domestic, russian and western economic schools. Considering the specific definitions, their nature and epistemological critique is given. Separate research question is to determine the external public debt in Ukrainian legislation, the reasons for its formation. The types of debt instruments of the state, a classification of external debt, the criteria for the purposes of financial resourses, classification of external debt is analyzed. The dynamics of the external public debt in certain regions of the world is represented.