scholarly journals Peculiarities of public debt management policy in the United States of America: experience for Ukraine

ScienceRise ◽  
2021 ◽  
pp. 58-67
Author(s):  
Ivanna Moroz
Keyword(s):  
United States ◽  
Economic Growth ◽  
Economic Development ◽  
Public Debt ◽  
United States Of America ◽  
External Debt ◽  
The United States ◽  
The State ◽  
Debt Management ◽  
Public Debt Management

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

scholarly journals Public debt of Ukraine and its influence on main socio-economic indicators

2020 ◽  
pp. 5-10
Author(s):  
Sergii Stepanenko
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
The State ◽  
Debt Management ◽  
Economic Indicators ◽  
The Public ◽  
Goods And Services ◽  
Socio Economic Development ◽  
Debt Dynamics ◽  
Public Debt Management

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.

scholarly journals EXTERNAL GOVERNMENT DEBT MANAGEMENT OF UKRAINE IN CONDITIONS OF SOCIAL AND ECONOMIC AND PANDEMIC SHOCKS

2021 ◽  
pp. 48-63
Author(s):  
Ivanna MOROZ
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
The State ◽  
Debt Management ◽  
Management Policy ◽  
State Budget ◽  
Strategic Goals ◽  
Public Debt Management ◽  
The Cost ◽  
Debt Policy

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.

scholarly journals DEBT SECURITY AS AN INDICATOR OF THE FINANCIAL MARKET DEVELOPMENT OF UKRAINE

2021 ◽  
Author(s):  
Mariia Aleksandrova ◽  
Vita Dovgaliuk ◽  
Klym Fursov
Keyword(s):  
Economic Growth ◽  
Public Debt ◽  
Management System ◽  
Negative Impact ◽  
The State ◽  
Debt Management ◽  
Management Policy ◽  
The Public ◽  
Debt Security ◽  
Public Debt Management

The article reveals the essence of state debt security and examines the threats to state debt security in the context of minimizing their negative impact and increasing the efficiency of the public debt management system. In determining the essence of state debt security and the study of threats to state debt security in the context of minimizing their negative impact and improving the efficiency of public debt management system, it was determined that debt security is the basis of economic sovereignty, resilience of its financial system to internal and external threats and implementation socio-economic strategy of sustainable development. The study is devoted to identifying the features of the current system of debt security in Ukraine and a set of threats to the growth of debt security in the country. One of the financial instruments of the national economy is loans from international financial organizations, which have a targeted strategic direction of innovation. These borrowings contribute to long-term economic growth. It is the inefficient management of such debt that leads to the disruption of the economic system, in particular to its imbalance and increase its vulnerability to factors of negative foreign economic influence. Therefore, the strategic goal of reducing the threat of negative impact on debt security is to determine the optimal policy for managing both external and internal debt of the state. Again, debt management policy is a condition for the stability and efficiency of the state economy. As a result of the study, the main reasons for the deterioration of Ukraine’s debt security can be identified, in particular: a complex political crisis, military conflict, deep economic recession, the existence of obligations to meet the state’s needs in natural gas and pensions, lack of sufficient political will to reform and apply unpopular measures to stabilize the economic situation. Coordinating the public debt management mechanism with Ukraine’s financial stabilization strategy will provide an opportunity to analyze the financial threats facing Ukraine in the global crisis and develop a common framework for all bodies, public authorities, which represent the external debt of Ukraine. When appropriate measures are taken, public debt coverage will be carried out mainly not by increasing the tax burden, but by economic growth. After studying the state of Ukraine’s debt security, conclusions were drawn on its increase by stabilizing the national currency, optimizing the structure of budget expenditures, stimulating the state domestic market, directing external borrowing to implement investment development programs and developing a promising debt strategy.

MAIN PROBLEMS OF PUBLIC DEBT MANAGEMENT OF THE RUSSIAN FEDERATION

2021 ◽  
Vol 2 (5) ◽  
pp. 27-31
Author(s):  
I. V. SUGAROVA ◽  
◽  
N. V. TADTAEVA ◽  
Keyword(s):  
Economic Growth ◽  
Russian Federation ◽  
Public Debt ◽  
World Economy ◽  
Debt Management ◽  
Financial Resources ◽  
Modern World ◽  
The Russian Federation ◽  
Public Debt Management

In the modern world economy, most countries lack the financial resources to fully perform their duties and functions to their citizens. The consequence of the increase in borrowing by countries is the growth of public debt. Its management is becoming one of the most acute problems in the current conditions. The article presents the main aspects of this problem, and suggests measures to stimulate the country's economic growth.

scholarly journals Uniola paniculata (Poaceae, Chloridoideae, Unioliinae), nuevo registro para la flora de la Península de Yucatán, México

2020 ◽  
Author(s):  
Daniel Alexis Tovar-Montalvo ◽  
Monserrat Medina-Acevedo ◽  
Miguel Angel García-Bielma ◽  
Jesús Jaime Guerra-Santos
Keyword(s):  
United States ◽  
United States Of America ◽  
The United States ◽  
The State ◽  
Ecological Role ◽  
Uniola Paniculata ◽  
The Family ◽  
Sea Grass ◽  
The Caribbean

Resumen: Antecedentes y Objetivos: La avena de mar, Uniola paniculata, se distribuye en el Caribe, los Estados Unidos de América y México. El objetivo de este trabajo es reportar su presencia y registro en el estado de Campeche, México. Métodos: Se colectaron ejemplares de la familia Poaceae creciendo en una duna frontal al suroeste del estado de Campeche, específicamente en la Isla del Carmen. Las colectas fueron procesadas y herborizadas, para su conservación e identificación.Resultado clave: Con la identificación de ejemplares, y después de hacer una revisión de su distribución, se registra por primera vez la presencia de Uniola paniculata (Poaceae) en la Península de Yucatán, representando una contribución al conocimiento florístico de la región y a la flora de México.Conclusiones: Esta especie solo había sido reportada para la costa del Golfo de México, en los estados de Tamaulipas, Veracruz y Tabasco. Este registro adquiere relevancia por el papel ecológico de este pasto en las dunas costeras.Palabras clave: avena de mar, conocimiento florístico, dunas costeras, flora de Campeche.Abstract: Background and Aims: The oat sea grass, Uniola paniculata, is distributed in the Caribbean, the United States of America and Mexico. The aim of this work is to report its occurrence and record in the state of Campeche, Mexico.Methods: Individuals of the family Poaceae were collected growing in a coastal dune in the southwest of the state of Campeche, particularly on the Isla del Carmen. The collections were processed and herborized for their conservation and classification.Key results: With the individuals’ identification and after reviewing its distribution, this is the first report of the presence of Uniola paniculata (Poaceae) on the Yucatan Peninsula, representing a contribution to the floristic knowledge of the region and the flora of Mexico.Conclusions: This species had only been reported from the coast of the Gulf of Mexico in the states of Tamaulipas, Veracruz and Tabasco. This record is relevant because of the ecological role of this oat sea grass in the coastal dunes.Key words: Campeche flora, coast dunes, floristic knowledge, sea oat.

scholarly journals State Control of the Interpretation of Genomic Studies and Medical Applications in the United States of America

2018 ◽  
Vol 22 (3) ◽  
pp. 328-344
Author(s):  
Anzhelika R Sakhipgareeva
Keyword(s):  
United States ◽  
United States Of America ◽  
Genetic Research ◽  
The United States ◽  
Legal Aspects ◽  
The State ◽  
Genomic Research ◽  
Medical Applications ◽  
State Control ◽  
Genomic Studies

This Article is devoted to the theoretical ideas about the features of state control in genomic research and medical applications in the United States of America. The purpose of this study is to examine the legal aspects of the interpretation of genomic research and medical applications in the United States of America, to study the features of the state control of medical applications, as well as companies providing services in the field of genomic research. As a result of the review, the author provides with the information about several features of the state control of the US Food and drug administration (FDA), degree of regulatory intervention in the activities of genetic research companies, identify classification of medical applications apps.

scholarly journals FACTORS OF GROWTH OF THE EFFICIENCY OF PUBLIC DEBT MANAGEMENT

2021 ◽  
pp. 5-11
Author(s):  
M. E. Kosov
Keyword(s):  
Public Debt ◽  
Financial Management ◽  
The State ◽  
Debt Management ◽  
Macroeconomic Factors ◽  
The Public ◽  
Correlation And Regression Analysis ◽  
Public Financial Management ◽  
Public Debt Management ◽  
Debt Policy

Public debt is an integral part of public finances of various countries, the process of its management, including formation, maintenance and repayment has a powerful impact on the macroeconomic system of the state. The subject of the study is the public debt of the Russian Federation. The article performs a correlation and regression analysis of factors that have a direct impact on the state of the Russia’s public debt under the conditions of the restrictions caused by the Covid-19 coronavirus infection, as well as the consequences of these restrictions. The paper proposes an econometric model that describes a system of indirect macroeconomic factors that are not directly related to the state’s debt policy, but show the strongest influence on the formation of public debt in modern realities and increase the efficiency of its management, as well as reflect the quality of public financial management in general. The author concludes that the demographic burden and the indicator reflecting the ratio of the budget deficit to the total budget revenue have the greatest impact on the effectiveness of public debt management.

scholarly journals STATE DEBT MANAGEMENT OF UKRAINE

2020 ◽  
Author(s):  
Oksana Vodolazska ◽  
◽  
Hanna Herman ◽  
Keyword(s):  
Public Debt ◽  
Equation Model ◽  
Economic Security ◽  
The State ◽  
Debt Management ◽  
Financial Policy ◽  
Security Level ◽  
Macroeconomic Factors ◽  
Public Debt Management ◽  
Debt Policy

Public debt management and servicing is one of the top priorities for the country’s financial policy, and an important condition for the stability of its financial system. Due to the need of solving the problem of the state debt of Ukraine growth and the cost of servicing it, it is urgent to increase the efficiency of methods for managing it. Ineffective management of Ukraine’s government borrowings, which is mainly used to cover the budget deficit, leads to a decrease in the state’s economic security level and an increase in the burden on the budgetary sphere and an aggravation of the debt situation. The maintenance and management of public debt is inextricably linked with the pursuit of a balanced debt policy and minimization of the risks inherent in public debt. The economic and social development of the country, its stability during the period of economic crises and the post-crisis speed of recovery of the national economic system depend on the efficiency and effectiveness of this management. After experiencing a deep economic crisis in 2014–2015, economic growth began to recover in 2016, and the total public debt in relation to GDP also tends to decrease. This was caused by various factors: the deficit of the state budget and balance of payments, heavy dependence on energy imports, ineffective use of attracted loans and the lack of proper debt management. This article analyzes the existing features of the formation of an effective public debt management system in the context of improving the efficiency of Ukrainian debt policy. The proposed measures of an effective management strategy will contribute to the rational use of borrowings and create the necessary conditions for optimizing the debt burden. The main goals of state debt management in Ukraine were analyzed, as well as the world practice of analyzing public expenditure and financial accountability was considered. The existing problems in the state debt management of Ukraine are identified, practical recommendations are provided for future development of the most effective scenario for solving Ukrainian debt problems. The forecast of public debt was calculated on the basis of a linear regression equation model, and the macroeconomic factors that have the biggest impact on the growth rate of public debt were determined.

تحليل الاثار المالية والنقدية لتزايد الدين العام الداخلي في الولايات المتحدة الامريكية للمدة 2002- 2018

2021 ◽  
Vol 2020 (67) ◽  
pp. 75-100
Author(s):  
مالك عبد الرحيم محمد ◽  
أ.د. ميثم العيبي إسماعيل
Keyword(s):  
United States ◽  
Interest Rates ◽  
Public Debt ◽  
United States Of America ◽  
Budget Deficit ◽  
Market Access ◽  
The United States ◽  
Public Expenditures ◽  
Continuous Increase ◽  
American Economy

The American economy suffers from a general budget deficit, mainly due to the high public expenditures, especially the military, as the United States of America occupies the first place in the world in the proportion of military spending, and the budget deficit is mainly financed through the sale of government securities, which led to an increase in the volume of public debt In the United States of America, which is a dangerous indicator, especially after interest payments on public debt exceeded the barrier of $ 500 billion for the year 2018, which pushes them to borrow again to finance these benefits, this cumulative and continuous increase in the size of public debt works to influence the economic variables Monetary and financial. The research aims to analyze the development of internal public debt in the United States of America and its most important causes, in addition to clarifying the mechanisms and methods used to alleviate the severity of the internal public debt without compromising the ability of the economy or the ability to repay previous debts to maintain investor confidence in the strength of the American economy. The research reached several results, the most prominent of which is that the large increase in the volume of the internal public debt and the consequent increase in the money supply did not negatively affect the monetary side of the economy as inflation rates did not reach high levels and international reserves increased, accompanied by a decrease in interest rates. While the research presented several recommendations, including the need to achieve financial discipline and market access to borrow at the lowest possible costs by issuing debt regularly, in addition to avoiding resorting to any special measures to increase the volume of public debt and adhere to the debt ceiling approved by the US Congress.

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