scholarly journals Directions of government debt securities market development

2021 ◽  
Vol 12 (2) ◽  
Author(s):  
Yuliia Nehoda ◽  
Keyword(s):  
Foreign Currency ◽  
Government Debt ◽  
Time Frame ◽  
Securities Market ◽  
Debt Structure ◽  
State Budget ◽  
Government Bonds ◽  
Trading Systems ◽  
The Government ◽  
Foreign Currency Debt

The securities market is a powerful platform to accumulate capitals for further investment in favor of structural reconstruction of economy, increasing population welfare level at the cost of fund financial instrument holding. As one of financial instruments the government debt securities gained widespread use as reliable, easy-to-use and readily obtainable financial assets. The place of bonds of domestic government loan in the formation of Ukraine’s public debt and financing of the state budget deficit is highlighted in the article. The modern statistics confirms the safety and viability for the use of internal government debt securities, and the author in made research proves significant increase of amounts attracted to budget financial fund from Ukrainian domestic government bonds settlement. The article systemizes the data on main indicators of the domestic market of Ukrainian domestic government bonds, determines the portfolio structure on the basis of ownership and describes ways to expand range of potential investors, for example, by involving physical entities. Several banks – primary dealers were chosen to analyze the purchase terms of Ukrainian domestic government bonds for citizens of Ukraine on the primary market. The directions of developments of domestic internal bet market was determined, and they are to strengthen communication with fund market participants, to concentrate liquidity in certain instruments, to protect investors multilateral trading systems, to make pricing transparent on the Ukrainian domestic government bonds market, to arrange auctions regularly, diversification of foreign currency debt structure portfolio etc. The well-structured process of Ukrainian domestic government bonds emission in the part of public debts management strategy will allow to hold investors with such investment time frame interested to obtain instruments in the mid-run.

scholarly journals The Resilience of Indonesia’s State Budget against Central Government Debt

2020 ◽  
Vol 006 (02) ◽  
pp. 325-330
Author(s):  
Nugroho Suryo Bintoro
Keyword(s):  
Government Spending ◽  
Central Government ◽  
Government Debt ◽  
Infrastructure Development ◽  
State Budget ◽  
The Subject ◽  
The Government ◽  
Term Data ◽  
Made In

The growth of central government debt in Indonesia is the subject of endless discussion for both economists and experts in other fields. Although the government uses this debt in order to increase Indonesia's competence through infrastructure development, there are problems in the form of previous accumulated debts. This accumulative debt is known as the concept of “debt stock” which is assessed through Indonesia's fiscal resilience (APBN) to measure the repayment capacity of new debts that will be made in the future. This ability will be seen using long-term data from 1990 to 2016 which is reflected in the variables of central government debt, government spending and revenue so that it is known that Indonesia's central government debt can still be said to be sustainable and the Indonesian government should prioritize productive expenditures in order to increase government revenues.

STUDY OF THE DYNAMICS AND STRUCTURE OF THE STATE DEBT OF UKRAINE, METHODS OF ITS OPTIMIZATION

2018 ◽  
Author(s):  
Stepan Paranchuk ◽  
◽  
Roksolana Skip ◽  
Keyword(s):  
Public Debt ◽  
Financial Stability ◽  
The State ◽  
State Budget ◽  
Government Bonds ◽  
Advantages And Disadvantages ◽  
Safe Level ◽  
Domestic Debt ◽  
The Government ◽  
External Borrowing

One of the leading problems of Ukraine's economy at the present stage of its development is the issue of public debt, the constant increase in its size, irrational structure, which creates the preconditions for the dollarization of the national economy. Public debt is an important element of a market economy. As of today, there is no state that would not use borrowed funds. Borrowing by the state is due to the lack of own financial resources needed to finance the state budget and state functions. If used effectively, borrowed funds can be a positive factor in economic growth, but otherwise the increase in debt leads to economic dependence, deteriorating financial stability, as well as the financial crisis. The article reveals the issue of public debt of Ukraine, analyzes the dynamics of its value from 2009 to 2021 and identifies the reasons for the growth and / or reduction of this indicator. A study of the structure of debt obligations on the basis of the creditor, analyzed the advantages and disadvantages of internal and external borrowing. The article also provides a detailed description of the structure of internal and external creditors, the main tools used by the Government of Ukraine to attract domestic loans. Particular attention is paid to the analysis of domestic debt in terms of the structure of domestic government bonds. The ratio of public debt to gross domestic product and its comparison with the marginal and safe level are considered. A forecast was made for the amount of public debt for the future.

DEBT POLICY RULE, PRODUCTIVE GOVERNMENT SPENDING, AND MULTIPLE GROWTH PATHS

2008 ◽  
Vol 12 (4) ◽  
pp. 445-462 ◽  
Author(s):  
Koichi Futagami ◽  
Tatsuro Iwaisako ◽  
Ryoji Ohdoi
Keyword(s):  
Growth Rate ◽  
Steady State ◽  
Government Spending ◽  
Income Tax ◽  
High Growth ◽  
Government Debt ◽  
Government Bonds ◽  
Tax Rate ◽  
Productive Government Spending ◽  
The Government

This paper constructs an endogenous growth model with productive government spending. In this model, the government can finance its costs through income tax and government debt and has a target level of government debt relative to the size of the economy. We show that there are two steady states. One is associated with high growth and the other with low growth. It is also shown that whether the government uses income taxes or government bonds makes the results differ significantly. In particular, an increase in government bonds reduces the growth rate in the high-growth steady state and raises the growth rate in the low-growth steady state. Conversely, an increase in the income tax rate reduces the growth rate in the low-growth steady state and there exists some tax rate that maximizes the growth rate in the high-growth steady state. Finally, the level of welfare in the low-growth steady state is lower than that in the high-growth steady state.

scholarly journals PUBLIC DEBT MARKET AND BUDGET DEFICIT FINANCING TOOLS

2020 ◽  
Vol 1 (19(47)) ◽  
pp. 80-85
Author(s):  
Mykhailo Hantsiak
Keyword(s):  
Financial Market ◽  
Public Debt ◽  
Budget Deficit ◽  
Credit Market ◽  
Government Debt ◽  
Securities Market ◽  
Financial Resources ◽  
The Public ◽  
Debt Market ◽  
The Government

The purpose of the study is to substantiate the need to determine the essence and place of the public debt market in the financial market. Achievement is ensured by the implementation of tasks: systematization of views of domestic and foreign scientists on the essence of the place of public debt in the classification system of financial market segments; study of the structure of the financial market in terms of segments that ensure the implementation of debt financing of public debts; development of a theoretical approach to the structure of the public debt market. The article considers and systematizes the views of scientists concerning the place of the state morgue market in the financial market. The article substantiates the need to supplement the classification features for financial market segmentation in terms of complementing the target of market participants and identifying segments: the market for attracting financial resources to cover the state budget deficit (public debt market); the market for attracting financial resources to increase private capital. The concept of the public debt market is defined and its structure is proposed in general and detailed form. In general, the structure of the public debt market covers the debt securities market and the external credit market. The government debt securities market is a segment of the securities market, which in turn can also be classified. The same can be said about the external segment of the credit market. However, if the government debt securities market is fully owned by the public debt market, then the external segment of the credit market is only partially owned. The detailed structure of the public debt market is also presented. Conclusions are drawn and the directions of further scientific research in this direction are indicated.

scholarly journals Analyzing the Relationship between Budget Deficit, Current Account Deficit, and Government Debt Sustainability

2019 ◽  
Vol 8 (1) ◽  
pp. 20-31
Author(s):  
Michael Reed ◽  
Reza Najarzadeh ◽  
Seyedeh Zohreh Sadati
Keyword(s):  
Current Account ◽  
Budget Deficit ◽  
Current Account Deficit ◽  
Government Debt ◽  
State Budget ◽  
Debt Sustainability ◽  
Stable Relationship ◽  
The Government ◽  
Dynamic Relationships ◽  
Oil Revenues

The main purpose of this study is to determine the dynamic relationships between budget deficit, current account deficit, and government debt sustainability during 1974-2015 in the Iranian economy. We used a VAR model with Impulse Functions and Variance Decomposition in our dynamic analysis. The results show that there is a long-term stable relationship among the variables of the model suggesting that to improve the government debt sustainability it has to reduce the budget deficit and current account deficit. Since Iran's dependence on oil revenues is the underlying cause of the dependence of the variables on each other, the government needs to reduce the dependence of the current account and the state budget on oil revenues to reduce both types of deficits and government debt sustainability.

scholarly journals Dealing with Egypt Public Debt Accumulation Problem

2019 ◽  
Vol 9 (4) ◽  
pp. 128
Author(s):  
Mohammed I. Abdu
Keyword(s):  
Public Debt ◽  
Private Investment ◽  
Securities Market ◽  
Debt Structure ◽  
The Public ◽  
Debt Problem ◽  
Debt Accumulation ◽  
New Ideas ◽  
The Government ◽  
The Impact

This paper examines the public debt problem in Egypt, and provides new supportive and non-stereotyped ideas that could help to put public debt on a downturn and a sustainable pass. The analytical approach was used to identify the magnitude of the public debt problem through analyzing the debt structure, the increase in interest payments, and private investment crowding out. The study also evaluates the impact of the economic reform problem on the debt to GDP level; in addition to analyzing the implications of the government plan on debt structure and its associated risks. Some of these risks are: the unsustainability of GDP growth and its structure, debt roll over risk, and the risk of materializing contingent liabilities. Furthermore, this paper proposes new ideas; besides, the usual concentration on fiscal consolidation and stable economic growth to decrease the Egyptian public debt. Improving tax collection, developing government securities market, using the appropriate economic policy mix, applying zero interest rate on the government liabilities to the Central bank of Egypt, and swapping debt with equity, are some non-stereotyped ideas that could help in reducing the public debt of Egypt.

scholarly journals The Effect of Promotion on Financial Literacy in Increasing Buying Interest in Government Bonds

2020 ◽  
Vol 3 (2) ◽  
pp. 94-97
Author(s):  
Agus Aribowo ◽  
Benny Budiawan Tjandrasa
Keyword(s):  
Financial Literacy ◽  
Survey Methods ◽  
National Development ◽  
Sampling Technique ◽  
Primary Data ◽  
State Budget ◽  
Statistical Tool ◽  
Government Bonds ◽  
Significance Level ◽  
The Government

The economic development of a country as a whole can be seen from the equitable distribution of national development. To support development activities, funds are needed. The kind of funds needed is sustainable development funds to maintaineconomic development. Government Bonds (Surat UtangNegara/ SUN) are seen by the government as an alternative instrument for financing the State Budget, covering short-term cash shortages and managing the country's debt portfolio. This study aims to examine the Effect of Promotion and Financial Literacy on Buying Interest in Government Bonds (SUN). It used a descriptive survey and explanatory survey methods. The primary data collection method was obtained directly from thesource with a sample size of 100 students of Maranatha Christian University and Parahyangan University who have known about promotion and financial literacy. The distribution of the questionnaire was carried out using a non-probability sampling technique, namely purposive sampling. For data analysis, multiple linear regression statistical tool was used with a significance level of 5% for t-test and F-test. The results of this study indicate that both the partial and simultaneous tests show that promotion and financial literacy variables affect interest in the Buying Interest.

Hukum Denda dalam Keuangan Publik Islam di Indonesia

2018 ◽  
Vol 12 (2) ◽  
pp. 313-328
Author(s):  
Fathul Aminudin Aziz
Keyword(s):  
Islamic Law ◽  
The State ◽  
Mutual Benefit ◽  
State Budget ◽  
The People ◽  
The Status ◽  
The Government

Fines are sanctions or punishments that are applied in the form of the obligation to pay a sum of money imposed on the denial of a number of agreements previously agreed upon. There is debate over the status of fines in Islamic law. Some argue that fines may not be used, and some argue that they may be used. In the context of fines for delays in payment of taxes, in fiqh law it can be analogous to ta'zir bi al-tamlīk (punishment for ownership). This can be justified if the tax obligations have met the requirements. Whereas according to Islamic teachings, fines can be categorized as acts in order to obey government orders as taught in the hadith, and in order to contribute to the realization of mutual benefit in the life of the state. As for the amount of the fine, the government cannot arbitrarily determine fines that are too large to burden the people. Penalties are applied as a message of reprimand and as a means to cover the lack of the state budget.

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