DEBT INSTRUMENTS OF FISCAL POLICY OF THE STATE
Journal Title: Інноваційна економіка - Year 2018, Vol 77, Issue 9
Abstract
Purpose. Conducting and reporting on the analysis of research results and evaluation of analytical materials, which confirm the practical feasibility of disclosing issues, determining the structure and mechanisms for applying debt instruments of fiscal policy in Ukraine and justifying ways to eliminate the identified deficiencies. Methodology of research. In the course of the study, general scientific and special methods were used, namely: comparative and statistical analysis, the analogy method, induction and deduction, analysis and synthesis for: timely detection of exogenous and endogenous threats; improving fiscal risk assessment; developing a system of preventive measures regarding the prediction and prevention of risks and crisis phenomena; the search for non-debt sources of repayment of public debt with a further assessment of the feasibility of attracting them; ensuring proper control over the full and timely use of debt in the framework of development projects; development of compensatory mechanisms for financing the economy in the event of a significant deterioration in the situation on foreign markets. Findings. The necessity of the transition from passive debt financing of the budget deficit to an active influence on the implementation of the strategic directions of development and modernization of the economy and its financial system has been proved. It was noted that this increases the importance of debt policy as a structural and functional component of the state fiscal policy. Developed proposals that will contribute to improving the management of public debt and reduce fiscal risks, will optimize the volume of public debt and its structure. Originality. The system of public debt management in the medium term has been substantiated, such as: obtaining full access to external sources of financing, reducing the cost of servicing the public debt and avoiding peak loads on the state budget related to payments on public debt. Practical value. The directions for eliminating the identified deficiencies and reducing the fiscal risks that can be used in the process of the formation and implementation of fiscal policy and directly its debt components are proposed.
Authors and Affiliations
Maryna Oleksandrivna Slatvinska
Keywords
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