THE GENESIS OF THE FUNCTIONS OF GOVERNMENT DEBT SECURITIES
Journal Title: Вісник Київського національного університету імені Тараса Шевченка. Економіка. - Year 2015, Vol 6, Issue 171
Abstract
Government borrowings appear at a certain stage of development the economic system. Governments used loans many centuries ago because there are often occurred situations when borrowings were the only way to attract additional financial resources. The preconditions for government loans from the position of creditors are also important. These, in particular, include: the availability of subjects that have the temporarily available funds; investor confidence in the state, that stimulating their interest in buying government debt securities; state's ability to repay its obligations and so on. Thus, the article deals with the basic prerequisites of the government securities market and its function at different stages of development of economic relations. So, it was found, that the main functions of local borrowing in XIV-XX centuries include the following: fiscal, public debt management, improved economic situation in some areas and repayment of previously issued loans. In modern conditions the functions of government securities have expanded and include: regulation of the money market and stock market, smoothing unevenness of funds flow to the budget, funding various programs, support the liquidity of financial institutions. The author also highlights that objective necessity of using government borrowing associated with the presence of contradictions between the existing needs of society and the state's capacity to satisfy them within existing financial resources. And in such situations government securities are a means of mobilizing additional financial resources to the state budget.
Authors and Affiliations
Valerii Osetskyi, Ivanna Bratkova
Keywords
Related Articles
- EP ID EP393988
- DOI 10.17721/1728-2667.2015/171-6/10
- Views 50
- Downloads 0
Comparativism of Definitions "Systemically Important" and "Systematic Financial Institutions"
A comparative analysis of the definitions of "systemically important", "systemically significant", "systematic financial institutions" was conducted, and the correlation between definitions was established in the article...
MODERN TRENDS IN MULTILATERAL REGULATION OF INTERNATIONAL MARKETS SERVICES
One of the main world economy's trends is the priority development of the service sector. Services, capital, information and technology flows typically fall outside the scope of regulation of national governments. The pa...
OWNERSHIP POLICY
The article examines the ownership policy in Ukraine. It makes a survey of the following: the current situation at state-run enterprises and their efficiency; the key criteria of the classification of state-run enterpris...
ROLE OF DIASPORA BONDS IN DEVELOPING COUNTRIES
The article deals with the problem of the bond issue for the Diaspora as a source of financing of the national economy and a factor of development. We reveal the following factors driving demand in the diaspora bond mark...
Perspectives and Challenges for Social Entrepreneurship Development in Ukraine
У статті проведено якісний і кількісний SWOT-аналіз розвитку соціального підприємництва в Україні. Визначено та оцінено сильні і слабкі сторони, а також загрози і можливості розвитку соціального підприємництва в Україні....