Control system of external debt
Keywords:
public debt, external public debt management, state debt policy, fiscal policy, methods of public debt management, budget deficitAbstract
Background. The attention to the increase of the efficiency of the public debt management for the optimization of the structure of state debenture amplifies at the modern stage of the social and economic development. Improvement of the institutional foundations of the public debt policy, increase of the level of its coordination with the other components of financial policy is reasonable.
The aim of the article is to reveal the nature of public debt management system, to study its main components and to determine the priority areas of external public debt management over medium term.
Materials and methods. The scientific works of domestic and foreign economists on the issues of improvement of the public debt policy are the theoretical and methodological basis of the research. Multidimensional nature of the research has led to the application of a set of scientific methods and approaches which allowed to provide its conceptual unity. In particular, dialectical, systematic and structural methods, the methods of analysis, synthesis and comparison were used.
Results. The essence of the public debt management is disclosed, the main purpose, goals and objectives of the public debt policy are elucidated. The key components of the public debt management system are considered. The peculiarities of external public debt management are revealed, the measures for prudential debt risks management are defined. The main indicators of the debt sustainability of the financial system are considered. The priority areas of external public debt management over medium term are substantiated.
Conclusion. Implementation of a balanced, consistent, and systematic debt and fiscal policy, development of mechanisms of financial and economic risks identification, improvement of the monitoring system of the corporate sector’s external borrowings and the mechanism of provision of the state guarantees, increase of the effectiveness of the application of public debt management methods on the basis of the formation of the public debt policy priorities for the medium and long term period, implementation of the systematic approach to formation of the state policy in the sphere of attraction, distribution, use and return of the borrowed financial resources is important.
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