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Journal articles on the topic 'Public Debt Management'
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Tsvirko, S. E. "PROBLEMS OF PUBLIC DEBT MANAGEMENT SYSTEM IN RUSSIA." Strategic decisions and risk management, no. 6 (October 25, 2014): 56–63. http://dx.doi.org/10.17747/2078-8886-2013-6-56-63.
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The problems of the Russia’s debt management are revealed. Evolution of the public debts’ problem of the Russian Federation including the question of its interaction with private debts is discussed. Risks in debt sphere are analyzed. Specific features of the Russian economy such as the dependence on world energy prices, low efficiency of public expenditures, rapid growth of internal public debts and external quasi-sovereign and private debts are defined. Principles of debt management and areas of improvement in the system of Russia’s debt management were defined.
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Nematullaevich, Khamdamov Omonullo. "STATE DEBT MANAGEMENT POLICY IMPROVEMENT PROSPECTS." Frontline Marketing, Management and Economics Journal 4, no. 9 (September 1, 2024): 40–49. http://dx.doi.org/10.37547/marketing-fmmej-04-09-05.
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This article describes the economic importance and necessity of public debt in developing the national economy. The scientific approaches of economists to the effective management of state internal and debt have been researched and conclusions have been drawn. In recent years, the trends of changes in public debt in the Republic of Uzbekistan have been analyzed. Findings on the implementation of the public debt management strategy and its main directions are based. A scientific proposal and practical recommendations on improving the mechanism of efficient management and distribution of state debts have been developed.
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Montes, Gabriel Caldas, and Daniel Pereira dos Anjos. "Are public debt and public debt expectations associated with debt management strategies?" Quarterly Review of Economics and Finance 98 (December 2024): 101921. http://dx.doi.org/10.1016/j.qref.2024.101921.
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HUSIEV, Artem. "State debt management in the context of Ukraine's economic development." Economics. Finances. Law, no. 5 (May 29, 2020): 21–25. http://dx.doi.org/10.37634/efp.2020.5.3.
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The paper explores the theoretical and methodological basis of the concept of public debt management. The relationship between the problem of public debt and economic development of the country has been revealed. The dynamics of Ukraine's public debt for the period 2010-2019 have been analyzed. The default as a means of state debt policy has been investigated and its main economic consequences are presented. The international experience of managing public debt on the example of Argentina has been analyzed. The economic essence of technical default has been defined and the concept of technical default as a priority direction of Ukraine's state debt policy in the current conditions has been proposed. Public debt is a set of State commitments to internal and external creditors. State debt Management provides for state creation of the concept of debt policy. In economic terms, the main task of debt management is to maintain the level of public debt on a moderate level. In Ukraine, the problem of state indebtedness is particularly relevant after 2014. However, the most acute this problem was at the beginning of 2020 with the beginning of the recession economy and raising the deficit of the State budget. There are three main strategies to address public debt: investing in the country's economic development and timely repayment of liabilities, default and technical default. The strategy of investing in the country's economic development envisages emission of money or additional involvement in order to stimulate economic development, as well as timely payment of debts and interests. This strategy is appropriate in terms of relatively small amounts of public debt. Defaulted involves declaring the state insolvency payment obligations to creditors. Defaulted in the short run means a rapid deterioration in the economic situation in the country, but under certain conditions, there may be positive consequences in the long run. The technical default means the state's inability to pay debts on a certain date if there is a possibility of their payment in the future. In Ukraine today, the optimal decision of the state debt policy is the proclamation of technical default to restructure debts and prevent aggravation of socio-economic crisis in the country.
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Ngoc Son, Nguyen. "Public debt management and economic growth: A threshold regression approach." Public and Municipal Finance 12, no. 1 (July 3, 2023): 62–72. http://dx.doi.org/10.21511/pmf.12(1).2023.06.
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This study deals with the impact of national debt on gross domestic product growth, which plays an essential role in economic development when the debt-to-GDP ratio achieves the optimal public debt ratio. The goal of this study is to comprehend the relationship between government debt and GDP growth, which becomes increasingly essential for economic development as the debt-to-GDP ratio approaches the optimal threshold of public debt. The study applied regression threshold models, unit roots, and Pearson correlation tests to the data collected in Vietnam from 2000 to 2020 to determine the optimum national debt-to-GDP threshold. The results show that the correlation between national debt-to-GDP and GDP growth was 85.2%. All the variables are stationary at the first difference and lag after one year, and the 38% threshold is the best level of national debt for GDP growth. This study contributes to the theoretical enhancement of the current knowledge of the factors that offer the Vietnamese government a point of reference for policy recommendations to control national debt successfully.
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Marchesi, Silvia. "Buybacks of domestic debt in public debt management." European Journal of Finance 12, no. 5 (July 2006): 379–400. http://dx.doi.org/10.1080/13518470500459931.
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Razinkova, Мila, Fedir Zhuravka, Natalia Nebaba, Rostislav Botvinov, and Serhiy Voytov. "External public debt management during the wartime: Case of Ukraine." Investment Management and Financial Innovations 20, no. 4 (October 6, 2023): 26–35. http://dx.doi.org/10.21511/imfi.20(4).2023.03.
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Public debt plays a crucial role in the economic development of many countries, the effective management and servicing of the external public debt have become a priority in the financial and economic policy of the state, ensuring the stability of its development. The article aims to develop Ukraine’s external public debt management system during the wartime. As a result of the analysis, the key negative consequences of the impact of external debt growth on Ukraine`s economic security were determined, i.e. economic growth slowdown, increased dependence on creditors, increased costs of the public debt servicing, significant reduction in domestic consumption, etc. The developed external public debt management system in the framework of state economic and financial security includes relevant subsystems, principles, functions, objects and subjects, methods. It was substantiated that the appropriate external public debt management system during wartime in Ukraine requires the following additional subsystems: subsystem of crisis planning and response, subsystem of external debt settlement and subsystem for ensuring international cooperation.
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Kukel, Galina. "World Experience in Regulating External Debt in Conditions of Financial and Economic Instability." Modern Economics 32, no. 1 (April 20, 2022): 48–53. http://dx.doi.org/10.31521/modecon.v32(2022)-06.
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Abstract. Introduction. This article is devoted to the state of public global public debt and new approaches towards its regulation in both developed and developing countries. The theoretical and methodological bases of effective external debt management are considered in the paper. Globalization of the world economy and finance has led to increasing of funds raised in the international debt market and strengthened its part in the system of world finance. Purpose. The subject of this research is public debt in different groups of countries. Analysis of the situation with global public debt and the peculiarities of its regulation is necessary to learn positive foreign experience for its possible application. The following factors of significant increase of public debt are outlined: severe reduction of economic activity and decline in government revenue; increase of public spending, including related to anti-crisis measures; growing primary deficit, and this, the need to increase borrowings. The countries with low and middle income additionally face significant capital outflows from their financial markets, devaluation of national currencies, and difficulties with debt refinancing. Results. The article examines the problem of the external debts growth of different countries, dynamics and modern structure of the global external debts and efforts made by the international institutions and national regulators in order to tighten control over operations in the international debt market. The author comes to conclusion that an aggravation of the problem of external debts globalization hampers the restoration of stability and sustainable growth of the modern world economy. The main tasks performed in the process of public debt management are determined. The means of debt management, in particular, the mechanisms for restructuring public debts, are determined. The paper reviews the organizations involved in the restructuring of public debt. Conclusions. The obtained results can be used for further prospective studies of external debt management mechanisms taking into account world practice, as well as for the implementation of debt policy instruments in the crisis period.
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Tashbaev, Bobir O'razboy o'g'li. "OPTIMIZATION OF PUBLIC DEBT MANAGEMENT." Theoretical & Applied Science 96, no. 04 (April 30, 2021): 42–44. http://dx.doi.org/10.15863/tas.2021.04.96.9.
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Becker, Törbjörn I. "Public Debt Management and Bailouts." IMF Working Papers 99, no. 103 (1999): 1. http://dx.doi.org/10.5089/9781451852677.001.
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Dunayev, B. B. "Dynamics of Public Debt Management." Cybernetics and Systems Analysis 49, no. 6 (November 2013): 865–76. http://dx.doi.org/10.1007/s10559-013-9576-2.
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Balatsky, E. "Principles of Public debt Management." World Economy and International Relations, no. 5 (1997): 36–51. http://dx.doi.org/10.20542/0131-2227-1997-5-36-51.
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CHUGUNOV, Igor, Olena PRUTSKA, and Andriy NIKITISHIN. "Public debt management of Ukraine." SCIENTIA FRUCTUOSA 153, no. 1 (February 16, 2024): 4–21. http://dx.doi.org/10.31617/1.2024(153)01.
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The aim of the article is to justify the main tools for reducing the debt burden on the State Budget of Ukraine during the war and in the period of post-war reconstruction, based on the generalization of the world experience of restructuring the state debt and providing grant assistance. The research is based on the hypothesis of the need to develop and approve debt cancellation mechanisms for Ukraine, as well as the orientation of state policy to achieve an increase in the share of grant aid in post-war reconstruction, taking into account world experience, in particular the Marshall Plan (МР). To achieve the specified aim, the research methods were used such as: historical, logical, methods of statistical analysis, synthesis and comparison, generalization. Given the unprecedented nature of the destruction caused and the fall in Ukraine’s GDP, there are reasons to insist on writing off most of Ukraine’s debt to international organizations, including the IMF and the World Bank. The second component of the restructuring program should be the application of discounts to the nominal amount of debt for bond loans of private creditors. It was noted that in the conditions of active military operations in Ukraine, it is expedient to attract as much grant funding and long-term loans at preferential interest rates as possible.
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Ревзон, Оксана Анатольевна. "Blockchain in public debt management." Вестник МИРБИС, no. 17(17) (April 23, 2019): 105–9. http://dx.doi.org/10.25634/mirbis.2019.1.13.
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Актуальностьисследования: статья посвящена применению технологии блокчейн в условиях, характеризующихся масштабным использованием финансовых технологий в различных сферах экономики, в том числе, в финансовой сфере.Цель исследования: цель исследования состоит в определении принципов и особенностей использования технологии блокчейн в различных сферах экономики, в первую очередь, в финансовой сфере.Результаты исследования: в статье определены основные моменты, позволяющие использовать данную технологию в управлении государственным долгом.Практическая значимость: в статье пути повышения эффективности использования данной технологии, с точки зрения экономии бюджетных средств, направляемых на обслуживание государственного долга, рационального использования заемных ресурсов, снижения долговой нагрузки на государство. Relevance of the study: the article is devoted to the use of blockchain technology in conditions char- acterized by large-scale use of fnancial technologies in various sectors of the economy, including in the fnancial sector.The purpose of the study: the purpose of the study is to determine the principles and features of the use of block- chain technology in various sectors of the economy, primarily in the fnancial sector.Results: the article identifes the main points that allow using this technology in the management of public debt. Practical signifcance: in the article there are ways to increase the efciency of using this technology, in terms of saving budget funds allocated for servicing public debt, rational use of borrowed resources, and reducing the debtburden on the state.
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OLASUNKANMI, Musibau Lanre, and Segun Ahmed AJIBOWO. "Public Debt Management and Sustainable Growth in Nigeria." International Journal of Research and Innovation in Social Science VIII, no. VI (2024): 2730–41. http://dx.doi.org/10.47772/ijriss.2024.806208.
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Nigeria economy have been handicapped by unavailable fund. Through Covid-19 epidemic, the current growing of banditry and terrorism, coupled with the secessionist, have made the economy revenue continue to decline at large. While the continuity declining of revenue have surge the modest of the government to seek funds from both internal and external bodies for loan. Their inability to finance the debt stock servicing are putting pressure on Nigeria economy already and pilling up the total debts for other generation. As it stand, Nigeria remains the defiant figure among the most indebted countries in the Sub-Saharan African. Therefore, this study examined the effect of public debt management on sustainable economic growth in Nigeria between the period of 1981 to 2022. The study make use of ex-post facto research design while autoregressive distributed lag modelling was the estimated techniques. The empirical finding showed that Total debt stock and ratio of debt servicing to gross national product (RDBFG) were positive but not statistically significant to per capita income at 5% significant level. However, both Customer price index and Total government revenue were positive and statistically significant at 5% significant inference. The study recommended that government should reduce its public debt stock level by channeling their effort towards rigorous internally revenue generation.
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Naumenkova, Svitlana, Volodymyr Mishchenko, Igor Chugunov, and Svitlana Mishchenko. "Debt-for-nature or climate swaps in public finance management." Problems and Perspectives in Management 21, no. 3 (September 21, 2023): 698–713. http://dx.doi.org/10.21511/ppm.21(3).2023.54.
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Considering climate change and growing ecological threats, achieving climate neutrality requires close attention from the state and the involvement of new tools, including those of the so-called green financing. This paper aims to determine the feasibility of combining the tasks of reducing the debt burden and expanding investments in environmental programs in Ukraine, using innovative tools for public finance management, such as debt-for-nature and debt-for-climate swaps. It substantiated the necessity of coordinating debt-for-environment investment programs within the framework of Ukraine’s National Recovery Plan and initiatives implemented in Ukraine with the active participation of the World Bank Group. The advantages of this approach are ensuring clear interaction with international financial institutions and expanding the practice of greening public management. Based on statistical data for 2009–2022, the results demonstrate the growth of negative debt dynamics and characterize limited financing environmental restoration in Ukraine. Relying on international practices, the study conducted a comparative analysis to identify the most significant characteristics of the new debt green conversion instruments as well as the advantages and limitations of their use in Ukraine. The paper offers scenarios for implementing the concept of debt-for-nature exchange in the conditions of Ukraine. It shows the result of the formation of a new debt payment profile. These findings can raise state authorities’ awareness of making proper decisions regarding debt policy and public finance management. AcknowledgmentThe study presents the results of a study conducted as part of the scientific project “Formation of the foundations of nationally rooted stability and security of the economic development of Ukraine in the conditions of the hybrid “peace-war” system” (state registration number 0123U100965).
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Coe, Patrick J. "Symposium on Public Debt Management Editor's Introduction." Public Finance and Management 6, no. 2 (June 2006): 145–50. http://dx.doi.org/10.1177/152397210600600203.
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While the OECD's (2001) Guidelines for Public Debt Management argue that the main concern of public debt management is managing the costs and risks of the public debt, they also argue that debt managers should be aware of the interdependencies between debt management and other areas of macroeconomic policy, as well as overall issues of debt sustainability. This symposium consists of four papers that are concerned with the interaction of debt management with monetary or fiscal policy in some way.
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Zhuravka, Fedir, Hanna Filatova, Oleksandr Podmarov, Khaled Aldiwani, and Fathi Shukairi. "State’s debt sustainability management: case of Ukraine." Public and Municipal Finance 7, no. 4 (January 16, 2019): 1–7. http://dx.doi.org/10.21511/pmf.07(4).2018.01.
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Nowadays one of the relevant problems of economic development of Ukraine is the excessive increasing of the public debt that has a number of negative consequences for the financial system of the country. The article is devoted to the research of state’s debt sustainability concept. Special attention is paid to the development of an effective system of debt sustainability management. The aim of the article is to study the theoretical bases of the state’s debt sustainability, investigate scientific and methodological approaches to its management, analyze the public debt and debt sustainability of Ukraine. In order to achieve that goal, the following scientific methods were used: analysis and generalization, decomposition analysis, comparison and compilation. The authors analyzed the structure of the debt sustainability management system: objects, subjects, key principles, objectives, methods, instruments, etc. The list of key indicators of debt sustainability was substantiated and the authors compared their normative values in Ukraine and in world practice. Besides, the state and structure of public debt and the ratio of government debt to GDP were scrutinized. The obtained results proved the debt crisis deepening in Ukraine.
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Razinkova, Mila, Tetiana Grynko, Natalia Nebaba, Rostislav Botvinov, and Dmytro Pryimachenko. "Patterns and trends in research on external public debt management." Public and Municipal Finance 13, no. 1 (January 16, 2024): 14–29. http://dx.doi.org/10.21511/pmf.13(1).2024.02.
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This study undertakes a comprehensive bibliometric analysis of publications pertaining to the external public debt management system. The paper aims to study the evolution of scholarly discourse surrounding the external public debt management domain, highlighting contributions, methodologies, and collaborative networks within the field. The methodology encompasses a multivariate approach, incorporating extensive searches across the three major scientometric databases: Google Scholar (PoP), Scopus (in-built Scopus tools, SciVal), and Web of Science (in-built WoS instruments). The bibliometric analysis extends to contextual, evolutionary, and spatial dimensions, allowing for a comprehensive understanding of the identified clusters. The ensuing clusters serve as a roadmap, categorizing publications based on their contextual relevance, evolutionary trajectory, and spatial focus, which enhances the identification of key works in the field, facilitating a nuanced understanding of the current state of external public debt management research. The synthesis of findings from the content-contextual block emphasizes a primary orientation toward understanding the dynamic interplay between external public debt management and economic development. Furthermore, the contextual-temporal block identifies four distinct stages in the evolution of research focus, highlighting the shifting emphasis over time. A discernible pattern of heightened research activity in external public debt management across various countries in recent decades is revealed through spatiotemporal analysis. The interdisciplinary nature of this field is underscored by the dominance of economics, econometrics, finance, business, management, and accounting in dedicated research.
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BOHDAN, Tetiana. "Strategic public debt management under the unsustainable debt position." Fìnansi Ukraïni 2018, no. 4 (April 25, 2018): 75–92. http://dx.doi.org/10.33763/finukr2018.04.075.
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Baćović, Maja. "Public debt and economic growth: Two public debt management scenarios in Montenegro." BH Ekonomski forum 14, no. 1 (2021): 89–115. http://dx.doi.org/10.5937/bhekofor2101089b.
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Growing public debt is one of the biggest challenges faced by both developing and developed economies. Available research indicates the negative impact of public debt growth on economic growth. Applying the OLS method to the panel data for the countries of the Western Balkans and the period from 1998 to 2019, we found that one percentage growth in public debt leads to a decrease in the GDP growth rate by 0.036 percentage points. In addition, an increase in public debt by one percentage point leads to a decrease in the productivity growth rate by 0.079 percentage points. The results of the research for Montenegro as a case (two scenarios of fiscal policy and the period 2021-2040), showed that, if expenditures remain intact, due to the small difference between the forecasted average GDP growth rate in the period 2021-2040 and interest rates (assumed constant), such a scenario will lead to a slower change in the public debt-to-GDP ratio (23% decrease in two decades). In addition, the cost of interest in public debt in this scenario over the entire period is higher than 2% of GDP. If the fiscal policy is changed toward a reduction in government spending, the short-term GDP growth rate would be slightly reduced, but both the expenditures for interest (less than 2% of GDP) and public debt (decrease of 63% in two decades) would be reduced significantly. Although reduced government spending will have a negative impact on GDP growth in the short run, the country will benefit in the long run as reduced public debt will have a positive impact on GDP and productivity growth.
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Zhuravka, Fedir, Mila Razinkova, Olena Plakhotnik, Tetiana Grynko, and Natalia Nebaba. "Effect of Ukraine’s public debt management on its macroeconomic development: VAR modeling." Problems and Perspectives in Management 21, no. 4 (November 29, 2023): 483–501. http://dx.doi.org/10.21511/ppm.21(4).2023.37.
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One of the tools of economic policy of any country is efficient public debt management, which influences and determines the dynamics of key macroeconomic indicators. The study aims to assess how public debt management affects Ukraine’s macroeconomic development. The analyzed period includes data of 2015–2021. Econometric modeling is used to establish the existence of causal relationships between the dynamics of public debt and changes in key macroeconomic indicators using the Granger causality test and VAR (Vector Autoregression) model. The obtained results demonstrate that during the study period, the strongest links existed between the public debt and GDP, debt servicing and Ukraine’s total state budget expenditures, public debt and consumer price index, real effective exchange rate index of the hryvnia to the US dollar, and political stability index. At the same time, the calculations proved that public debt does not have a significant impact on foreign direct investment and the level of imports of goods and services. The proposed model allows for forecasts for future periods and can be used in developing public debt management policy.
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KUDRYASHOV, Vasyl. "STRATEGIC PRINCIPLES OF PUBLIC DEBT MANAGEMENT." Economy of Ukraine 2022, no. 9 (September 23, 2022): 58–76. http://dx.doi.org/10.15407/economyukr.2022.09.058.
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The war waged by the Russian Federation against Ukraine led to a sharp rise in the risks of revenue mobilization and increase in expenditures. The need to attract significant amounts of additional resources, in particular, by expanding borrowing has arisen. A significant increase in debt financing was not foreseen in the medium-term plans, which complicates management decision making during the war. At the same time, debt financing from internal sources is carried out with insufficient activity of private investors. As a result, a tendency towards an increase in the share of domestic government loan bonds owned by the National Bank of Ukraine and banks strengthened, leading to aggravation of financial stability risks. The need to introduce significant changes to the management of public debt obligations, first of all, to update strategic approaches that would involve solving not only current problems, but also those emerging in long- and medium-term perspective, became apparent. To this end, it is necessary to determine the principles of the public debt management strategy not only during the war, but also in the post-war period, to substantiate proposals and recommendations on introducing changes for its implementation. A new Public Debt Management Strategy should be aimed both at financing measures to counter Russian aggression, and at stabilizing the economy in the post-war period and resuming the country's progressive development. For this purpose, it is proposed to envisage several stages of solving the following tasks: i) enlargement of debt expansion, ii) stabilization of public finance, iii) return to the use of fiscal rules, reorientation to economic growth support and financing appropriate measures in emergency situations. When developing the Strategy, the content of the public debt, the purpose of debt management, its goals and objectives should be clarified. It is suggested to supplement it with public debt portfolio (that will reflect a combination of debt instruments taking into account the risks of their implementation), to change the mechanisms of resource mobilization, repayment and servicing of loans, and to restructure and refinance them.
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Akpan, M. S., A. Awujola, and D. A. Impalure. "Public Debt and Private Domestic Investment in Nigeria: An Empirical Investigation." International Journal of Economics, Business and Management Research 07, no. 03 (2023): 157–72. http://dx.doi.org/10.51505/ijebmr.2023.7312.
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The Nigerian government has been borrowing hugely over the years to finance her budget. However, the patterns of spending have shown to be more on recurrent expenditure and servicing of debt. Such spending pattern tends to caused domestic investment to decline and sometimes unstable. The continuous increase in Nigeria’s public debts, it’s associated rising debt service and declining/unstable domestic investment, motivated this study. Consequently, the aim of the paper is to investigate how Nigeria’s public debts have impacted on the country’s private domestic investment using time series data from 1981 to 2021. The data were estimated using the Auto-distributed Lag Model (ARDL) and Error Correction Model (ECM) techniques of analysis. Cointegration test showed that long-run (or equilibrium) relationship exists between public debt and private domestic investment in Nigeria. Findings from the study revealed that public external debt and pubic domestic debt have negative relationship with private domestic investment, while public debt service has positive relationship with private domestic investment. The study concluded that public debt have significant impact on private domestic investment due to the joint result of the Wald test. The paper recommended that the Debt Management Office (DMO) of Nigeria who is vested with the management of the country’s debt should advice the federal government to minimize or discourage the collection of debts to fund her budget. Also, the funds borrowed should be channeled into investment on projects that will improve private domestic investment.
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Tadtaeva, Naira V. "ISSUES OF IMPROVING PUBLIC DEBT MANAGEMENT." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 11/6, no. 140 (2023): 119–24. http://dx.doi.org/10.36871/ek.up.p.r.2023.11.06.012.
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In the modern world, the growth of public debt is a complex and at the same time very largescale phenomenon. By analyzing the features of the state’s debt policy, it is possible to study this issue globally and find a solution to the problem by settling the public debt with the help of effective and at the same time correct solutions in this area.
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Ferreira de Mendonça, Helder, and Viviane Santos Vivian. "Public-debt management: The Brazilian experience." CEPAL Review 2008, no. 94 (May 13, 2008): 145–62. http://dx.doi.org/10.18356/73b2e925-en.
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Minford, Patrick, R. Dornbusch, and M. Draghi. "Public Debt Management: Theory and History." Economica 59, no. 233 (February 1992): 130. http://dx.doi.org/10.2307/2555078.
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Jackson, Emerson Abraham. "Public Debt Management – Theory & Application." African Journal of Economic and Management Studies 9, no. 1 (March 12, 2018): 126–28. http://dx.doi.org/10.1108/ajems-06-2017-0147.
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Nakajima, Masataka. "Japan's Public Debt Management: New Developments." Japanese Economic Studies 16, no. 1 (October 1987): 78–99. http://dx.doi.org/10.2753/jes1097-203x160178.
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Pecchenino, Rowena A. "Public debt management: Theory and history." Journal of Comparative Economics 16, no. 3 (September 1992): 527–31. http://dx.doi.org/10.1016/0147-5967(92)90173-5.
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Musiiets, Bogdan. "ECONOMIC CONCEPTS OF PUBLIC DEBT MANAGEMENT." Scientific notes, no. 34 (March 30, 2024): 68–78. http://dx.doi.org/10.33111/vz_kneu.34.24.01.07.047.053.
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Tashbaev, Bobir. "“ ANALYSIS OF FUNCTIONAL ELEMENTS OF PUBLIC DEBT MANAGEMENT.”." Psychology and Education Journal 58, no. 1 (February 8, 2021): 4889–97. http://dx.doi.org/10.17762/pae.v58i1.1707.
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In the article, there are given several aspects on Public Internal and Foreign Debt, Public Debt Management, Scientific Proposals and Conclusions on the Budget Deficit and its Debt Servicing, Consolidated Budget,and the results of the study are defined as the functional elements of public debt management.
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Menuet, Maxime, Patrick Villieu, and Marcel Voia. "Does public debt secure social peace? A diversionary theory of public debt management." Social Choice and Welfare 57, no. 3 (March 27, 2021): 475–501. http://dx.doi.org/10.1007/s00355-021-01332-z.
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Chornovol, Alla, Julia Tabenska, Tetiana Tomniuk, and Liudmyla Prostebi. "Public finance management system in modern conditions." Investment Management and Financial Innovations 17, no. 4 (December 22, 2020): 402–10. http://dx.doi.org/10.21511/imfi.17(4).2020.34.
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The public finance management system is an important lever for equalizing financial and budgetary disproportions in the context of institutional changes. The paper aims to substantiate the directions of development of the public financial management system. Economic and statistical methods and correlation-regression analysis methods are used to determine the relationship between the GDP deflator and the share of revenues, expenditures, the general government budget deficit, and public debt in GDP, assessing the features of the public financial management system in Ukraine and EU countries. This study reveals that one of the main restraining factors in the public finance system development is a significant level of uncertainty in economic processes, which intensifies macroeconomic fluctuations, significant indicators of the share of public debt and budget deficit of the state administration sector pose risks to financial and economic stability; their potential negative impact on socio-economic processes is much more destructive than the pro-cyclical nature of fiscal policy. From this point of view, the public finance management system should be directed at optimizing financial and budgetary tools to prevent the growth of public debt and budget deficit in gross domestic product, which determines the importance of substantiating further development directions of the public financial management system. It is concluded that the mechanism of public financial management in recent years is quite rigid and restrictive, in the context of institutional change expands the tools of public financial management and increases its impact on socio-economic processes.
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International Monetary Fund. "The Role of Foreign Currency Debt in Public Debt Management." IMF Working Papers 95, no. 21 (1995): 1. http://dx.doi.org/10.5089/9781451843880.001.
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Afanasiev, Mst, and I. Krivogov. "Management of Equation of the Federal Budget: Foreign Debt to Russia." Voprosy Ekonomiki, no. 4 (April 20, 2005): 4–22. http://dx.doi.org/10.32609/0042-8736-2005-4-4-22.
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The quality of state budget planning and implementation process is directly connected with issues of management of foreign state debt and foreign financial assets. The article analyzes legal regulation of foreign debt management issues in Russia, the structure of its public debt and debt of foreign states to Russia. Possible schemes of debt restructuring including write-off, buy-back, several types of conversion and securitization are described. Principles of foreign debt settlement and Russia's participation in the Paris Club are presented. The article also deals with practical problems of settlement of foreign debts owed to Russia.
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Abdlazez, Fahed Abdullah, Alhashmi Aboubaker Lasyoud, and Abdlmutaleb Boshanna. "The relationship between Malaysian public-listed firms’ corporate governance and their capital structure." Corporate Ownership and Control 16, no. 3 (2019): 98–112. http://dx.doi.org/10.22495/cocv16i3art9.
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The purpose of this paper is to investigate the relationship between corporate governance practices and capital structure of public-listed companies in Malaysia. Using the annual reports of 273 Malaysian public-listed firms on the Bursa Malaysia between 2008 and 2012, hierarchical multiple regression analysis was conducted. Corporate governance was measured by variables including board size, CEO duality, ownership structure, and board meeting. Capital structure was measured through four variables: debt-to-equity ratio, long-term debts, short-term debts, and debt ratio. The findings indicated that corporate governance practices have a positive influence on the debt-equity ratio, long-term debt, short-term debt and a debt ratio of capital structure. However, corporate governance practices’ influence on the debt ratio is found statistically insignificant. The findings also indicate that firm size moderates the relationship between corporate governance variables and capital structure. Empirically, these findings are useful for measuring and understanding financing decisions taken by the Malaysian public listed firms. It also offers insights to policymakers interested in enhancing the role of corporate governance in formulating management strategies.
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Kulyk, Yuliia, Liudmyla Doloka, and Serhii Poliakh. "Ways of optimizing public debt management in Ukraine." Economy and Entrepreneurship, no. 51 (December 20, 2023): 104–14. https://doi.org/10.33111/ee.2023.51.kulyky_dolokal_poliakhs.
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The article shows that as a result of the decrease in business activity, the loss of many people’s jobs and means of livelihood, the beginning of a full-scale war on the territory of the country, and the need for active actions on the part of authorities and management at various levels regarding the defense of the country, maintaining an acceptable standard of living and ensuring the necessary minimum support of the population, colossal losses of the revenue part of the budget, all this has a significant impact on the size and structure of state borrowing. The work examined the essence of the state debt based on the research of various domestic scientists. It is proposed to consider this concept from two points of view: economic and material. The paper structured the classification of the state debt according to certain classification features and considered the state debt management system. The dynamics of the state debt of Ukraine from 2011 to the 1st quarter of 2022 shows a growth of 651 % for the entire period. The main years with a significant increase in the state debt are 2014 — 188.4 %, 2015 — 122.8 % and 2022 — 115 %. In the work, considerable attention is paid to revealing the structure of the state debt of Ukraine for the analyzed period. The authors analyzed the main social components of state borrowing, identified the main sources of financing the state debt of Ukraine and the main reasons for its growth. It has been studied that under the current management system, the state debt may reach 92.3 % of the country’s GDP by 2027. A significant reduction in the country’s GDP, an increase in the state budget deficit necessitates new borrowing and makes it impossible to fully repay and service the state and state-guaranteed debt in the future. It was emphasized and substantiated that to improve the situation with the state debt, first of all, an effective post-war management strategy is necessary, and the best option may be the restructuring of Ukraine’s debt.
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HRUBLIAK, Oksana. "ANALYSIS OF THE EFFECTIVENESS OF PUBLIC DEBT MANAGEMENT POLICY." WORLD OF FINANCE, no. 3(64) (2020): 65–75. http://dx.doi.org/10.35774/sf2020.03.065.
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Introduction. The effectiveness of debt policy is determined by the structure of the debt in terms of maturities, currencies, interest rates and the real ability of the government to fulfill its obligations in a timely and without threat to the financial system. The purpose is to analyze the effectiveness of Ukraine’s public debt management in recent years and to evaluate the impact of factors on its effectiveness. Methods. The following methods were used to achieve the goal: system-structural analysis, theoretical generalization, induction and deduction, economic-statistical and settlement-analytical methods, abstract-logical method. Results. It is argued that to assess the effectiveness of public debt management, in addition to the benchmarks, it should also take into account the level of interest rates on government bonds, change in the exchange rate UAH / USD, GDP growth rate. In this regard, the mathematical model is used to analyze the effectiveness of public debt management by comparing the ratio of debt service cost to GDP growth and the ratio of government debt to GDP ratio. Perspectives. The analysis makes it possible to confirm that the debt management policy in 2018-2019 was the least effective as the gap between the value of the public debt growth rate in GDP and the debt service cost ratio is approaching zero. According to the results of the study, a number of problems that arise in the process of public debt management are identified and new indicators are proposed to evaluate its effectiveness.
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Misztal, Piotr. "Public Debt Management and The Country’s Financial Stability." Studia Humana 10, no. 3 (June 1, 2021): 10–18. http://dx.doi.org/10.2478/sh-2021-0014.
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Abstract The government debt portfolio is usually the largest financial portfolio in the country. It often contains complex and risky financial structures and can generate significant risk to the state budget and the country’s financial stability. Therefore, governments are required to have sound risk management and sound public debt structures to limit exposure to market risk, debt financing or rolling risk, liquidity risk, credit, settlement and operational risk. In recent years, the debt market crises have highlighted the importance of sound public debt management practices and related risks, and the need for an effective and well-developed domestic capital market. This may reduce the vulnerability of the economy to adverse economic and financial shocks. However, it is also important for the government to maintain a macroeconomic policy that ensures sound fiscal and monetary management. The aim of the research is to present the theoretical and practical aspects of extremely important issues such as public debt management and to indicate the most important implications for the financial stability of the country on the example of the Polish economy. The study uses a research method based on literature studies in the field of macroeconomics, economic policy and finance, as well as statistical analysis of the studied phenomenon. Results of research indicate that effective public debt management can reduce the economy’s vulnerability to financial threats, contribute to the financial stability of the country, maintain debt stability and protect the government’s reputation among investors.
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Martin, Vesna. "Public Debt Management in Selected Central East Europe Countries." Economic Themes 57, no. 1 (March 1, 2019): 87–109. http://dx.doi.org/10.2478/ethemes-2019-0006.
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AbstractPublic debt management represents an important part of public finance in each economy and in most countries is in administrative authority within the Ministry of Finance. The Public Debt Administration is the holder of public debt policy, presenting one of the most important branches of macroeconomic policy and has stabilization and developmental function. The Public Debt Management determines the schedule, scope and currency structure of the security issuance in the domestic and international financial markets and directly affects the level of indebtedness of the country and the level of foreign exchange risk. The main objective of public debt management is to ensure that the government’s financing needs and its payment obligations are met at the lowest possible cost over the medium to long run, consistent with a prudent degree of risk. Adequate public debt management is crucial in view of the severe macroeconomic consequences of non-enforcement of public debt and the potential expansion of instability to other sectors in an economy. All this indicates the need for an adequately setting up current and future public debt management strategy and the development of instruments to reduce borrowing costs and foreign exchange risk levels. The aim of this paper is to present public debt management in selected Central East Europe countries (Serbia, Hungary, Croatia, Albania and Slovenia) and to recommend further improvement of its public debt strategies.
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Dubovik, Mayya, Sevar Mammadova, Anar Huseynov, Petar Pajkovic, and Lesya Bozhko. "Public Debt Management Experience: The Case of EECCA Countries." Comparative Economic Research. Central and Eastern Europe 25, no. 4 (December 16, 2022): 65–85. http://dx.doi.org/10.18778/1508-2008.25.30.
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The aim of this study is to cluster the most widely used public debt management tools peculiar to the EECCA (Eastern Europe, Caucasus, and Central Asia) markets. Overall, the results show that the volume of EECCA countries’ public debt relative to GDP declined from 2000 to 2015. However, as their public debt enhanced after 2016 and until 2020, inclusive, the need to choose proper tools for its management intensified. The main cause of public debt in most EECCA countries is the state budget deficit (Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Uzbekistan). The second place was taken by the balance of payments deficit (Armenia, Belarus). The only unique country was Azerbaijan, since it is likely to use public debt to finance economic and infrastructure development projects. No less interesting is that not all EECCA member states generate internal public debt. Kyrgyzstan, Moldova, and Uzbekistan have external public debt exclusively due to the lack of free resources that can be attracted from within the economy. In general, the investigation revealed that the main tool for managing internal public debt in EECCA countries is public bonds issued in national and foreign currencies. As for external public debt management, the top position is taken by external public bonds and international loans. The study has only two limitations: methodological and implementation. Other macroeconomic indicators of economic development were not considered, even though they may change the assessment of the effectiveness of the selected tools of public debt management. Meanwhile, the results can only be applied to those countries whose financial market is already formed and who have access to international financial markets. Otherwise, the tools of public debt management are limited.
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MOROZ, Ivanna. "EXTERNAL GOVERNMENT DEBT MANAGEMENT OF UKRAINE IN CONDITIONS OF SOCIAL AND ECONOMIC AND PANDEMIC SHOCKS." WORLD OF FINANCE, no. 1(66) (2021): 48–63. http://dx.doi.org/10.35774/sf2021.01.048.
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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.
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Victoria, Opara Ihunna, Nzotta Samuel Mbadike, and Kanu Success Ikechi. "Nigeria’s Domestic Public Debts and Economic Development." INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ADMINISTRATION 7, no. 5 (July 2021): 7–22. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.75.1001.
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This study investigates the effect of Nigeria’s domestic public debt on economic development of Nigeria spanning from 1981-2018. This is in response to the doubts being raised in some quarters as to whether the continuous increase in domestic debt over the years has led to the economic development of Nigeria as the former has been known to influence the later if well harnessed and executed. The secondary data used in the study were sourced from Central Bank of Nigeria Statistical Bulletin, Debt Management Office of Nigeria, World Bank Development Indicators and United Nations Development Program. The study made use of Ordinary Least Square Regression tools to determine the statistical relationship between Nigeria’s domestic public debt profile and Human Development Index as well as private sector investment. The outcome of study in the first model showed that domestic debt servicing and state governments’ domestic debts are significantly related to economic development. On the other hand, Federal domestic debt and State domestic debt are significantly related to private sector investment. The study therefore recommends that government should be cautious in her domestic borrowing policy given that servicing debt always becomes a burden to the sustainability of economic gains, in addition to its tendency of crowding-out private sector investment in Nigeria.
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Рябичева, О. И., and М. А. Мустафаева. "Directions for Improving Public Debt Management in Russia." Экономика и предпринимательство, no. 10(147) (February 21, 2023): 181–88. http://dx.doi.org/10.34925/eip.2022.147.10.031.
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В статье дана оценка современного состояния долговых обязательств Российской Федерации. Проведен анализ государственного долга, определены проблемы и направления развития управления государственным долгом в России. The article gives an assessment of the current state of the debt obligations of the Russian Federation. The analysis of the public debt has been carried out, the problems and directions for the development of public debt management in Russia have been identified.
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LUBKEY, Nadiia. "DISCUSSION QUESTIONS OF ESSENCE OFTHE PUBLIC DEBT RISKS AND PROBLEMS OF THEIR EVALUATION IN UKRAINE." WORLD OF FINANCE, no. 4(53) (2017): 121–31. http://dx.doi.org/10.35774/sf2017.04.121.
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Introduction. The significant and constantly increasing volume of public debt of Ukraine, its irrational structure, inefficient use of borrowed government loans lead to growth of debt risks and decrease of the state debt sustainability. For a successful debt management we need to apply effective risk management ofpublic debt. Purpose. The aim of this research is to clarify the essence of the public debt risk; to analyze the methodological approaches to their evaluation; to determine the main directions for the risk management of public debt, as well as the ways to improve the current methodology forassessing public debt risk in Ukraine. Results. Based on studies of different approaches to interpreting the essence ofthe public debt risk we have established that risk of public debt caused by the presence ofthe probability the formation of such debt parameters that may have significant negative impact on the socio-economic development ofthe country. Analysis ofthe main approaches to assessing of public debt risks revealed a number of shortcomings in current Ukrainian methodology. The main directions ofpublic debt risk management are: managing the risks associated with large amounts of public debt; debt management risks caused by irrational structure of public debt; managing the risks associated with the rapid growth of the public debt; risk management related to the inefficient use ofgovernment loans. Conclusion. The current methodology for assessing the risks associated with debt management used in Ukraine needs to be improved. In our opinion such methodologies must necessarily contain the indicators of effectiveness of government borrowing.
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Kolobov, Y. "PUBLIC DEBT MANAGEMENT UNDER PRIORITIES OF THE DEBT POLICY OF UKRAINE." Bulletin of Taras Shevchenko National University of Kyiv Economics, no. 154 (2014): 18–22. http://dx.doi.org/10.17721/1728-2667.2014/154-1/4.
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Petyk, Liubov O., Olena V. Kozachuk, and Iryna S. Sebestyanovych. "Public Debt Management in Ukraine: The Problems and Directions of Optimization." Business Inform 11, no. 538 (2022): 183–89. http://dx.doi.org/10.32983/2222-4459-2022-11-183-189.
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The article analyzes the current state of Ukraine’s debt in unstable conditions. The economic essence of the term «public debt management», as well as regulatory and legal support for the implementation of debt policy in the State, is given. It is noted that the management of both the public and the State-guaranteed debt is carried out by the Ministry of Finance of Ukraine. A dynamic analysis of Ukraine’s public debt for 2017-2021 was carried out. The structure of the total amount of the public debt and the State-guaranteed debt of Ukraine for 2017-2021 is examined in terms of internal and external debt. During the research, a structural analysis of public debt in Ukraine in terms of foreign currencies as of 2021 was carried out, the amount of funds allocated from the State Budget of Ukraine for debt servicing and payments on the State derivatives during 2017-2021 was analyzed. The ratio of public debt to gross domestic product is computed. The main problems of the government borrowing market are given. The peculiarities of the risks of the public debt of Ukraine are characterized. Modern sources of financing of the State budget are considered. The directions of optimization of the State policy in the field of public debt management of Ukraine are allocated.
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Awadzi, Elsie Addo. "Designing Legal Frameworks for Public Debt Management." IMF Working Papers 15, no. 147 (2015): 1. http://dx.doi.org/10.5089/9781513529561.001.
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Harvey, Campbell R. "Strategic Treasury Debt Management in Public Policy." Review of Policy Research 12, no. 3-4 (September 1993): 76–89. http://dx.doi.org/10.1111/j.1541-1338.1993.tb00552.x.
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