Управління державним боргом у контексті стабілізації державних фінансів України
Debt management in the context of public finances stabilization in Ukraine

Summary/Abstract: Introduction. In current conditions due to the interdependence of the budget and debt policy it is impossible to implement effective debt management without fiscal (budget) constraints. In order to introduce effective debt management and debt portfolio optimization in Ukraine, we need a comprehensive long-term fiscal and debt strategy aimed at sustainable development and stability of the budget. Purpose of the article is to ground the interdependence between the efficiency of government debt management and the consolidation of public finance sustainability in Ukraine under the changing nature of global risks. Methods. To achieve the goal of article we used a combination of methods: to uncover the essence of the phenomenon – the method of analysis and synthesis, to compare the international practice of government debt management – geographic comparative method; for strategic decision – making and visual presentation of research results in the form of tables; methods of synthesis and generalization, financial analysis, etc. Results. The sharp increase in government debt during the global financial crisis in most of countries, as well as maintaining its trend of growth in the years 2014-2015, gives us the reason to conclude about the inadequacy of the existing model of regulation and supervision of the financial sector and anti-crisis measures fallacy in enabling government policies of several states. Financial expansion of the economy and violation of debt sustainability of public finances have strong negative impact on the national economy. Conclusion.The proposed introduction in Ukraine special budgetary rules of «second generation», which combine the budget deficit limits and government debt size, will increase the effectiveness of debt management and strengthen the public finances stability by combining the maximum level of public debt limiting with measures of government countercyclical policy.

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