CURRENT STATE OF ATTRACTING BUDGET DEFICIT FINANCING ON THE MARKET OF STATE DEBT SECURITIES OF UKRAINE
Abstract
The article is about attracting funding of the budget deficit to the market of government debt securities of Ukraine. For this, an assessment was used the dynamics of several indicators reflecting the effectiveness of such involvement. The first indicator that should be taken into account is the percentage structure of the accumulated debt, which was formed due to the sale of debt securities in terms of internal and external segments. The result demonstrates a significant predominance of borrowing on the domestic market of government securities. This is characterized as a positive phenomenon, since external borrowings in general do not have a greater debt burden. Protest, the level of external debt, which was formed due to the sale of obligations on the foreign market, continues to be significant. The financing of the state budget through the sale of securities was assessed based on indicators: the ratio of the yield of government bonds to GDP growth rates and the share of government bonds in the amount of public debt. It has been established that the share of obligations of the domestic position in the structure of the state debt of Ukraine remains within acceptable parts. Protest, emphasizing the dubiousness of the given limits. This is explained by the fact that the securitized debt is less threatening from the standpoint of ensuring the state's debt security, compared to the positions of international financial institutions and foreign governments. The indicator that characterizes the solvency of the state when attracting financing on securities is calculated and analyzed - the ratio of the yield of the government bond market to the GDP growth rate. In the analyzed period, the presence of a systematic excess of the permissible values of this indicator. It was concluded that the debt policy does not always take into account the state's ability to service and pay the accumulated debts. It is justified to confirm that the volumes of domestic state loan bonds issuance should depend on profitability: the greater the need for spending, the higher profitability they should provide. The effectiveness of attracting the market to the public debt decreases in maintaining the balance between opportunities and needs, which are always not provided in the process of financing the deficit of the state budget of Ukraine.
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