PUBLIC DEBT MANAGEMENT IN THE ECONOMIC DEVELOPMENT POLICY: PROBLEMS AND PROSPECTS OF SCIENTIFIC RESEARCH
Abstract
In recent years, the problems of uncontrolled growth and inefficient use of public debt have become increasingly common in most countries, especially in the context of economic instability caused by crises (in particular, the Covid-19 pandemic, geopolitical conflicts, etc.) Recognizing the critical importance of this issue, the purpose of this study is to conduct a bibliometric analysis that sheds light on the scientific landscape of the role of public debt management in the context of ensuring economic sustainability and further economic development of the country. To achieve this goal, the article uses a number of special methods and tools: built-in tools of the Scopus database, the VosViewer software tool, and the Google Trends web tool. As part of the bibliometric analysis, the author examined trends in search queries and scientific literature for the keywords “public debt management” and “economic development”, and clustered them to identify promising and most relevant research areas. The article analyzes 271 publications from 1985 to May 2024, selected in the Scopus database. Dynamic analysis showed a pronounced trend towards an increase in the number of scientific publications from year to year, with peak periods in 2020, 2021 and 2022 (which can be attributed to the need to increase public debt due to the Covid-19 pandemic and the full-scale invasion of Ukraine by russia). The trend analysis of the interest of Internet users showed constant and sharp fluctuations in the frequency of search queries on public debt management. The substantive analysis, implemented with the help of VOSviewer software, allowed us to identify 3 thematic clusters: the first one unites publications on how effective public debt management affects sustainable economic growth, financial stability and the country's ability to adapt to crisis situations; the second – how public debt and its management in developed countries affects macroeconomic indicators, public policy and socio-economic conditions; the third – how public debt management affects the efficiency of the health care system. The analysis resulted in the identification of generally recognized key theses for ensuring effective public debt management and promising areas of research.
References
Clements B. External Debt, Public Investment, and Growth in Low-Income Countries. International Monetary Fund. 3. 2003. 249 p.
Cochrane, J. H. (2001). Long-Term Debt and Optimal Policy in the Fiscal Theory of the Price Level. Econometrica, 69(1), 69–116. doi:10.1111/1468-0262.00179
Fedir Zhuravka, Mila Razinkova, Olena Plakhotnik, Tetiana Grynko and Natalia Nebaba (2023). Effect of Ukraine’s public debt management on its macroeconomic development: VAR modeling. Problems and Perspectives in Management, 21(4), 483-501. doi:10.21511/ppm.21(4).2023.37
Gentle, P.F. (2021). The USA Federal Debt-to-GDP Ratio and The Unified Budget Act’s Lack of Generally Accepted Accounting Principles. SocioEconomic Challenges, 5(2), 49-57. https://doi.org/10.21272/sec.5(2).49-57.2021
Ghosh, A. R., Ostry, J. D., & Qureshi, M. S. (2015). Exchange rate management and crisis susceptibility: A reassessment. IMF Economic Review, 63, 238-276. doi:10.1057/imfer.2014.29
Gnegne, Y., & Jawadi, F. (2013). Boundedness and nonlinearities in state debt dynamics: A TAR assessment. Economic Modelling, 34, 154-160. https://doi.org/10.1016/j. econmod.2013.04.006
Hanna Filatova, Sergiy Voytov, Yevheniia Polishchuk and Oksana Dudchyk (2022). The public debt of Ukraine in the economic development policy in the war and post-war periods: Bibliometric analysis. Public and Municipal Finance, 11(1), 142-154. doi:10.21511/pmf.11(1).2022.12.
Kaya, H. D. (2020). The depth of the financial system: A comparison of developed and less developed countries. Financial Markets, Institutions and Risks, 4(4), 109-118. https://doi.org/10.21272/ fmir.4(4).109-118.2020
Kumar, M., Woo J. (2010). Public Debt and Growth. IMF Working Paper 10/174.
Pienkowski, A. (2017). Debt limits and the structure of public debt. Journal of Globalization and Development, 8(2).
Pulay, G. Z. (2018). Risk and cost of sovereign debt in the member states of the European Union as a factor of their economy development. Marketing and Management of Innovations, 1, 304-316. https:// doi.org/10.21272/mmi.2018.1-23
Reinhart, C.M., Rogoff, K.S., 2009. The aftermath of financial crisis. American Economic Review 99, 466–472.
Shkolnyk, I., & Koilo, V. (2018). The relationship between external debt and economic growth: Empirical evidence from ukraine and other emerging economies. Investment Management and Financial Innovations, 15(1), 387-400. doi:10.21511/imfi.15(1).2018.32
Stawska, J. (2015). The public finance sector debt and economic growth in Poland in the context of financial crisis. Magnanimitas, 6, 570-578. URL://core.ac.uk/download/ pdf/80534769.pdf
Барановський О. І. Дослідження теоретичних засад боргової безпеки держави. Науковий вісник Ужгородського університету. Серія «Економіка». 2016. Випуск 1(47). Том 1. С.327–337.
Богдан Т. П. Боргова безпека та її роль у гарантуванні фінансової стабільності. Вісник Національного банку України. 2012. № 4. С.8–15.
Кулінська А.В. Бюджетна безпека як умова досягнення національних соціально-економічних інтересів. Інвестиції: практика та досвід. 2016. 4. С. 29–34.
Новосьолова О. Боргова безпека як визначальний фактор макроекономічної стабільності держави. Збірник наукових праць ЧДТУ. Серія «Економічні науки». 2014. Випуск 35.1. С.123–128.
Clements B. External Debt, Public Investment, and Growth in Low-Income Countries. International Monetary Fund. 3. 2003. 249 p.
Cochrane, J. H. (2001). Long-Term Debt and Optimal Policy in the Fiscal Theory of the Price Level. Econometrica, 69(1), 69–116. doi:10.1111/1468-0262.00179
Fedir Zhuravka, Mila Razinkova, Olena Plakhotnik, Tetiana Grynko and Natalia Nebaba (2023). Effect of Ukraine’s public debt management on its macroeconomic development: VAR modeling. Problems and Perspectives in Management, 21(4), 483-501. doi:10.21511/ppm.21(4).2023.37
Gentle, P.F. (2021). The USA Federal Debt-to-GDP Ratio and The Unified Budget Act’s Lack of Generally Accepted Accounting Principles. SocioEconomic Challenges, 5(2), 49-57. https://doi.org/10.21272/sec.5(2).49-57.2021
Ghosh, A. R., Ostry, J. D., & Qureshi, M. S. (2015). Exchange rate management and crisis susceptibility: A reassessment. IMF Economic Review, 63, 238-276. doi:10.1057/imfer.2014.29
Gnegne, Y., & Jawadi, F. (2013). Boundedness and nonlinearities in state debt dynamics: A TAR assessment. Economic Modelling, 34, 154-160. https://doi.org/10.1016/j. econmod.2013.04.006
Hanna Filatova, Sergiy Voytov, Yevheniia Polishchuk and Oksana Dudchyk (2022). The public debt of Ukraine in the economic development policy in the war and post-war periods: Bibliometric analysis. Public and Municipal Finance, 11(1), 142-154. doi:10.21511/pmf.11(1).2022.12.
Kaya, H. D. (2020). The depth of the financial system: A comparison of developed and less developed countries. Financial Markets, Institutions and Risks, 4(4), 109-118. https://doi.org/10.21272/ fmir.4(4).109-118.2020
Kumar, M., Woo J., 2010. Public Debt and Growth. IMF Working Paper 10/174.
Pienkowski, A. (2017). Debt limits and the structure of public debt. Journal of Globalization and Development, 8(2).
Pulay, G. Z. (2018). Risk and cost of sovereign debt in the member states of the European Union as a factor of their economy development. Marketing and Management of Innovations, 1, 304-316. https:// doi.org/10.21272/mmi.2018.1-23
Reinhart, C.M., Rogoff, K.S., 2009. The aftermath of financial crisis. American Economic Review 99, 466–472.
Shkolnyk, I., & Koilo, V. (2018). The relationship between external debt and economic growth: Empirical evidence from ukraine and other emerging economies. Investment Management and Financial Innovations, 15(1), 387-400. doi:10.21511/imfi.15(1).2018.32
Stawska, J. (2015). The public finance sector debt and economic growth in Poland in the context of financial crisis. Magnanimitas, 6, 570-578. URL://core.ac.uk/download/ pdf/80534769.pdf
Baranovskyi O. I. (2016) Doslidzhennia teoretychnykh zasad borhovoi bezpeky derzhavy [Research on Theoretical Foundations of State Debt Security]. Naukovyi visnyk Uzhhorodskoho universytetu. Seriia «Ekonomika». Issue 1(47), Vol. 1, pp. 327–337. (in Ukrainian)
Bohdan T. P. (2012) Borhova bezpeka ta yii rol u harantuvanni finansovoi stabilnosti [Debt Security and Its Role in Ensuring Financial Stability]. Visnyk Natsionalnoho banku Ukrainy, No. 4, pp. 8–15. (in Ukrainian)
Kulinska A.V. (2016) Biudzhetna bezpeka yak umova dosiahnennia natsionalnykh sotsialno-ekonomichnykh interesiv [Budget Security as a Condition for Achieving National Socio-Economic Interests]. Investytsii: praktyka ta dosvid, Issue 4, pp. 29–34. (in Ukrainian)
Novoselova O. (2014) Borhova bezpeka yak vyznachalnyi faktor makroekonomichnoi stabilnosti derzhavy [Debt Security as a Determining Factor in the Macroeconomic Stability of the State]. Zbirnyk naukovykh prats ChDTU. Seriia «Ekonomichni nauky». Issue 35.1, pp. 123–128. (in Ukrainian)
![Creative Commons License](http://i.creativecommons.org/l/by/4.0/88x31.png)
This work is licensed under a Creative Commons Attribution 4.0 International License.