FINANCIAL POTENTIAL OF CO-INVESTMENT INSTITUTIONS IN THE CONTEXT OF UKRAINE'S DEBT SECURITY
Abstract
This article examines the financial potential of collective investment institutions (CIIs) in strengthening Ukraine’s debt sustainability. The study substantiates the theoretical and methodological foundations for integrating CIIs into the public debt management system and emphasizes their role as an institutional mechanism for mobilizing domestic financial resources and stabilizing the sovereign debt market under conditions of fiscal pressure and limited access to external financing. CIIs are interpreted not only as capital market intermediaries but also as structural elements of the national financial system capable of supporting debt security. Based on systematic and comparative analysis, the article demonstrates that despite positive growth trends, the Ukrainian CII sector remains structurally imbalanced due to the dominance of venture funds. This imbalance restricts the participation of non-venture investment funds in financing government debt instruments and constrains diversification of the domestic investor base. To overcome this limitation, the author proposes a methodological model for assessing the financial potential of CIIs that integrates quantitative and qualitative indicators, enabling comprehensive evaluation of their contribution to public finance resilience and debt sustainability. The empirical component includes a comparison of Ukrainian indicators with European Union and global benchmarks, confirming substantial unrealized potential for deeper integration of CIIs into the domestic government bond market. The results are further validated against debt policy parameters defined within the International Monetary Fund’s Extended Fund Facility framework for Ukraine, demonstrating consistency with long-term fiscal and macroeconomic objectives. The findings indicate that strengthening the role of CIIs enhances debt sustainability, diversifies domestic financing sources, reduces refinancing risks, increases financial autonomy, and supports the formation of a stable national investment base during wartime conditions and post-war recovery.
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