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The rapid growth of public debt in developing countries in recent years and the increasing risks associated with this process emphasize the importance of research in this area. The article examines one of the key aspects of public debt management — the structure of creditors’ debt portfolio. The object of the study is the public debt of four countries of Central Asia and three countries of the South Caucasus. The states of this region are important foreign economic partners of Russia, their contribution to mutual trade and realization of joint projects is growing. Their role in the global and regional economy is also expanding, including participation in major transport and logistics projects designed to increase the connectivity of Eurasia. The study is based on the data of international organizations on the total volume of public debt, debt to individual external creditors and the dynamics of macroeconomic indicators. The article examines changes in the structure of the main groups of creditors for each country over three long-term periods and analyzes similarities and differences in the observed structural shifts. It also decomposes the indicator of public debt dynamics and estimates the contribution of the economic growth factor and the effects of changes in countries’ debt to certain groups of creditors. The study identified the following key trends in public debt structural changes: 1) the declining role of bilateral loans from developed and developing countries since the 2000s; 2) the continued strong influence of debt raised from international financial organizations and development banks in most countries throughout the period under study; 3) in a number of countries, a gradual increase in market sources of debt financing (domestic and Eurobonds); the increasing role of loans from China — in the Kyrgyz Republic and the Republic of Tajikistan, etc. The study identifies reasons for these structural changes, and concludes with a discussion of the risks associated with the observed shifts in the structure of public debt.

This article estimates the impact of the level of regional public debt on the rate of regional economic growth in the context of socio-economic development of Russian regions. The results obtained are important for determining the optimal level of regional public debt in order to increase the efficiency of the Russian regional budget policy. The level of regional public debt is understood in this study as the ratio of regional public debt to its GRP. Considering the heterogeneity of regions in the modeling process, the subjects were clustered by the level of socio-economic development using the k-means algorithm. Further, the results of clustering were used in econometric models to identify differences in the level of regional public debt impact on the economic growth of regions depending on the level of their socio-economic development. Using panel data models for the subjects of the Russian Federation, the negative impact of the public debt level on regional economic growth rates was revealed for regions with a low and medium levels of socio-economic development. By implementing the Hansen procedure for the subjects of these clusters, the threshold level of regional public debt was found. It is equal to 2.36% of GRP, above which the neutral impact of public debt on economic growth is replaced by a negative one. For regions with a high level of socio-economic development it was found that changes in the level of public debt are neutral in relation to regional economic growth. These results allowed us to formulate recommendations for regional budget policy.

The strengthening of globalization of economic relations and the need to constantly attract resources to finance the growing needs of the economy require systematic and coordinated actions on the part of the State to ensure financial stability and debt security. The proposed scientific article is devoted to the topical issue of the need to study the theoretical foundations of debt security, which in recent years has become especially relevant for Ukraine due to economic and security challenges. The aim of the article is to conduct an in-depth study of the economic essence of the concept of «debt security» taking into account the need to ensure the socioeconomic development of the State. Analyzing, systematizing and summarizing the scientific works of foreign and domestic scientists, the evolution of approaches to the concept of «debt security» is considered. As a result of the study, the author?s own definition of this concept is proposed. In particular, debt security is proposed to be considered as the optimal level of debt burden, which allows to maintain sustainable socioeconomic development of the State, forming domestic demand and the necessary unshakable level of independence of the State. Excessive debt accumulation can lead to serious economic problems, such as rising borrowing costs, credit rating downgrades, and economic downturns. Therefore, the prospects for further research in this direction are the assessment of debt security, in particular the analysis of the level of debt burden, the identification of potential threats and risks, and the introduction of a holistic strategy for ensuring debt security.

The article is devoted to the changes in the fiscal and financial situation of Russian regions in 2020–2022. During this period, the regions faced a new challenge in the form of a pandemic. The author gives a quantitative assessment of the changes that have occurred, analyzes the features of support measures and the regional policy being implemented. The article examines changes in the parameters of regional budget revenues, budget deficits and debt burden. In addition, the author identifies a group of regions with maximum changes in per capita budget revenues and the factors that caused these changes. The author pays special attention to measures in the field of debt policy, methodology for equalization grant allocation, as well as demographic characteristics affecting regional expenditures. The article presents proposals for possible further improvement of the system of interbudgetary fiscal relations, including approaches to the provision of unconditional gap-filling financial support.

In the context of increasing globalization, income inequality is one severe problem in several countries because it widens the income gap between the rich and the poor, which leads to social instability. Narrowing this gap has become one of the main agendas in many developing countries to satisfy the millennium goals proposed by the United Nations. Meanwhile, government expenditure is one crucial fiscal instrument as it contributes significantly to running the economy and overcoming economic cyclicality. In particular, governance/institutional can positively adjust the public debt — income inequality relationship in developing economies. The purpose of the study to identify the impact of institutional quality, public debt and their interaction on income inequality on a balanced data panel of 34 developing economies for the period 2002–2020. For monitoring endogenous problems and serial autocorrelation in empirical equations, two-step and one-step system GMM (Generalized Method of Moments) assessments are used. The results from the study show that public debt and the quality of institutions increase income inequality, but their interaction narrows it. These results seem to be counter-intuitive. Besides, education enhances income inequality in these economies. The results of the study provide some policy recommendations for reducing the inequalities in society through public debt and the quality of institutions in developing economies. Accordingly, governments in developing economies should use spending financed by public debt to support low-income individuals through social transfers throughout economic development. Importantly, they should spend more on education and health to help the poor improve their skills and knowledge, narrowing the income difference between the rich and the poor. In particular, they should be prudent in controlling and managing public debt to avoid a public debt crisis and social instability.

According to the definition of the European Commission, public finances financial stability is the ability of a state to maintain current expenditures, conduct tax and social policy in the long term without the threat of loss of the country’s solvency to fulfill its obligations and stipulated expenditures. The subject of the study is the state of revenues and expenditures of the federal budget and budgets of the Russian constituent entities under the Western sanctions. The choice of the Ural Federal District regions (hereinafter – UFD) as the objects of the study is due to the significant share of oil and gas revenues in the federal budget revenues, the export-oriented regions place and role in the oil and gas revenues formation in the federal budget. The purpose of the study is to assess the budget system financial stability on the example of the federal budget and budgets of the Russian constituent entities, in particular, the UFD regions. The article uses generally accepted research methods, such as analysis and synthesis, generalization, grouping, tabular, etc. It has been established that the imposed sanctions have a negative impact on oil and gas revenues. Under such conditions, the budget system stability is supported by a low level of debt, especially at the federal level. The UFD export-oriented regions budget stability indicators exceed similar indicators of the Russian constituent entities budget. The budget stability risks remain the highest at the regional and local levels.

The purpose of the study was to assess the adaptability of the global financial system to the crisis phenomena observed in recent years in the world economy. In particular, the key financial risks of the development of the global economy and the opportunities for their neutralization were identified, the role and possibilities of monetary policy in overcoming the current unprecedented inflation were shown, and the possibilities of transition to sustainable growth based on curbing inflation on short-, mediumand long-term trends were identified. development of the world economy. A special role in our study was played by the substantiation and development of mechanisms for the rational management of public debt, which plays a fundamental role for a fair recovery of the world economy.

Budgetary and tax policy is designed to ensure sustainable development of the Russian economy on the basis of modernization, to improve the living standards of the population by reducing social inequality, and to adapt the budget system to modern realities. The sanctions imposed by the European Union and the United States of America against Russia affect not only the production sphere, but also economy as a whole. The decline in oil prices, ruble devaluation, and outflow of foreign capital eventually lead to budget deficit. In these conditions, budgetary and tax policy remains one of the most important instruments of the economic policy pursued by the state. Increasing tax system efficiency becomes a priority. The objectives of the study include establishing budgetary and tax system effectiveness in forming budget revenues of different levels, including administrative centers (capitals of republics, regional centers). The article uses analysis and synthesis, generalization, grouping, dynamics, comparison, tabular method, and data of the Federal State Statistics Service, the Ministry of Finance of the Russian Federation, and the Federal Tax Service of the Russian Federation. It has been established that the existing budget and tax policy does not provide regional and local budgets with necessary financial resources as they are dominated by inter-budget transfers that cover only their deficit and do not ensure economic growth. All this predetermines the need to redistribute tax revenues in favor of regional and local budgets that will weaken the share of inter-budget transfers in these budgets.

The author of the proposed article researches that today default is a situation when the debtor refuses to fulfill his obligations to service the debt in full. It is established that the risk of default is the most serious for both creditors and the state, since the scale of adverse consequences for both sides of the credit relationship is the greatest in case of default. It has been established that the cause of default can be both sovereign insolvency and write-off of foreign debt. It is noted that the cancellation of external debt is a situation when the borrowing state refuses to fully or partially fulfill its obligations, and also takes other legislative measures with an equivalent effect, that is, declares default as a strategic decision. It has been determined that default can be found in US law only at the state level. It was concluded that insolvency means the objective inability of the state or its government to service or repay its external debt obligations within the terms established by the agreements in connection with the increase in the indebtedness of the country's government to an unacceptable level for the economy, and thus, a certain reduction in debt is required loading or debt restructuring.

During the entire period of existence and expansion of the European Union, the integration of the economies of the new countries of the union was strengthened. Thus, in the 1990s, the term "PIIGS countries" was born, which became the most widespread after the financial crisis in the EU in 2008, and which was often used in relation to the southern European countries of the EU (Portugal, Ireland, Italy, Greece and Spain), which were the most affected from growing debt and economic vulnerability. There have always been less developed states and more problematic countries in the economic environment, which today fall under the classification of peripheral countries of the European Union. The subject of research in the article is the default risk and fiscal stability of the PIIGS countries. The goal is to identify existing default risks and existing violations of fiscal stability in the PIIGS countries. The objective is to research the dynamics of the development of the economies of the PIIGS countries in the conditions of modern crises and challenges. General scientific methods are used, such as system analysis - to determine the peculiarities of the development of the economies of the PIIGS countries, the method of comparative analysis, thanks to which the peculiarities of the economies of the PIIGS countries, the peculiarities of their debt and fiscal policies are analyzed. Also, comparative analysis is used to study the difference between the PIIGS countries in terms of their default risk and fiscal sustainability. The following results were obtained: based on the analysis of the debt and fiscal stability of the PIIGS countries, problematic aspects were identified and the components of the economies of these countries were determined, as well as the factors influencing the risk of default and the quality of the fiscal stability of the PIIGS countries were calculated. Conclusions: The article identifies default risks for each of the PIIGS countries and their level of fiscal sustainability. Various methods of solving economic problems for the PIIGS countries have been studied and proposed, which will help these countries avoid default and improve their fiscal sustainability. Each of the PIIGS countries was studied separately. This made it possible to draw acceptable conclusions about each country.

The subject of research there is conceptual principles of issuing government securities to ensure debt security in conditions of full-scale war. The purpose of the article is to clarify the economic essence of the debt security category through the definition of its structural elements, as well as the features, advantages and reasons for issuing government securities in conditions of full-scale war. Method or methodology of the study. During the research, historical, analytical-empirical, inductive-deductive, comparative research methods were used to implement the principle of objectivity of scientific presentation; the method of analysis and synthesis - when evaluating indicators of debt security; graphical presentation of research results - when calculating the weighted average yield of military bonds. Results of the article. The article examines the issue of the essence, reasons for the issue and profitability of government securities in the conditions of martial law in Ukraine, considers the need for the management of government securities as the only tool in subordinating the government from the standpoint of ensuring Ukraine's debt security in the conditions of a full-scale war. It is considered that a full-fledged and liquid internal market of government securities will allow to reduce the cost of state borrowing and reduce the risks of default. Attention is paid to the matter of the issue and profitability of a new financial instrument for Ukraine - military OVDP. Debt security is studied as a dynamic process taking into account the positive effects of the use of borrowed external and internal funds. It was determined that the full-scale war reversed the positive trend towards a decrease in the share of public debt in GDP and forced a departure from the strategy of strengthening debt security, and the growth of governamental debt during the state of war is a forced phenomenon. Field of application of results. The results of the research can be used in the theory and practice of public debt management in conditions of full-scale war. The assessment of debt indicators and their analysis will be a relevant source of information for developing ways to strengthen Ukraine's debt security in peacetime. Conclusions. The growth of the public debt during martial law is a forced phenomenon: tax revenues allow to finance expenditures by only one third. Having analyzed the structure of the public debt from the standpoint of instruments for attracting funds, we can come to the conclusion that government securities are the only state-controlled instrument for ensuring debt security in conditions of forced and uncontrolled growth, primarily of external state debt. Military bonds have a specific purpose, and the economic risks caused by a military invasion do not allow the use of OZDP and Eurobonds as debt refinancing instruments.

The purpose of the article is to substantiate the measures regarding diplomatic support of the Ukraine's foreign public debt in the conditions of a critical budget deficit. The analytical basis of the proposals are the results of the assessment of trends in the development of international flows of debt capital and the world experience of diplomatic assistance to countries in the process of overcoming their debt crisis. It has been established that the process of international movement of loan capital, in which countries are active participants regardless of the economic development level, is characterized by dynamic trends of value growth. A critical factor in the growth of public debt in Ukraine is the decrease in the value of GDP and the inability to cover the budget deficit as a result of high military and social costs. It has been proved that the minimization of risks associated with the State's dependence on international borrowing is possible under the condition of effective diplomatic support of the external debt at all stages of its formation and maintenance. Ukraine has positive results of diplomatic debt support (favorable conditions for obtaining new loans, partial restructuring of existing debt). However, in the future, under conditions of preservation of current trends, the growth of foreign debt will pose a threat to the economic security of the State. Based on the analysis of alternative options for overcoming the debt crisis, the authors substantiate the expediency of Ukraine's diplomatic request to international creditors for preferential debt restructuring; active cooperation with foreign countries regarding mediation in interaction with international financial organizations in the direction of initiating special programs of financial support for Ukraine. Diplomatic support of foreign public debt should occur simultaneously with the further integration of Ukraine into the European Union, measures to stimulate economic growth in the country, which will contribute to increasing the international investment attractiveness and credit ratings of the national economy.

Annually growing public debt of Latin American countries is a source of a consistent increase in regional crisis potential. The COVID-19 pandemic has exacerbated political instability and deepened socio-economic imbalances in the region. The chronic dependence on debt financing increases the region’s vulnerability to external shocks and makes it much more challenging to implement public policies to achieve the UN Sustainable Development Goals. The purpose of the article is to reveal the increasing nature of the debt risks inherent in the Latin American countries, and to propose measures to overcome them. The authors summarize the views of leading Russian and foreign experts on the debt sustainability of the region. Based on the statistical data of international organizations, regional development institutions, as well as analytical materials published by Bloomberg, Fitch, White Case or Deloitte, the authors analyze the approaches to solving the Latin American debt problem. However, considering recent debt dynamics, new public borrowings may cause a deterioration of the regional debt sustainability in the future. This issue reinforces the uncertainty in international investment circles regarding the future solvency of the Latin American region. The situation in the Latin American countries is exacerbated by the uncertainty whether positive rates of economic growth resume in the medium term that have been lost due to volatile global commodity prices. The study examines the prospects for regional economic stabilization in Latin America and the Caribbean, including through the use of new debt financing mechanisms to meet current financial needs and minimize the risks of financial vulnerability.

The article is concerned with assessing the current state of public debt and the State-guaranteed debt of Ukraine, their essence is considered and the dynamics for the period 2017-2021 are analyzed. It is noted that public debt is the result of the movement of borrowed capital, which has a significant impact on the state of public finances, the investment climate, money circulation, and the development of international cooperation. It is determined that a significant amount of public debt, which was formed during the period of Ukrainian independence, negatively affects the economic situation in the country, and debt servicing creates a burden on the State budget. At the moment, the debt policy needs to find improved ways to attract credit funds and identify effective ways to use them to better the financial situation and strengthen Ukraine’s economy. The article defines the structure of the State debt of Ukraine in terms of foreign currencies. It is proved that the debt mostly consists of borrowings denominated in foreign currencies. An analysis of both the public and the State-guaranteed debt by type of interest rates during the analyzed period was carried out and it was noted that borrowings include a significant share of debt instruments with a fixed rate. The structure of the public debt by type of creditor during 2017-2021 is presented. It is proved that issued securities in the domestic and foreign markets occupy the largest share in the structure of the debt. The economic essence of domestic and foreign government bonds is defined. Domestic government bonds (OVDPs), which are in circulation at nominal depreciation value during 2017-2021, are considered in terms of foreign currencies and owners. Based on the carried out analysis, the main reasons that led to the growth of the volume of both the public and the State-guaranteed debt in Ukraine and the directions of their optimization in public debt management are identified.

Relevance of the research topic. Ensuring purposeful influence on social development requires the formation and implementation of an effective debt policy based on improving the institutional support of financial and budgetary reforms. Formulation of the problem. Important tasks in modern conditions are: increasing the efficiency of the debt mechanism and ensuring debt sustainability; improving the debt instruments of fiscal policy; optimizing the structure of the debt portfolio. Analysis of recent research and publications. Problems of formation and implementation of debt policy are quite common in the research of: D. Ricardo, R. McConnell, J. Mill, P. Samuelson, A. Smith, M. Friedman, I. Zapatrina, G. Kucher, L. Lysyak, I. Lukyanenko, A. Mazaraki, M. Pasichnyi, I. Chugunov and others. Selection of unexplored parts of the general problem. The above issues are relevant in connection with the deteriorating trend of socio-economic development, increasing military aggression against Ukraine, which requires a number of specific tasks in the field of debt management. Problem setting, research goals. The objectives of the study are: to reveal the role of debt policy at this stage of development of public relations; substantiate the peculiarities of the application of debt instruments of fiscal policy. The purpose of the study is to reveal the strategic directions of debt policy in modern conditions. Method or methodology of the study. The article uses a set of research methods: a systematic approach, structuring, synthesis, etc. Presentation of the main material (results of work). The role of debt policy at this stage of development of public relations is revealed. The peculiarities of the application of debt instruments of fiscal policy are substantiated. The strategic directions of debt policy in modern conditions are determined. Field of application of results. The results of the study can be used in the formation and implementation of debt policy. Conclusions according to the article. The validity of the implementation of debt policy is an important condition for achieving national socio-economic interests. In modern conditions it is necessary to understand the complexity and multidimensionality of the issues raised. At the same time, one of the most important tasks is to increase the efficiency of the debt mechanism and ensure debt stability.

The aim of the paper is to assess the debt sustainability of the budget system of the regions of the Northwestern Federal District (NWFD) of Russia and establish differentiated values of the budget constraints. The author uses methods of comparison and grouping, correlation and cluster analysis. The author’s methodology based on the methods of multivariate statistical analysis made it possible to include indicators that have the nature of leading indicators in the assessment, evaluate the integral indicator of debt sustainability, and determine the limit values of these indicators. Approbation of the author’s methodology for assessing the debt sustainability of the budget system on the statistics of the NWFD regions allowed dividing the regions into three clusters according to the types of debt sustainability and determining the threshold values of indicators for each cluster. The research results substantiate the need to reduce the high debt burden for 70% of the NWFD regions. The results indicate that the regions with a high level of debt sustainability include St. Petersburg, Leningrad and Kaliningrad regions. The integral indicator of debt sustainability of these regions is greater than one and the regions are well grouped according to six indicators of debt sustainability into a group that is homogeneous in terms of characteristics. The Republic of Komi, the Republic of Karelia, and the Arkhangelsk and Pskov regions have a low level of debt sustainability: the standard limiting values for the “debt-to-GRP ratio” indicator of the regions is less than 5%, and the “debt-to-revenue ratio” indicator — less than 42%, the value of all indicators of debt sustainability exceeds the values of the cluster centroids. For these regions, the author recommends pursuing a targeted budget policy with a mandatory debt reduction to the level of threshold values for the indicators of the regions of this cluster. The paper concludes that it is necessary to reduce the debt burden of most regions of the NWFD, as well as to establish differentiated values of budget constraint on public debt, taking into account the indicators of socio-economic development of these regions.

The paper carries systematization of a step-by-step evolutionary change in theoretical views on debt financing of public expenditures. A comprehensive analysis of the most important characteristics of the state debt of the constituent entities of the Russian Federation since 2006 has been carried out. Seven situations of varying degree of emergency calling for government support have been identified. These periods are determined by identifying the prerequisites for the emergence, quantitative characteristics, structural deformations of debt and instruments of state regulation. Based on the results of the analysis, it was concluded that the attraction of borrowed budget resources to the regions of the Russian Federation was mainly a forced and spontaneous process, subject to time changes and carried out mainly to make up for the lack of the region’s own budget revenues. The research proves that attracting budgetary resources to the region requires a systematic approach and consideration of two factors: how the region’s own budgetary potential affects the borrowed budgetary resources and how they in turn can affect the region’s own budgetary capacity of current and / or future periods. There are scenarios about impact of borrowed budgetary resources on the territory's own budgetary capacity.

The article is devoted to the analysis of contemporary problems and peculiarities of regulating socio-economic inequality during the crisis and describes the financial crises’ impact mechanism on the state financial regulation evolution of economic inequality.In times of economic crises developed countries make unconditional distributions of money transfers to households to stimulate demand. New liquidity is distributed across the world economy, launching inflationary processes against the backdrop of significant problems with the supply of raw materials and materials due to the consequences of the COVID-19 pandemic. Public interest to the problem of growing socio-economic inequality is increasing along with the rise in the number of dollar millionaires and the financial assets prices. In many ways, this phenomenon is associated with the financial regulation specifics of the economy during times of crises.As a result of the study, the specifics and paradoxes of modern state financial regulation of economic inequality during times of crises have been substantiated, recommendations for state financial regulation of socio-economic inequality during the crisis have been formulated. Regulators should pay particular attention to the top 10 % of the population, for whom there are now many opportunities for tax optimisation and avoidance, with the result that even theoretically effective progressive tax systems do not work properly in practice. Developed countries should promote international tax cooperation to solve this problem, and developing countries should focus on improving their progressive tax systems.

public debt. The formation of governmental borrowing is caused by the State’s need for additional financial resources. These resources are used to ensure the fulfillment of all tasks set before the State aiming to ensure economic and social prosperity. Improperly developed policy of public debt management will undermine the financial security of the State. To analyze the state of public borrowing, the following indicators were considered: the volume of total, external and internal public debt of Ukraine from 2017 to 2021; the ratio of external, external-guaranteed, internal and internal-guaranteed public debt of Ukraine in 2021. It was determined that over the last 5 years the dynamics of governmental borrowing has been changing from positive to negative and vice versa. The problems of public debt management in Ukraine include inefficient using of borrowed funds; raising loans to cover existing debt; imperfect legislative support; small volumes of gold and foreign exchange reserves; permanent budget deficit, etc. The following prospects for public debt management were identified: a policy to reduce the budget deficit; greater focus on domestic creditors; diversification of investors; fulfillment of IMF lending conditions; simplification of the IGLBs procurement system, etc. The international experience of government borrowing management was also considered. The most effective public debt model that can be implemented in Ukraine is the example of Sweden, where the government launched a policy of reducing public debt through systemic reforms that need to be implemented at all levels of the State management.

The relevance of the topic is due to the fact that debt crises have an extremely negative impact on the national economy, which implies the need for constant attention on the part of the government to issues of public debt management in order to timely, identify possible violations of debt stability. The subject of the research is the debt sustainability of the constituent entities of the South of Russia as the ability of the constituent entities of the federation to timely and fully service the public debt without significant adjustments to the balance of income and expenses. The aim of the research is to assess the debt sustainability of the constituent entities of the South of Russia and develop measures aimed at increasing it in order to prevent the emergence of an imbalance in regional finances and reduce the likelihood of debt crises. An increase in government borrowing rises budget spending on public debt servicing and can provoke an imbalance in the financial system. Diversification of the debt portfolio helps to ensure its balance. The structure of the debt portfolios of the constituent entities of the Federation may include budget loans, government guarantees, government securities, loans from credit institutions and other instruments. The article notes that the debt sustainability of the constituent entities of the Russian Federation directly depends on the decisions made at the federal level and the amount of government spending directed to specific regions. Therefore, it is necessary to maintain such a level of debt sustainability, which will prevent the emergence of an imbalance in regional finances and reduce the likelihood of debt crises. This presupposes the application of uniform recommendations for assessing debt sustainability in all constituent entities of the Russian Federation. The analysis of the volume and structure of the state debt of the constituent entities of the South of Russia, carried out in the article, made it possible to conclude that the debt policy of the macroregion is fragmented: the structure of debt portfolios is heterogeneous; a change in the level of debt burden can be associated with both an increase in tax and non-tax revenues, a decrease in the amount of public debt, and with reverse processes.

The subject of this research is public debt and its impact on the dynamics of the gross regional product (GRP) of Russian regions. The aim of the paper is to study and scenario forecast the dynamics of changes in the internal public debt of Russian regions and model its impact on the gross regional product. The relevance of the study is due to the fact that most regions in Russia are forced to increase their internal public debt to cover the budget deficit and attract additional resources to solve important problems of socio-economic development and implement strategic projects and programs. The scientific novelty of the research consists in the development of a methodological approach to modelling and scenario forecasting of the level of GRP of different groups of regions, taking into account the dynamics of changes in their public debt using ARIMA modelling methods and panel regression analysis. The authors apply the methods of panel regression analysis and ARIMA modelling. The authors theoretically substantiated that public debt has a different effect on the GRP of Russian regions, grouped the regions according to the identified trends in the dynamics of public debt (the first group — regions with the dynamics of debt reduction over the period from 2005 to 2019, the second group — with the all-Russian trend of debt reduction since 2017, and the third group — with the dynamics of increasing debt over the period under review); developed a methodological approach to modelling and scenario forecasting of the GRP level of the Russian regions, taking into account the dynamics of changes in their public debt; carried out ARIMA forecasting of the dynamics of the public debt of different groups of regions and built regression models of the influence of the dynamics of the public debt on the GRP of Russian regions within the selected groups; formed forecast scenarios for changes of the GRP level of regions, taking into account the identified dynamics of transformation of their internal public debt. Conclusions: public debt has a negative impact on the dynamics of the GRP of Moscow and the Moscow region and a positive effect on the dynamics of the GRP of the regions of the second and third groups. The findings of the study may be used by the federal and regional executive authorities to find ways to reduce public debt and increase the level of socio-economic development of territories.

In this article the basic concepts of the foreign public debt is analyzed in relation to tax under different economic schools. The author considers scientific theories of the content of public debt in the context of relationship with the characteristic essence of taxes. On the basis of the study concluded that a variety of approaches to the subject of public debt by representatives of different scientific schools of financial law. The discussions between their representatives indicate that the active work of the scientific thought in the field. The absence of community and common scientific position in the views of scientists on this concept. It is noted that public debt is opposed to taxes when deciding on the financing of the budget deficit.

Book review: Kelton S. 2020. The Deficit Myth. Sydney: McPhersons Printing Group. 325 p. ISBN 978-1-529-35253-5.

The paper's relevance is substantiated by the fact that today a rapid growth of external debt of the most developed countries of the world (including European Union (EU) countries) is one of the most acute problems of the modern world economy and global finance. The paper aims to assess the degree of the external debt burden of various EU countries and evaluate the prospects of solving external debt problems in the EU. The article focuses on dynamics, composition, and specifics shaping the EU countries' external debt based on comparative, economic, statistical, and graphical analysis. Special attention we paid to the analysis of specifics of the EU countries' sovereign external debt composition connected with the acute problem of the rapid growth of public debt in general. The paper examines the ratio of public external and internal debt in various EU countries. It determines the EU particular countries where public external debt is shaping based on either cross-border or domestic model. The research results reveal a high degree of dependence of the EU economy on international debt finance. Gross external debt and sovereign external debt of the EU countries are still growing, and its distribution among various member states is very uneven. The structural imbalance of the EU countries' net external debt has also been revealed: the number of net borrowers is double that of net lenders. According to the basic external debt sustainability indicators, some EU countries are in a pretty tricky situation and entirely depend on the possibility of external debt refinancing.

The article considers the approaches to public debt management in Russia, describes the time requirements for the use of various tools. The paper evaluates the dynamics of changes in public debt and its transformation, which consists in the transition from external to internal borrowing. The author denotes problems in the field of underfunding of budget expenditures in connection with the coronavirus pandemic. The study considers all known theories of public debt management and presents the mechanism of their implementation and their impact on the state of public finances. The author makes a summary of the necessary approaches and solutions in the field of borrowing and debt servicing. The paper also presents the direction of changes in the legislation in the field of setting service limits and the total amount of borrowing.

In 2020, almost all large countries experienced a decline in GDP and other indicators of economic activity. This trend followed the news about the COVID-19 pandemic and had several features typical for cyclical economic crises. At the starting point, both demand and supply factors were negatively affected. This paper looks into data on GDP, retail sales and foreign trade dynamics in the first nine months of 2020, and analyzes the difference between developed and developing countries. Specific phenomena are observed: Germany and its small neighbors had relatively mild crises; developed countries had their trade balances deteriorating; the trade between the USA and China revived; and American deficit has been growing since April 2020. Some hypotheses to explain the above are offered. For instance, the German economy might have been able to adapt swiftly due to greater freedom of entrepreneurship than in France and Italy and due to the lowest debt ratios among G7 countries. The trade balances of developed countries deteriorated, possibly, because of a decline in production as a result of anti-COVID lockdowns, with consumption encouraged by stimulating policy measures.

Public debt is an integral part of public finances of various countries, the process of its management, including formation, maintenance and repayment has a powerful impact on the macroeconomic system of the state. The subject of the study is the public debt of the Russian Federation. The article performs a correlation and regression analysis of factors that have a direct impact on the state of the Russia’s public debt under the conditions of the restrictions caused by the Covid-19 coronavirus infection, as well as the consequences of these restrictions. The paper proposes an econometric model that describes a system of indirect macroeconomic factors that are not directly related to the state’s debt policy, but show the strongest influence on the formation of public debt in modern realities and increase the efficiency of its management, as well as reflect the quality of public financial management in general. The author concludes that the demographic burden and the indicator reflecting the ratio of the budget deficit to the total budget revenue have the greatest impact on the effectiveness of public debt management.

In today’s conditions, it is quite problematic to pick out a State that does not use borrowings in order to further finance the needs of the State budget. Therefore, one of the most important problems of the economy of each country is the problem of changing the volume of public debt. The concept of public debt is immediately associated with a negative phenomenon. However, the experience of many countries shows the opposite – public debt is within the permissible limits of no potential threat to the economy. However, in Ukraine, its indicators in recent years have been steadily increasing and far exceeding the limits of the norm. This tendency is due to a number of factors on which the amount of public debt depends. The article is aimed at disclosing the theoretical aspects of the public debt and the State-guaranteed debt of Ukraine, as well as their differences. The structure of the debt and its volumes during 2016-2020 are researched. The views of foreign and domestic researchers on determining the concept of the aggregate public debt are considered. As result of the study, the current status of Ukraine’s public debt is reflected and the dynamics of both the public debt and the State-guaranteed debt in terms of their components have been analyzed for the past four years. The dependence of both the public debt and the State-guaranteed debt on the size of gross domestic product is considered. The share of the internal and the external debt in the composition of the public debt and the State-guaranteed debt respectively is analyzed. On the basis of the carried out analysis, the factors that affect the change in debt volumes, the main factors and causes that led to the growth of both the public and the State-guaranteed debt in Ukraine are defined, as well as the main trends and specific features of its formation. As a result, measures are proposed to overcome these problems.

The stability of public finances ensures a stable, effective development of the state, and as a result - an increase in the level and quality of life of the population. A country that has domestic sources of financing as the basis for its development has more stable and higher long-term development and growth prospects. The elements of the financial system support and reinforce each other, and the main levers of influence on the economy are within the country. Only in this case it can be argued that the country has long-term financial sovereignty. This article evaluates the sustainability of public finances of the Republic of Kazakhstan based on the calculation of indicators of the financial stability of the state. At the same time, the assessment of the sustainability of public finances in the work is considered from the point of view of the impact of public debt, therefore, structural coefficients of the composition of external and internal debt, which characterize the debt burden, debt dependence of the budget, the citizen of the country, as well as the debt limit, etc. The calculated coefficients based on the data of Kazakhstan were compared with their threshold values, as a result of which a number of conclusions were made about the sustainability of public finances of the Republic of Kazakhstan. In addition, the coefficients were determined that are at the limit at the time of the study, and an increase in which may negatively affect the sustainability of public finances of the Republic of Kazakhstan.

The paper studies the dynamics, structure, methods of Ukraine’s public debt management and identifies the constituent elements of the public debt management mechanism. The current trends of Ukraine's debt policy are analyzed and its macroeconomic consequences are determined. It is established that public debt management is one of the key factors in ensuring macroeconomic stability in the country. According to the results of the study, the nature of the debt problem depends on the country’s budget capacity, the state of its foreign exchange reserves, and, accordingly, on the stability of the national currency, interest rates, investment climate, the behavior of all segments of the financial market. It is established that the main problem of public debt management lies in ensuring the solvency of the state, the real sources of public debt repayment. It was found that the most statistically significant factor influencing the size of Ukraine’s external debt is GDP growth. It is justified that in order to reduce the amount of the country's external liabilities and increase GDP, it is necessary to resort to domestic borrowings as much as possible. It is proposed to use the foreign experience of developed countries in Western Europe and the United States, which resort to external borrowings only when there is a stable GDP growth. The study found that countries do not set the goal of reducing debt to zero, but recognize the need to reduce it to a certain level of sustainability, which depends on economic growth, interest rates, due to which countries occupy a certain place in domestic and foreign markets. It is noted that Ukraine's current credit ratings should be raised through fiscal policy and reforms. The results of the study highlight the priority areas for implementing the medium-term public debt management strategy for 2019 – 2022.

Relevance of the research topic. In the context of financial globalization, it is important to determine the impact of monetary policy on budgetary balance, ensure sustainable economic development, and support macroeconomic equilibrium in the country. The study of the impact of monetary policy on a balanced budget is very relevant. Formulation of the problem. Under the conditions of transformational changes, the exchange rate and the peculiarities of its formation are an integral part of ensuring the development of the country's financial system. Of particular importance is the issue of ensuring the effective interaction of monetary and budgetary policies as one of the most important factors in the development of the economy through reindustrialization and modernization. Analysis of recent research and publications. The problem of the state’s monetary policy is today quite relevant for most countries of the world and widespread in the scientific works of famous foreign and domestic scientists: T. Bogolib, V. Heyets, I. Zapatrina, J. M. Keynes, N. Kornienko, A. Laffer, I. Lyutyi, A. Mazaraki, R. Masgrayev, V. Makogon, V. Oparin, M. Pasichnyi, A. Smith, J. Stiglitz, V. Fedosov, I. Chugunov, S. Yurii and others. Selection of unexplored parts of the general problem. However, there are a number of insufficiently disclosed issues regarding the impact of exchange rate fluctuations on significant macroeconomic indicators in the context of economic transformation. Setting the task, the purpose of the study. The objective of the study is to analyze the impact of the exchange rate on budgetary balance. The aim of the study is to determine the main objectives of the monetary policy of Ukraine. Method or methodology for conducting research. The article uses a set of scientific methods: the system approach, statistical analysis, structuring, analysis and synthesis. Presentation of the main material (results of work). The article analyzes the exchange rate and determines its effect on the formation of the budget deficit and public debt. The task of modern monetary and foreign exchange policy is delivered, directions of ensuring effective interaction of monetary and budget policies are considered. The field of application of results. The results of this study can be applied in the process of formation and implementation of the monetary policy of Ukraine. Conclusions according to the article. Maintaining balance and stability of budgets of various levels is a strategic objective of budget policy, especially in the context of transformational changes. Budget balance is characterized by the ratio of budget expenditures and revenues, their proportional change in economic uncertainty. It is important to ensure the effective interaction of monetary and budgetary policies as one of the most important factors in the development of the economy through reindustrialization and modernization. The solution of these issues involves an objective assessment of the situation in the domestic and world economies, taking into account the country's real capabilities in achieving the main strategic goals and ensuring economic development.

The problems of formation of the company’s capital structure to date have already been studied well. A large number of theoretical papers and empirical studies devoted to this issue have been published. However, managers are confronted not only with the question of the optimal balance between equity and debt capital, but also with the choice of debt structure in the presence of several of its sources, such as public and private debt. This is a new paradigm in corporate finance. On the one hand, companies are not always ready to issue listed securities at the initial stages of their activity. On the other hand, raising funds in open markets has several advantages. With the help of public debt, one can attract a sufficiently large amount of financial resources with a lower cost in comparison with private borrowing. At the same time, as a rule, the public debt is not secured by the assets in the proper amount.According to the author’s opinion, in dealing with this question, companies can take into account not only the current state of the company and its financial indicators, but also the stages of the life cycle, since each of them has its own development features. The purpose of this study is to analyze whether life cycle stages and other financial indicators of a company affect the choice of a source of borrowed capital (private or public debt), thereby to contribute to the development of this research direction. The objects of study are Russian companies. In the empirical part of the study, the binary choice model had been applied.The sample size is 1,818 companies, the financial statements for three years were used. The stages of the organization’s life cycle were calculated by the method of V. Dickinson. A number of control variables were also included in the model. The results of empirical analysis indicate that the company decides to issue public debt, regardless of the stage of the life cycle. This allows us to conclude that the company, when conceptually resolving the question about the structure of borrowed capital, relies on economic indicators such as profitability, size of the company, structure of assets and financial leverage. Understanding this fact can also help potential investors in making investment decisions to form conservative portfolios.

The author considers fiscal incentives of regional authorities in the system of federal intergovernmental relations. The aim of the study is to determine how the debt burden of Russian regions affects regional fiscal policy in the context of federal co-financing of expenditure obligations. The work employed the methods of grouping, one-dimensional cluster analysis, correlation analysis, and regression by generalized method of moments (system-GMM). The study found that the increase in the regional debt burden relates to a decrease in the level of local fiscal decentralization. Intensive debt financing of regional expenditures in 2013–2015 also reduces the willingness to regionally co-finance federal priorities. The author concludes that high debt burden reduces the fiscal incentives of regional authorities to co-finance federal initiatives and creates the risk of underfunding of national projects.

Subject of research is public debt. The purpose of this article is to analyze the status of public debt of Ukraine, its dynamics and structure. Methods which were used in course of research: the method of systemic structural analysis and synthesis, method of comparative analysis, generalization, statistical, General, special methods of scientific knowledge and other research methods. Study results.The article described the views of scientists on the essence of economic category «public debt». Analyzed the periods of the formation of government debt, the dynamics of the budget deficit of Ukraine over the past 10 years, public and publicly guaranteed debt of Ukraine from 2012 to 2019 Indicated the negative effects of the impact of public debt on the economy and forward-looking indicators of public debt in the years 2020-2024. Application of results.Тhe results of the study can be used in the activities of the Ministry of Finance of Ukraine, the Verkhovna Rada of Ukraine, as well as in institutions of higher education in teaching economic disciplines. Conclusions.The state budget of Ukraine is performed by increasing the volume of its deficiency and the use of borrowing to Finance it. The result is an increase in government direct and guaranteed debt, and this is what causes the increased pressure on the public finances, on the development of our country, which negatively affects economic growth. During the years of independence, there were fluctuations in government and government-guaranteed debt, but never reached zero values. The main objective of the government is to stabilize the economy, and hence in the medium term, he needs to resolve the question of reducing public debt because it poses a threat to financial and economic security of the country.

The research subject includes the theoretical basis and mechanisms of fiscal policy formation and realization as an instrument of economic development regulation. The aim of the study is to improve the theoretical and methodological basis of fiscal policy formation and determine the peculiarities of its impact on economic development. Methods. In order to achieve the appropriate tasks, we used a set of methods and approaches, that helped to ensure the conceptual unity of our investigation. The dialectical, systemic and structural approaches, methods of analysis and synthesis, comparison, generalization,economic and mathematical modeling, scientific abstraction are applied. Results. In this paper, we explored the main instruments of fiscal policy, which affect economic development. The experience of advanced counties in fiscal consolidation and stimulus measures during the Great Recession was systemized. Also, the author investigated the budget deficit impact on real GDP growth in OECD countries over the 1981-2017 period. Practical implications. Fiscal policy and instruments of its implementation. Conclusions. The regulation of the tax burden on labor and capital influences the conjuncture of these factors in the market. Fiscal regulation is one of the determining reasons for the migration of labor and financial capital between different regions and countries. Given the multiplicity of combinations of tax bases and rates, the government has significant potential to impact on investment and consumer demand, and real GDP growth. The impact of budget expenditures on aggregate demand should be examined considering the level (ratio to GDP) and different composition structures. It is vital to raise the weight ratio of productive expenditures in the overall structure, which leads to foster economic growth. Particularly important are the special productive expenditures that are directed towards the development of human capital; which include expenditures on education, health care, physical development, R&D. It is crucial to establish a consistent relationship between public spending and the obtained results to form an effective fiscal policy. The budget should be balanced, which requires the implementation of systematic fiscal consolidation measures, and it has been found that the growth of the budget deficit slows down economic growth. The priority of fiscal policy is to reduce the debt burden.

The proposed scientific article is concerned with the topical issue of the management of public debt at the current stage of the development of Ukraine’s economy. The article is aimed at studying the experience of foreign countries in managing public debt and developing practical recommendations to improve the management of Ukraine’s external public debt. The essence of the concept of «external debt» is considered, statistics on the volume of government borrowings in the foreign countries are analyzed, and ways of improving the mechanism of management of Ukraine’s external public debt are proposed. Key priorities for applying foreign experience to stimulate economic growth in Ukraine have been defined. The main regulatory changes are considered, in particular changes to the Budget Code, which provide for the creation of the Debt Agency of Ukraine, with the following tasks: management of public debt and the risks associated with it; implementation of public internal and external borrowings; other tasks that would come under its jurisdiction. Prospects for further research in this direction is the improvement of the regulatory framework governing the debt policy in Ukraine and the implementation of a holistic strategy for managing the external public debt.

Relevance of the research topic. In the context of transformation changes, it is important to identify the priority areas of debt policy as an instrument of socio-economic development of the country, the introduction of effective instruments for managing public debt in the institutional environment. Quite important is the study on the efficiency of debt policy. Formulation of the problem. In modern conditions, during the period of financial globalization, public debt is an integral part of the financial systems of most countries of the world. Particularly important are the priorities of debt policy for countries with a transformational economy, because they need to allocate a significant amount of financial resources to carry out and achieve effective results of reforms. It is important to develop and implement a coherent debt strategy, as well as to correct it for solving current problems. Analysis of recent research and publications. The issue of debt policy of the state is quite relevant today for the majority of countries of the world and are common in scientific works of the well-known foreign and domestic scientists. The following foreign scientists have made a significant contribution to the study of public debt and debt policy: R. Barro, D. Buchanan, A. Wagner, J. Keynes, D. Ricardo, P. Samuelson, J. Stiglitz, W. Thompson, F. Friedman and others. The theoretical and practical questions concerning the formation, management and maintenance of public debt under conditions of transformational changes in the economy are devoted to the work of such Ukrainian scientists as O. Vasylyk, I. Zapatrina, L. Lisyak, I. Lukianenko, A. Mazaraki, M. Pasichnyi, V. Fedosov, I. Chugunov and others. Selection of unexplored parts of the general problem. However, there are a number of underdeveloped issues related to the formation and repayment of public debt in the context of the transformation of the economy in both the medium and long-term periods. Setting the task, the purpose of the study. The research objective is to analyze the state debt of Ukraine as a result of the implementation of debt policy. The purpose of the study is to determine the main tasks of the debt policy of Ukraine. Method or methodology for conducting research. The combination of research methods were used in writing the article: systematic approach, statistical analysis, structuring, analysis and synthesis, and others. Presentation of the main material (results of work). Indicators of state and state-guaranteed debt in terms of repayment currencies, the structure of domestic government loans that were raised to the budget by placing bonds on the primary market were analyzed in the article. The priority tasks of the debt policy in the medium and long-term perspective were proposed. The field of application of results. The results of this study can be applied in the process of formation and implementation of Ukraine's debt policy. Conclusions according to the article. At the present stage of economic development it is important to increase the impact of the use of debt management methods based on the formation of the debt policy priorities for the medium and long term persrective. In carrying out an effective debt policy, the government should reduce the spread of crisis phenomena and debt risks, as well as reduce the total debt burden on the economy. The article defines the priority tasks of Ukraine's debt policy in the medium term.

The article describes the current state of Japan's public debt, which exceeds its GDP by almost 2.5 times; it seeks to identify the main causes for its growth, analyses its structure, reviews the main stages of its formation; assesses the effectiveness of government measures to regulate it and makes a comparative analysis with the national debt of the United States.The distinctive nature of Japan's public debt is that it is based on the relative stability of Japan’s financial system and a high degree of trust in it both domestically and abroad. In particular, the sustainability of the debt is ensured by the fact that 95% of government bonds are owned by residents. Despite the pessimistic mood of the IMF, investors continue to actively acquire debt obligations of the Japanese government. The behavior of investors is affected by the strengthening of the position of Neo-Keynesians in world economic sci ence, who consider domestic debt safe, assuming that budget expenditures can be equal to the sum of tax revenues and domestic debt. Government bonds will continue to play a dominant role in the Japanese debt market for a long time and, although the volume of this type of loans is large, a high degree of confidence in Japanese finances will remain both domestically and abroad thanks to a competent, cautious and conservative financial policy. In the field of public debt regulation, the author considers the Bank of Japan's policy to be successful, it mitigates the negative impact of public debt on the development of the Japanese economy. On the contrary, the effectiveness of government measures, including the Three Arrows Plan of Prime Minister S. Abe, is assessed as non-effective. Government spending is growing, but the government does not introduce restrictive measures of debt policy, considering that an annual increase in government debt by 1% is necessary to maintain economic growth. Based on the study, a forecast is made that Japan will maintain a high level of public debt for the next five years.

The article is devoted to the advantages and disadvantages of debt instruments to finance government needs. This topic is relevant because the current economic situation in conjunction with the tasks of breakthrough development requires a sufficient level of sustainability of public finance. To substantiate in detail the possibility of using public debt the article describes the basic peculiarities of budgeting mechanism: what a budget is, its revenue and expenditure, effective budget balancing in case of budget deficit. Within the given framework, the author focuses on the essence of public debt and borrowing, determines their place in the budgeting mechanism, reviews foreign experience and identifies advantages and disadvantages of this tool which makes it possible to assess the necessity of applying this mechanism. The conclusion is made that using public borrowing is appropriate because it provides an opportunity for budget maneuvering and helps to mitigate negative consequences of economic shocks but it is necessary to take into account the current economic situation along with the risks of financial stability, thus to conduct a balanced debt policy.

Abstract: The publication is aimed at forming a methodical approach to the management of economic cycles with use of fiscal instruments, which would ensure the achievement of an economic equilibrium and overcome of the economic imbalances. The article defines that the strategy of economic development and the anti-cyclical regulation will be effective only upon condition of an efficient mixing of both moral and ethical relations between all subjects of socio-economic processes in the country. In order to achieve the best expected results in this plane, first of all, it is necessary to establish the high-quality inter-institutional, inter-structural, intergovernmental relations, to develop an effective partnership of business and the regulating government bodies in the economic and social spheres. Because only transparent partnerships, clear steps of the government, their comprehensive interpretation and justification of their use are the key to the qualitative economic reforms, towards ensuring effectiveness of the applied anti-cyclical fiscal instruments in Ukraine. The obtained results of the scientific research may be useful for scholars and practitioners engaged in research on the problems of anti-cyclical regulation of the economy, financial policy of the State in general and fiscal policy in particular.

The article is aimed at developing a mechanism for harmonizing the external government borrowings and the use of such borrowings with the strategy of financial stabilization of Ukraine. The concept of financial stability is disclosed and the status of Ukraine’s financial system is described. The current status and dynamics of government borrowings are researched. The institutional-legal provision of the financial stability of Ukraine is analyzed, specially analyzed are: activities of the Financial Stability Board in the management of external public debt; the medium-term public debt management strategy and the reform strategy of public finance; other institutions and regulations governing the management of external public debt in the process of financial stabilization of Ukraine’s economy. The dynamics of Ukraine’s total public debt and the GDP of Ukraine from 2009 to 2019, the structure of public and the State-guaranteed debt are analyzed according to data by the Ministry of Finance of Ukraine. The public and the State-guaranteed debt of Ukraine in 2019 is researched. It is proved that the analysis of Ukraine’s external debt structure provides an opportunity to analyze the financial threats that Ukraine faces in the context of global crisis. Prospect for further research in this direction is the construction of an econometric model that will demonstrate the extent of the influence of various components of the State’s financial system, including the external government borrowings, on financial stability.

The article deals with the problem of debt borrowing in the context of a military conflict. It is proved that state borrowings play a significant role in the context of a sharp reduction of state budget revenues caused by military actions. The experience of countries in which military conflicts have reached a logical conclusion, as well as those where they are still ongoing (including in Ukraine) are considered. It is substantiated that the accumulation of public debt, in particular the external ones, during the war lays the basis for a long- term debt crisis in the country, which negatively affects the development of the economy as a whole. It is proved that under the conditions of intervention of the international community, the aggressor country may be compelled to pay compensation to the injured party. At the same time, the analysis of modern wars gives grounds to conclude that the vast majority of them are hybrid, and therefore, the country under such conditions will solve the problem of the debt crisis, mostly on its own, using its available resources (raw materials, natural, material, human, etc.).

The article deals with the current state of the Russian Federation budget deficit and the level of its sources of financing, by means of which it is possible to compensate for it. We discuss several ways to cover the budget deficit, such as raising taxes, devaluation, privatization of state assets, as well as government borrowing on the domestic and foreign markets. As a result, it highlighted the most efficient source of budget deficit, taking into account the socio-political and economic consequences, affecting the country's economic situation.

In article it is told about the Eurasian Economic Union, stages of his formation and features of his budget, the question of the main macroeconomic indicators of the countries-participants of the Union, and also a question of dynamics and structure of their public debt.

The article considers the role of the public external debt of the budget of the Russian Federation. Also attention is paid to the influence of the level of public debt on the financial position of the country. Substantiated proposals to increase the external public debt management in the Russian Federation, resulting in proposed variant of increase of efficiency of public debt management Russia, optimization of the structure and minimize the consequences of its growth.

Despite the ongoing sanction regimes, the Russian Federation is seeking to enhance the competitiveness of tradable goods and, hence, expand the international trade, increase exports and provide legal support for export crediting as a guarantee for maintaining the active trade balance of the country. until now the regulatory framework for export crediting in the Russian Federation is not complete: certain provisions of the Russian and international law related to the area under study need harmonization. In this paper, the author examines the compliance of the terms of the OECD Arrangement on Officially Supported Export Credits with the regulatory framework governing export crediting in the Russian federation. The paper analyzes the Russian legislation, strategic planning documents and in-house documents of organizations that form the national export support system. The analysis revealed the lack of legislative consolidation of export development in the Russian Federation, with regulatory issues reflected in non-core documents. The problem solution lies in improving the regulatory framework for support of export crediting so as to reduce the country risk and enhance the national competitiveness.

The purpose of our study was to substantiate theoretically and applied integrated approaches to the functioning and development of the fnancial system in the context of the state fnancial policy under the international sanctions. The study has been based on the theory of fnance, the dialectical method, and scientifc argumentation. We used a systemic approach, historical and economic-statistical methods as well. The authors substantiate the important scientifc direction of the modern fnancial system — modernization and progressive development and determine the consolidating functions of the state fnancial regulation, aimed at eliminating the imbalance, including new approaches to fnancing the budget defcit at the expense of borrowed funds. New approaches to macroeconomic orientation form new opportunities for modern modifcations in the fnancial system. On the basis of scientific arguments, the authors showed that although the federal budget of Russia plays a key role in the development of the fnancial system and the fnancial market, and the state fnancial policy acts as a macroeconomic regulator, the fnancial system of Russia develops on the basis of its own laws arising within it. The authors substantiate the point of view that the state fnancial policy is aimed at revealing the diversity of the functions of money circulation. This has an impact not only on social reproduction but also on the functioning and development of the fnancial system as a whole. The public fnancial policy should take into account the peculiarities of the functioning and development of the fnancial system in the context of constantly occurring macro-, meso-, and microeconomic processes. Of course, this will allow applying new approaches to modern changes in the fnancial system, and will also indicate the existence of a communicative convergent market, which is a sign of the formation of a “market of symbolic exchange of signs”, and hence of the new monetary changes.

The article is aimed at developing of theoretical and methodological foundations of formation and implementation of budget policy of the country in conditions of crisis transformations of economy. The author’s attention is focused on transformation of approaches to the deficitary financing of economy. It is defined that the groundlessness of decisions and fiscal policy measures in the sphere of budget deficit management leads to worsening of the economic situation and undermining the financial stability. An analysis of correlation of the consumer price index and the State budget deficit is carried out, risks of unbalanced budget policy for economy are identified. The directions of funds that involved to finance the budget deficit in the period of 2001–2017 are examined. The fiscal rules functioning in the countries of the European Union are characterized, peculiarities of their application are determined. The expediency of introduction of the Institute of long-term budget strategy and medium-term budget planning is substantiated that will help to limit budget deficit and public debt, to achieve financial stability in society.

Today one of the problems is the fact that a significant part of the management team of different levels of government management is not well acquainted with the real state of the economy of the country and the necessity of its urgent reforming, which objectively impedes the transition to a new, more progressive, model of management of the country. Thus, a well- grounded judgment those radical changes in human resources policy have long been on time. The scientific and theoretical aspects of the infrastructure restructuring of Ukraine’s economy, its structural elements and institutional ways of state management of land resources are researched in the article. General tendencies of decreasing of economic indicators in the most significant spheres of economy of the country, including the land one, are investigated on the basis of the continuation of the destructive influence of crisis phenomena due to the global financial crisis. It is pointed out the importance of a radical change of the vector of the investment policy of the state from the passive and expectation one to the dynamically active one, which will give the opportunity to obtain modern technologies that are extremely necessary today, taking into account the miserable state of science in the state

The article deals with the analysis how the state debt influences economic growth of different countries of the world. The existing method of assessing the impact of public debt on the economic growth of developed countries has been improved, using the characteristic of debt stability and the application of Hansen econometric model in the pre- and post-crisis period. Using this model, we have investigated the existence of threshold values for various debt variables in developed and low-income countries. The analysis showed that the level of stable debt to GDP of 65¬70% provides the highest economic growth throughout the investigated period. The threshold of the external debt to export ratio was found to be 191% for low-income countries, above which there is a slowdown in economic growth. Also, the article analysed the existence of threshold values for HIPC and non-HIPC countries separately. Applications of the regression analysis helped to reveal the state debt impact on the economic growth for the Ukrainian economy. The effect of debt on economic growth begins to fall after reaching the ratio of external debt to GDP level of 88%.