№ 7/2016

Fìnansi Ukr. 2016 (7): 26–

BUDGET POLICY

LONDAR Serhij ¹, LONDAR Oleksiy ²

¹Institute of Educational Analytics
OrcID ID : https://orcid.org/0000-0003-1838-288X
²State Tax Service of Ukraine

POSSIBILITIES OF IMPROVEMENT OF UKRAINian DEBT POLICY

In the article the possibility of improving the debt policy of Ukraine today. A number of signs point to a critical debt load, which is primarily caused by the use of debt to finance the negative balance of public enterprises, which have arisen as a result of recent quasi-fiscal operations. Completed in 2015 restructuring of foreign debt provides only a temporary weakening in the long term, the debt burden will increase if not fundamentally change the approach to the formation of national debt policy. To determine the most suitable type for the conditions of Ukraine debt policy applied its analysis types within the classification proposed by the International Monetary Fund. IMF distinguishes its three types: fiscal stimulus, fiscal consolidation and financial repression - depending on the level of debt burden and the possibilities of filling the budget revenues. The article analyzes borhoutvoryuvalnyh factors, macroeconomic and fiscal indicators of Ukraine, rated critical on the possibilities of national economic leverage on the model of the debt Laffer curve. It is shown that to improve its public debt policy should be carried out in the framework of financial repression. It is noted that in this model the weak link debt policy is to ensure available bank loans to domestic enterprises. Emphasized that an important feature of this policy should also be ryzykooriyentovanist it. With the use of debt sustainability methodology developed by the IMF, built “heat matrix” debt risks for Ukraine in 2015

Keywords:debt policy, debt Laffer curve, state debt of Ukraine.

JEL: H61, H63, H68, H81.

Londar S. . POSSIBILITIES OF IMPROVEMENT OF UKRAINian DEBT POLICY / S. . Londar, O. LONDAR // Фінанси України. - 2016. - № 7. - C. 26-.

Article original in Ukrainian (pp. 26 - 43)

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