BUDGET POLICY

KOZIUK Viktor ¹

¹West Ukrainian National University
OrcID ID : https://orcid.org/0000-0002-5715-2983

Optimal debt burden: global macro-financial changes and transient expectations

Global macrofinancial changes are analyzed. It is proved that in conditions of high debt policy sensitivity to level and spread behavior, optimal level of public debt must include possibility to issue new borrowing with a good signal to the markets in stress times. For this purpose stereotypic perception of 60% debt to GDP as optimal must be changed.

Keywords:public debt, the optimal level of debt, global financial competition, macro-financial developments, the financial crisis, fiscal policy.

JEL:

KOZIUK V. . Optimal debt burden: global macro-financial changes and transient expectations / V. . KOZIUK // Фінанси України. - 2012. - № 1. - C. 78-93.