The Public Debt Management: Essence of the Concept, Substantiation of the Methods for Restructuring
Journal Title: Бізнес Інформ - Year 2015, Vol 10, Issue 0
Abstract
Essence of the concept of «public debt management» has been generalized. A morphological decomposition of the researched concept has been conducted through allocation of its components: content, essence, objective and the authoritative bodies that implement it. Thus, management of public debt is seen as a system of measures, implemented by the State government together with the competent authorities, which includes: study of conditions in the market of credit capitals; issuance of loans and development of conditions of the loans issue, placement and refund (repayment); payment of interest; carrying out the loans conversion and consolidation; fulfillment of the obligations arising for public borrowing, guarantees to commitments made by third parties and assumed by the State; management of external assets; defining the sites for accommodation, conditions and repayment of government loans. The objectives of this system of measures are the impact on the structure of public debt, ensuring the solvency of the State, harmonization of interests of borrowers, investors and lenders, optimization of expenses related to the financing of the budget deficit. Using the hierarchy analysis method, a comparison of methods for restructuring public debt at regression ratios was carried out according to the following criteria: complexity of implementation, costs of implementation, effectiveness of implementation and duration of deployment. Use of the hierarchy analysis method allowed to reveal that debt policy should be based on debt conversion and consolidation, all other methods should be supplementary.
Authors and Affiliations
Tatyana Vlasenko
Keywords
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