The influence of structures and structure of public commitments on general economic growth
Journal Title: Економіка. Фінанси. Право - Year 2018, Vol 9, Issue
Abstract
The article is devoted to the current problem of the impact of volumes and structure of government debt obligations on the overall economic growth of the country. On the basis of the collected statistical data, an increase in the total volume of the state and guaranteed by the state of Ukraine's debt was analyzed. It is established that the factors of critical growth of the debt policy are depreciation of the national currency, decrease of domestic consumer demand, low level of efficiency of state investments and investments; the negative impact of the real interest rate of the NBU and a sharp fall in real GDP. During the consideration of the impact of volumes and structure of government debt obligations on general economic growth, the indicators of excessive accumulation of Ukraine's external debt in recent years have been worked out and identified, with a comparison of the dynamics of public debt in recent years. It is grounded that the debt burden is a significant risk factor for the development of the country, which in the current perspective tends to grow. It was investigated that ensuring the equilibrium of the monetary system from the negative influences related to the reasons for the formation of new debt borrowing and stabilization of debt load within the limits of unchanged is the main objective of the state debt policy. It is investigated that the state policy of the country focuses on the tax receipts on payment of gross liabilities. The dynamics of increase of payments on public debt over GDP rates determines that stimulation of aggregate demand due to external borrowing leads to a negative result. The increase of additional expenditures of the state budget is one of the negative consequences of the accumulation of external debt. The propensity for over-accumulation of borrowing by the country has steadily increased over the past years and provokes the risks of default in the financial and social spheres.
Authors and Affiliations
Kostiantyn Heorhiiovych Zaborovets
Keywords
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