РЕАЛІЗАЦІЯ БОРГОВОЇ ПОЛІТИКИ В КРАЇНАХ ЄС: УРОКИ ДЛЯ УКРАЇНИ

Ігор Олексійович Лютий, Юлія Сергіївна Терес

Анотація


Лютий І. О., Терес Ю. С. Реалізація боргової політики в країнах ЄС: уроки для України.

Проаналізовано заходи, які застосували країни ЄС у процесі подолання кризових явищ. Запропоновано застосування цього досвіду в Україні з огляду на реальну загрозу боргової кризи. Визначено, що однією з основних статей бюджетних витрат країн ЄС є видатки на обслуговування державного боргу. Виявлено тенденцію до зменшення частки короткострокового державного боргу та збільшення довгострокового, що забезпечує скорочення поточних бюджетних витрат на обслуговування державного боргу в ЄС.

 

Лютый И. А., Терес Ю. С. Реализация долговой политики в странах ЕС: уроки для Украины.

Проанализированы меры, примененные странами ЕС в процессе преодоления кризисных явлений. Предложено применение этого опыта в Украине, учитывая реальную угрозу долгового кризиса. Определено, что одной из основных статей бюджетных расходов стран ЕС являються расходы на обслуживание государственного долга. Выявлена тенденция к уменьшению доли краткосрочного государственного долга и увеличение долгосрочного, что обеспечивает сокращение текущих бюджетных расходов на обслуживание государственного долга в ЕС.

 

Lyuty I., Teres Yu. Debt policy implementation in EU countries: lessons for Ukraine.

Introduction. The implementation of debt policy in the EU countries is associated with a range of problems, in particular, rising social spending, and increasing budget deficits. In recent years, Member States have had a negative impact on the debt crisis, which is primarily due to unbridled fiscal policies of individual countries and the banking crisis.

Purpose. The article is devoted to issues of implementation of debt policy in the EU countries and the problems of overcoming the consequences of the debt crisis, which began in 2008 and extends to today. An estimation of the possibilities of using this experience in Ukraine is made considering the fact that the country is on the verge of a debt crisis.

Results. It has been determined that the sovereign debt crisis is a crisis of confidence for the EU, in particular the euro zone. This required adjusting both the socio-economic and financial policies of the EU. It can be argued that the Stability and Growth Pact did not take place and that now Europe needs to form a qualitatively new budget system that could more effectively cope with the adverse economic consequences or even the failure of a Member State to fulfill its obligations. It has been determined that one of the main items of budget expenditures of the European Union countries is government debt service costs. Public debt management, above all, is carried out through government debt securities. There is a tendency to reduce the share of shortterm public debt and increase the long-term, which provides reduction of budget expenditures for servicing public debt. In particular, in some EU countries there are strict rules that determine the conditions for external borrowing, for example, new loans should not exceed the annual amounts of debt to be repaid.

Conclusions. It has been established that a number of measures have been implemented in the EU countries to address the consequences of the debt crisis, in particular: diversification of sources of state debt financing and optimization of terms of circulation of government debt securities; fiscal consolidation; increase maturity of debt obligations and optimize the structure of the public debt portfolio. It is concluded that the measures taken by the EU countries to overcome the consequences of the debt crisis may be useful for Ukraine and, in fact, is a step-by-step guide for the presentation of crisis phenomena, taking into account positive and negative experiences.


Ключові слова


боргова політика; державний борг; дефіцит бюджету; державні цінні папери; долговая политика; государственный долг; дефицит бюджета; государственные ценные бумаги; debt policy; state debt; guaranteed state debt; budget deficit; government securities

Повний текст:

PDF>PDF

Посилання


Література:

Abbas S. Dealing with high debt in an era of low growth / S. Abbas, B. Akitoby, J. Andritzky, H. Berger, T. Komatsuzaki, J. Tyson // Staff Discussion Note. – 2013. – No 13/07, IMF, Washington DC.

Bankowski K. Euro area fiscal / K. Bankowski, M. Ferdinandusse // Journal of international money and finance. – 2017. – Vol. 32. – Р. 809–821.

Berti K. An early detection index of fiscal stress for EU countries / K. Berti, M. Salto, M. Lequien // European Economy Economic Papers. – 2014. – No 475.

Bohn H. The sustainability of fiscal policy in the United States / H. Bohn // Sustainability of public debt, MIT Press. – 2008. – Р. 15–49.

Buiter W. Why do governments default, and why don’t they default more often? / W. Buiter, E. Rahbari // Discussion Paper Series. – 2013. – No 9492.

Checherita C. The impact of high and growing government debt on economic growth: an empirical investigation for the euro area / C. Checherita, P. Rother // European Economic Review. – 2012. – Vol. 56, No 7. – P. 1392–1405.

Богдан Т. П. Стратегічне управління державним боргом в умовах нестійкої боргової позиції / Т. П. Богдан // Фінанси України. – 2018. – № 4. – С. 75–92.

Удосконалення управління державними фінансами та реформування податкової системи України / за ред. Т. І. Єфименко. – К. : ДННУ “Акад. фін. управління”, 2015. – 446 с.

Козюк В. В. Державний борг в умовах ринкової трансформації економіки України : монографія / В. В. Козюк. – Тернопіль : Карт-бланш, 2002. – 238 с.

Кучер Г. В. Борговий механізм фінансування державних витрат / Г. В. Кучер // БІЗНЕ-СІНФОРМ. – 2015. – № 8. – С. 207–214.

Лютий І. О. Державний кредит та боргова політика України : монографія / І. О. Лютий, Н. В. Зражевська, О. Д. Рожко. – К. : Центр учбової літератури, 2008. – 352 с.

European Commission – Economic and Financial Affairs – The euro – Adopting the euro – Who can join and when? [Electronic resource]. – Access mode : http://ec.europa.eu/economy_finance/euro/adoption/who_can_join/index_en.htm.

Council regulation (EC) No 3605/93 of 22 November 1993 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community [Electronic resource]. – Access mode : http://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1522160945303&uri=CELEX:31993R3605.

European Parliament legislative resolution on the proposal for a Council regulation on the compilation and transmission of data on the quarterly government debt (COM (2003) 761 C5-0649/2003 2003/0295 (CNS) [Electronic resource]. – Access mode : http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52004AP0208&rid=20.

COUNCIL REGULATION (EC) No 1222/2004 of 28 June 2004 concerning the compilation and transmission of data on the quarterly government debt [Electronic resource]. – Access mode : http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32004R1222&rid=18.

Michael Lewis; Terry Gross (4 October 2011). How the Financial Crisis Created a New Third World. Npr.org. Retrieved 7 July 2012.

Koba Mark (13 June 2012). CNBC-Europe’s Economic Crisis-What You Need to Know. Finance.yahoo.com. Archived from the original on 15 June 2012. Retrieved 30 January 2014.

Seth W. Feaster (22 October 2011). It’s all connected: A spectators guide to the euro crisis / Seth W. Feaster, Nelson D. Schwartz, Tom Kuntz // The New York Times. New York : Nytimes.com. Retrieved 14 May 2012.

George Matlock (16 February 2010). Peripheral euro zone government bond spreads widen // Reuters. Retrieved 28 April 2010.

Acropolis now // The Economist. 29 April 2010. Retrieved 22 June 2011.

Technical features of Outright Monetary Transactions // ECB Press Release, 6 September 2012.

Eurozone unemployment at record high in May // CBS News. 1 July 2013. Retrieved 6 July 2013.

How Europe’s governments have Enronized their debts. Mark Brown and Alex Chambers, Euromoney. – 2005. – September.

Paul Belkin. The Eurozone crisis: overview and issues for congress / Paul Belkin, Martin A. Weiss, Rebecca M. Nelson and Darek E. Mix // Congressional Research Service Report R42377. – 2012. – February.

Budget 2009 in figures // BBC News. – 2009. – April. Retrieved 6 January 2014.

FT: Banks ask for crisis funds for eastern Europe 22 Jan 2009 // Financial Times. Retrieved 14 October 2014.

Shambaugh Jay C. The Euro’s three crises // Brookings Papers on Economic Activity. – С. 157–231. – 2012.

Petrakis P. E. European economics and politics in the midst of the crisis; from the outbreak of the crisis to the fragmented European Federation / P. E. Petrakis, P. C. Kostis, D. Valsamis // New York and Heidelberg. – 2013. – P. 274.

Opinion of the European economic and social committee on ‘The implications of the sovereign debt crisis for EU governance’ (owninitiative opinion) (2011/C 51/03) [Electronic resource]. – Access mode : http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52010IE1367&rid=17.

Oakley D. (18 February 2010). Gilt yields rise amid UK debt concerns / D. Oakley, K. Hope // Financial Times. Retrieved 15 April 2011.

The Euro’s PIG-Headed Masters // Project Syndicate. – 2011. – June.

How the Euro became Europe’s greatest threat // Der Spiegel. – 2011. – June.

Long-term interest rate statistics for EU Member States // ECB. 2013 November. Retrieved 13 November 2012.

Structure of government debt [Electronic resource]. – Access mode : http://ec.europa.eu/eurostat/statistics-explained/index.php/Structure_of_government_debt.

National debt in EU countries in the 3rd quarter 2017 in relation to gross domestic product (GDP) [Electronic resource]. – Access mode : https://www.statista.com/statistics/269684/national-debt-in-eu-countries-in-relation-to-grossdomestic-product-gdp/.

Referenсes :

Abbas, S., Akitoby, B., Andritzky, J., Berger, H., Komatsuzaki, T. and Tyson, J. (2013). Dealing with high debt in an era of low growth. Staff Discussion Note,13/07, IMF, Washington DC.

Bankowski, K. and Ferdinandusse, M. (2017). Euro area fiscal stance. Journal of International Money and Finance, 32, 809–821.

Berti, K., Salto, M., Lequien, M. (2014). An early detection index of fiscal stress for EU countries. European Economy Economic Papers, 475.

Bohn, H. (2008). The sustainability of fiscal policy in the United States. Sustainability of public debt, MIT Press, 15–49.

Buiter, W. and Rahbari, E. (2013). Why do governments default, and why don’t they default more often? Discussion Paper Series, 9492.

Checherita, C. and Rother, P. (2012). The impact of high and growing government debt on economic growth: an empirical investigation for the euro area. European Economic Review, 7, 1392–1405 (Vol. 56).

Bogdan, T. P. (2018). Stratehichne upravlinnia derzhavnym borhom v umovakh nestiikoi borhovoi pozytsii [Strategic management of public debt in conditions of unstable debt position]. Finansy Ukrainy – Finance of Ukraine, 4, 75–92 [in Ukrainian].

Yefymenko, T. I. (Ed.). (2015). Udoskonalennia upravlinnia derzhavnymy finansamy ta reformuvannia podatkovoi systemy Ukrainy [Improving public finance management and reforming Ukraine’s tax system]. Kyiv: DNNU “Akad. fin. Upravlinnia” [in Ukrainian].

Koziuk, V. V. (2002). Derzhavnyi borh v umovakh rynkovoi transformatsii ekonomiky Ukrainy [State debt in the conditions of the market transformation of the Ukrainian economy]. Ternopil : Kartblansh [in Ukrainian].

Kucher, G. V. (2015). Borhovyi mekhanizm finansuvannia derzhavnykh vytrat [Debt mechanism for financing public expenditures]. BIZNESINFORM–BUSINESSINFORM, 8, 207–214 [in Ukrainian].

Liutyi, I. O., Zrazhevska, N. V., Rozhko, O. D. (2008). Derzhavnyi kredyt ta borhova polityka Ukrainy [State credit and debt policy of Ukraine]. Kyiv : Tsentr uchbovoi literatury [in Ukrainian].

European Commission – Economic and Financial Affairs – The euro – Adopting the euro – Who can join and when? Available at : http://ec.europa.eu/economy_finance/euro/adoption/who_can_join/index_en.htm.

Council regulation (EC) No 3605/93 of 22 November 1993 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community. Available at : http://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1522160945303&uri=CELEX:31993R3605.

European Parliament legislative resolution on the proposal for a Council regulation on the compilation and transmission of data on the quarterly government debt (COM (2003) 761 C5-0649/2003 2003/0295 (CNS). Available at : http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52004AP0208&rid=20.

COUNCIL REGULATION (EC) No 1222/2004 of 28 June 2004 concerning the compilation and transmission of data on the quarterly government debt. Available at : http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32004R1222&rid=18.

Michael Lewis; Terry Gross (4 October 2011). How the Financial Crisis Created a New Third World. Npr.org. Retrieved 7 July 2012.

Koba, Mark (13 June 2012). CNBC-Europe’s Economic Crisis-What You Need to Know. Finance.yahoo.com. Archived from the original on 15 June 2012. Retrieved 30 January 2014.

Seth W. Feaster; Nelson D. Schwartz; Tom Kuntz (22 October 2011). It’s all connected: A spectators guide to the euro crisis». The New York Times. New York : Nytimes.com. Retrieved 14 May 2012.

George Matlock (16 February 2010). Peripheral euro zone government bond spreads widen. Reuters. Retrieved 28 April 2010.

Acropolis now. The Economist (29 April 2010). Retrieved 22 June 2011.

Technical features of Outright Monetary Transactions. ECB Press Release, 6 September 2012.

Eurozone unemployment at record high in May. CBS News. 1 July 2013. Retrieved 6 July 2013.

How Europe’s governments have Enronized their debts. Mark Brown and Alex Chambers, Euromoney. September 2005.

Paul, Belkin, Martin, A. Weiss, Rebecca, M. Nelson and Darek, E. Mix. The Eurozone crisis : overview and issues for congress. Congressional Research Service Report R42377. 29 February 2012.

Budget 2009 in figures. BBC News. 22 April 2009. Retrieved 6 January 2014.

FT: Banks ask for crisis funds for eastern Europe, 22 Jan 2009». Financial Times. Retrieved 14 October 2014.

Shambaugh, Jay C., The Euro’s three crises. Papers on Economic Activity, Spring 2012 : 157–231. Spring 2012.

Petrakis, P. E., Kostis, P. C., Valsamis, D. (2013). European economics and politics in the midst of the crisis; from the outbreak of the crisis to the fragmented European Federation. New York and Heidelberg : Springer, 274.

Opinion of the European economic and social committee on ‘The implications of the sovereign debt crisis for EU governance’ (own-initiative opinion) (2011/C 51/03). Available at : http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52010IE1367&rid=17.

Oakley, D., Hope, K. (18 February 2010). Gilt yields rise amid UK debt concerns. Financial Times. Retrieved 15 April 2011.

The Euro’s PIG-Headed Masters. Project Syndicate. June 2011.

How the Euro became Europe’s greatest threat. Der Spiegel. June 2011.

Long-term interest rate statistics for EU Member States. ECB. November 2012.

Structure of government debt. Available at : http://ec.europa.eu/eurostat/statistics-explained/index.php/Structure_of_government_debt.

National debt in EU countries in the 3rd quarter 2017 in relation to gross domestic product (GDP). Available at : https://www.statista.com/statistics/269684/national-debt-in-eu-countries-inrelation-to-gross-domestic-product-gdp/.


Посилання

  • Поки немає зовнішніх посилань.


ISSN 1818-5754 (print), ISSN 2415-3672 (online)
Тернопільський національний економічний університет
© «Світ фінансів», 2004-2019