Features of the EU and Ukraine’s debt policy

Abstract

The world economic globalization determines the feasibility of rethinking fiscal system knowledge on the formation and implementation of debt policy in the countries with transformation and advanced economies. In order to improve the system of public administration, the proper level of financing of innovation-investment projects, the important task is to improve the effectiveness of debt policy instruments and to ensure the consistency of its components. This article describes the essence of debt policy. The features of formation and implementation of the EU and Ukraine’s debt policy in the public administration system are defined in the context of institutional transformations. The authors assess the share of gross debt of the EU countries and the sovereign debt of Ukraine in GDP; conduct a regression analysis of the impact of public debt in GDP on real GDP growth in Ukraine. The article discusses the debt policy tasks, summarizes and systematizes the approaches to its implementation in different countries. The authors identify the features of public debt management strategies in terms of marginal indicators of the budget deficit, public debt, and instruments for improving the effectiveness of the public debt management system. The impact of debt policy on country’s financial and economic security is substantiated.