DEBT POLICY IN TIMES OF CRISIS: MANAGEMENT TECHNOLOGIES AND COUNTERING SINGULARITY
DOI:
https://doi.org/10.36690/2674-5208-2024-4-18-29Keywords:
debt policy, crises, management technologies, singularity, public finance, sustainabilityAbstract
The Russian-Ukrainian war has triggered profound changes in Ukraine's public finance sector, including a significant reduction in the state's tax potential, a sharp increase in expenditures for security and defense needs, social sector costs, and greater reliance on external financing sources. Since the beginning of the military invasion, the volumes of Ukraine's domestic and external debt have been rapidly increasing due to the need to finance the budget deficit. With a decline in economic growth rates and an increased dependency on financial support from partner countries, there is an acute need to explore new technologies for managing public debt and countering singularity. The article aims to highlight the peculiarities of Ukraine's debt policy in times of crisis. Its purpose is to analyze the use of public debt management technologies within the framework of Ukraine's debt policy during crises to prevent public debt from exceeding critical levels. The article examines the main technologies for managing public debt employed under Ukraine's debt policy from 2015 to 2024. Statistical analysis methods (structural, dynamic, and comparative) are used to assess the dynamics and structure of state and government-guaranteed debt during 2019–2024, identifying key trends in debt management during crises. The authors provide a detailed examination of the dynamics and structure of Ukraine's public debt, as well as the costs of servicing and repaying it. Particular attention is paid to the effectiveness of using modern public debt management technologies to maintain the sustainability of public finances and counter the phenomenon of singularity—the escalation of debt levels to critical thresholds. The study's findings demonstrate the importance of combining various public debt management technologies and highlight the growing role of strategic planning amid the Russian-Ukrainian war and the financial-economic crisis it has caused, which has heightened debt burdens and raised the risk of default.
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