АНАЛІЗ РИНКУ ОВДП ЩОДО МОЖЛИВОСТІ ФОРМУВАННЯ ФІНАНСОВОЇ ПІРАМІДИ

Анотація

The article deals with research of the possibility of forming financial pyramids using bond of internal state loan. As the title implies the article describes peculiarities of the functioning of the Ukrainian market of bond of internal state loan. Special attention is paid to the available indicators for improving the country's debt situation and outlining its near-term prospects. The trends that are inherent in the market of domestic government borrowing at the present stage are highlighted. Solving problems in the field of attracting domestic government loans and managing public debt is especially important for the effective financial policy of the country. The rational use of attracted resources not only provides additional financing for the economy, but also promotes the activation of reforms and revival of economic activity. As the formation and functioning of bond of internal state loan market in Ukraine is fraught with certain problems and contradictions, it is therefore important to investigate the possibility of financial fraud in this area.

The real risks to macro-financial stability lie not only in the individual placements of bond of internal state loan, but also in the dynamics of public debt and the quality of its management. The dynamics of the volumes of funds attracted to the budget of Ukraine by means of bonds of the internal state loan in terms of their maturity was analyzed in order to identify the current state of the sphere of internal government borrowing for the presence of fictitious features. The study investigates this issue by comparing market of  bond of internal state loan with the three main features of the formation of financial pyramids: it is a constant attraction of new and ever more expensive loans in order to make payments on old ones. It has been found that there is a decrease in the cost of attracting new loans. Also, there is an increase in the term of loans, i.e. the government receives loans for a longer term with a lower price. It is specially noted as positive reduction and maintenance of public debt at the permissible level relative to GDP. The results indicate that there are no analogies between bonds of internal state loan and financial pyramids. The claim that the pyramid is shaped in Ukraine is characterized by financial populism and is speculative. The manipulation of the state debt can harm the national interests of Ukraine.

Keywords: government budget deficit, state credit, government securities, bond of internal state loan, public debt, debt policy.