IMMANENCE AND TYPOLOGY OF PUBLIC DEBT AND DEBT POLICY IN CRISIS CONDITIONS

Abstract

In today’s realities, the issue of forming a theoretical basis for the financial and economic mechanism of public debt regulation is urgent, which should become the foundation for creating the conceptual foundations of scientific management of public debt, an important tool of real influence on the rationalization of public borrowing policy, and the prevention of a debt crisis. The article aims to define approaches to the immanence and typology of public debt, as well as outline certain aspects of debt policy in crisis conditions. The methods of theoretical generalization, abstract-logical, analysis and synthesis, comparison, and system approach were used for the study. The article examines the theoretical aspects of public debt and the immanence of its formation. Public debt is defined from various perspectives, particularly in terms of economic, financial, legal, innovative, geopolitical, political, social, etc. It has been established that this is a complex economic category that can be interpreted in different ways depending on the context and approach to conducting a study. Some approaches are complementary, while others may conflict with each other. However, despite the variety of interpretations, there is a stable tendency of states to attract debts, whether internal or external. The economic nature of public debt as an object of macroeconomic regulation has been studied with the identification of specific features, properties, and system components. It was determined that the public debt has various functions, particularly regulatory, fiscal, stabilization, budget deficit financing, and others. Different approaches to the typology of public debt are substantiated. Systematization of existing approaches to the sources and methods of formation of public debt, among which are distinguished according to various criteria, namely: according to repayment terms, risk level, interest rate, credit rating of the state, sources of financing, borrowing currency, borrowing market, form of issuance, etc. Certain aspects of the debt policy in crisis conditions, in particular in the conditions of the current martial law in Ukraine, are outlined.