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Influence of the External Public Debt on the Economic System of Different Countries
Panchenko V. V.

Panchenko, Victoria V. (2019) “Influence of the External Public Debt on the Economic System of Different Countries.” Business Inform 4:314–319.
https://doi.org/10.32983/2222-4459-2019-4-314-319

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 336.27:33(1-4)

Abstract:
The article is aimed at researching the impact of external public debt on functioning of the economic system of different countries depending on their level of economic development. The results of empirical studies by foreign scholars on the impact of external debt on the economic growth of both the countries with transition economies and the developing countries have been analyzed and generalized. The results of the analysis show that this impact has a nonlinear character. For the developed countries, a linear form of dependence between the external debt and economic growth is evident. For the developing countries and countries with economies in transition, achievement of a critical level of debt burden leads to a stagnation of the economy, while for the developed countries the threshold values of the indicator are conditional. Delineation of the impact of external borrowings on economic growth across different groups of countries will help to build more efficient debt and economic policies. Reforming the institutional structure of the economy is essential for the most efficient use of the external resources in the developing countries. This will provide for creating favorable conditions for stimulating investment activity and economic growth. The comparative analysis of mechanisms of attraction of financial resources has shown, that the main advantage of implementation of the external borrowings is the possibility of attraction of additional financial resources without diversion of the circulating assets from the real economic sectors or because of their shortages in the country.

Keywords: external public debt, external borrowings, economic development, debt burden, public debt of the EU countries, financing of budget deficit, financial resources.

Fig.: 2. Tabl.: 1. Bibl.: 17.

Panchenko Victoria V. – Postgraduate Student, Department of Finance, Kyiv National University of Trade and Economics (19 Kіoto Str., Kyiv, 02156, Ukraine)
Email: [email protected]

List of references in article

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