scholarly journals DEBT POLICY IMPLEMENTATION IN EU COUNTRIES: LESSONS FOR UKRAINE

2018 ◽  
pp. 7-19
Author(s):  
Ihor LYUTY ◽  
Yuliia TERES
Keyword(s):  
Public Debt ◽  
Negative Impact ◽  
Debt Crisis ◽  
Government Debt ◽  
Debt Management ◽  
Social Spending ◽  
The European Union ◽  
Eu Countries ◽  
Debt Policy ◽  
The Eu

Introduction. The implementation of debt policy in the EU countries is associated with a range of problems, in particular, rising social spending, and increasing budget deficits. In recent years, Member States have had a negative impact on the debt crisis, which is primarily due to unbridled fiscal policies of individual countries and the banking crisis. Purpose. The article is devoted to issues of implementation of debt policy in the EU countries and the problems of overcoming the consequences of the debt crisis, which began in 2008 and extends to today. An estimation of the possibilities of using this experience in Ukraine is made considering the fact that the country is on the verge of a debt crisis. Results. It has been determined that the sovereign debt crisis is a crisis of confidence for the EU, in particular the euro zone. This required adjusting both the socio-economic and financial policies of the EU. It can be argued that the Stability and Growth Pact did not take place and that now Europe needs to form a qualitatively new budget system that could more effectively cope with the adverse economic consequences or even the failure of a Member State to fulfill its obligations. It has been determined that one of the main items of budget expenditures of the European Union countries is government debt service costs. Public debt management, above all, is carried out through government debt securities. There is a tendency to reduce the share of shortterm public debt and increase the long-term, which provides reduction of budget expenditures for servicing public debt. In particular, in some EU countries there are strict rules that determine the conditions for external borrowing, for example, new loans should not exceed the annual amounts of debt to be repaid. Conclusions. It has been established that a number of measures have been implemented in the EU countries to address the consequences of the debt crisis, in particular: diversification of sources of state debt financing and optimization of terms of circulation of government debt securities; fiscal consolidation; increase maturity of debt obligations and optimize the structure of the public debt portfolio. It is concluded that the measures taken by the EU countries to overcome the consequences of the debt crisis may be useful for Ukraine and, in fact, is a step-by-step guide for the presentation of crisis phenomena, taking into account positive and negative experiences.

scholarly journals The Situation of Households on the Energy Market in the European Union: Consumption, Prices, and Renewable Energy

Energies ◽  
2021 ◽  
Vol 14 (19) ◽  
pp. 6364
Author(s):  
Aleksandra Matuszewska-Janica ◽  
Dorota Żebrowska-Suchodolska ◽  
Agnieszka Mazur-Dudzińska
Keyword(s):  
Renewable Energy ◽  
Energy Consumption ◽  
Negative Impact ◽  
Renewable Energy Sources ◽  
Energy Market ◽  
Modern World ◽  
Energy Prices ◽  
The European Union ◽  
Eu Countries ◽  
The Eu

Energy plays a crucial role in the modern world. The acquisition and consumption of energy is unfortunately associated not only with economic development or the facilitation of everyday life, but also with a negative impact on the environment. To prevent these, measures are being taken which are part of a broad programme referred to as sustainable energy development (SED). A special place among energy consumers is occupied by households, as access to energy is a fundamental factor affecting the quality of life. The aim of this paper is to look at and assess the current situation of the household sector in the EU energy market in the context of SED and to point out similarities and differences between EU countries. The analysis considers factors based on SED indicators: final energy consumption per capita, energy prices offered to households, and the share of renewable energy in household energy consumption. The k-means method was used as a research tool. The results obtained indicate first of all that the EU countries are highly differentiated in terms of the analysed factors. It can be said that these differences result not only from the wealth of a given country, geographical location, or natural possibilities to use renewable energy sources, but mainly from the energy policies implemented in individual countries.

scholarly journals The system of public debt management in conditions of institutional transformations

2019 ◽  
pp. 160-166
Author(s):  
Valentyna Makogon
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
Negative Impact ◽  
Scientific Research ◽  
Debt Management ◽  
Institutional Reforms ◽  
Public Debt Management ◽  
Debt Policy ◽  
Macroeconomic Stability

Relevance of research topic. In the context of institutional reforms, the issue of the limited state financial resources for the implementation of the tasks and functions entrusted to them by state authorities and local self-government is being updated, which predetermines the development of a system of public debt management, which is a powerful instrument of macroeconomic policy. At the same time, the growth of the level of public debt in both developed and transformational economies is conditioned by a number of factors, the most important of which are: the formation of a budget deficit that is of a permanent nature; the need for public expenditures aimed at ensuring macroeconomic stability and accelerating the pace of economic growth, the development of the social sphere. Formulation of the problem. In the context of institutional reforms, the important task is to develop a debt strategy that will ensure the concentration of limited investment resources in those sectors of the economy that will accelerate the pace of economic growth, which requires further scientific research of the theoretical and applied aspects of the formation and implementation of budgetary and debt policies, their coherence, improvement the mechanism of public debt management. At the same time, the choice of tools for managing public debt can both negatively and positively affect macroeconomic stability in the country. Analysis of recent research and publications. The problem of public debt management is rather widespread in scientific research. These are works by well-known domestic and foreign scholars: J. Buchanan, U. Mitchell, J. M. Keynes, T. Bogolib, I. Zapatrina, L. Lisyak, I. Chugunov and others. Identification of unexplored parts of the general problem. The above issues are actualized in connection with the intensification of globalization processes, the adverse external and internal economic environment, which requires the solution of a number of specific tasks related to the formation of public debt at an economically sound level. Setting the task, the purpose of the study. The objectives of the study are: to reveal the role of the system of public debt management in the regulation of socio-economic processes, to justify the relationship between debt and budget policy; carry out an analysis and assessment of Ukraine's state debt; to identify the main factors influencing the level of public debt; to clarify the provision for improving the efficiency of the mechanism of public debt management. The purpose of the study is to substantiate the priority tasks of debt policy in the context of institutional transformations. Method or methodology of conducting research. The article uses a set of methods of scientific research: system approach, statistical analysis, structuring, analysis, synthesis, and others. Presentation of the main material (results of work). The role of public debt in state regulation of social and economic development of the country is determined. The analysis and evaluation of public debt has been carried out. The priority tasks of the debt policy in the context of institutional transformations are substantiated. The field of application of results. The results of this study can be applied in the process of formation and implementation of Ukraine's debt policy, reforming the system of public finances. Conclusions according to the article. Ensuring macroeconomic stability in the country involves the development of an effective strategy for managing the public debt, justifying the strategic priorities of debt policy, based on realistic forecast indicators of the country's economic development. The improvement of the mechanism for managing public debt should be based on a clear combination of legally defined budgetary and debt policy instruments. The use of indicators of a structured, cyclically-adjusted balance can increase the validity of fiscal and debt policies. The high level of government debt and significant budget deficits create risks for financial and macroeconomic stability, their potential negative impact on economic development is far more devastating than the pro-cyclical nature of fiscal policies that only affect the economic dynamics in the short term. Accordingly, the important task of fiscal policy is to prevent the growth of public debt and budget deficit while limiting the negative impact of further fiscal consolidation on aggregate demand. The article defines the strategic priorities of debt policy in the context of institutional transformations.

Contemporary Crisis Trends in European Union’s Development and Their Influence on Ukraine – EU Relations

2017 ◽  
pp. 151-160
Author(s):  
Nataliia Popova
Keyword(s):  
European Union ◽  
Negative Impact ◽  
Debt Crisis ◽  
The European Union ◽  
Economic Problems ◽  
External Relations ◽  
Security Challenges ◽  
Migration Crisis ◽  
Crises Management ◽  
The Eu

The European Union is currently facing multiple crises and challenges, the future shape and character of the Union are being increasingly questioned. The processes occurring in the EU have direct impact on its external relations with other countries. The aim of the article is to analyse the contemporary peculiarities and problems of European Union's development and its impact on further relations between Ukraine and the EU. It argues that the crises management has become a new daily reality for Europe since 2009. Further, the article briefly examines the most significant crisis trends in the EU: economic problems, migration crisis, Euroscepticism, security challenges, Brexit. The latter is considered from two perspectives: as the first step to EU's disintegration and as the chance to rethink the European project. Economic problems as Euro crisis, debt crisis, unemployment are discussed and the main measures for their solving are outlined. The origins, scale and consequences of migration crisis for the EU are determined in the article. The next analyzed problem is the rise of Euroscepticism in the EU, the most influential eurosceptic parties in different EU-countries are named. Key security challenges for the EU with the emphasis on the Russian aggression in eastern Ukraine are examined at the end of the article. As the result of analysis it is concluded that the contemporary problems of the EU have mainly negative impact on the development of the Ukraine-EU relations and its future strongly depends on that, how and when the European Union will overcome all effects of recent crises. Keywords: European Union (EU), Ukraine, migration crisis, Euroscepticism, Brexit, Russian-Ukrainian conflict

Rising Public Debt and the Need for Fiscal Consolidation in Europe

2010 ◽  
Vol 211 ◽  
pp. F27-F37
Keyword(s):  
European Union ◽  
Euro Area ◽  
Public Debt ◽  
Economic Activity ◽  
Negative Impact ◽  
The European Union ◽  
Fiscal Consolidation ◽  
The Third ◽  
Positive Growth ◽  
The Eu

The deepest, longest and most broadly-based recession the European Union has ever experienced appears to have come to an end. The third quarter of 2009 saw GDP in the EU increase by 0.3 per cent and economic activity in the Euro Area rose by 0.4 per cent. The recovery is expected to be broadly based across countries. After deep contractions registered in 2009 in all members of the EU (with the exception of Poland), all but four EU economies are expected to have recorded some growth in the second half of 2009. Greece, Ireland, Spain and Latvia suffered more than other EU economies, due to their intrinsic vulnerabilities, which reinforced the negative impact of the global shock. These economies are expected to record only moderate positive growth in 2011.

scholarly journals Debt strategies of European countries and vectors of implementation of best experience in the practice of external public debt management of Ukraine

2021 ◽  
pp. 58-68
Author(s):  
Ivanna Moroz
Keyword(s):  
Economic Growth ◽  
Public Debt ◽  
Financial Stability ◽  
Negative Impact ◽  
Developed Countries ◽  
Economic Security ◽  
Debt Management ◽  
European Countries ◽  
Public Debt Management ◽  
Debt Policy

The policy of external and domestic public debt management in different countries has its own specifics, and its results are not always unambiguous. Thus, the existing recommendations of the International Monetary Fund and the Maastricht criteria prove that the maximum value of public debt to GDP should be no more than 60 %. Exceeding this limit can lead to a deterioration in financial stability, debt sustainability, and ultimately to a technical default of the state. However, the practice of public debt management in many developed countries shows quite opposite trends, as a significant excess of the Maastricht criterion not only does not lead to default, but on the contrary allows countries to accumulate the necessary financial resources to ensure stable economic growth. Therefore, the study of European debt strategies and their effectiveness is a very important issue, especially given the consequences of the COVID-19 pandemic for developing countries. Given the growing external debt dependence of Ukraine as a result of both the war with the Russian Federation and the COVID-19 pandemic, the search for a better experience of European debt policy and consideration of ways to adapt it to domestic realities are discussed in our article. Based on the analysis of the debt policy of European countries, the expediency of using debt rules, aimed at regulating both the country's debt security and the effectiveness of the use of public borrowing to stimulate economic growth has been proved. Cluster analysis of debt strategies of some European countries has shown that the high level of dependence on external public debt has a negative impact on economic security in general, because in the event of deteriorating macroeconomic situation, the likelihood of foreign investors selling government securities increases, and in the case of external loans from international financial and credit organizations – the risks of negative impact of burdensome non-financial obligations on the national economy grow.

scholarly journals Public Debt as a Problem of the European Union

2014 ◽  
Vol 5 (2) ◽  
pp. 21-34
Author(s):  
Paweł Piątkowski
Keyword(s):  
European Union ◽  
Economic Policy ◽  
Public Debt ◽  
Debt Crisis ◽  
Theoretical Background ◽  
The European Union ◽  
The Public ◽  
Debt Policy

The article is aimed at analyzing the consequences of debt crisis in European Union. Special attention is paid to changes in economic policy. In the first paragraph theoretical background of public debt is presented. In the second paragraph the level of public debt in European Union is compared with other countries. Finally, changes in the public debt policy are presented.

scholarly journals Sustainable Visual Analysis for Bank Non-Performing Loans and Government Debt Distress

2019 ◽  
Vol 12 (1) ◽  
pp. 131 ◽  
Author(s):  
Li Liu ◽  
Yumin Liu ◽  
Jong-Min Kim
Keyword(s):  
Visual Analysis ◽  
Debt Crisis ◽  
Government Debt ◽  
Functional Principal Component Analysis ◽  
Eu Countries ◽  
Brics Countries ◽  
Debt Markets ◽  
The Government ◽  
The Impact ◽  
The Eu

This article visualizes bank non-performing loans (NPLs) and government debt distress data integration and an outcome classification after the outbreak of European sovereign debt. Linear and functional principal component analysis (FPCA) and biclustering are used to show the clustering pattern of NPLs and government debt for 25 EU and BRICS countries (Brazil, Russia, India, China and South Africa) during the period of 2006 to 2017 through high-dimensional visualizations. The results demonstrate that the government debt markets of EU countries experienced a similar trend in terms of NPLs, with a similar size of NPLs across debt markets. Through visualization, we find that the government debt and NPLs of EU and BRICS countries increased drastically after the crisis, and crisis countries are contagious. However, the impact of the Greek debt crisis is lower for non-crisis countries, because the debt markets of these countries are decoupled from the Greek market. We also find that sovereign debtors in the EU countries have much closer fiscal linkages than BRICS countries. The level of crisis in the EU countries will be higher than that in the BRICS countries if crisis is driven by the common shocks of macroeconomic fundamentals.

scholarly journals Аpplication of the EU experience of the financial systems’ transformation in the context of the debt crisis for Ukraine

2020 ◽  
Keyword(s):  
Correlation Analysis ◽  
Public Debt ◽  
Debt Crisis ◽  
Bank Loans ◽  
Financial Systems ◽  
Government Bonds ◽  
Eu Countries ◽  
Systems Transformation ◽  
The Eu

Transformation of financial systems is an extremely important process because the stability of the world economy depends on their adequacy, balance and efficiency. The financial systems of the EU countries have undergone a number of transformations, during which new mechanisms to strengthen economic governance were created. However, not all problems have been solved yet. The debt crisis has revealed existing weaknesses in the structure, thus provoking the need to strengthen the financial architecture by solving existing problems, while identifying and preventing possible future threats. The subject of research of the article is main directions of the transformation of the European financial system in the context of the debt crisis. The goal is to summarize the EU financial systems’ main directions of transformation in the context of the debt crisis and to identify the possibilities of their application for Ukraine. General scientific methods are used, such as system analysis which allowed to collect and systemize statistical data on EU countries and Ukraine for further analysis, correlation analysis and trend analysis, which allowed to determine the cumulative effect of unsecured bank loans and long-term government bonds yields of the EU countries and Ukraine on the level of their public debt. The following results were obtained: correlation analysis show the existence of correlation between unsecured bank loans and long-term government bonds yields of the EU countries and Ukraine with the level of their public debt. Conclusions: there are quite a lot of possibilities of application of the EU experience of the financial systems’ transformation for Ukraine. One of the basic is introduction of annual banks stress testing; further convergence of banking sector regulation to the requirements of Basel 3 and implementation of LCR; initiation of the process of creating a single mega regulator of the financial market.

SUBSTANTIATION OF THE MODEL OF IMPLEMENTATION OF EUROPEAN ENVIRONMENTAL STANDARDS FOR VEHICLES AND ENGINES OF AGRICULTURAL AND FORESTRY TRACTORS IN UKRAINE

2020 ◽  
Author(s):  
V. Kravchuk ◽  
◽  
S. Afanasieva ◽  
S. Ryzhkova
Keyword(s):  
Negative Impact ◽  
Animal Health ◽  
Environmental Safety ◽  
The European Union ◽  
Environmental Standards ◽  
Eu Countries ◽  
Ecological Requirements ◽  
Emission Standards ◽  
Environmental Requirements ◽  
The Eu

The main legislative and regulatory acts of Ukraine and the European Union (EU), which establish environmental requirements for agricultural and forestry vehicles, analyzed the components of exhaust gas pollutants emitted by engines, studied the nature of changes in their volume during the establishment of environmental standards. classes, a promising model of stages of implementation of European environmental standards for these vehicles in Ukraine. The purpose of the work. Development of approaches to the creation of a national model for the implementation of environmental requirements in Ukraine in the field of agricultural and forestry vehicles, taking into account the relevant technical legislation of the EU. The research methods are to analyze, compare, summarize and evaluate data, including statistical and graphical composition of pollutants for different environmental classes of requirements for emissions of pollutants from engines of agricultural and forestry vehicles, stages of implementation of such requirements in Ukraine and EU countries. Results. Legislative and regulatory acts of the EU and Ukraine have been identified, the provisions of which should be taken into account when developing national environmental requirements for agricultural and forestry vehicles. The emission standards in force in the EU countries and in Ukraine, the stages of their implementation, composition, content of the main components, the nature of changes in the maximum permissible values of individual components of pollutants for which emission standards are set are considered and analyzed. The ways of approximation of national ecological requirements to the European norms with gradual stages of their introduction in Ukraine are offered. Conclusion. The results of the research will be used to adapt national legislation in the field of environmental safety of agricultural and forestry vehicles to the new European requirements in order to increase the safety of such vehicles and reduce the negative impact on the environment, human and animal health and remove technical barriers. in trade.

scholarly journals Features of the EU and Ukraine’s debt policy

2019 ◽  
Vol 16 (4) ◽  
pp. 254-261
Author(s):  
Igor Chugunov ◽  
Valentyna Makohon ◽  
Yuliya Markuts
Keyword(s):  
Public Administration ◽  
Public Debt ◽  
Management Strategies ◽  
Economic Security ◽  
Debt Management ◽  
The Public ◽  
Public Debt Management ◽  
The Impact ◽  
Debt Policy ◽  
The Eu

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.

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