Kolot O. Debt portfolio of state: risks management and structure optimization

Object of study: state debt portfolio management in risk conditions. Purpose of study: scientific substantiation of theoretical, methodological, and applied aspects of state debt risk management, generalization of the world experience of theory and practice of state debt portfolio risk management and its adaptation to Ukrainian realities. Methods of study: dialectics, analysis, and synthesis; classification and typology; systemic approach; factorial and correlation analysis; economic and mathematical modeling; statistical modeling; comparative analysis. Theoretical and practical results: substantiation of integral conceptual theoretical base of the state debt portfolio risk management and optimization of its structure, and also development of recommendations concerning creation of the state debt risk management system in Ukraine. Scientific novelty of the study results: classification of risks of the state debt portfolio with their division into the macro- and micro-level risks was developed for the first time; definition of "risk controlling in sphere of the state debt borrowings" was introduced into scientific notional apparatus; imitational model of the structure of Ukrainian government debt portfolio was proposed. The following was improved: definition of "the state debt portfolio"; theoretical principles of manifestation and effect of risks of macroeconomic, macro-financial, and market management; determination of main phases and components of debt risk management; conceptual approaches to its implementation within the framework of macroeconomic management and on the level of structure of the state debt portfolio; systematization of approaches to the assessment of debt portfolio risks; approaches to the assessment of debt-related stability of the state. Further developed were: issues of institutional provision of the process of management of the state debt portfolio and the risks which affect it; methodological approach to the development of strategic portfolio standard. Degree of implementation: proposals and recommendations which concern optimization of the structure of debt obligations of Ukrainian government and creation of modern complex system of debt risk management are used by the Ministry of Finances of Ukraine (certificate of implementation No. 23050-10 dated 05.04.06); Ministry of Economy of Ukraine (certificate of implementation No. 14-48/9 dated 17.01.07); Council of National Security and Defense of Ukraine (certificate of implementation No. 6/9-134-6-5 dated 19.01.07). Certain provisions and conclusions of the dissertation work are used during educational process at Vadym Hetman Kyiv National University of Economics (certificate of implementation dated 14.11.06). Sphere of use: Main results of the dissertation study may be used both as methodical elaborations and practical recommendations to set up the process of assessment and management of the state debt portfolio risks, to develop institutional and legislative principles of the state debt management in Ukraine, and form the strategy andtactics of the scientifically substantiated debt policy concerning both new borrowings and existing liabilities. Results of the study may also be used during development of the relevant study courses in institutions of higher education.