Synyutka N. Formation and implementation of the municipal debt policy in Ukraine

The Object – municipal debt policy. Objective - deepening of the theoretical and methodological principles of formation of the municipal debt policy and identify priority areas of improvement in current conditions. Methods - comparative historical analysis, systematization and generalization, grouping and similar methods, statistical analysis, economic and mathematical evaluation.. Results - solving important scientific problems - the theoretical foundation principles of formation of the municipal debt policy and the development of scientific and practical recommendations for effective implementation of its prospects in the context of fiscal decentralization. Novelty - improved interpretation of the municipal debt policy as cyclical, multifunctional, multi-stage process which is carried out by local authorities with the power to attract debt resources, and determine the direction of their use to stimulate investment and innovation activity of subjects of management; interpretation of the debt capacity of municipalities as the ability of sub-national entities fulfill their debt obligations, avoiding procedures of restructuring, debt refinancing, preventing the accumulation of debt adjustment structure of income and expenditures; application of integrated monitoring local budgets with regard to debt instruments, identifying relationships overall deficit budgets and their spending patterns; definition of debt capacity of cities budgets as the limits of municipal debt; further developed methodological approaches to the assessment of the use of municipal debt through the determination of the average real rate of loans in local service as a criterion for the feasibility and prospects of using instruments of municipal debt policy; determine the effectiveness of a municipal debt policy of cities based on an assessment of total expenditures of local budgets on debt servicing; vectors improving the municipal debt policy in the context of administrative- territorial reform and fiscal decentralization in Ukraine. Introduced in the activities of the Ministry of Finance of Ukraine, the Lviv Regional State Administration, the Department of Economic Policy of the Lviv city council, the Association of the Cities of Ukraine as well as in the educational process National University “Lviv Politechnic”. Scope of use - The State Treasury Service of Ukraine, the Verkhovna Rada Budget Committee, the Verkhovna Rada Committee on State Construction, Regional Policy and Local Government.