Pin A. The external debt of the developed countries within the system of global financial competition

Object – the external debt of the developed countries in the modern global economy. The goal is to conceptualize the external debt of the developed countries within the system of global financial competition, substantiate strategic approaches and developed recommendations for the external debt management policy of Ukraine. Methods – scientific abstraction; abstract-logical method; synthesis and generalization; cluster and regression analysis; graphics. Results – we have substantiated the principles of the external debt of the developed countries, discovered its features in the system of global financial competition and defined the strategic approaches to improving the external debt management policy of Ukraine. Novelty – we have substantiated the original concept of the financial independence of the developed countries under the conditions of the debt pattern the modern asymmetric world economy shows. The concept is viewed from the perspective of the global financial competition system counting dualistic effects, the features of the up-to-date transformation processes and institutional dimensions. On this basis we have developed the structural and functional diagram of the institutional and financial and economic dimension of global financial competition. Within this context we treat global financial competition as a system designed to establish good rivalry-based relationships and provide the coherent interaction of institutions while competing for financial resources. We have improved: the existing definitions related to the domain of external debt and defined external debt from our own viewpoint. To our opinion, external debt is the dynamic feature of external debt pressure reflecting the tendencies of the latter. In the meantime, the gross external debt position is the static indicator of external debt. Drawing upon the arguments aforementioned we approach external debt from the perspective of the functional peculiarities and structural relations of the system of global financial competition that enables us to generalize the main structural preconditions and factors of the external debt of the developed countries; theoretical approaches to external debt estimation by enhancing the toolkit of macroeconomic indicators representing external debt within the system of global financial competition. This improvement has enabled to identify the developed countries in the global environment by the selected parameters, group them and discover the particularities of positioning within the system of global financial competition. We have further improved: the theoretical approaches to substantiating strategic measures to decrease the external debt of the developed countries that enabled to consider the dominant tendencies of the development of the system of global financial competition and discover dependence of the strategic measures from social and economic development; the principles of the external debt formation of the developed countries. Within this context we have discovered the following: the debt structure of the developed countries is unique compared to the rest of the world; precrisis external corporate debt has positive effects on economic growth, consumption and foreign investments in the post crisis period; the developed countries demonstrate more dynamic change in the external debt-GDP ratio compared to the rest of the world; the methodological approaches to substantiating the strategic lines of the improvement of the external debt management policy of Ukraine based on factor estimation that enabled to discover risks for the social and economic development of the country and conduct the qualitative estimation of the effects those risks have, developed methodological recommendations for reaching sustainable level of external debt, discover the orientation lines of the debt strategy of Ukraine in the financial competitive environment, taking into consideration the effects the structural elements of the external debt of Ukraine have on the economic growth of the latter. These results have been applied by the Committee on Economic Policy, Verkhovna Rada of Ukraine; the Department of Foreign Relations and Fundraising, Ternopil Regional State Administration; LLC “RADA CAPITAL”. The theoretical and methodological principles of the dissertation are incorporated in the syllabus of Ternopil National Economic University. Domain of use – Ministry of Finance of Ukraine, National Bank of Ukraine