Timoshenko N. Government Securities Market in the Budget Deficit Management System

The economic essence of the mechanism of regulation of the government securities market in the system of budget deficit management is revealed. It consists in a set of appropriate forms, methods, instruments, interdependencies and mutual influences of the institutional components of the fiscal policy on investment processes by issuing bonds of internal and external government loans, Treasury commitments to finance the budget deficit, repaying of internal and external obligations of the state, attracting of financial resources for realization and its strategic innovation and investment programs. The experience of functioning and development of the government securities market in the countries with the advanced and transformational economy is generalized and systematized. Approaches to the application of marketing concepts in the government securities market are developed. Priority directions of the development of the government securities market in the system of management of the budget deficit in the conditions of economic transformations are substantiated. Methodological principles for improving the efficiency of the budget deficit management system; provisions on the classification of the government securities market and the budget deficit according to their impact on the financial and budget security and the investment component of the country's financial security; approaches to managing the budget deficit as a component of state regulation of the economy in the conditions of formation and further development of the domestic market of government securities are improved.