The dissertation deepens the theoretical and methodological foundations of financial relations in the market of the public debt of Ukraine and substantiates proposals regarding the expansion of credit tools for financing the state budget deficit and public debt management. It has been proven that a characteristic manifestation of credit relations with the participation of the state as a borrower of resources is the emergence of state debt. Implicitly, the concept of public debt is closely related to the concept of public credit, which determines the construction of a hierarchy of concepts: disproportions between income and expenditure parts - public budget deficit - public credit - public debt. The content of the effects of the state debt is defined and revealed, in particular, its impact on: the price level; income distribution; amount of savings and investments; economic development in general. Peculiarities of the impact of public debt on the financial system are considered in retrospect. Their analysis allows us to state that the negative consequences of dependence on debt financing are minimized by a balanced strategy and tactics of public debt management. Attracting financial resources on the public debt market is defined as the process of implementing credit relations between the state as a borrower (debtor) and creditors on the basis of repayment, payment, and maturity of loan capital circulation. The purpose of attracting financial resources on the public debt market is the need to finance the deficit of the state budget with the fulfillment of its expenditure part. In terms of public debt management, servicing operations and repayment of public debt in accordance with credit agreements of previous periods are subordinated to the execution of the expenditure part of the budget and financing of protected budget items.
The structure of instruments and segments of the government debt securities market and the external segment of the credit market were studied. The classification of the market of government securities assumes the presence of such characteristics as the maturity date, the method of payment of income under the instrument, the type of issuer, the level of realization, the currency of the denomination, the direction of use of the funds raised from the sale. The identification of the relevant segments where the debt instruments for attracting resources are circulated and disclosed is substantiated. The need to distinguish the functions of the state debt market has been proven and it has been proven that such functions should be considered at the main level (financing of the state budget deficit; financing of current cash gaps (current budget deficit); financing of certain targeted programs; financing of debt payments for previously issued securities; pricing on the market; the mechanism of implementation of credit relations) and mediated (the function of forming partnership relations between the borrower and the creditor; the function of combining capitals; the function of increasing capital and production; the function of maintaining the liquidity of the securities market). The paper describes the subject structure of the government debt market segments. The structure of subjects (participants) of the public debt market is largely determined by the form of government, the specifics of legislation and the organization of the financial market and the securities market, but in general it is proposed to distinguish the state (borrower) in the market, investors and creditors, and the characteristics of each of the groups of given subjects. The necessity of assessing the involvement of financial resources in the public debt market is substantiated, taking into account the peculiarities of the macroeconomic situation, which allows optimally equalizing the redistribution of financial resources in the market, especially in conditions of their limitations. The evaluation of the public debt in the context of the given parameters made it possible to evaluate the process of attracting public debt on the market and to identify the negative phenomena that accompany it, in particular the effect of investment displacement in market sectors. The calculation of the efficiency factor of attracting financing on the public debt market of Ukraine was carried out, which was calculated for comparative assessment not only for Ukraine, but also for Poland, which illustrates that for conditionally given macroeconomic conditions, attracting debt financing is effective, because the indicator is greater than 1. For the calculation the coefficient of the efficiency of attracting financing on the public debt markets takes into account the positive and negative influence of factors and assumes a direct and inverse relationship between the relevant variables.
Each of the proposed directions contributes to the solution of individual problems identified in the work.
