Стаття присвячена дослідженню інституціональної природи дефіциту бюджету та державного боргу. Виявлено інституціональні диспропорції у способах збалансування бюджету. Систематизовано причини негативного впливу нарощування державного боргу на дефіцит бюджету в Україні. Обґрунтовано напрями стратегії подолання інституціональних деформацій у процесі збалансування бюджету.
Ключові слова: бюджет, дефіцит бюджету, державний борг, інституціональна деформація.
Статья посвящена исследованию институциональной природы дефицита бюджета и государственного долга. Выявлены институциональные диспропорции в способах сбалансирования бюджета. Систематизированы причины отрицательного влияния наращивания государственного долга на дефицит бюджета в Украине. Обоснованы направления стратегии преодоления институциональных деформаций в процессе сбалансирования бюджета.
Ключевые слова: бюджет, дефицит бюджета, государственный долг, институциональная деформация.
The article is devoted to the institutional nature of the budget deficit and public debt. The views of the scientists on the nature of the origin of the budget deficit are represented. The difference between active and passive deficit are explained.
Main ways of balanced budget are described. Their main disadvantages and risks are outlined. This article explains that the methods of balancing the budget may result in the largest institutional deformation in Ukraine.
Institutional imbalances in the ways of balancing the budget are identified. The influence of the size of the budget deficit and budget expenditures on the GDP is evaluated. The peculiarities of public debt in Ukraine are disclosed. The dynamics of budget deficits and public debt to GDP are analyzed.The causes of negative impact of increasing the public debt on the budget deficit are systematized. The threat debt policy of Ukraine with regard to the impact on the budget deficit and the economy are justified. The situation that institutional imbalance in the balance of the budget cannot be overcome by increasing the debt load caused by the negative net exports is shown. The main reasons of the limited debt capacity in Ukraine are named including the critical size of gross external debt achieved, dependence of public debt dynamics on the exchange rate of the hryvnia, the outflow of currency from the country, large contingent liabilities of the government.
The strategies to overcome institutional deformations in the process of balancing the budget are justified including the reductions of public debt, balancing of the expenditure policy, optimizing of the size of the budget deficit (not exceeding 3% of GDP), and transformation the passive budget deficit in active.
Keywords: budget, budget deficit, public debt, institutional deformation.
