Received: 2019-07-15  |  Accepted: 2019-10-20  |  Published: 2019-12-15

Title

Conceprual approaches to the public debt management and its impact on financial stability


Abstract

Management and regulation of public debt for many years is an urgent problem of the functioning of the financial system of the state, as it is a component of the financial systems of the vast majority of countries. In this regard, the priorities and areas of the debt policy, in the framework of which the formation and servicing of public debt are gaining particular importance. Public debt plays a significant and multifaceted role in the macroeconomic system of any state, since relations regarding the formation, servicing and repayment of public debt have a significant impact on the state of public finances, monetary circulation, the investment climate, the structure of consumption and the development of international cooperation between states. For the Republic of Kazakhstan, the problem of improving the public debt management system and its impact on financial stability is relevant because its solution requires research and the search for radically new mechanisms in the context of the transformation of the economic system into a market one, which is associated with increased economic risk.The purpose of the study is to identify the main trends in the system of managing state external borrowings of the Republic of Kazakhstan, to analyze theoretical studies of foreign and domestic authors, as well as solutions to formulate recommendations for improving the efficiency of external debt management and its impact on the financial stability of Kazakhstan. The theoretical and methodological basis of the study was the development of domestic and foreign economists, laws and regulations governing economic and social processes in this area. The information base of the study was the work of domestic and foreign scientists and specialists in the field of public debt, official statistical and informational materials of the Ministry of Finance of the Republic of Kazakhstan, data of the National Bank of the Republic of Kazakhstan, data of the Ministry of National Economy of the Republic of Kazakhstan, statistical collections and Internet resources.


Keywords

interest rates, investment climate, financial market, public debt, management, financial stability, external debt, domestic debt, budget deficit, debt burden, stagnation, Gross External Debt (GED), budget


JEL classifications

H60 , H63


URI

http://jssidoi.org/jesi/article/452


DOI


Pages

1496-1513


Funding


This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License

Authors

Mataibayeva, Gaukhar
L. N. Gumilyov Eurasian National University, Nur-Sultan, Kazakhstan http://www.enu.kz
Articles by this author in: CrossRef |  Google Scholar

Makysh, Serik
L. N. Gumilyov Eurasian National University, Nur-Sultan, Kazakhstan http://www.enu.kz
Articles by this author in: CrossRef |  Google Scholar

Kuchukova, Nurilya
L. N. Gumilyov Eurasian National University, Nur-Sultan, Kazakhstan http://www.enu.kz
Articles by this author in: CrossRef |  Google Scholar

Zhalbinova, Saule
Kazakhstan Branch of Lomonosov Moscow State University, Nur-Sultan, Kazakhstan https://www.msu.kz
Articles by this author in: CrossRef |  Google Scholar

Zhussupova, Aigerim
L. N. Gumilyov Eurasian National University, Nur-Sultan, Kazakhstan http://www.enu.kz
Articles by this author in: CrossRef |  Google Scholar

Journal title

Entrepreneurship and Sustainability Issues

Volume

7


Number

2


Issue date

December 2019


Issue DOI


ISSN

ISSN 2345-0282 (online)


Publisher

VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania

Cited

Google Scholar

Article views & downloads

HTML views: 1229  |  PDF downloads: 524

References


Balance of Payments and Currency Regulation Department. Astana.

Search via ReFindit


Baltgailis, J. 2019. The issues of increasing the effectiveness of teaching comparative economics. Insights into Regional Development, 1(3), 190-199. https://doi.org/10.9770/ird.2019.1.3(1)

Search via ReFindit


Blanco-Encomienda, F. J., Ruiz-García, A. (2017). Evaluating the Sustainability of the Spanish Social Security System. Economics and Sociology, 10(4), 11-20. https://doi.org/10.14254/2071-789X.2017/10-4/1

Search via ReFindit


Boldyreva, B.G. 1990. Finances of Capitalism. Moscow, 128 p.

Search via ReFindit


Budget Code of the Republic of Kazakhstan dated December 4, 2008 No. 95-IV (as amended as of July 1, 2019)

Search via ReFindit


Burhanudin, M. D., Muda, R., Nathan, S. B., Arshad, R. 2017. Real effects of government debt on sustainable economic growth in Malaysia. Journal of International Studies, 10(3), 161-172. https://doi.org/10.14254/2071-8330.2017/10-3/12

Search via ReFindit


Burns, T. R., DeVillé, P. 2017. Socio-economics: the Approach of Social Systems Theory in a Forty Year Perspective. Economics and Sociology, 10(2), 11-20. https://doi.org/10.14254/2071-789X.2017/10-2/1

Search via ReFindit


Cayón, E., & Perilla, J. M. (2018). Determinants of credit default swap (CDS) spreads in Latin America: An empirical analysis of corporate debt in public and private companies. Journal of International Studies, 11(4), 57-68. https://doi.org/10.14254/2071-8330.2018/11-4/4

Search via ReFindit


Data of the Ministry of Finance of the Republic of Kazakhstan for 2014-2018. https://minfin.gov.kz

Search via ReFindit


Data of the Ministry of National Economy of the Republic of Kazakhstan for 2014-2018. https://economy.gov.kz

Search via ReFindit


Data of the National Bank of the Republic of Kazakhstan for 2018. http://www.nationalbank.kz

Search via ReFindit


Decree of the President of the Republic of Kazakhstan. 2016. On the Concept of the formation and use of funds of the National Fund of the Republic of Kazakhstan.

Search via ReFindit


External debts tatistics: guide for compilers and users. 2003. Washington, D.C.: International Monetary Fund. 309 p.

Search via ReFindit


Fedosova, V.M. 1991. Public Finance. Kiev, 226 p.

Search via ReFindit


Girdzijauskaite, E., Radzeviciene, A., Jakubavicius, A. 2019. Impact of international branch campus KPIs on the university competitiveness: FARE method. Insights into Regional Development, 1(2), 171-180. https://doi.org/10.9770/ird.2019.1.2(7)

Search via ReFindit


Khaikhadayev, O.D. 2000. State debt of the Russian Federation: theoretical and historical aspects. Abstract. St. Petersburg, 64 p.

Search via ReFindit


Kliestik, T., Michalkova, L., & Kovacova, M. 2018. Is a tax shield really a function of net income, interest rate, debt and tax rate? Evidence from Slovak companies. Journal of International Studies, 11(4), 295-311. https://doi.org/10.14254/2071-8330.2018/11-4/21

Search via ReFindit


Kozyrin, A.N. 2002. Public finance: the interaction of the state and society, Moscow. 3 p.

Search via ReFindit


Kuratova, A. 2019. Analysis of sources of financing for oil and gas projects using the example of a group of countries. Analytical note.

Search via ReFindit


Kursiv https://kursiv.kz/news/finansy/2018-08/gosdolg-kazakhstana-uvelichilsya-na-219-za-god

Search via ReFindit


Masood, O., Tvaronavičienė, M., Javaria, K. 2019. Impact of oil prices on stock return: evidence from G7 countries. Insights into Regional Development, 1(2), 129-137. https://doi.org/10.9770/ird.2019.1.2(4)

Search via ReFindit


Message from the President of the Republic of Kazakhstan to the people of the country. Kazakhstan in a new global reality: growth, reform, development https://e-history.kz/en/publications/view/445

Search via ReFindit


Rukavishnikova, I.V. 2009. Financial law. Moscow, 401 p.

Search via ReFindit


Samsonov, N.F., Barannikova N.P., Strokova N.I. 1998. Finance at the macro level. Moscow, 117 p.

Search via ReFindit


Sasongko, G., Huruta, A.D., Wardani, A. 2019. Does the Wagner’s Law exist in a strategic national area? An evidence from Kedungsepur – Indonesia. Insights into Regional Development, 1(2), 99-117. https://doi.org/10.9770/ird.2019.1.2(2)

Search via ReFindit


Sokolov, E.A. 2006. Financial and legal mechanisms for managing public domestic debt: theory, practice, problems. Moscow, 35−40 p.

Search via ReFindit


Strýčková, L. 2017. The practice of capital structure choice in the Czech Republic: A comparative study based on the global data. Journal of International Studies, 10(2), 185-203. https://doi.org/10.14254/2071-8330.2017/10-2/14

Search via ReFindit


The World Bank. Indicator.External debt. https://data.worldbank.org/topic/external-debt

Search via ReFindit


Vavilov, Yu. Ya., Kovalishin, E.G. 2007. Principles of state debt policy. Economics, 8(27), 65-69.

Search via ReFindit


Zeibote, Z., Volkova, T., Todorov, K. 2019. The impact of globalization on regional development and competitiveness: cases of selected regions. Insights into Regional Development, 1(1), 33-47. https://doi.org/10.9770/ird.2019.1.1(3)

Search via ReFindit