SYSTEMIC RELATIONSHIPS OF DEBT SECURITY IN THE CONDITIONS OF FINANCIAL GLOBALIZATION

Abstract

The process of globalization exerts a double influence on the world financial system, causing simultaneous development and emergence of potential threats to the financial security of the country. In the conditions of today's financial globalization and the spread of globalization imbalances, there was an aggravation of problems with servicing and repayment of accumulated debt, which caused significant deformation processes in the system of public finances of Ukraine. Therefore, it is necessary to study in more detail the factors influencing the level of debt security and its interdependence with other indicators of economic security. The purpose of the work is to investigate and analyze the interrelationships of debt security and evaluate its level using retrospective analysis and taking into account the impact of the process of financial globalization. After analyzing the values of economic security indicators, we can come to the conclusion that the highest rate of decline in the level of financial security occurred in 2015 for 14 years. p. to the level of 36% among other indicators of economic security. It was established that this situation is caused by a decrease in the level of income from the main budget-forming taxes due to increased fiscal pressure on the economy, a sharp devaluation of the national currency, a fairly significant increase in the amount of state and state-guaranteed debt with an increase in the probability of default, illiquidity and insolvency of financial institutions, a decrease in the amount of the resource base banks and problems with capitalization. All this is the basis for the critical state of almost all indicators of financial security. An analysis of the current state of debt security indicators was carried out. An assessment of correlations between the integral indicator of the level of debt security and other indicators of economic security is given. Factors and interrelationships influencing the level of debt security are determined. The linear dependence and the most significant influence on the critical level of debt security had the same critical levels of banking and budgetary security. The need for further improvement of methodological approaches to determining the level of debt security is argued, taking into account globalization processes and factors of endogenous and exogenous influence, which include the size of the shadow sector of the economy, banking and currency instability, inflationary processes and other factors that are the basis for the formation of sustainable debt security. The scientific novelty of the research is based on the results of the analytical assessment of the interdependence of the level of debt security, the levers, methods and tools of state regulation of threats and risks were formed, strategic monitoring, forecasting and implementation of preventive measures were carried out in order to ensure the appropriate level of economic and financial security. The practical significance of the obtained results is that the provisions on improving the methodological basis for assessing the level of debt security of the country, taking into account the interdependence of debt security and other indicators of economic security, have been confirmed. These results have an applied value for state administration bodies in the process of drafting programmatic and strategic documentation in order to ensure the appropriate level of economic security of the country.