Measures to prevent state default under martial law

Medidas para prevenir el incumplimiento del Estado bajo la ley marcial

• Inga Perestyuk National Aviation University, Kyiv, Ukraine. https://orcid.org/0000-0003-1692-9247
• Olena Berezovska-Chmil Vasyl Stefanyk Precarpathian National University, Ivano-Frankivsk, Ukraine. https://orcid.org/0000-0002-3395-9141
• Yevhen Bilousov Yaroslav Mudryi National Law University, Kharkiv, Ukraine. https://orcid.org/0000-0003-3998-9947
• Ivan Yakoviyk Yaroslav Mudryi National Law University, Kharkiv, Ukraine. https://orcid.org/0000-0002-8070-1645
• Ihor Zhukov Yaroslav Mudryi National Law University, 61024, Kharkiv, Ukraine. https://orcid.org/0000-0003-1374-196X

DOI: https://doi.org/10.46398/cuestpol.4177.29

Keywords: public debt, debt security, debt policy, debt strategy, public administration

Abstract

Debt security is especially relevant for developing countries, because they recover from economic shocks longer than developed countries, and the consequences of such shocks are catastrophic for them. Default is one of the most undesirable consequences of defaulting on a debt security, which determines the relevance of the topic under investigation. The aim of the study was to assess the current condition and state policy on the provision of debt security in Ukraine under martial law and to generalize measures to increase debt security and minimize the risk of default. The article used the following methods: economic statistical analysis, structural system approach and abstract logical method. The study found that, with the onset of a large-scale invasion, the share of public debt in Ukraine exceeded the recommended value by about 47 % and increased by more than 58 % compared to 2021. The conclusions of the research propose measures to increase debt security, divided into domestic and international measures.

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