Фінансова архітектоніка сектора публічних фінансів України: взаємовплив видатків та державного боргу

Abstract

The article is aimed at disclosure of the forms of socio-economic crisis of the financial system in the public finances of Ukraine with identification of strains as well as their financial architectonics. The main purposes of the article are: disclosure of essence of the manifestations of crisis phenomena in the economic system, analysis of dynamics of the major indicators in the functioning of public finances and their ratio to GDP; examining the changes in the structure of expenditures of the public budget and a comparison with the costs for servicing the public debt; determination of deformation of the architectonics of public finances, contributing to the rising inflationary burden on economic system. The article proves formation of the phenomenon of debt trap and identifies that it manifests itself in the increasing amounts of internal public debt that raises the inflationary devaluation of the money supply, as well as in deformation of the architectonics of financial flows in the financial system between public finances and financial markets. It has been substantiated that one of the factors, contributing to the increasing nature of the counter-cyclical trend of inflation index, is the increase in the volumes of emission of government borrowings in the domestic financial market of Ukraine and growth of the rate of return on them. Prospects for further research in this area are formulation of a categorical definition for the identified phenomenon of debt trap; further development of the theory of financial architectonics, which should disclose the patterns of movement of the public financial flows.