The value of the public credit as an element of the financial system of the state

М. О. Перепелиця

Abstract


The article's main objective is to review the
functions and effects of public credit. Author interested in both positive and negative
aspects of this phenomenon. As a conclusion, the key provisions of the economy,
which is abusing this financial instrument becomes, in essence, the debt, which
adversely affects the entire social life of the country.
The purpose of the article. State credit is recognized as one of the elements of
the financial system of the state. While there is such an element is not immediately
and not next to the tax or fiscal system, but at the present stage it is already firmly
established in the financial system of any country. In the twenty-first century it is
difficult to find the budget of some States that had no shortage; almost impossible to
find a country that could do without the institution of government lending plan their
income and expenses.
Presenting main material. This provision applies both economically
developed and developing States. Therefore, it can be noted that the government loan
has acquired a permanent character and has a significant impact on the economic
situation of the whole society. In this regard, the interest in this phenomenon at the
present stage not only does not stop, and compounded. This is connected with huge
debts, which have emerged in the budgets of modern States, and the need for finding
ways for their servicing and repayment, and overall – the place and role of public
credit in the financial system of the state, its impact on economic development of the
society, both in a negative and in a positive direction.
With the development of financial relations and financial systems developed
and improved and lending mechanism. In the modern world there are many forms
(types) of loan: private, public, banking, government, export, commercial, municipal,
commercial and the like. They have their own characteristics, but the essence remains
indispensable – the subject shall be provided on a time and under appropriate
conditions. One type of loan is a state loan, in which the government can act in the
role of a creditor and the debtor. As a rule, carrying out its financial activity of the
state is a creditor in respect of some sectors of the economy, and the debtor in respect
of internal and external market. State credit is a tool that allows you to mobilize
public funds and additional necessary funds, so government loans have become in
modern conditions second after taxes methods of financing budget expenditures.
Accumulated thus means primarily designed to cover the budget deficit. So the state
is closing the gap in time between the need for money and their availability.
An important rule of public credit should still be striving to be as inexpensive
as possible, and even free use of loan capital. Payment is not an inherent feature of
the loan. Financial history knows examples when zero percent loan has led to
effective results in the economy, and more importantly, to the ability to repay the
loan. The second question is that of the creditor, such a situation might not be happy,
and therefore, it is possible to offer a portion of the profits that will be received as a
result of the use of borrowed funds. Because the percentage (but still a high
percentage), or otherwise significantly increase the amount of debt that you need to
return that, as mentioned earlier – are an additional burden on the state budget.
Conclusions. From the foregoing it is clear that the government loan is an obligatory
element of the financial system of any state. As a financial instrument it can kasuati
to state both positive and negative effects, depending on the tasks, set before the
government.
Conclusions. The negative value of this phenomenon is manifested in the
transformation of the economy on a debt that subsequently leads to a decline in all
spheres of life of such a society, because, the money must push to its development,
will be levied to service the interest on the debt. Such a state loan can lead the
country and to the loss of its sovereignty. But the intelligent and careful use of this
mechanism contributes to the realization in society switchgear and control functions,
allows you to replenish the budget revenues, without resorting to this issue.


Keywords


public credit; public debt; financial system; emission; interest borrowed capital

References


У истоков финансового права / под ред. А. Н. Козырина, А. А. Ялбулганова. – М. : Статут, 1998. – 432 с.

Маркс К. Сочинения : в 50 т. / К. Маркс, Ф. Энгельс. – 2-е изд. – М. : Госполитиздат, 1954-1986. – Т. 3. – 1954. – 663 с.

Бюджетний кодекс України: станом на 15.06.2015 р.: офіц. вид. – Х. : Одіссей, 2015. – 128 с.

Катасонов В. Ю. История и идеология «денежной цивилизации» / В. Ю. Катасонов. – М. : Институт русской цивилизации, 2013. – 1075 с.

Смит А. Исследования о природе и причинах богатства народов / А. Смит. – М. : Соцэкгиз, 1935. – 684 с.

Ходский Л. В. Основы государственного хозяйства. Пособие по финансовой науке / Л. В. Ходский. – Спб : Тип. М. Стасюлевича, 1901 – 568 с.

Штейн Генрих – Фридрих Карл // Энциклопедический словарь Брокгауза – Ефрона. – Спб, 1907. – Т. 82. – 308 с.

Кейнс Д. М. Возвращение мастера / Д. М. Кейнс ; пер. с англ. О. Левченко. – М. : ООО «Юнайтед- Пресс», 2011. – 253 с.

Брю С. Л. Экономикс / С. Л. Брю, К. Р. Макконнелл. – М. : Республика, 1992. – Т. 2. – 896 с.

Фурман І. В. Стан зовнішньої заборгованості України перед міжнародними кредиторами: оцінка та напрями врегулювання / І. В. Фурман // Фінансовий простір. – 2013. – № 2 (10). – С. 66–73.

Финансовое право : учебник / О. Н. Горбунова, Е. Ю. Грачѐва и др. – М. : ТК «Велби» ; Проспект, 200. – 536 с.


GOST Style Citations






DOI: https://doi.org/10.21564/2225-6555.2015.2.63714

Refbacks

  • There are currently no refbacks.


Copyright (c) 2016 Теорія і практика правознавства

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

ISSN 2225-6555