EFFICIENCY OF WAR BONDS AS AN INVESTMENT RESOURCE OF THE STATE: BENEFITS AND RISKS

Анотація

The article examines the role of war bonds as a tool for mobilizing financial resources of the state under martial law. The economic essence of war bonds as a specific form of public debt financing is defined. The purpose of the article is to conduct a comprehensive study of the efficiency of war bonds as an investment resource of the state under martial law and to assess their impact on the budget system, financial stability, and debt security of the country, considering economic risks and development prospects.Methods and methodology. Methods of analysis and synthesis were used to study the essence of war bonds and summarize research results. A systemic approach was applied to comprehensively assess the impact of war bonds on the state’s financial system. Statistical methods, as well as comparative and financial–economic analysis, were used to evaluate the efficiency of borrowed funds. Methods of abstraction and generalization were used when formulating research conclusions. Their benefits and risks for the budget system and macroeconomic stability are analyzed. Special attention is given to assessing the effectiveness of war bonds in Ukraine during the full-scale war. It is proved that, under effective debt policy, war bonds can act as a stabilizing factor for the financial system, while their excessive issuance creates risks of debt overload and future fiscal imbalances. Based on the results of the analysis, an algorithm for a comprehensive assessment of the efficiency of war bonds as an investment instrument has been developed, taking into account financial–economic, social, and risk parameters under martial law. Implementation of the proposed algorithm will enable informed decision-making on new issuances, optimization of debt structure, and risk management. Keywords: war bonds, public debt, budget financing, investment resources, financial stability, Ukraine.

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