FINANCIAL INSTRUMENTS FOR SECURING DEBT SECURITY: THEORETICAL ASPECT

Анотація

The article examines financial instruments for ensuring debt security as a key element of the state's financial stability in conditions of economic crises and geopolitical challenges. The theoretical foundations of debt security, its integration into the system of economic security, with attention to the management of public debt and guaranteed obligations are analyzed. The author's own understanding of the concept of debt security from the perspective of a comprehensive approach is revealed. Traditional mechanisms, domestic government bonds and debt restructuring are highlighted, which contribute to optimizing the debt structure, reducing servicing costs and diversifying financing sources. Derivative financial instruments, such as swaps, futures contracts, credit default swaps and asset securitization, and their role in hedging the risks of currency fluctuations, interest rates and systemic threats are considered. It is substantiated that excessive focus on complex financial instruments in the absence of proper transparency, developed market infrastructure and effective regulatory control leads to the accumulation of hidden liabilities, an increase in the latent debt vulnerability of the state and the leveling of their stabilization effect. Financial instruments for ensuring debt security are summarized and their role is described. Monetary instruments, including the central bank refinancing rate, bond yields, exchange rate and gold and foreign exchange reserves, are studied to forecast debt dynamics using econometric models. The need for risk management to ensure macroeconomic balance, financial independence and long-term development in the context of global transformations is emphasized. Their significance in maintaining economic stability is proven, especially in the conditions of Ukraine, where the combination of traditional debt securities with derivative mechanisms and monetary regulators allows for effective risk management and the formation of strategies for future development. A comprehensive approach to ensuring debt security is proposed, which combines traditional and innovative financial instruments with monetary and macroprudential mechanisms.

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