УДК 339.727; 336.3 JEL: 1Institute for Economics and Forecasting of the NAS of Ukraine, Research ID : http://www.researcherid.com/rid/https://publons.com/researcher/3265049/yevhenii-redziuk/ STOCK MARKET INSTRUMENTS AS A FACTOR IN OPTIMIZING THE PUBLIC DEBT MANAGEMENT SYSTEM In Ukraine, shortcomings in public debt management are largely due to inconsistencies between different authorities (Government, Ministry of Finance of Ukraine, NBU, Budget Committee of the Verkhovna Rada of Ukraine), as well as insufficient development of the securities market, including government securities. Analysis of modern parameters of the domestic stock market showed that they do not correspond to similar world indicators. Among the most striking identified discrepancies are: underdeveloped corporate bond and stock market; the presence of a significant over-the-counter segment of trading on the stock market; lack of a single central depository and a center for liquidity and securities trading (National Depository of Ukraine, settlement center, NBU depository and 4-10 operating stock exchanges in Ukraine); underdevelopment of the domestic derivatives market; insufficient transparency, functionality, informativeness, price adequacy of the Ukrainian stock market; in general, low liquidity of the securities market of Ukraine. At the same time, in world practice, modern states actively use the following stock market debt instruments: i) term interest-bearing government bonds from 3 months to 30 years; ii) Treasury Inflation-Protected Securities; iii) infrastructure bonds of the state and municipalities; iv) specialized bonds and loan programs for banks and financial companies that reduce interest rates for businesses. The introduction of these stock market instruments in Ukraine can significantly improve the level of public debt management, as well as reduce the risks of a full-scale financial and economic crisis. Their complex combination with other measures is especially effective: adherence to the discipline of medium- and long-term strategy to reduce the debt burden to a safe level, as well as the introduction of socially and business-oriented model of long- and medium-term public debt management system of Ukraine. Keywords:stock market instruments; Stock Exchange; state debt; public debt management system.
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