Archive 2007

  • 01.09.2007

    Changing the Status of Government debt to the NBU: Budgetary Implications


    The Ukrainian government owes its central bank around UAH 9 bn in the form of internal state debt. This debt originates from the unhealthy practice of financing budget deficits by printing money over 1991-1996. Both the government and the National Bank agree in principle on the necessity for restructuring and securitizing this debt. This is hardly surprising, since both institutions would gain much from restructuring this debt. But such a deal can and should only be conducted, once the government and especially the Ministry of Finance possess a clear quantitative assessment of the budgetary implications of the restructuring process. In this paper we provide such an assessment.

    Authors:  Kravchuk Vitaliy, ʳ , г
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