Valstybinio sektoriaus skolinimosi poreikio interpretavimas ir nustatymas Lietuvoje

LTKai valstybės išlaidos tampa didesnės nei pajamos, šį skirtumą valstybė dažniausiai būna priversta dengti skolintomis lėšomis. Dėl tokio skolinimosi atsiradę valstybės įsiskolinimai ir kiti finansiniai įsipareigojimai valstybės vardu formuoja valstybės skolą. Šalies skolinimasis yra socialinės ekonominės politikos įrankis. Vyriausybė, valdydama skolą, prisiimdama įsipareigojimus, gali remti tam tikras ūkio šakas arba socialines grupes ir taip siekti savo politinės programos tikslų. Vyriausybės skolinimosi poreikis - tai per biudžetinius metus susidariusi vyriausybės išlaidų suma, kuriąnumatomafinansuoti skolintomis lėšomis. Staipsnyje analizuojami pagrindiniai vyriausybės skolinimosi poreikį lemiantys veiksniai. Vienas pagrindinių būdų tenkinti vyriausybės pasiskolinamų lėšų poreikį yra vyriausybės vertybinių popierių (V VP) leidimas. Straipsnyje analizuojamas šių priemonių taikymo poveikis šalies ekonominiams procesams atsižvelgiant į tai, kas perka šiuos vertybinius popierius. [Iš leidinio]

ENThe state finances is the system of the economical fiscal relationships that emerge when the state accumulates, allocates and uses the financial means it needs. The financial system of the developed states covers the government's and local authorities' budgets, the finances of public enterprises and the state specialized funds. The state financial system provides the means (mainly from taxes, state credits, securities emissions, etc) for covering the growing expenses in the military, social, cultural spheres, in management and railway building, etc and for, obviously, covering the national debt. As expenses exceed income, the state is usually forced to cover this difference by borrowed means. Due to the borrowing of this kind, the loans and other financial duties carried in the name of the state create the ground for the national debt. Currently, the financial markets are closely observing the state budget deficit because it shows how much of financing the government needs at a certain time and how much the rate of the national debt has increased. The analysis of the budget deficit provides information on how effective is the mobilization of the domestic means and on how the state expenses are being managed. All that enables us to decide about state's borrowing demands. They also point out that the main causes of the budget deficit may be tax collection fro income, too high expenses or ineffective control. The governmental borrowing does not cause damage to the economy if only the opportunities provided by debt are used in an optimal way.The aim of this article is, a possibility to forecast the limits of the national debt acceptability, knowing the forecasted actual GDP growth and the value of the budget deficit. It is important to learn what level of the fiscal deficit is acceptable to the state and how it could be managed under certain economical conditions. In making a choice for the criteria needed to determine the acceptable level of the budget deficit, it is indispensable to make a notice of the possibility to apply those criteria, e.g. in analyzing and forecasting. The major focus of the present paper is on a number of factors that determine the acceptability of the forecast of the national borrowing demands and the debt's optimal and effective management. The present article analyzes the interaction between the national debt and the budget deficit. Within the framework of the mathematical model covered in detail, the authors propose to forecast the borrowing demands not exceeding the rates predicted by the Lithuania's macroeconomics. The governments of European countries should pay more attention to the relationship between the national debt and GDP growth, which would enable the states to better plan the demand for the borrowed means without exceeding the set limits because the increase in debt shows that the limits of net borrowing for financing the forecasted budget deficit are not sufficient to minimize the negative influence of the state debt to the economy. In this article the following research methods have been employed: economics analysis, synthesis, comparison, evaluation and mathematical modeling. [From the publication]

• Ekonomika / Economics
• Vadyba / Management