Boiko S. State treasury bills: historical experience and modern practice

Abstract

The article described importance of the problem mobilizing financial resources to financing of population budget deficits and public debt formation. Researched historical aspect public participation in financing the budget deficit with emphasis on the Soviet period, because the population was the main holder of government securities. The main characteristic features of debt policy in the Soviet Union were: debt cancellation Russian Empire; natural and forced loans; lack of organized and functioning of money and stock markets, alternative financial instruments, and even the possibility to convert savings in foreign exchange assets; change in the conditions of loans by the state in the direction of lowering of interest rate and increasing the term.
Determines the place treasury bills in public securities and role in shaping public debt, their nature and classification in accordance with applicable law. These features issuance of treasury bills in the 2002-2014.
The basic social, economic, organizational conditions that are not given the opportunity to realize their Treasury bills financial capacity: 1) no public awareness of their role in the financing needs of financial resources and not expediency awareness support measures implemented by the state in areas of economic, social and cultural policy ; 2) lost since the days of the Soviet Union, trust in government securities and banking institutions; 3) low level of financial activity of households and financial literacy, and lack of advertising during the issuance of treasury bills; 4) fulfillment exclusively through branches of the Oschadbank; 5) the impossibility of early redemption in need of stimulation of development of the secondary market of debt securities to increase their efficiency 6) nominal value in certain editions appeared high, and yield - lower than the average.