On Improving Economic and Legal Regulation of the Domestic Market of Debt Securities by Enhancing the Role of the State as a Participant of the Stock Market

Іmplementation at the legislative level of the current financial and public policy for improving the regulation of the domestic debt securities market, which is currently one of the most conservative segments of the world financial market, is undergoing a radical transformation. The governments of many countries have radically transformed the crisis countries into states with a developed financial and economic system through the implementation of a comprehensive economic and legal policy on the domestic obligations market for additional financing of the state budget and reducing the needs of external creditors. For a more thorough consideration of the issue of increasing the role of the state as a participant in public-financial relations in the domestic debt securities market, it is necessary to define a circle of participants of the stock market, to determine the role that belongs to state bodies and the ways to enhance it, by expanding the powers of the participants in the domestic debt securities market. It is concluded that the state should not only act as a subject of power, that is, to control over the stock market executing the monopoly power of the state, but also to be the equal participant in public-financial relations, to carry out a profound state policy on issue government securities by increasing the number of government bonds issued, implementing a comprehensive economic and legal policy in the domestic obligations market, to reduce the state budget deficit and to reduce dependence on foreign financial institutions. Taking into account the state policy aimed at decentralization of local budgets, it is proposed, while creating the new issuers of government debt securities, to make amendments to the Tax Сode of Ukraine. For example, similar to the USA, where valuable government debt securities are taxed by state tax or federal tax, or both, depending on the type of bond.