THE ROLE OF THE SECURITIES MARKET AS A SOURCE OF GOVERNMENT DEBT FINANCING

The article examines the essence and role of the securities market as a source of public debt financing. Public debt is an important tool for ensuring the financial needs of the state, and the securities market is one of the key mechanisms by which states can raise the necessary funds. The authors characterized various types of securities issued by states to attract financing, in particular OVDP, OZDP and military bonds. The advantages and disadvantages of attracting financing through the securities market are analyzed, as well as the impact of such financing on the public debt and the economy as a whole. The essence of the securities market as a source of financing the state debt in the conditions of martial law is characterized. Martial law is a state of emergency when a country faces important security and defense challenges that require extraordinary financial resources. The risks associated with the use of the securities market to attract financing, as well as possible ways of reducing and managing them, namely the risks arising in the securities market during martial law, such as changes in interest rates, investor uncertainty, and others, are investigated factors. However, when using the securities market to finance public debt, careful attention must be paid to risk management and debt control.