financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2024-28-4-59-70finance-3063Research ArticleГОСУДАРСТВЕННЫЕ ФИНАНСЫSTATE FINANCESВлияние государственных облигаций на частный сектор: доказательства на примере растущей экономикиEffect of State Bonds on the Private Sector: Evidence from a Growing Economyhttps://orcid.org/0000-0002-8758-9756ОмодероК. О.OmoderoC. O.

Корделия О. Омодеро, PhD, старший преподаватель

колледж менеджмента и социальных наук; кафедра бухгалтерского учета

штат Огун

Cordelia O. Omodero, PhD, Senior Lecturer

College of Management and Social Sciences; Department of Accounting

Ogun State

onyinyechi.omodero@covenantuniversity.edu.ngКовенантский университет ОтаНигерияCovenant University OtaNigeria2024280820242845970Copyright © Омодеро К.О., 20242024Омодеро К.О.Omodero C.O.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3063

   Частый выпуск правительством государственных облигаций или ценных бумаг на фондовом рынке вытесняет частный сектор в развивающихся странах. Основная проблема заключается в том, сможет ли экономика продолжать нормально функционировать в условиях такого явления, если его не контролировать. Для подтверждения этого сценария мы применяем коинтеграционный подход с авторегрессионным распределенным лагом (ARDL), используя данные Индикатора мирового развития и Центрального банка Нигерии за период с 1989 по 2021 гг. Результаты анализа свидетельствуют о том, что снижение стоимости заимствований не приведет к нагрузке на частный сектор. Однако текущие государственные заимствования внутри страны не оказывают существенного положительного влияния, подтверждая, что если правительство не сократит объем ценных бумаг на фондовом рынке, то инвесторы будут продолжать инвестировать в государственные облигации, игнорируя корпоративные. Этот вывод означает, что экономика не будет находиться в состоянии паритета, поскольку инвестиции частного сектора будут подавлены. В соответствии с результатами исследования правительство должно поощрять деятельность частного сектора путем снижения процентных ставок и регулирования лимитов заимствований, с тем чтобы они не превышали порог, благоприятный как для экономики, так и для операций частного сектора.

   The frequent issuance of state bonds or securities by the government in the stock market crowds out the private sector in developing economies. The main concern is whether the economy can continue to function normally in the face of this occurrence if it is not checked. We use an Autoregressive Distributed Lag (ARDL) co-integration approach to confirm this scenario using data from the World Development Indicator and the Central Bank of Nigeria, spanning 1989 to 2021. The analysis’ findings indicate that lowering borrowing costs will not put a strain on the private sector. However, thecurrent government borrowing domestically has no significant positive influence, confirming that if the government does not reduce the amount of securities in the stock market, investors will continue to invest in government bonds while ignoring corporate bonds. This finding implies that the economy will not be in parity because private sector investment will be stifled. In accordance with the study, the government should promote private sector operations by lowering interest rates and regulating borrowing limits to ensure that they do not exceed the threshold that is beneficial to both the economy and private sector operations.

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The authors declare that there are no conflicts of interest present.