Rostislav Botvinov

Hostilities in eastern Ukraine have highlighted the need for accelerated transformation of Ukrainian armed forces and strengthening country’s defense capabilities. Ukraine is an active consumer and exporter of weapons, so it needs to improve constantly its position in the international arms market, which, by the way, unlike most markets suffering from the COVID-19 pandemic, is constantly growing. The study aims to assess the prospects of Ukraine’s integration into the world arms market to secure its armed forces and achieve the highest possible level of arms exports. Methods of comparative analysis and integrated approach were used in the study. The obtained results demonstrated that Ukrainian arms export has fallen dramatically in recent years (from 1501 million USD in 2012 to 115 million USD in 2020); the largest importers were China (36% of Ukraine’s total arms exports), Russia (20%), and Thailand (17%). The main explanation for this is the necessity of transition to more technological weapons. Concerning weapon imports, Turkey, the USA, Great Britain, Poland, and Bulgaria became the main suppliers. It is about ammunition, electronics, including electronic warfare stations, means of communication, sniper rifles, grenade launchers, etc. The study substantiated that Ukraine should implement joint projects with other countries to fully develop its high-tech weapons in accordance with the latest military technologies.

Public debt plays a crucial role in the economic development of many countries, the effective management and servicing of the external public debt have become a priority in the financial and economic policy of the state, ensuring the stability of its development. The article aims to develop Ukraine’s external public debt management system during the wartime. As a result of the analysis, the key negative consequences of the impact of external debt growth on Ukraine`s economic security were determined, i.e. economic growth slowdown, increased dependence on creditors, increased costs of the public debt servicing, significant reduction in domestic consumption, etc. The developed external public debt management system in the framework of state economic and financial security includes relevant subsystems, principles, functions, objects and subjects, methods. It was substantiated that the appropriate external public debt management system during wartime in Ukraine requires the following additional subsystems: subsystem of crisis planning and response, subsystem of external debt settlement and subsystem for ensuring international cooperation.

The text of this article has been corrected. Information about the changes is provided here http://dx.doi.org/10.21511/pmf.14(2).2025.08

This study undertakes a comprehensive bibliometric analysis of publications pertaining to the external public debt management system. The paper aims to study the evolution of scholarly discourse surrounding the external public debt management domain, highlighting contributions, methodologies, and collaborative networks within the field. The methodology encompasses a multivariate approach, incorporating extensive searches across the three major scientometric databases: Google Scholar (PoP), Scopus (in-built Scopus tools, SciVal), and Web of Science (in-built WoS instruments). The bibliometric analysis extends to contextual, evolutionary, and spatial dimensions, allowing for a comprehensive understanding of the identified clusters. The ensuing clusters serve as a roadmap, categorizing publications based on their contextual relevance, evolutionary trajectory, and spatial focus, which enhances the identification of key works in the field, facilitating a nuanced understanding of the current state of external public debt management research. The synthesis of findings from the content-contextual block emphasizes a primary orientation toward understanding the dynamic interplay between external public debt management and economic development. Furthermore, the contextual-temporal block identifies four distinct stages in the evolution of research focus, highlighting the shifting emphasis over time. A discernible pattern of heightened research activity in external public debt management across various countries in recent decades is revealed through spatiotemporal analysis. The interdisciplinary nature of this field is underscored by the dominance of economics, econometrics, finance, business, management, and accounting in dedicated research.

The Original Article was published on January 16, 2024

Correction
In the LITERATURE REVIEW section of this article, the following adjustments were made:
In paragraph 7, the following sentences were added: “Empirical evidence also suggests that fluctuations in the money supply and exchange rates can significantly affect a country's ability to service its external public debt, especially in developing economies (Aid & Benelbar, 2023)” and “Moreover, studies underline the necessity of introducing adaptive management practices within public financial institutions to ensure responsive and efficient handling of external public debt (Grynko & Gviniashvili, 2015).”

In paragraph 8, the following sentence was added: “An important factor affecting external debt dynamics in Ukraine is the functioning of systemically important domestic banks, which influence both the demand for sovereign borrowing and its sustainability (Buriak et al., 2015).

In the REFERENCES section, the below listed sources were deleted:

Bensaad, A., & Azzazi, S. (2023). The impact of monetary policy tools in achieving monetary stability in Algeria: Approach by the ARDL model. Financial Markets, Institutions and Risks, 7(2), 28-45. https://doi.org/10.21272/fmir.7(2).28-45.2023

Gentsoudi, V. (2023). The impact of effective leadership on public sector’s financial instruments: Empirical evidence from Greece. Business Ethics and Leadership, 7(2), 47-54. https://doi.org/10.21272/bel.7(2).47-54.2023

Gontareva, I., Litvinov, O., Hrebennyk, N., Nebaba, N., Litvinova, V., & Chimshir, A. (2022). Improvement of the innovative ecosystem at universities. Eastern-European Journal of Enterprise Technologies, 1(13(115)), 59-68. https://doi.org/10.15587/1729-4061.2022.251799

Kaya, H. D. (2023). The impact of the 2008–2009 global crisis on loan applications and access to finance. Financial Markets, Institutions and Risks, 7(2), 12-17. https://doi.org/10.21272/fmir.7(2).12-17.2023

Khouiled, B., Chini, S.-E., & Benrouina, M. (2023). Dynamic relationship between exchange rate and trade balance. SocioEconomic Challenges, 7(3), 164-173. https://doi.org/10.61093/sec.7(3).164-173.2023

Korneyev, M., Berezhniuk, I., Dzhyndzhoian, V., Kubakh, T., & Horb, K. (2022). Business marketing activities in Ukraine during wartime. Innovative Marketing, 18(3), 48-58. https://doi.org/10.21511/im.18(3).2022.05

Kozmenko, S., & Korneev, M. (2014). Periodization of financialization process of economics: Domestic and foreign contexts. Economic Annals-XXI, 9-10(1), 73-76. Retrieved from http://ea21journal.world/index.php/ea-v144-18/

Leonov, S. V., Vasylieva, T. A., & Tsyganyuk, D. L. (2012). Formalizatsiia funktsionalnykh obmezhen diialnosti instytutiv spilnoho investuvannia naosnovi porivnialnoho analizu finansovykh rynkiv krain hrupy FM CEEC [Formalization of functional limitations in functioning of co-investment funds basing on comparative analysis of financial markets within FM CEEC]. Actual Problems of Economics, 134(8), 75-85. (In Ukrainian). Retrieved from http://essuir.sumdu.edu.ua/handle/123456789/57569

Lyeonov, S., Vasilyeva, T., Bilan, Y., & Bagmet, K. (2021). Convergence of the institutional quality of the social sector: The path to inclusive growth. International Journal of Trade and Global Markets, 14(3), 272-291. https://doi.org/10.1504/IJTGM.2021.115712

Maile, K. V., & Vyas-Doorgapersad, S. (2023). Misconduct impeding good governance in the South African public service. Business Ethics and Leadership, 7(2), 9-17. https://doi.org/10.21272/bel.7(2).9-17.2023

Makedon, V., & Korneyev, M. (2014). Improving methodology of estimating value of financial sector entities dealing in mergers and acquisitions. Investment Management and Financial Innovations, 11(1), 44-55. Retrieved from https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/5607/imfi_en_2014_01_Makedon.pdf

Naumenkova, S., Mishchenko, V., Chugunov, I., & Mishchenko, S. (2023). Debt-for-nature or climate swaps in public finance management. Problems and Perspectives in Management, 21(3), 698-713. https://doi.org/10.21511/ppm.21(3).2023.54

Reinhart, C. M., & Rogoff, K. S. (2009). This time is different: Eight centuries of financial folly. Princeton University Press. https://doi.org/10.2307/j.ctvcm4gqx

Sardak, S., Korneyev, M., Simakhova, A., & Bilskaya, O. (2017). Global factors which influence the directions of social development. Problems and Perspectives in Management, 15(3), 323-333. http://dx.doi.org/10.21511/ppm.15(3-2).2017.02

Zhuravka, F., Filatova, Н., & Aiyedogbon, J. O. (2019). Government debt forecasting based on the Arima model. Public and Municipal Finance, 8(1), 120-127. https://doi.org/10.21511/pmf.08(1).2019.11