ПРИЛОГ АНАЛИЗИ ФУНКЦИЈА И ОБЛИКА ЈАВНИХ ЗАЈМОВА И ЈАВНИХ ДУГОВА
A CONTRIBUTION TO AN ANALYSIS OF FUNCTIONS AND FORMS OF PUBLIC LOANS AND PUBLIC DEBTS

Summary/Abstract: Real flows of money and capital show that the process of extension of incurring debts and multiplying them in domestic and international proportions can not be stopped, and even slowed down. There are two simple reasons for that. Firstly, polarization of economic might insome states means shortage of resources for economic activating of natural and human potentials and the total economic development, while in others there exists a surplus of resources which should be invested, bu most frequently there is no possibility for this in domestic frameworks. Secondly, in many economically developed countries mobilization and direct activation of money resources are difficult to achieve without direct or indirect intervention of state and state sector in the economy. Existing of free amounts of financial means is not acceptable from the stanдрoint of economic theory and practice, since every amount of money has to be included in the processes of reproduction of capital. Since absorption possibilities are quite often inadequate, short and long term surpluses appear in the money and capital market, which are offered at relatively favourable terms. In such situation the only solution is to lend the money to those wanting to use iz for theri various purposes, and willing to pay for it. In the process during several decades numerous possibilities appeared for lending and incurring debt, particularly through renting loans, which are acceptable for both parties. Almost unbelievable amounts of debts and high level of internal and external debt would be undoubtedly rather heavy financial, economic, social and political problem of the contemporary world if only classical forms were to be applied in the above sphere. However, in many a case the problem is much more different since creditors even do not expect their money back, because they have placed their free resources and are satisfied wiht collecting interest, as premanent and sure rent. There would be exceptionally serious disturbances in internal and international money markets regarding offer and demand which would be felt also in economic and financial flows if even a small part of invested capital would be paid back to the creditors and if they had to find again conditions and posibilities for new placements of their money. This practically means that a majority of creditors accepts the status quo and is ready to postpone for a long time payment of the principal. The creditors are only interested in regular payment of interest and that debtors provide sufficient evidence not to miss their obligation. Along these lines reprogramming and refinancing of debts, both internal and external, are really a necessary and useful financial and economic instrument.

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