MACROECONOMIC ASPECTS OF THE BANKRUPTCY INSTITUTE’S FUNCTIONING

Abstract

The article presents the results of studying the effectiveness of the bankruptcy institute at the macroeconomic level. It is determined that the presence of an effective functioning bankruptcy institute is necessary to increase the overall level of competitiveness of a country's economy. The models of state regulation of the bankruptcy institute in the United States, France, Germany and the United Kingdom have been investigated; the conclusion is reached that, in developing and improving the institution of bankruptcy, it is necessary to maintain a balance between creating maximum conditions for the preservation of existing enterprises and the degree of restricting the rights of creditors, with due regard to the fact that bankruptcy is a natural consequence of competition. It has been determined that the quality and effectiveness of the bankruptcy institute, unlike ordinary economic processes, do not have direct metrics. The necessity of thoroughly investigating intentional bankruptcy as a manifestation of the shadow economy, which violates the most important principles of the bankruptcy institute’s functioning and hinders the sustainable growth of national economy, is proved. The article proposes a system of indicators for assessing the bankruptcy institute's performance at the macroeconomic level, which includes separate components of the indexes of ease of doing business, economic freedom, international tax competition, corruption perception, as well as the ratio of debt to obligatory payments and GDP.