THEORY OF PUBLIC EXTERNAL DEBT AND ITS IMPLEMENTATION
The article is devoted to the results of research in the field of such an object as "public external debt", which is of interest as a reason for the strengthening or weakening of state independence. At the same time, a number of contradictions were found that are admitted in the Russian-language scientific and educational literature when referring to the definition of "debt" in general and external borrowing of the state in particular. This leads to unreliable conclusions when comparative analysis of government policies and strategies of different countries. In order to eliminate this problem, the author's proposals for the use of the main linguistic units are proposed: public external debt, external debt of the state, gross external. There are conditions for a correct comparison of external debt at the international level using official statistical databases. The need for public external borrowing is investigated within the framework of the main classical theories of public debt: balance of payments, inter-temporal constraints (expectations), financial markets. An attempt is made to use a heuristic method to detect their manifestation in the state policy of the Russian Federation and other foreign countries. It turned out that the current state of the economies of countries especially developing countries their borrowing policy makes adjustments in the explanation of the reasons for the formation of debt. This made it possible to single out the theory of dependent development as one of the dominant ones for these countries. In addition, factors are identified that do not fit into any of the theories considered. They are combined into an independent block “one-time coefficient”. In conclusion, it is concluded that the main theories of debt have converged in the state foreign policy of borrowing countries.