Summary 

Our research describes the essence of the state debt and its purpose, but we have pay a special significance on the effect of the state debts to the economy of a particular country. There is no consensus among the economists about the outcome of this effect. When the state borrows money, it promises you to pay. To make this payment (payments), the state increases the bargain (if required) to pay this debt along with many other current payments. The economic effect in this regard is due to the fact that the tax payer perceives the future taxes. The measurement of the perception is difficult and neither the economists nor the other professors are able to form a precise and realized perfection formula.

Our analysis is a decisive factor in the time and level of consciousness of the population on this issue (the threat) and determine what is the effect of financial borrowing on bond loans.

If every member of the society realizes that the future taxpayer will defect the principal amount of the loan and the interest accrued on it, in this case the interest rate of the bond will be equal to the rate of payments. In such circumstances the state debt will have no effect and influence. This hypothesis is known as the Ricardian equivalent (Ricardian equivalent of the famous economist David Ricardo). Ricardo first considered this issue in his work.

The overall equivalence and its impact on the state budget deficit is seen when each member of the society has the opportunity to correct this phenomenon and to compensate the positions when it changes in the amount of payments. If there is a phenomenon, there will be no significant economic changes and the outcome will not take place.

Under incomplete equivalence, the deficit has an impact on the economy, but it is difficult to foresee the outcome.

We have a hypothesis that the population does not recognize the introduction of new taxes or the increase of existing ones, despite the current deficit in reality. In this situation, if the initial stage of the payout is partially replaced by the state loan, it will create a sense of the current life and improvement of the population's income. This hypothesis is accompanied by a rational decision - community members begin to spend more money. However, the final result will be that the state taxpayer must be tied to the amount that the state will fully lend to the existing debt, with interest accrued on it. There will be an unexpected effect here: since the society does not expect the increase of the bargain, each member will have to cut costs even when the payoff is paid.

The conclusion that we can take out of these factors is the following: Deficit or Proficit affects decisions not only in the period when this imbalance occurs, but in the next period, which is the effect of expectation. It's hard to predict the size and timing of the event.

This analysis leads to the conclusion when it is necessary and how to use this phenomenon to rectify the economic situation. Our opinions may be otherwise different - how can we use the deficit in order to improve the economic situation. The source of state deficit is the emission of state securities.

The theoretical aspect and practical scenario discussed by us gives us the following conclusion: A deficit is needed when the economy is in place with an economic downturn and economic crisis. This view is based on the fact that the resource received by the government securities emissions will cover the reduced budget and, at the same time, the reduction of the rate of pay is possitte which will ease the economic condition of the wider population.

Keywords: state debt, ricardo equivalent, incomplete equivalent, budget deficit, population perception