Keyword: «debt value»

All functional economic actors, producers and consumers attract other people's funds to improve their own efficiency. The state, like functional entities, strives to improve the efficiency of its activities. For this, borrowed funds are used. This increases the ability of the state to produce public goods and services. At the same time, the equilibrium and actual GDP of the country is growing. Empirical data for the USA, China, Japan and Russia for 2011–2020. make it possible to test the hypothesis that debt financing of the state, enterprises and households contributes to an increase in macroeconomic efficiency. To solve the stated problem, the article uses indicators of the amount of debt (the share of the debt of the respective entities in GDP), the price of attracting other people's funds (the real interest rate for producers and consumers and the real yield on 10-year government bonds). Debt multiples are calculated. Based on the data obtained, conclusions are drawn about the efficiency / inefficiency of debt financing of economic entities in the USA, China, Japan, Russia for 2011–2020.