Debt sustainability and debt risks of subjects of RF
Abstract
Regional budgets are a significant element of the budget system of the Russian Federation. And ensuring the debt and budgetary stability of the constituent entities of the Russian Federation is necessary for the effective functioning of the budgetary system of the Russian Federation and the financial security of the country. Under these conditions, the problem of assessing the debt sustainability of the constituent entities of the Russian Federation seems to be the most relevant. The article proposes a classification of debt instruments by risk level. The author revealed a trend towards a reduction in the debt burden on the budgets of the constituent entities of the Russian Federation as a whole in the Russian Federation. It has been established that low-risk debt instruments mainly prevail in the structure of the state debt of the constituent entities of the Russian Federation. However, this does not mean that the constituent entities of the Russian Federation do not have problems with servicing and repaying their public debt. So, for example, despite the reduction in the level of debt burden on the budgets, there are subjects of the Russian Federation where the value of this indicator still exceeds the norms established by the RF Budget Code. In a number of constituent entities of the Russian Federation, debt instruments with a moderate or high level of risk predominate in the structure of public debt. It has been established that the procedure for assessing the quality of debt policy covers a wider range of indicators than the procedure for assessing the debt sustainability of subjects of the Russian Federation. The need for a prospective analysis, which includes not only debt indicators, has been identified. The author proposes, when assessing the quality of debt policy and debt sustainability, to take into account the structure of public debt by debt instruments, by loan currency, by the term of obligations, as well as the volume and regularity of the budget deficit.
About the Author
A. M. Bikbova
Kazan (Volga region) Federal University
Russian Federation
Russian Federation
Postgraduate
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For citations:
Bikbova A.M. Debt sustainability and debt risks of subjects of RF. Kazan economic vestnik. 2022;(3):63-70. (In Russ.)
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