UDC: 336.27(470)
BBC: У261.62(2Рос)
Liubovtseva E., Gordeeva I.
The Main Directions of Internal Debt Management Policy of the Russian Federation
Keywords: government debt, external debt, internal debt, government securities, government loans, public debt structure
Comprehensive harmonious development of the country's modern financial system is an indicator of the state of the national economy as a whole. In addition, the financial system is subject to a number of factors, the negative dynamics of which can slow down the pace of economic growth. In today's market economy, most countries, in carrying out their socio-economic and political responsibilities, are faced with such a concept as government debt. In any state's financial system structure government debt plays an important role, namely, aspects of debt management affect the monetary circulation, the investment climate in the country, as well as the development of international relations between countries. Currently, more than 75% of government debt of the Russian Federation falls upon the internal debt. In the context of international sanctions spread on the government debt, our country has to rely on national institutional investors, and these are, first of all, non-state pension funds and insurance companies. Last year, the Ministry of Finance of the Russian Federation failed to encash new issues of the Federal loan bonds because of the danger of imposing sanctions and a high yield of this type of securities. This year, it is planned to issue Federal loan bonds for an amount that exceeds the indices for 2018 twice. The article deals with problematic issues concerning the state and growth trends of the internal debt of the Russian Federation, it analyzes the dynamics of the internal debt of the Russian Federation from 2015 to 2019 as well as provides statistics on the volume of attracting finance by issuing government securities in the currency of the Russian Federation. After analyzing the structural components of the internal public debt, the authors reveal economic conditions and problematic factors in the development of the government securities market and offer recommendations for improving the internal debt management policy of the Russian Federation.
References
- Berezina N.V., Yakovleva A.S. Gosudarstvennyi dolg i ego vliyanie na ekonomiku Rossii [Government debt and its impact on the Russian economy]. Ekonomicheskaya bezopasnost’ Rossii: problemy i perspektivy: materialy III Mezhdunar. nauch.-prakt. konf. [Proc. of 3rd Sci. and Pract. Conf. «Russia’s Economic Security: Problems and Prospects»]. Nizhnii Novgorod, 2015, pp. 111–114. Available at: https://elibrary.ru/item.asp?id=24396730 (Accessed 1 October 2019).
- Gosudarstvennyi dolg Rossiiskoi Federatsii [Government debt of the Russian Federation]. Available at: https://www.minfin.ru/ru/perfomance/public_debt/internal/structure/duty (Accessed 1 October 2019).
- Kosov M.E., Sharov V.F., Akhmadeev R.G. Gosudarstvennyi dolg. Teoreticheskie i me-todologicheskie aspekty [State debt. Theoretical and Methodological Aspects]. Moscow, 2017, 160 p.
- Osnovnye napravleniya gosudarstvennoi dolgovoi politiki Rossiiskoi Federatsii na 2017-2019 gg. [The main directions of the state debt policy of the Russian Federation for 2017-2019] [Rules for the Citing of Sources]. Available at: https://www.minfin.ru/common/upload/library/2017/02/main/Dolgovaya_politika_2017-2019.pdf (Accessed 27 September 2019).
- Strategiya razvitiya finansovogo rynka [Rules for the Citing of Sources]. Available at: http://cbr.ru/finmarket/development/develop/ (Accessed 25 September 2019).
About authors
- Lyubovtseva Elena G.
- Candidate of Economics Sciences, Associate Professor, Department of Finance, Credit and Economic Security, Chuvash State University, Russia, Cheboksary (lyubovceva_elena@mail.ru; ORCID: https://orcid.org/0000-0003-2408-1442)
- Gordeeva Irina A.
- Assistant Lecturer, Department of Finance, Credit and Economic Security, Chuvash State University, Russia, Cheboksary (irina.alexandrovna92@mail.ru; )
Article link
Liubovtseva E., Gordeeva I. The Main Directions of Internal Debt Management Policy of the Russian Federation [Electronic resource] // Oeconomia et Jus. – 2019. – №4. P. 33-40. – URL: https://oecomia-et-jus.ru/en/single/2019/4/4/.
