Debt Policy of the Russian Regions : Economic and Legal Research

Authors

  •   Alexander G. Gurinovich Professor, Department of Administrative and Financial Law, International Law Faculty, Moscow State Institute of International Relations (MGIMO University), 76 Pr. Vernadskogo, Moscow, 119454
  •   Julia L. Smirnikova Professor, Department of Administrative and Financial Law, International Law Faculty, Moscow State Institute of International Relations (MGIMO University), 76 Pr. Vernadskogo, Moscow, 119454

DOI:

https://doi.org/10.17010/ijf/2021/v15i1/157012

Keywords:

Regional Debt Policy

, Public Debt Management, Regional Debt Obligations, Public Debt.

JEL Classification

, G18, H63, K19, K39, R51.

Paper Submission Date

, January 14, 2020, Paper Sent Back for Revision, July 31, Paper Acceptance Date, November 18, 2020.

Abstract

This paper examined the actual problem of regional development – the development of priority directions of the Russian Federation constituent entities’ debt policy. The analysis of existing approaches in the definition of debt policy was carried out, and the application of a comprehensive economic and legal approach in conducting this study was argued. Methodological research tools included methods for processing statistical data obtained from official information of the Ministry of Finance of the Russian Federation on the volumes and composition of the public debt of the constituent entities of the Russian Federation. The indicators characterizing the level of the debt burden of the subjects of the Russian Federation – the volume and structure of public debt – were analyzed. The ranking on the volume of public debt was carried out according to indicators of the constituent entities of the Russian Federation included in federal districts. The ranking on the structure of public debt was carried out based on the type of debt obligations. Based on the data obtained, regions with the highest debt load were identified. The legal mechanisms of public debt management, used to reduce the debt burden, were analyzed. The analysis of the debt policy elements showed main problems with strategy, debt management, and control from the regional legislative point of view. Recommendations were proposed for development of determining the debt policy of regions in financial program documents of the constituent entities of the Russian Federation.

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Published

2021-01-31

How to Cite

Gurinovich, A. G., & Smirnikova, J. L. (2021). Debt Policy of the Russian Regions : Economic and Legal Research. Indian Journal of Finance, 15(1), 23–35. https://doi.org/10.17010/ijf/2021/v15i1/157012

Issue

Volume 15, Issue 1, January 2021

Section

Articles
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Europe PMC

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