Everyone has faced the problem of debt to one degree or another. The very definition of debt and indebtedness is familiar to everyone. to modern man. It is necessary to analyze in detail what debt and indebtedness are, what types exist.

Debt is an obligation

Definition

The terms debt and debt are often used when talking about finances. In this area, these two terms have two different meanings:

1. Debt is an obligation to return monetary, property or other assets taken from another person for a certain period of time.
2. Debt is the amount of money that is due in payment of existing debts.

In simple words, debt is Current responsibility for the return of funds, and debt is a violation of a debt obligation that has expired.

Financial debts of individuals

If we talk in simple words, then the debt of an individual is not only loans or other borrowed funds. Debt includes obligations to pay for goods and services. For example, utility bills are also a debt of an individual, which is charged for services rendered.

What debts can an individual have:

• loans;
• taxes;
• fines;
• alimony;
• for various transactions;
• to another individual.

Debts are subject to mandatory payment in strict fixed time. Otherwise, a debt is formed, which is subject to fines and penalties, if this is provided for by the contract or legislation. The meaning of the word debt can be interpreted as an obligation to pay for something.

Signs of debt

Debt obligations arise in two cases: on the basis of mutual agreement and on legal grounds. Bilateral agreements can be concluded between individuals and legal entities. These could be loans, loans, supply or service agreements. Legally: fines, taxes, alimony.

Characteristics of debt:

1. Amount of money.
2. Payment period.
3. Reward amount.
4. Payment order.
5. Liability in case of breach of debt obligation.

Any debt is subject to mandatory payment, in case of violation of the terms of the contract or the law, the debtor is held accountable.

Debt

The concept of debt comes across to many people; this concept differs significantly from the previous one.
Debt is a specific amount of money that must be paid towards an existing debt.

Memo to the borrower

This concept is applicable to individuals and legal entities, and is divided into two types:

• creditor;
• accounts receivable

We can take a closer look at these two concepts.

Accounts receivable

In simple words, accounts receivable can be called the amount of funds that must be paid by a third party for a previously existing debt. That is, this is money that was not returned for a previously provided service. For example, at a bank it arises in case of non-repayment credit funds borrower.

Also, debt can arise not only in banks, but also in any enterprise that has sold any goods or services, but has not received payment. Or housing and communal services providing public utilities via post-paid system.

Accounts payable

This concept means the debt of a business or individual to someone. For example, a borrower has this type of debt to a lender, or a company that borrowed funds but did not repay them.

In simple words accounts payable arises from the one who borrowed. According to the agreement, accounts payable become overdue when payment is not received on the due date. This circumstance entails liability.

Debtor's liability

The law always protects the rights of the creditor. In case of non-payment of the debt, the lender has the right to file a claim in court, if he has an agreement. In any case, the court will take into account the interests of the creditor and forcefully collect the debts. Enforcement proceedings will do bailiff an executor who can convert the debtor's property and funds to pay off debts.

For malicious evasion of debt payment criminal liability under Article 159 of the Criminal Code of the Russian Federation “Fraud”.

This crime is punishable by imprisonment for up to 10 years and a fine of up to 1 million rubles. Although in practice it is difficult to prove the fact of fraud, it is necessary to present evidence in court that the defendant took advantage of the creditor’s trust and borrowed money with the intention of non-repayment Money. In relations between the bank and the borrower, this article is not applicable, unless the loan was issued using forged documents.

Consequences of non-payment of debts

Essentially, what is debt? Almost everyone knows that we have to deal with debts quite often and it is difficult for a modern person to do without them. But you should always remember that every debt must be paid on time so that there is no overdue debt and the matter does not end up in court proceedings.

The state receives the bulk of monetary resources intended to finance national needs in the form of taxes and mandatory payments. In conditions of declining government revenues the state is forced to attract funds from other sources to cover its expenses. The main form of government borrowing is government credit.

Operation state loan leads to education government debt.

State debt - This is the sum of debts on issued and outstanding government debt obligations, including interest accrued on them.

The national debt is divided into main and current depending on the repayment period.

The main public debt is the entire amount of the state's debt for which payment has not come due and which cannot be presented for payment during a given period.

Current public debt is the state's debt for obligations for which payment has become due.

IN modern conditions the executive branch does not have enough tax revenues to cover huge government expenditures, and money issue leads to inflation. Government refusal to use loans for these purposes Central Bank The Russian Federation led to the fact that their place was taken by loans within the country and abroad. As a result of a sharp increase in the budget deficit and growing borrowing, Russia's public debt, both internal and external, has increased significantly.

Significant amounts of public debt reflect the crisis state of the Russian economy. Public service domestic debt entrusted to central bank RF. The leading methods of financing public debt are monetary emission and the issuance of government loans.

Fundamental to all classifications of debt is its division into external and internal debt. Internal and external debts have significant differences: External debt- this is the total amount of financial resources borrowed from financial institutions of other countries.

Domestic debt- financial obligations states arising in connection with the involvement for execution government programs and funds orders non-governmental organizations and the population of the country.

Public debt management is understood as a set of government measures to pay income to creditors and repay loans, change the terms of already issued loans, determine the conditions and issue new government valuable papers.

Let's look at some tools for repaying public debt:

1. Refinancing - is the issue of new loans, the acceptance of new debt obligations in order to cover previously issued debt obligations;

2. Conversion - transformation of debt obligations into new obligations, changing the size of the income portion of accepted obligations;

3. Consolidation- this is a change in the validity period of previously issued debt obligations;

4. Unification- this is the replacement of two or more previously issued state and municipal loans with one new one.

5. Cancellation- This is a waiver of accepted debt obligations in part or in full.

6. Debt restructuring - termination of debt obligations constituting state or municipal debt based on an agreement, with the replacement of these debt obligations with other debt obligations providing for other conditions for servicing and repaying obligations.

INTERNATIONAL INDEPENDENT

ECOLOGICAL AND POLITICAL SCIENCE UNIVERSITY

INTERNATIONAL INDEPENDENT UNIVERSITY OF ENVIRONMENTAL & POLITICAL SCIENCES

Faculty____MEMPHIS____________________

Department_ _______________________________________

GRADUATION

QUALIFYING WORK

Topic: Public debt of the Russian Federation: problems and prospects

Work manager_Buzmakova Marina Valerievna

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Consultants (indicating their relevant sections):

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Reviewer_____________________________________________________

The work is approved for protection

Head of the department

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INTRODUCTION……………………………………………………………………………….3

1. ESSENCE AND FEATURES OF PUBLIC DEBT……...5

1.1. Economic content of public debt…………………..5

1.2. The state as a guarantor and creditor……………………………………..13

1.3. Public debt management………………………………………….19

2. PUBLIC DEBT OF THE RUSSIAN FEDERATION…………...30

2.1. Reasons for the emergence of public debt of the Russian Federation…………………………………………………………………………………..30

2.2. Analysis of servicing and the current state of public internal debt of the Russian Federation………………………………………………………40

2.3. Analysis of servicing and the current state of public external debt of the Russian Federation……………………………………………………….48

3. PROSPECTS FOR REDUCTION AND SOCIO-ECONOMIC IMPORTANCE OF THE PUBLIC DEBT OF THE RUSSIAN FEDERATION………………………………………………………………………………57

3.1. Prospects for reducing the public debt of the Russian Federation…………………………………………………………………………………..57

3.2. Socio-economic significance of the public debt of the Russian Federation…………………………………………………………………………………..71

CONCLUSION………………………………………………………………………………….75

LIST OF USED SOURCES OF LITERATURE…………78

APPLICATIONS………………………………………………………………………………….80

INTRODUCTION

For four centuries, government borrowing has helped Russian governments generate additional (along with budgetary) financial resources and provide financing for urgent needs in the defense, economic and social fields. Loans and credits attracted by the state played a particularly large role in the socio-economic development of the country in the second half of the nineteenth century; at the beginning of the twentieth century they provided financing for military expenditures.

After the cancellation of the state debt of pre-revolutionary Russia in 1918. During the years of the New Economic Policy (NEP), the Soviet government had difficulty restoring the functioning of the government borrowing market. The loans worked successfully to financially stabilize economic growth. However, at the end of the twenties, a transition was made to the placement of government loans by subscription among the population. Loans became widespread and essentially forced. This led to a catastrophic increase in public debt. In 1957 The government was forced to resort to freezing the debt obligations of states. After that, only one three percent winning loan was circulated in the country. Its bonds were sold and bought by savings banks at centrally set prices.

With the transition to the formation of the foundations of a market economy in the early 90s, Russia was faced with a lack of domestic experience in organizing and maintaining government debt operations and adequate work in a free market. In this regard, it was necessary to actually train specialists anew, while simultaneously turning to the traditions of the past and the experience of developed countries with market economies.

Problems associated with managing public debt, its regulation, and choosing the right debt policy are still quite relevant. Despite the fact that in recent years the situation in the government borrowing market has changed a lot, and for the better, we should not forget that any wrong step can lead to serious problems in the future. To avoid this, it is necessary to regularly monitor the process of issuing government loans, issuing government loans and guarantees. It is possible to correctly assess the situation only by knowing all the features of public debt, its management and having studied the accumulated experience.

The purpose of the work is to consider the essence and characteristics of public debt, study its current state and socio-economic significance, and analyze the prospects for reducing the public debt of the Russian Federation.

The purpose of the work required solving the following problems:

Reflection of the economic content of public debt;

Consideration of the state as a guarantor and creditor;

Consideration of the concept of public debt management;

Analysis of the causes of public debt in the Russian Federation;

Analysis of servicing the public debt of the Russian Federation and its current state;

Reflection of the prospects for reducing Russia's public debt and its socio-economic significance.

To solve the above problems, the following materials were used: Budget Code of the Russian Federation, Federal Budget of the Russian Federation for 2008-2010, textbooks on public debt, periodical materials, information from the websites of the Ministry of Finance and the Ministry of Economic Development and Trade.

1. ESSENCE AND FEATURES OF PUBLIC DEBT

1.1. Economic content of public debt

With the advent of the state, its needs arose, which had to be financed. This gave rise to such financial categories as state taxes, expenses, and the budget. With the development of the state, its functions expanded and its needs grew. This led to an increase in government spending. However, tax revenues soon became insufficient to cover them. This contributed to the emergence of new forms of government revenue – non-tax payments.

Over time, taxes and non-tax revenues were not enough to cover all government expenses, and the state was forced to resort to loans from monasteries, moneylenders, rich feudal lords and the like. The monarch and his government directed the funds obtained through loans into the general fund of financial resources and used them to cover government expenses, and the debts were settled through tax and non-tax revenues. Borrowing was the first and most common form of government debt.

State credit is a specific relationship regarding the redistribution of part of the value of the gross domestic product and national wealth, foreign loan capital, associated with the formation of an additional fund of financial resources of authorities to the budget and the use of budget (less often borrowed) funds on a repayable basis or to provide guarantees. In these relations, the authority acts as a borrower, guarantor or lender.

The peculiarity of public debt as a financial phenomenon is the repayment, urgency and payment of the funds lent. However, this relationship should not be confused with a bank loan. Private loan capital is used for lending to business entities in order to ensure the uninterrupted process of expanded reproduction and increase its efficiency. Bank lending reflects the mainly productive use of loan capital (or for the purpose of developing the social infrastructure of production teams). The use of credit resources as capital creates conditions for repaying the loan and paying interest by increasing the added value produced.

When it comes to public debt, the borrowed funds come to the disposal of public authorities, turning into their additional financial resources. They are, as a rule, used to cover the budget deficit, and the source of repayment of government borrowings and interest payments on them are budget funds or new borrowings.

The principle of repayment implies the return of borrowed funds.

The principle of urgency means that the loan agreement must establish a loan period and this period must be observed by the borrower.

The principle of payment is that for the use of borrowed funds, the borrower, as a rule, pays the lender a loan interest.

Features of a state loan are the lack of security, the lack of a targeted nature, as well as the supreme role of the state, despite the fact that the state is a borrower and not a lender.

The positive impact of the distribution function of a government loan is that with its help, the tax burden is more evenly distributed over time, that is, taxes that are levied during the period of financing expenses through a government loan do not increase.

The objective need to use state credit to meet the needs of society is due to the constant contradiction between the magnitude of these needs and the state’s ability to satisfy them at the expense of budget revenues. Financial support for enterprises, the social policy of the state, and the fulfillment of its functions for the defense of the country and its management require constantly increasing budget expenditures. The international activities of the state also cost a lot of money. Meanwhile, state budget revenues are always limited by certain limits - the level of economic development, the size of the tax burden, current legislation and many other factors. Therefore, authorities resort to government loans as a tool for mobilizing additional funds.

The feasibility of using borrowing to generate additional financial resources of public authorities and cover the budget deficit is determined by significantly less negative consequences for public finances and the country’s monetary circulation compared to monetary methods (for example, issuing money) of balancing government revenues and expenses. Minimizing damage is achieved by moving demand from individuals and legal entities to government agencies without increasing aggregate demand and the amount of money in circulation.

The possibility of the existence of a state loan, and as a consequence of state debt, follows from the peculiarities of the formation and time of use of income received by citizens and organizations. The population constantly generates temporarily free funds, primarily due to the uneven receipt of income from employment (especially in industries with a seasonal nature of production), payment of fees, bonuses, vacation pay, receipt of inheritance, and the like. The population may deliberately limit current needs due to the need to save money to purchase durable goods with a high acquisition price. Forced savings are also formed among the population in connection with such negative phenomena as economic imbalance and commodity shortages.

Similar trends occur in the cash flow of organizations. Large temporary fluctuations in receipt of revenue from the sale of products (works, services) may occur due to the duration of the production cycle or seasonal production. Legal entities may have temporarily free financial resources due to uneven implementation of large capital investments in production or the social sphere. Organizations' reserve funds may be temporarily free. With the growth of the efficiency of social production, the possibilities of attracting funds from business entities to the sphere of state credit will increase.

The possibility of functioning of state credit relations is significantly supported by the constant presence of significant free capital in international financial markets.

Government loans are characterized by the fact that temporarily free funds of individuals and legal entities are attracted through the issue and sale of government securities. The main type of securities symbolizing the debt obligation of a government agency is a bond. It gives its owner the right to receive income, and after a certain period - to receive back the borrowed funds. By selling a bond, the authority undertakes to repay the amount of debt at a certain time with interest or to pay income to creditors during the entire period of use of the borrowed funds.

The state sets the face value (nominal price) of the bond. It is indicated on the security and expresses the amount of money that is paid to the owner of the bond at the time of its redemption and on which interest is charged. The interest income set to the face value of the bond expresses the nominal yield of the loan.

However, the real yield of a bond to its holder may be higher or lower than the stated nominal interest. This is due to the fact that bonds are sold at a market price that deviates from their face value. This deviation is called exchange rate difference and depends on a number of factors. These include, in particular, the value of the nominal interest, the level of the refinancing rate, the time of purchase of the bond, the degree of saturation of the stock market with state and municipal securities, the degree of public confidence in the government.

In conditions of centralized methods of economic management and the absence of a stock market, the public authority sells bonds at the official exchange rate price. Its value is influenced only by part of the factors listed above, and even then in the direction of its increase. The real exchange rate price of bonds and their attractiveness for lenders can only be determined if state and municipal securities are freely circulated on the financial market. A significant deviation in the rate of loan bonds from their nominal value indicates serious shortcomings in the state's debt policy and the need for its urgent adjustment. The free quotation of public bonds on the market is a mechanism for taking into account all factors that affect the exchange price of income-bearing securities.

For loans attracted by public authorities, it is characteristic that investors directly (without mediating these operations by purchasing state and municipal securities) transfer part of the loan resources to cover the expenses of the federal government, executive authorities of the constituent entities of the Russian Federation or local self-government. Direct borrowing of funds can be carried out, in particular, among state and commercial banks, international financial organizations, and foreign governments.

Government borrowing, carried out in the form of loans and credits, leads to the formation of additional (along with budgetary) financial resources that authorities use to meet public needs. This is exactly what the purpose of government borrowing is to obtain additional funds. Therefore, government borrowing can be defined as a relationship regarding the redistribution of temporarily free funds of legal entities and individuals, foreign governments and international financial organizations in the form of government loans and credits, as a result of which the borrower state generates additional financial resources.

It should be added that as a result of attracting loans and credits, the state incurs debt obligations. This fact cannot be denied, but it is also obvious that the state borrows not to increase its debt, but to obtain additional financial resources. The formation and increase of public debt is an unpleasant but inevitable consequence of achieving the initial goal - obtaining additional sources of financing public needs.

I would like to note that public debt can be classified according to a number of criteria. Typically, the following are used as such: economic indicator (a set of components), type of borrower, form of debt obligations, maturity of debt obligations, borrowing market, type of lender, borrowing currency, official (budget) indicator.

Depending on the components, public debt can be capital, basic and current. Capital debt represents the entire amount of debt obligations issued and outstanding by the government and the obligations of others guaranteed by it, including the interest that must be paid on these obligations. Principal debt is the face value of all government debt obligations and borrowings guaranteed by it. Current debt consists of upcoming expenses to pay income to creditors for all debt obligations assumed by the state and to repay obligations that have become due.

According to existing levels of government (classification by type of borrower), public debt is divided into public debt of the Russian Federation, public debt of the constituent entities of the Russian Federation and municipal debt.

Public debt can exist in the following forms: loan agreements and contracts; state and municipal loans; contracts and agreements on receiving budget loans and budget credits from budgets of other levels of the budget system of the Russian Federation; agreements on the provision of state and municipal guarantees; agreements and agreements on the extension and restructuring of debt obligations of previous years.

By maturity, debt obligations are divided into short-term (up to one year), medium-term (over one year to five years) and long-term (over five years). In Russia, the maturity of debt obligations is limited for the Russian Federation and the constituent entities of the Russian Federation to thirty years (according to Articles 98, 99 of the Budget Code of the Russian Federation), and for municipalities - ten (Article 100 of the Budget Code of the Russian Federation).

Depending on the borrowing market, the type of lender, or the currency of borrowing, government debt can be domestic or foreign. In accordance with Article 98 of the Budget Code of the Russian Federation, the volume of state internal debt of the Russian Federation includes: the nominal amount of debt on government securities of the Russian Federation, obligations for which are expressed in the currency of the Russian Federation; the volume of principal debt on loans received by the Russian Federation and the obligations for which are expressed in the currency of the Russian Federation; the volume of principal debt on budget loans received by the Russian Federation. The volume of government external debt of the Russian Federation includes: the nominal amount of debt on government securities of the Russian Federation, the obligations for which are denominated in foreign currency; the volume of principal debt on loans received by the Russian Federation and the obligations for which are expressed in foreign currency, including targeted foreign loans (borrowings) raised under state guarantees of the Russian Federation; the volume of obligations under state guarantees of the Russian Federation, expressed in foreign currency.

Based on the holder of securities, domestic government loans are divided into those placed only among the population, only among legal entities and universal.

Depending on the form of income payment, domestic government loans are divided into interest-bearing loans, winning loans, interest-winning loans, win-win loans and interest-free (targeted) loans.

According to the method of placement, domestic government loans are voluntary, placed by subscription and forced.

1.2. State as guarantor and creditor

The state in credit relations can act not only as a borrower, but also as a guarantor and lender. If the state gives guarantees for loans (credits) obtained on the financial market by other persons, then it plays the role of a guarantor. By issuing loans at the expense of budgetary funds (less often, at the expense of funds formed on a borrowed basis), the state acts as a creditor, and the other party acts as a borrower.

In accordance with the nature of the operations (in their modern, expanded form), government credit relations manifest themselves in the form of government borrowing, government guarantees (guaranteed borrowings) and government loans.

Government borrowing has been described in some detail above.

Now I would like to take a closer look at government guarantees and loans.

It is necessary to distinguish between government borrowing and government guarantees.

Guarantees can be provided by authorities at all levels to other persons for their obligations to third parties. In particular, federal government bodies can issue guarantees for loans and credits attracted by constituent entities of the Russian Federation, local governments, state and non-state business entities.

State guarantees are provided for loans and credits attracted by the authorities of the constituent entities of the Russian Federation, local governments, and business organizations.

On behalf of the Russian Federation, state guarantees are provided by the Government of the Russian Federation. In all negotiations on the provision of state guarantees to the Russian Federation, the Government of the Russian Federation is represented by the Ministry of Finance of Russia or another authorized body. They also enter into relevant agreements on behalf of the Government of the Russian Federation.

For each case of provision of a state guarantee, a resolution of the Government of the Russian Federation is adopted, in accordance with which the Ministry of Finance of the Russian Federation concludes a guarantee agreement with the issuer or creditor. The agreement stipulates in detail all the terms of the transaction, including the sources and procedure for repaying the obligation and paying income on the loan or credit.

Loans and credits raised under government guarantees are called guaranteed loans (credits). Providing government guarantees leads to the formation of public debt. However, it is not at all necessary that the state will fully repay the obligations of another person guaranteed by it. But even in the case when the borrower regularly fulfills its obligations, the state has very real expenses, in particular, the costs of issuing a guarantee and reserving funds to secure the guarantee.

The state bears the full financial burden for the obligations guaranteed by it in cases where the borrower cannot pay creditors due to objective circumstances or due to the borrower’s bad faith.

Guaranteed loans are of great socio-economic importance, since they help solve the economic and social problems of a region or enterprise, strengthen the confidence of internal and external investors in the borrower, help organize the movement of financial flows in the desired direction and attract external investment into the national economy.

The use of guaranteed loans is a common practice for any state, including the Russian Federation.

According to the Budget Code of the Russian Federation, a written form of the state guarantee is mandatory. In particular, it contains information about the guarantor, including the name of the body that issued the guarantee on behalf of the guarantor; an obligation that is secured by a guarantee; guarantee amount. The guarantee period is determined by the period of fulfillment of the obligations for which the guarantee is provided. Guarantees are provided, as a rule, on a competitive basis.

The guarantor under his guarantee bears subsidiary liability in addition to the liability of the debtor under the guaranteed obligation. The guarantor's liability is limited to the amount for which the guarantee is issued. If the guarantor had to fulfill the obligation of the recipient of the guarantee, then he may demand reimbursement from the latter of the amount paid to a third party under the guarantee.

In Russia, favorable conditions have been created for the active use of guaranteed loans and credits in connection with the granting of the right to constituent entities of the Russian Federation, local governments, and individual economic structures to conduct operations to borrow funds on the domestic and foreign financial markets.

Article 115 of the Budget Code of the Russian Federation defines a state guarantee as a method of ensuring civil obligations, by virtue of which the guarantor state gives a written obligation to be responsible for the fulfillment by the person to whom the guarantee is given of obligations to third parties (in whole or in part).

Thus, the content of state guarantee operations and the interpretation of this phenomenon in Article 115 of the Budget Code of the Russian Federation do not give grounds to say that by providing a guarantee to another person, the state itself turns into a borrower. Of course, another person remains the borrower, the real recipient of the funds. And the guarantor state acquires only the obligation, under certain circumstances, to fulfill the obligation of the actual borrower to the lender.

The above means that government borrowing and government guarantees are phenomena of different properties. Government borrowing is carried out by the state itself in order to obtain additional financial resources, and government guarantees are provided to other persons in order to facilitate or enable them to borrow. However, government guarantees are included in government debt. Moreover, the total amount of guarantees of the Russian Federation in the currency of the Russian Federation is included in the state internal debt, and in foreign currency - in the external debt of the Russian Federation.

It should also be noted that the state can also act as a creditor.

In conditions of developed commodity-money relations, the state can attract free financial resources of economic structures and funds of the population to cover its expenses.

The main way to obtain them is a government loan. It expresses the relationship between the state and numerous individuals and legal entities regarding the formation of an additional monetary fund, along with the budget, in the hands of the state. When carrying out credit operations within the country, the state is usually the borrower of funds, and the population, enterprises and organizations are the lenders. However, the state may also find itself in the role of a creditor. This phenomenon occurs not only in the sphere of interstate relations, but also in internal financial life through the use of treasury loans.

State credit is one of the forms of credit relations that has the following characteristics of a credit: the presence of a lender and a borrower as legally independent subjects of a credit transaction; accumulation of free funds of the population, enterprises and organizations on the principles of repayment of urgency and payment (in exceptional cases, interest-free borrowing of resources is allowed); the possibility of using government credit operations within the country and in international relations.

With the help of a state loan, the state mobilizes additional financial resources to finance general government expenses and perform its functions. The objective need to use government credit is explained by the contradictions between the growing needs of society and the possibility of meeting them from budget revenues. By its economic nature, the state budget redistributes part of the country's national income.

Article 122 of the Budget Code of the Russian Federation characterizes state credit as follows.

External debt claims of the Russian Federation are financial obligations of foreign states and (or) foreign legal entities to the Russian Federation as a creditor, including debt claims arising in connection with the provision by a bank - agent of the Government of the Russian Federation of state export loans to foreign borrowers or their creditor banks, and also debt claims of legal entities - exporters former USSR to foreign legal entities that arose before January 1, 1991 in connection with the export of goods and services from the former USSR, carried out at the expense of the budget of the former USSR.

The Budget Code distinguishes between state financial and export credits.

A state financial loan is a form of budget loan in which the Russian Federation provides funds to a foreign borrower in the amount and on the terms provided for by the relevant agreement between the Government of the Russian Federation and the government of a foreign state.

State export credit is a form of budget loan in which, at the expense of budgetary funds, payment is made for goods and services exported in favor of a foreign borrower - an importer of goods and services, in the amount and on the terms provided for by the relevant agreement6m between the Government of the Russian Federation and the government of a foreign state or a corresponding agreement between a bank - agent of the Government of the Russian Federation and a foreign borrower - an importer of goods and services or its creditor bank, in the presence of a state guarantee of a foreign state for the repayment of this loan, payments for repayment and servicing of which are made in favor of the Russian Federation.

I would also like to highlight such concepts as budget credit and budget loan.

A budget loan is money provided by the budget to another budget of the budget system of the Russian Federation, a legal entity (with the exception of state (municipal) institutions), a foreign state, a foreign legal entity on a repayable and reimbursable basis.

As can be seen from the definition, a budget loan is not limited in terms of validity. A budget loan is provided for a period of no more than six months within a financial year.

The only ways to ensure the fulfillment of obligations to repay a budget loan can be bank guarantees, sureties and property pledges.

1.3. Public debt management

Management is inherent in all spheres of human activity, including financial ones. Management is understood as a conscious and purposeful influence on the object of control using a set of techniques and methods to achieve a certain result. Management is based on knowledge of the objective laws of development of nature and society. At the same time, management is greatly influenced by the state represented by the relevant structures, as well as legislative acts.

An important area of ​​management activity is public debt management.

Management of the public debt of the Russian Federation is carried out by the Government of the Russian Federation or the Ministry of Finance of the Russian Federation authorized by it.

Management of the public debt of a constituent entity of the Russian Federation is carried out by the highest executive body of state power of a constituent entity of the Russian Federation or the financial body of a constituent entity of the Russian Federation in accordance with the law of the constituent entity of the Russian Federation.

Management of municipal debt is carried out by the executive and administrative body of the municipality (local administration) in accordance with the charter of the municipality.

Public debt, like finance, can be a lever and an object of management. As a lever of control, public debt provides the opportunity for legislative (representative) and executive authorities to influence money circulation, the financial market, investment, production, employment, the population’s organization of their savings and many other economic processes.

The state determines the relationship between various types of debt activities (government borrowing, loans, guarantees), the structure of types of debt activities by maturity and profitability, the mechanism for constructing specific government loans, loans and guarantees, the procedure for issuing and circulating government loans, the procedure for providing government loans, the procedure for providing state guarantees and fulfillment of financial obligations under them. The state establishes all other necessary practical aspects of the functioning of the public debt.

In the process of managing the public debt of the Russian Federation, the following general tasks are solved:

Maintaining the amount of internal and external public debt at a level that ensures the preservation of the economic security of the country, the fulfillment by authorities of their obligations without causing significant damage to the financing of socio-economic development programs;

Minimizing the cost of debt by extending the borrowing period and reducing the yield of government securities, moving to other markets and shifting attention to other groups of investors;

Preserving the reputation of the Russian state as a first-class borrower based on the impeccable fulfillment of financial obligations to investors;

Maintaining stability and predictability of the government debt market;

Achieving effective and targeted use of funds borrowed by the state and borrowings guaranteed by it;

Diversification of debt obligations by borrowing terms, profitability, forms of income payment and other parameters to meet the needs of different groups of investors;

Coordination of actions of federal bodies, bodies of constituent entities of the Russian Federation and local governments in the country's debt market.

Public debt management can be strategic or operational. Perspective issues of development of public debt are within the competence of the Federal Assembly, the President of the Russian Federation and the Government of the Russian Federation, legislative (representative) and executive authorities of the constituent entities of the Russian Federation. Executive bodies prepare draft federal and regional laws (the Federal Assembly and the President of the Russian Federation, representative bodies and heads of administrations of the constituent entities of the Russian Federation also have legislative initiative), the Federal Assembly of the Russian Federation and the legislative bodies of the constituent entities of the Russian Federation adopt them, and the President of the Russian Federation and heads of regional administrations reject them or sign them.

In particular, every year in the law on the federal budget, the Federal Assembly and the President of the Russian Federation establish maximum amounts of state internal and external debts; sources of internal financing of the budget deficit, including income from the issue of government securities; maximum amount of external borrowings; maximum amounts of government loans to foreign CIS member states; directions of use, terms of provision and maximum amounts of budget credits (loans) to legal entities and constituent entities of the Russian Federation; upper limits of government external borrowings and government loans provided by Russia and the guarantee program of the Government of the Russian Federation.

Operational management of public debt is carried out by the Government of the Russian Federation and its special body - the Ministry of Finance of the Russian Federation, as well as the Central Bank of the Russian Federation and Vnesheconombank as agents of the Ministry of Finance of the Russian Federation. These bodies determine the general conditions for the issuance of individual loans, the procedure for issuing and circulating debt obligations, the time of issuing the next loan and the conditions for its functioning, organize the primary placement and secondary market of government securities, organize and carry out the payment of income and repayment of debt obligations, organize and carry out the issuance of government (budget) loans and government guarantees, carry out control actions and other measures for the operational management of public debt.

Similar issues are resolved within the scope of their competence by the legislative and executive bodies of the constituent entities of the Russian Federation. At the same time, they proceed from the norms laid down in federal legislation.

Management stages should be distinguished. We can distinguish at least the following five enlarged stages, at each of which specific tasks are solved.

At the first stage, the process of substantiating the maximum volumes of state internal and external debt, the maximum volumes of state internal and external borrowings, the maximum volumes of state guarantees is underway, and programs for state internal and external borrowings are being formed. It is at this stage that the severity of the future total debt burden is laid down, including separately for internal and external debt, and the types of upcoming borrowings.

At the second stage of government debt management, a program for issuing government securities is formed and specific parameters of upcoming borrowings are determined in terms of circulation periods, the level of probable profitability, the procedure for paying income, restrictions on owners, the placement procedure and other conditions that make each borrowing original and attractive for resident investors and non-residents. The quality of work performed at the second stage determines, in particular, the presence or absence of “peaks” in debt payments in the future, as well as the timely receipt of resources to repay previously made borrowings in order to refinance them.

At the third stage, bonds are placed and quotations for government debt are regulated on the secondary government debt market. The impact on government bond quotes makes it possible to regulate the budgetary efficiency of borrowings and the amount of current (domestic and external debt).

The fourth stage - anti-crisis management - is associated with the implementation of measures, the need for which is determined by the presence of problem debts or crisis debt situations, the abundance of which has marked recent Russian history in the period after the collapse of the USSR. If the government is unable to service and repay its debts, then it enters into negotiations with creditors to revise the payment schedule and debt repayment terms. As a result of negotiations, the parties may come to an agreement on deferment of payments, debt restructuring, partial or complete debt write-off, early redemption of obligations, innovation, securitization, etc.

The fifth stage is the implementation of original or adjusted payment schedules for servicing and repaying government internal debts.

Thus, public debt management should be understood as a set of measures to regulate its volume and structure, determine the conditions and implement new borrowings, regulate the government borrowing market, implement measures for anti-crisis management of problem debts, service and repay debt, determine the conditions and provide government guarantees, control for the effective use of borrowed funds.

Traditionally, in economic theory, the problem of optimal management of public debt is considered mainly within the framework of two types of models: an equilibrium model of dynamic taxation, which involves maximizing the welfare function of a representative consumer, and a model with direct minimization of the social loss function. In addition to these two groups of functions used in theoretical studies, from a practical point of view, the type of objective function of the authority responsible for debt management can be divided into two types: minimizing budget risk as much as possible with a minimum cost of debt servicing and minimizing the cost of servicing. First, let's look at the key theoretical models within the first subclassification.

In principle, the general form of the social loss function is determined by solving the problem of a representative consumer: the distorting influence of proportional taxes or inflation in most works is reflected in the form of a quadratic dependence of losses on the level of taxes or inflation. In a number of cases, it is assumed that losses, for example from inflation, arise only due to deviations of the actual level from some target or expected level, therefore, in the corresponding planner function, the square of not the absolute level of inflation or taxes, but precisely such deviations, is minimized.

In practical terms, the objective function of debt management is typically defined as “minimizing fiscal risk combined with low debt servicing costs.” Moreover, the fact that risk minimization comes first is not accidental. Global theoretical and practical experience in the field of effective management of government liabilities has shown that the policy of minimizing budgetary risk, including not only the traditional refinancing risk, but also risks caused by macroeconomic shocks, such as output or government spending, in its pure form is dominant compared to the pure strategy minimizing costs. Moreover, if the expected yields on government securities reflect solely risk-return, the government should only be concerned with minimizing risk. A pure strategy of minimizing debt service costs can be considered only when the risk premium is determined by market imperfections, information asymmetries, persistent errors in investor expectations, or a lack of confidence in government policies.

In efficient and complete markets, where the government is free to use different contingent requirements, the strategies described above are, generally speaking, completely different strategies. Thus, if the public debt authority's goal is to minimize the expected costs of servicing the public debt, the optimal strategy would be to issue low-risk bonds to investors, that is, claims that pay high returns in states with low capital returns and labor, and low in the opposite situation. Meanwhile, if the government pursues the goal of minimizing fiscal risk, it will, on the contrary, be interested in issuing obligations that pay low income in states of low income and high budget expenditures, and vice versa.

Given the close positive correlation between gross output in the economy and the income of economic agents, in this situation there is an obvious conflict between the optimal strategy in terms of minimizing service costs and minimizing risk. In fact, we are talking about redistributing macroeconomic risks and providing a kind of insurance in the first case to investors, and in the second

Signs of classification of government loans: according to the entity exercising the right to issue debt obligations, based on the holders, source of borrowing, relation to the secondary market. Requirements for the conditions of issue and circulation of government loans.

The essence of budget balancing management. Short-term and long-term budget imbalances. Monetization as a way to reduce the budget deficit; increase in the amount of money in circulation. The concept of state and municipal debt.

The concept of external public debt. History of the emergence of public external debt Russian Federation and him current state. Structure of the state external debt of the Russian Federation. Management of public external debt.

Budget expenditures in 2011-2013 to finance healthcare, physical education and sports. Concept budget process, the exclusive powers of the Minister of Finance in it. Data characterizing the dynamics of the external debt of the Russian Federation.

State and municipal debt management

The structure of public debt and the legal framework for its resolution. Features and differences of internal and external public debt, measures to stabilize them in the Russian Federation. Current state and debt management techniques.

Relations regarding the provision of temporarily free funds on the terms of payment and repayment; activity of the state as a borrower, lender, guarantor. Methods of public debt management; investment tax credit.

The essence and significance of public debt and government guarantees. Analysis of Russia's external and internal debt for 2007–2009, development of a strategy for managing it, features of the implementation of this process in the context of the global financial crisis.

Debt relations: concept, essence, types, need for borrowing. Classification and forms of public debt. Analysis modern dynamics and the structure of the external debt of the Russian Federation. Problems of management and repayment of public debt.

general characteristics state and municipal borrowings in foreign countries. Goals and objectives of the activities of special bodies for their management. Features of borrowing activities and servicing state and municipal debt abroad.

Sources of Deficit Financing federal budget. Structure of sources of financing the budget deficit. Total external and internal debt. The volume of payments to repay external debt. Volumes of use of the stabilization fund.

1. Public debt - basic concepts

1.1 Concept of public debt

Excess of public debt over GDP by more than 2.5 times is considered dangerous for stability national economy, primarily for sustainable money circulation.

State debt- this is the amount of state debt for not yet repaid internal and external loans. This includes the debt itself plus any interest accrued on it.

Government debt is the amount owed on issued and outstanding government loans (including accrued interest). It should be noted that the concept of public debt is given differently by different theorists. Ultimately, in order to fully understand the concept of public debt in relation to a specific country, one should look, first of all, for the official interpretation of this concept in various regulatory frameworks. legal acts.

Moreover, in any definition there are always central executive bodies authorities. The public debt is determined by the amount of the federal budget deficit that has developed by a given date minus the positive balance (surplus) of this budget. In addition, public debt is considered debentures Russia before:

§ physical and legal entities

§ foreign countries

§ international organizations and other subjects of international law, including obligations under state guarantees provided by the Russian Federation.

Public debt is divided into:

§ External public debt- this is a component of government debt for external loans and other debt obligations to non-resident creditors. The presence of external debt in a country is a normal world practice. However, there are limits beyond which an increase in public external debt becomes dangerous.

§ Domestic public debt- is a component of government debt internal loans and other debt obligations to resident creditors. The presence of domestic debt is not the exception in the economy, but rather the rule. Economically the developed countries, as a rule, have significant public internal debt. However, there is a significant difference in the reasons, methods of formation and features of the functioning of this type of debt.

When talking about public debt, the following terminology is used:

§ Capital debt- this is the sum of debt obligations issued and outstanding by the state and the obligations of other persons guaranteed by it, including accrued interest on these obligations.

§ Main debt- this is the nominal value of all debt obligations of the state and borrowings guaranteed by it.

In accordance with the Budget Code, the volume of Russia's domestic public debt includes the principal debt, that is, the nominal amounts of debt on government securities of the Russian Federation, on credits, advances and credits received from budgets of other levels, on government guarantees provided by Russia. Similarly, external debt includes obligations under government guarantees provided by the Russian Federation and the amount of principal debt on loans from foreign governments, credit institutions, firms and international financial organizations. If there is a delay in the payment of interest on the principal amount of the government debt, then the government debt does not increase by the amount of unpaid interest.

1.2 Causes of public debt

Public debt is caused by the use of government loans as one of the forms of attracting monetary resources to expand reproduction and satisfy public needs. The reason for the emergence and growth of public debt is constant deficit state budget. At the same time, the presence of public debt is not an exception in the economy, but rather the rule: economically developed countries have significant domestic debt. However, there is a significant difference in the causes, methods of formation and features of the functioning of this type of debt depending on the country.

In developed countries, public debt and the budget deficits that cause it are factors built into the economic cycle for stabilizing the economy and its development. Loans taken from the population, corporations, banks, other financial and credit institutions are used productively and are considered as assets of the listed borrowers. National debt is viewed as a “loan of the nation to itself” and does not affect the overall size of the nation's total wealth.

In connection with the above, it is impossible to say unequivocally that the emergence of public debt is associated exclusively with the deterioration of the economic situation in the country, moreover, having correctly managed the opportunity to attract borrowed money(and as a consequence increasing public debt) it is possible not only to improve economic situation in the country and solve acute problems social problems, but also simply use it as a source of financing in accordance with the principles of competent financial management with great benefit for your country.

1.3 Forms of public debt

§ Loan agreements and agreements concluded on behalf of the Russian Federation as a borrower with credit organizations, foreign states and international financial institutions;

§ Government loans made by issuing securities on behalf of the Russian Federation;

§ Treaties and agreements for the Russian Federation to receive budget loans and budget credits from budgets of other levels of the Russian budget system;

§ Agreement on the provision of state guarantees to the Russian Federation;

§ Agreements and agreements, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of Russia’s debt obligations of past years.

Servicing public debt is associated with the redistribution of income in the country. To pay off the debt, you can use the assets available to the state by privatizing state property. Another approach is associated with increasing budget revenues by expanding the tax base. The burden of maintenance is shifted to taxpayers. Another source of debt repayment could be loans from the Central Bank.

However, in the context of the country's main bank being independent from the government, it is very difficult to use emissions to reduce debt. Servicing external debt actually means the legal export of capital, which is reflected on a separate line in the balance of payments, that is, it leads to the redistribution of part of the national income through the fiscal and monetary system in the interests of non-residents.

Financing the budget deficit through internal sources also does not always contribute to the development of the national economy. An increase in domestic debt means an increase in the share of government borrowing in the financial market. This may lead to competition for resources in the domestic financial market, growth interest rates and a decline in the capitalization of the private securities market. In addition, investments are reduced because they will remain unrealized investment projects with a profitability not exceeding the interest paid on government securities along with the risk premium.

Public debt is associated with the redistribution of GNP and part of the national wealth to form additional state resources by borrowing money from individuals and institutions, as well as through loans from foreign countries. Structurally, public debt includes:

§ financial debt - monetary obligations state in connection with borrowing credit funds

§ administrative debt- payment debts (for example, wage arrears).

Sometimes government debt may also include debt obligations of the state with guarantees (for example, financial guarantees to facilitate export-import activities).

The origin of credit funds allows us to consider them as internal and external debt of the state. The state's creditors are:

§ banking system

§ non-banking sector (for example, the system social insurance)

§ foreign public and private organizations.

Public debt comes in two main forms:

§ Government securitiesliquid, anonymous, can be freely traded on the secondary market

§ Debts recorded in accounting records, cannot be assigned or sold. As a rule, a small part of the public debt is formalized in this form.

1.4 Types of public debt

The Law of the Russian Federation “On the State Internal Debt of the Russian Federation,” adopted in 1992, established the division of public debt into internal and external, carried out according to the currency criterion. Thus, at present, borrowings are divided into internal and external in accordance with the currency of the obligations arising; ruble debts refer to domestic debt, and foreign currency debts refer to external debt.

The legally established tautological definitions “domestic debt = ruble debt” and “external debt = foreign currency debt” are firmly rooted in statistics public finance. The division, which is meaningless in itself, is justified only by the existing differences in the mechanisms of regulation and control over ruble and foreign currency borrowings.

“domestic debt = ruble debt”

“external debt = foreign currency debt”

It may seem that the problem of dividing public debt into internal and external is scholastic and far from reality. However, in the course of analyzing the situation in this area, one has to face very great difficulties in processing data, since there is no uniform methodology for all types of borrowing. Accounting for government debt obligations is carried out depending on the history of their origin, creditor, form and a dozen more often random factors. Moreover, the key (ideological) is the currency of the obligation.

There are also real oddities, for example, obligations on domestic foreign currency loan bonds are not taken into account at all as part of the public debt. Practical difficulties also arise when determining the magnitude of real budget expenditures on servicing public debt due to the balancing of individual indicators.

1.5 Public debt as a tool for regulating the economy

The main purpose of public debt is to be a tool for regulating the economy. This function is achieved by solving two problems:

§ fiscal- get financial resources for the needs of the state;

§ regulating- use these funds to stabilize the economy and stimulate its growth.

The stabilizing effect on the economy is carried out through changes in either:

§ volume of government debt,

§ its structure, which allows influencing the main macroeconomic indicators.

If the main government obligations are concentrated in the non-banking sector, then the government’s influence on the level of consumption, savings and investment will be more predictable: during economic downturn By borrowing, the state mobilizes the accumulation of funds, with the help of which government measures will stimulate the market situation. During periods of recovery and recovery, the government places its loans in the private sector by reducing the level of consumption and savings.

If government lending is carried out at the expense of banking system, then the impact of public debt on economic conditions is more complex, since changes in consumption, savings and investment are carried out indirectly, through the banking system.

The impact of government debt on economic growth always depends on special purpose government activities financed by government loans. Yes, practice government regulation in the 70-80s. suggests that the positive impact of deficit financing on employment is associated with cyclical unemployment. In conditions of structural unemployment, typical in Lately for many developed countries, stimulating fiscal policy state leads to stagflation.

Thus, public debt is associated with state regulation of the economy, with the need to mitigate the contradiction between the economic and social needs of society and the possibility of meeting them through budget funds.

Government debt depends on the state of the economy. Therefore, the zero purpose of government credit resources is very important: what needs are they used for? public funds- to meet the economic and social needs of society or to increase the administrative costs of the state, to ensure structural changes in social production or to enrich certain groups of the population.

In the second case, public debt is not a means of state regulation of the economy, but reflects crisis processes in the economy and therefore requires active stabilization measures by the state.

The main benefit for the state, which justifies the usefulness of public debt, is the ability to attract borrowed monetary resources to the budget and at the same time maintain the relative size of the debt - as a percentage of GDP (for a certain period of time, for the economic cycle).

The size of the budget balance and the volume of real gross domestic product - two the most important factors, determining the dynamics of debt. A budget deficit leads to an increase in the volume of public debt, a budget surplus allows you to pay off the debt.

Economic growth ensures the filling of the budget revenues, through which interest on the debt is paid. It also allows you to increase the money supply in circulation without increasing inflation, but due to growth money supply conditions for debt refinancing are created. Depending on the relationship between these two factors, two approaches to determining the role of public debt in market economy.

Classic approachto determine the role of public debt in the economy is to use government loans as a substitute (substitute) for tax revenues. This approach is associated with the attitude to public debt as an instrument of stabilization macroeconomic policy.

In the decline phase business activity Budget revenues are declining. The government is interested in maintaining the level of spending, so the question arises of compensating for the decrease in budget revenues. With a decrease in business activity of economic entities, an increase tax rates strengthens negative trends in the economy, so it is advisable to compensate for the decrease in budget revenues through government loans. Public debt becomes a substitute for tax revenues.

Public debt can successfully fulfill the role of a macroeconomic stabilizer only if it is sustainable economic growth. The phase of sustainable economic growth consists of alternating periods of increase and decrease in the business activity of economic entities. During a period of decreased business activity, it is advisable to reduce the level of taxes and compensate for the decrease in revenue with borrowed monetary resources.

The concept " decline in business activity“means a short-term reduction in the rate of economic development, but the growth of real GDP should exceed 1% per year. If the growth rate of real GDP is less than 1%, then this means that there is an economic recession (It is accompanied by bankruptcy large companies, deterioration of the banking system, rising unemployment, declining consumption).

During an economic downturn, it is advisable to reduce the size of public debt, since in this case public debt has a significant negative impact on both public finances and the economy as a whole.

The classic approach to determining the role of government debt in the economy is to use it as a substitute for taxes and the idea is that the volume of government loans is increased in the phase of declining business activity. In the phase of increasing business activity, the volume of loans is reduced. In the phase of economic downturn and in the period preceding the economic downturn, the volume of loans is minimized or the public debt is repaid ahead of schedule.

The classical approach provides the government with the opportunity not to change the level of taxation or even slightly reduce it in the phase of declining business activity, but at the same time maintain the level of government spending. This is the advantage classical approach.

Alternative Approachis based on the exact opposite concept - in the phase of declining business activity, the volume of loans is reduced. In the phase of increasing business activity, the volume of loans is increased. In the phase of economic downturn and in the period preceding the economic downturn, the volume of loans is minimized or the public debt is repaid ahead of schedule.

IN this approach has its own rational grain. This paradoxical scheme has a number of advantages over the classical one.

§ Firstly, an alternative approach, given all other equal conditions allows you to attract a larger volume of monetary resources to the budget during the economic cycle.

§ Secondly, when it is implemented, there is a lower amplitude of fluctuations in the relative volume of debt during economic cycle. Maximum value the relative amount of debt over the period of the economic cycle is less.

§ Thirdly, the decision to optimal size government loans are accepted on the basis of data on the pace of economic development: the economy entered a phase of increased business activity - they increased loans, a decline in business activity occurred - they reduced loans, an economic recession occurred - they minimized loans. The risk of erroneous planning of the budget balance in in this case significantly lower.

Within the framework of the approach under consideration, public debt plays the role of a financial mechanism that accelerates economic development. Public debt can only be useful during a period of sustainable economic growth. In the phase of economic recession, the budget deficit significantly worsens the state of public finances, increases the risk of a debt crisis and thereby leads to deterioration general condition economy. For China, national debt is financial mechanism accelerating economic development. For Russia, the national debt remains economic problem and does not bring any benefits to the state economy.

The two approaches (classical and alternative) are based on different meanings attached to the concept of “balanced” budget. In the European Community, the budget is considered balanced if two restrictions are met - on the size of the deficit (3% of GDP) and on the size of the debt (60% of GDP). Economic growth is impossible without increasing energy consumption, which means that it is necessary to build new power plants, lay oil pipelines, build ports, roads and other infrastructure. The issues of supporting economic growth are not easy in themselves; they have to be resolved in the context of international competition for resources and for the conditions of international trade.

2. Domestic public debt

2.1 The concept of internal public debt

Domestic public debt is a component of public debt for internal loans and other debt obligations to resident creditors.

The presence of domestic debt is not the exception in the economy, but rather the rule. Economically developed countries tend to have significant public domestic debt. However, there is a significant difference in the reasons, methods of formation and features of the functioning of this type of debt. Public debt and the deficits that cause it can be carefully thought out and planned factors in stabilizing the economy and its development.

Domestic public debt is considered as " the nation's loan to itself"and does not affect the overall size of the nation's total wealth. Certain negative consequences for its management are offset by positive effects from the mobilization of additional financial resources in investment or development of the country's economy. However, there are also a number negative consequence presence of internal public debt:

§ debt repayment is carried out at the expense of budgetary funds, i.e. at the expense of taxpayers: in this way, there is a flow of income to the owners of government securities, as a rule, wealthy sections of society;

§ To reduce debt, the government can increase taxes, which can lead to macroeconomic consequences such as decreased investment.

§ there is an effect of “crowding out investments” of private entrepreneurs, i.e. the state's entry into the loan market increases competition in the money market, which in turn leads to an increase in interest rates on money capital. It deprives private sector some part of investment and, accordingly, “slows down” the economic development of the country.

The main creditors of domestic debt are usually:

§population;

§corporations;

§banks;

§ other financial and credit institutions.

Domestic debt obligations can be divided into:

§ market, existing in the form of issue-grade securities

§ non-market, arising as a result of the execution of the federal budget and issued to finance the resulting debt.

If the issue and circulation of the former are sufficiently regulated and included in the internal borrowing program for the next fiscal year, then the latter are issued irregularly despite the adoption of relevant legislative acts.

TO market instruments can be attributed:

§ government short-term bonds (GKOs)

§ federal loan bonds with variable and constant coupons (OFZ)

§ government savings loan bonds (GSLO)

§ domestic foreign currency loan bonds (“web bonds”)

To non-market instruments can be attributed:

§ bills of the Ministry of Finance

§ debt to the Central Bank, etc.

The number of types of government internal debt increased by one and a half times in 1997 alone, mainly due to non-market instruments. In 1996, domestic financing of the federal budget deficit was carried out mainly through the issuance of state bonds. In order to increase borrowing terms and reduce interest rates, bonds were introduced into circulation in June 1995 federal loan(OFZ).

The technology of placement, circulation and redemption of these securities completely coincides with the technology of issuing state bonds, therefore the disadvantage inherent in accounting for the costs of servicing the latter fully applies to this species valuable papers. The corresponding budget item reflects only balanced financial results:

proceeds from the placement of GKOs - redemption of GKOs + proceeds from the placement of OFZs - redemption of OFZs - servicing of OFZs

Ignoring economic essence ongoing processes leads to significant distortion budget indicators.

2.2 Problems and controversies

Let us dwell on the main contradictions and problems that the system of government borrowing faces today. We should start with the features associated with the current state of public internal debt.

§ A deficit budget leads to an accelerated growth of public internal debt: during 1996 - two times (from 190 trillion to 380 trillion rubles), during 1997 - 1.8 times (up to 690 trillion rubles. ). If such growth rates are maintained, by 2000 the volume of public internal debt will be comparable to the value of GDP

§ All current budget underfinancing, which takes on surrogate forms, is written off as public debt. This is debt to agricultural enterprises, organizations carrying out northern deliveries, converted into treasury bills, a bond loan to repay commodity obligations and debt to the Central Bank of the Russian Federation, Pension Fund etc. The volume of obligations under GKO-OFZ as of January 1, 1998 will not exceed two-thirds of the total volume of domestic debt.

§ The Central Bank and the Ministry of Finance of the Russian Federation concentrated their efforts on the narrow “bond” segment financial market. Debt management has come down to planning the volumes and circulation period of the next GKO-OFZ issue

§ There is a lack of medium- and long-term planning, including in the preparation of the draft federal budget, the composition and volume of public debt, as well as its repayment schedules. Without such a forecast, at least for a two- to three-year period, it is impossible to conduct a long-term analysis of the situation

§ The market for Russian government securities will become civilized only with an increase in the number of instruments and the share of long-term securities (with maturities of 5-30 years), which will happen no earlier than in two to three years. Management of state liabilities at the first stage requires ensuring a uniform approach to reflecting transactions with state debt obligations in the budget

§ The concepts of internal and external debt are gradually converging. This process is accelerated when using such a form of borrowing as the issue of securities, including those denominated in foreign currency. On the one hand, there is a massive influx of non-resident funds into the GKO-OFZ market (an instrument of internal borrowing), on the other hand, there is a confusion of concepts - “domestic foreign currency debt”, existing in the form of “web loans”.

With the admission of non-residents to the GKO-OFZ market, the main aggregates of the balance of payments of the Russian Federation changed, in particular, according to estimates of the Central Bank of the Russian Federation, the current account balance decreased in 1996 by $7 billion compared to the previous year. Today, the Central Bank is actually forced to take on the functions of a guarantor for transactions of non-residents with GKOs, which are not typical for it.

Such additional risks do not contribute to the solution of the main task entrusted to the Central Bank - maintaining the sustainability of the Russian monetary system. The accession of the Russian Federation to Article 8 of the IMF Charter and the transition to the convertibility of the ruble for current transactions will accelerate the process of “accretion” of two types of public debt. With the issuance of Eurobonds and their placement among both non-residents and residents, the task of maneuvering ruble and foreign currency liabilities takes on a completely different character.

Let's consider the main problems associated with the current state of public external debt:

§ Fundamentally different legal and economic approaches are practiced in relation to the external debt of the former USSR assumed by the Russian Federation and the newly emerging debt of the Russian Federation. If the legal regime of the first is determined by the specifics of concluded international treaties, then the use of special economic approaches and the procedure for reflecting the second in budget reporting hardly justified

§ The serious problem associated with the debt of the former USSR is due to the role that Vnesheconombank historically played in settlements with foreign creditors. As audits conducted by the Accounts Chamber of the Russian Federation have shown, Vnesheconombank is an agent of the government of the Russian Federation for servicing external debt and managing debt assets of the former USSR and an agent of the government for servicing the internal foreign currency loan of the Russian Federation during 1992-1996. still operates outside the legal framework and copes extremely mediocre with the functions assigned to it. The status of Vnesheconombank can be brought into line with the complexity and significance of the tasks it solves only by introducing changes to federal legislation

§ Government operations to place Eurobonds, as well as the mechanisms implemented by the Central Bank of the Russian Federation for admitting non-residents to the external borrowing market (GKO-OFZ) have not yet received proper economic and legal assessment. The impact of these credit flows on Russia's balance of payments remains unstudied.

It should be noted that information about the activities carried out by the government and its agents to resolve issues related to Russian external debts and assets, is unreasonably closed and is practically inaccessible even to auditors of the Accounts Chamber of the Russian Federation. This makes financial monitoring extremely difficult, complicates control over such transactions, and encourages abuse.

domestic public debt

2.3 Structure and dynamics of the internal public debt of the Russian Federation

The structure of the modern internal debt of the Russian Federation consists of:

§ Government zero-coupon short-term bonds (GKOs);

§ Federal loan bonds with a variable coupon (OFZ-PK), with a constant coupon income (OFZ-PD), with a fixed coupon (OFZ-FK) and with debt amortization (OFZ-AD).

Government zero-coupon short-term bonds(GKOs) have been issued since May 1993 on behalf of the Government by the Ministry of Finance. The guarantor of the functioning of GKOs is the Central Bank of Russia, which ensures the placement, savings and redemption of bonds. Their buyers can be not only legal entities, but also individuals. The issue of GKOs is carried out in the form of separate issues for periods of 3, 6, 9 and 12 months. Bonds exist only as entries in accounts.

Federal loan bonds(OFZ) - medium-term coupon bonds. There are various variations of these securities. OFZs with a variable coupon were issued on June 14, 1996 in accordance with the General Conditions for the Issue and Circulation of Federal Loan Bonds, approved by Decree of the Government of the Russian Federation of May 15, 1995 No. 458. Their issuer is the Russian Ministry of Finance. The issue of OFZ with a variable coupon is carried out in the form of separate issues, the terms of each issue are approved separately by the Ministry of Finance of the Russian Federation.

Let us consider the situation on the government bond market that developed in 2005. Announcement on the upgrade of the ratings of the Russian Federation for foreign currency and ruble borrowings by the Standard&Poor agency s dated January 31, 2005 caused a surge in demand not only in the market for foreign currency bonds of the Russian Federation, but also in the market for ruble securities, which made it possible to increase federal budget borrowing on the domestic market. Other factors in February were also favorable for the ruble bond market: the ruble exchange rate strengthened in nominal terms by 41 kopecks, the level of ruble liquidity remained high, and prices rose on the Russian foreign currency bond market.

From February 2 to February 16, 2005, six auctions were held for the placement and additional placement of ruble bonds, the total volume of attraction at which amounted to 23.4 billion rubles at par value.

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