Along with budgets and extra-budgetary state funds, it is one of the main ways the state attracts additional funds and increases its financial capabilities.

State credit is a special, largely isolated part of the financial system. It has its own sources of income, their special purpose and procedure for use.

Existence state loan is quite natural, since credit financing of state expenses is due to the objective contradiction between the action of the law of steady increase public needs and limited budgetary capabilities of the state.

How economic category state credit is at the intersection of two types of monetary relations - finance and credit - and bears the features of both. As a link in the financial system, it serves the formation and use of centralized cash funds states, i.e. and off-budget funds.

As one of the types of credit, state credit has a number of features that distinguish it from classical financial categories. It is voluntary.

Government loans are different from other types of loans. When borrowing funds by the state, the loan is secured by all the property in its ownership, the property of a given territorial unit or any of its income.

At the central government level, government loans do not have a specific target.

1. Via distribution function of government credit the formation of centralized monetary funds of the state is carried out or their use on the principles of urgency, payment and repayment. Acting as a borrower, the state provides additional funds to finance its expenses.

The placement of new government loans to pay off debt on already issued ones is called refinancing government debt.

2. Regulatory function of state credit lies in the fact that by entering into credit relations, the state, voluntarily or involuntarily, influences the state of money circulation, the level interest rates on the money and capital market, on production and employment. The state regulates money turnover, placing loans from various groups of investors.

Loans provided from territorial budgets or extra-budgetary funds play a major role in stimulating the development of production and employment. With their help, the accelerated development of certain areas or necessary areas of the economy of a particular territory is ensured.

3. Control function of state credit organically woven into control function finance. But it has its own specific features: it is closely related to the activities of the state and the state of the centralized fund Money; covers the movement of value in both directions, since it assumes repayment and compensation for receiving funds; carried out not only financial structures, but also by credit institutions.

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Non-state educational institution

Higher professional education

Siberian Institute of Business, Management and Psychology

Faculty of Economics

Course work

In the discipline "Finance"

Topic “State credit”

Supervisor

Baikadanova M.A.

Student 122B 2056-12

Syrygina Yu.N.

Krasnoyarsk 2014

government loan debt

Introduction

3. Types of debt obligations

Conclusion

Introduction

Credit is one of the most important categories of economic science.

The place and role of credit in the development of market economic system very large. For uniform effective economic development any industries economic activity The state needs to redistribute surplus capital between industries, taking into account market benchmarks, into areas that provide higher profits or are preferable in accordance with economic development programs.

In the market, along with such forms of credit as commercial and banking, government credit also takes part. These forms differ from each other in the composition of participants, the object of loans, dynamics, interest rate and scope of functioning. State credit is one of the main (along with taxes) tools for solving problems of the balance of budget revenues and expenses.

In conditions of developed commodity-money relations, the state can attract to cover its expenses not only budget revenues, but also additional, formed on a borrowed basis, free financial resources of economic structures and funds of the population. A unique way to obtain them is a state loan, which expresses the relationship between 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.

The purpose of this work is to consider government credit as one of the main tools for solving economic problems RF.

To achieve this goal, it is necessary to solve several problems, namely: to consider public credit as an economic and financial category, to study the types of debt obligations, as well as methods of managing debt obligations, to assess the public debt of the Russian Federation by analyzing the country’s internal and external debt.

1. State credit as an economic category

State credit is one of the forms of credit relations that has following signs loan:

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);

possibility of using state credit operations within the country and in international relations.

Public credit represents the relationship of the secondary distribution of the value of the gross domestic product and part of the national wealth. The scope of its application includes part of the income and funds generated at the stage of primary distribution of value. Through state credit, funds are redistributed into consumption funds. Usually they are temporarily free funds of the population of enterprises and organizations that are not intended for current consumption. But in certain economic and political situations, the population and economic authorities can consciously limit consumption and funds intended for current production or social needs are drawn into the sphere of state credit (there have been examples in history when such a limitation of needs occurred under the coercion of the state - subscription to state loans ).

As a type of loan, state credit has a number of features that distinguish it from classical financial categories, for example, from taxes.

Unlike taxes, state credit has:

voluntary nature, although in the history of our state there are known cases of departure from the principle of voluntariness when placing loans;

repayable nature, if taxes move only in one direction - from the payer to the budget or extra-budgetary funds, then the contributed amount of the state loan is returned;

paid nature, that is, the repayment of government loans comes with interest.

Also, government credit is different from others existing species loan.

The main differences between a government loan and a bank loan are presented in Table 1.

Table 1 - Differences between government loans and bank loans

State loan	Bank loan
The need for it is due to the need to cover the budget deficit	The need for it is due to the uneven movement of value in the process of production and exchange
Recipients are authorities and management	Can receive any physical and legal entities for purposes established by law
Government loans do not have a specific target nature	It has a fairly clearly defined target orientation.
State credit, as a rule, does not provide for economic sanctions against the state	The return period is strictly regulated; violation will entail appropriate sanctions.
The interests of creditors often have political, environmental, corporate goals, although in the final form they have an economic form, but at the same time they are repeatedly transformed and modified	The economic interests of the lender and borrower coincide
State credit is always a means of reducing the amount of money in circulation	May cause excess money supply in circulation

Thus, the difference between a government loan and a bank loan is as follows:

The need for government loans is determined primarily by the need to cover the budget deficit. The need for a bank loan is determined by the uneven movement of value in the process of production and exchange.

State credit is received by government and administrative bodies. Bank loans can be obtained by individuals and legal entities for purposes established by law.

At the central government level, government loans do not have a specific target. Whereas borrowing funds for more low levels has a fairly clearly defined target orientation. For example, construction loans new road, residential area.

The repayment period for a bank loan is strictly regulated and its violation leads to appropriate sanctions. State credit, as a rule, does not provide for economic sanctions against the state.

State credit is used, as a rule, not strictly for its intended purpose and mediates payments for commodity and non-commodity purposes. A bank loan is used, as a rule, for specific purposes to provide material and natural elements for the production and sale of goods, works and services.

The economic interests of participants in bank lending (lender and borrower) coincide. With a state loan, the interests of the participants in credit relations are separate. The interests of the state's creditors sometimes have political, environmental, corporate and other separate goals, which ultimately have an economic form, but are repeatedly transformed and modified before obtaining this state.

If Bank loan in some cases may cause the appearance of excess money supply in the national economic complex, then state credit is always a means of reducing the amount of money in circulation.

Having characterized state credit as an economic category, let us move on to its consideration from the point of view financial category.

2. State credit as a financial category

Financial relations arising between economic entities in connection with the transfer to each other for temporary use free funds(cost) on the principles of repayment, payment and voluntariness are called credit. The purpose of a loan as a financial category is to satisfy temporary needs for additional funds alone economic entities and facilitating the profitable placement of available funds - for others.

distribution;

regulatory;

test.

Let's look at these functions in more detail.

1 Fiscal (distribution).

Through the fiscal function of state credit, the formation of centralized monetary funds of the state is carried out. Acting as a borrower, the state provides additional funds to finance its expenses. In industrial developed countries ah government loans are the main source of financing the budget deficit. IN modern conditions revenues received through government loans became the second method after taxes for financing budget expenditures. This is explained by the faster growth rate of expenses compared to the increase in tax revenues.

The positive impact of the fiscal function of public credit is that with its help the tax burden is more evenly distributed over time. Taxes levied during the period of financing expenses through government borrowing do not increase. But then, when the loans are repaid, taxes are levied not only to pay them, but also to pay off interest on the debt.

Taxes are the main, but not the only source of financing costs associated with servicing and repaying public debt. The sources of financing these expenses depend on the direction in which the funds are used. In the case of a productive investment of mobilized capital, the constructed object, after entering into operation, begins to generate profit, at the expense of which the loan is repaid. In this case, there is no increase in the tax burden.

If the capital mobilized as a result of government loans is used unproductively, for example, to finance military or social expenditures from them, taxes or new loans become the only source of repayment. Placing debt on what has already been issued is called refinancing government debt.

The severity of the tax burden transferred to other generations depends on the term of borrowing funds and the interest on the loan paid by the borrower. The higher the profitability of a government loan for investors, the larger part of the taxes the government is forced to allocate to repay them. The larger the debt, the higher the share of funds allocated to service it.

2. Regulatory function.

The regulatory function of state credit also plays an important role. By entering into credit relations, the state, voluntarily or involuntarily, influences the state of money circulation, the level of rates in the money and capital markets, production and employment. By consciously using state credit as a tool for regulating the economy, the state can pursue one or another financial policy.

The state regulates money circulation by placing loans among various groups of investors. By mobilizing funds individuals, the state is compressing their effective demand. Then, if production costs, for example, investments, are financed through credit, there will be an absolute reduction in the cash supply of money in circulation. In the case of financing labor costs, for example, teachers and doctors, the amount of cash in circulation will remain unchanged. If the public debt is financed by attracting the savings of legal entities, and the funds received are directed to payments to the population, the amount of money in circulation increases.

By acting as a borrower in the financial market, the state increases the demand for borrowed funds and thereby contributes to an increase in the price of the loan. The higher the state’s demand, the higher, other equal conditions the level of loan interest, the more expensive credit becomes for entrepreneurs. Expensive borrowed money forces businessmen to reduce investments in production, at the same time it stimulates accumulation in the form of the acquisition of state valuable papers.

Up to certain limits, this process does not have a significant negative impact on production. If there is enough free capital in the country, negative impact will be equal to zero until they are completely absorbed. Only after this will the state’s activity in the financial market be expressed in an increase in loan interest, and the diversion by the state of a significant share of monetary savings for unproductive use will significantly slow down the rate of economic growth.

The state has a positive impact on production and employment by presenting demand for nationally produced goods using funds borrowed from abroad, acting as a guarantor and lender. In industrialized countries, a common system is to support small businesses, exports of products or production in certain areas experiencing recession, through government guarantees of loans provided by banks under appropriate programs.

Support for small businesses assumes that the state undertakes to repay debts to banks on loans provided to small entrepreneurs in the event of their bankruptcy. Most industrialized countries have state-owned or semi-state-owned companies that low rates insure the risk of non-payment to exporters of national goods. This encourages the development of new markets for domestic products.

Loans provided by local authorities play a major role in stimulating the development of production and employment. With their help, the accelerated development of certain areas or necessary areas of the economy of a particular territory is ensured.

3. Control function.

The control function of state credit is organically intertwined with the regulatory function of finance. However, it has its own specific features generated by the characteristics of this category:

the function is closely related to the activities of the state and the state of the centralized fund of funds;

covers the movement of value bilaterally since it assumes repayment and compensation for receiving funds;

carried out not only by financial structures, but also by credit institutions.

Mainly controlled intended use funds, terms of their return and timely payment of interest.

The next stage in characterizing government credit is to consider its types.

3. Types of debt obligations

Debt obligations can come in two forms. The form of credit is understood as the external manifestation of the content of those economic relations, which the loan expresses. Two forms of government credit are widely used:

a commodity form of state credit (for example, a grain loan and a sugar loan, which were used during the transition period from capitalism to socialism);

monetary form of state credit (in Russia it developed after the stabilization of the purchasing power of the Soviet ruble on the basis of gold collateral (1924) and the elimination of the budget deficit).

Also, debt obligations can be in the form of:

internal economic credit;

Let's look at them in more detail.

1. Internal economic credit.

government loans;

treasury loans;

guaranteed loans.

A). Government loans are characterized by the fact that temporarily free funds of individuals and legal entities are attracted to finance public needs by issuing government securities: bonds, treasury bills and others.

A bond is a security that symbolizes a government debt obligation and gives its owner the right, after a certain period, to receive back the amount of debt and interest. By selling a bond, the state undertakes to repay the amount of debt within a certain period of time with interest or pay creditors income during the entire period of use of the borrowed funds, and upon expiration of the term, return the amount of the debt.

The state sets the nominal value (nominal price) of bonds. It is indicated on the bond and expresses sum of money provided by the bondholder to the state for temporary use. It is this amount that is paid to the owner of the bond at the time of its maturity and interest is accrued on it. However, the real yield of bonds for their holders 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 amount of income paid on the loan, the level of loan interest, the time of purchase of the bond, the degree of saturation stock market government securities, the attractiveness of the conditions for issuing private securities, the state of the economic environment, the degree of public confidence in the government.

Free quotation of government bonds on stock exchange is a mechanism for taking into account all factors affecting the exchange price of interest-bearing securities. The functioning of a full-fledged stock market, which is impossible without a high degree of liquidity of income securities, helps to overcome the negative psychological factor. The latter consists in the wary attitude of lenders towards government lending operations; it was generated by a departure from the requirements of the laws of stock market development and the state’s violation of its obligations; forced distribution of loans, sharp restrictions on the liquidity of government securities, freezing of government debt, etc.

Another type of government loans are treasury bonds, which differ from bonds in the purpose of issue, the form of payment of income and freedom of circulation. Funds from the sale of bonds are directed to the budget, extra-budgetary funds or for special purposes. Funds from the sale of treasury obligations are used only to replenish the budget. Bond income may be paid in the form of interest, winnings, or no payment at all. Treasury bills pay interest in the form of interest. Bonds can be either freely tradable or restricted. Treasury bonds have only a limited circle of circulation and sale only among the population.

Government domestic loans are classified according to several criteria.

According to the right of issue, they are divided into issued:

central government;

republican governments;

local authorities.

The practice of issuing government loans by the central government has become widespread. The debt of republican and local authorities is, as a rule, insignificant.

Based on the security holders, loans can be divided into:

sold only among the population;

sold among legal entities;

universal, that is, intended for placement among individuals and legal entities.

Depending on the form of income payment, the following are distinguished:

interest-bearing loans;

winning loans;

interest-winning loans;

win-win loans;

interest-free (targeted) loans.

Debenture holders interest-bearing loan receive a solid income annually by paying coupons or once when repaying a loan by accruing interest on the face value of securities (without annual payments). With winning loans, bondholders receive all income in the form of winnings when the bonds are repaid. Income is paid not on all bonds, but only on those that were included in winning draws. The conditions for issuing interest-winning loans provide for the payment of part of the income through coupons, and the other part in the form of winnings. Win-win loan issues ensure that the winnings fall on each bond over the life of the loan. Currently, interest-winning and no-loss loans are not issued in our country. Interest-free (targeted) loans do not provide for the payment of income to bondholders, but guarantee the receipt of the corresponding goods, the demand for which is not yet fully satisfied. Local authorities may conduct targeted loans for the construction of roads, implementation of environmental protection work, financing of other activities in which the population of the administrative-territorial unit is interested.

Based on repayment terms, loans are divided into:

short-term loans - repayment period up to 1 year;

medium-term loans - repayment period up to 5 years;

long-term loans - repayment period over 5 years.

Based on the placement method, loans are divided into:

voluntary loans;

loans placed by subscription;

forced loans.

Each method of placing loans has its own implementation method. Voluntary loan bonds are freely sold and purchased by banking institutions. Forced loans are distributed among creditors due to government regulations that impose strict penalties for avoiding the purchase of bonds. Loans placed among the population by subscription with installment payment are formally voluntary. However, their implementation is accompanied by such a mass political campaign that makes them essentially mandatory. This is possible under a totalitarian regime. Currently, only voluntary loans are available in our country.

Government loans can be:

bond;

non-bonded.

Bond issues are accompanied by the issue of government securities. Non-bonded loans are formalized by signing agreements, contracts, as well as by making entries in debt books and issuing special certificates. Currently, bond-free loans are used at the intergovernmental level.

b). Closely related to government loans is the second form of government credit, the functioning of which is mediated by the system of savings institutions (banks, cash desks, etc.) - the circulation of part of the population's deposits into government loans.

Unlike the first form of state credit, when individuals and legal entities buy securities using their own temporarily free funds, savings institutions provide credit to the state using borrowed funds. The presence of an intermediary between the state and the population in the person of savings institutions and the provision of loans by the latter to the state at the expense of borrowed funds without the knowledge of their real owner (the population) allows us to distinguish these relations as a special form of state credit. This form of lending is carried out through the purchase of special securities (for example, treasury savings certificates) or marketable securities (bonds, treasury bills), as well as registration of non-bonded loans. Bond-free loans are essentially perpetual. They are formalized by the state not by issuing securities, but by directly recording the amounts in the accounts of the relevant institutions and in the book of public debt. The repayment terms of such loans are not specified in advance, but the state reserves the right to repurchase the loan and undertakes to pay interest for the entire period of its validity. It is obvious that the interest on deposits kept in savings institutions cannot be lower official level inflation. To enhance the savings business, the accrued interest must exceed this level in order to ensure that the investor receives at least a minimum income. In our country, this is now achieved through the purchase of state debt obligations by Sberbank.

V). Borrowing from the national loan fund, as a form of government credit, is characterized by the fact that government credit institutions directly (without mediating these operations by purchasing government securities) transfer part of the credit resources to cover government expenses. This form of government credit functions in a totalitarian society. It contributes to the development of inflationary processes, which is especially dangerous in conditions of strict control over the issue of banknotes by democratically elected bodies. Therefore, complete normalization of relations between the state and credit system lies in the way of recognizing the impossibility of direct borrowing of loan funds to cover the budget deficit.

G). Treasury loans express the relationship of providing financial assistance to enterprises and organizations by public authorities and management at the expense of budget funds on the terms of repayment, urgency and payment. Currently, this form is not actively used in our country. However, with a radical reform of property relations accompanied by denationalization and privatization of economic structures, the state cannot be held responsible for financial results activities of enterprises and organizations instead of their authorized owners. But if necessary government bodies can provide financial assistance to economic entities in the stable operation of which they are interested, but on the terms of repayment, urgency, and payment.

Relations through treasury loans are not an analogue of bank lending, since, unlike self-supporting banking structures State authorities and management provide financial assistance on other terms, for other reasons and for other purposes. Treasury loans are issued for preferential terms in terms of terms and interest rate, they are possible in case of financial difficulties of enterprises and economic organizations due to their special position in the market, they do not have commercial purpose, but are a means of supporting economic structures vital for the national economy.

d). For guaranteed loans, the government is actually financially responsible only if the payer defaults. In our country, conditions have been created for the revival of guaranteed loans in connection with the provision of local authorities, as well as individual economic structures, with the right to conduct operations to conclude loans.

2. International government loan.

Traditionally, international credit was the provision of foreign exchange and commodity resources from enterprises and financial institutions of one country to enterprises, financial institutions and the government of another country on the terms of repayment, urgency and payment. Lenders and borrowers were representatives of two different countries. The source of financing for trade credit and transfer of foreign exchange resources in this case has always been the national capital market. In modern conditions, in addition to national capital markets, the most important source of credit resources has become the international market capital that does not directly have any national affiliation.

The traditional form of international credit is foreign trade credit. The latter represents important factor increasing the competitiveness of goods supplied to the foreign market. Today, the vast majority of machinery and equipment on the world market is usually sold on credit. The terms of this loan - terms, interest rate, commission amount, repayment terms, risk insurance methods - significantly affect the competitiveness of the product. The longer the loan term, the lower its cost (interest plus commissions), the more benefits the lender provides, the higher the competitiveness of the product on the world market, other things being equal.

The oldest form of foreign trade credit is corporate loans. These are mainly loans provided by an exporter of one country to an importer of another in the form of a deferred payment or a commercial loan in foreign trade. A corporate loan, the terms of which, as a rule, range from 1 to 7 years, has a number of varieties: buyer advance, loan open account. A corporate loan is most often realized through open account.

Open account credit is provided through the banks of the importer and exporter. A debt agreement is concluded between the exporter and the importer, under which the former credits the latter as his debt total cost shipped goods, taking into account accrued interest, and the importer, in turn, undertakes to fixed time repay the loan amount and pay interest. With a company loan, the importer often makes a so-called buyer's advance in the amount of, most often, 10-20% of the cost of delivery on credit, which represents a kind of obligation to accept the goods supplied on credit.

Among the most significant disadvantages of a company loan, from the importer’s point of view, are:

limited loan terms;

relatively small lending volumes;

strict attachment of the importer to the products of the supplier company.

Therefore, with the growing scale and diversification of international trade, the share of corporate loans in total amount foreign trade lending began to decline, increasingly giving way to bank foreign trade lending.

From the perspective of the importer, a bank foreign trade loan has certain advantages over a company loan: the possibility of some maneuver in choosing a supplier of certain products; more long terms loan; large volumes of supplies on credit; comparatively lower loan cost.

Initially, banks entered the field foreign trade as creditors of exporting firms. Therefore, such foreign trade loans are called supplier loans.

With time national banks The countries of the exporting company began to implement a more flexible foreign trade lending policy: they began to provide loans directly to the importer. Using funds received from the bank, the importer pays for the exporter's supplies. This method of bank foreign trade lending is called buyer loans. They are more profitable for the importer. It becomes possible to select a supplier company, however, so far only in a given country. The terms of the loan are extended, and its cost is slightly reduced. At the same time, supplier firms, excluded from direct participation in export lending, cannot inflate loan prices, which is very typical with a company loan and even with a loan to a supplier.

In addition to foreign trade loans, banks provide financial and foreign currency loans to their counterparties from other countries. Financial loans allow the borrower (private or public) to use them in a much wider range than purely foreign trade loans. Using this loan, he can purchase goods and services in any country where the quality and price are most suitable for him. Foreign currency loans are provided to the borrower in the most stable freely convertible currency in order to pay external debt, paying interest on it, replenishing accounts in freely convertible currency.

Having examined the main forms and types of debt obligations, let’s move on to studying methods of managing public debt.

4. Methods of public debt management

Public debt management is 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 securities.

Repayment of accumulated debt can occur different ways: cash payments, exchange debt obligation for tax exemptions, refusal to pay, cancellation of debt to creditors, acceptance of debt by another body, etc.

Among the main tools for managing public debt are:

refinancing is the issue of new loans, the acceptance of new debt obligations in order to cover previously issued debt obligations;

conversion - turning debt obligations into new obligations, changing the size of the income portion of accepted obligations;

consolidation is a change in the validity period of previously issued debt obligations;

unification is the replacement of two or more previously issued state and municipal loans with one new one.

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

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.

Debt restructuring can be carried out with a partial write-off of the principal amount.

The main restructuring schemes include:

debt write-off (loan cancellation);

debt repurchase - the borrower country will buy its debt obligations for open market at a significant discount.

Securitization - is a mechanism for the debtor to issue new obligations in the form of bonds, which are either exchanged for old debt or sold on the open market (forms of securities: foreign bonds and Eurobonds).

Debt conversion is the transformation of debt obligations into new obligations that improve the condition of the borrower or financially, or from a perspective perspective.

Conversion is carried out using the following swap operations:

“debt for cash” - repurchase of debt with a discount on unguaranteed commercial debt;

“debt for export” - this scheme supports competitive domestic production and helps increase their exports;

“debt for taxes” - when implementing this scheme, legislative establishment is necessary tax benefits for investors holding Russia's external debt. Such conversion is provided only when making new investments in priority sectors;

“debt into bonds” - restructuring of debt to the London Club of Creditors;

“debt for property” - within the framework of privatization, the use of a scheme for exchanging debt obligations for shares of privatized enterprises;

“debt for debt” is a swap of external liabilities into financial assets.

Payment of income from loans and their repayment are usually made from budget funds. However, in the face of a significant increase in public debt and growing budgetary difficulties, the country may resort to refinancing public debt.

Refinancing is actively used when paying interest and repayments on the external part of the public debt. However, an indispensable condition for the provision of new loans is the good reputation of the debtor country in international circles. financial market, its economic and political stability.

The state cares about the efficiency of public credit. A superficial idea of the effectiveness of borrowing operations can be obtained from a comparison of the amounts of annual receipts from the state credit system. Relatively full view The efficiency of state credit operations is determined by the ratio of the amount of excess receipts over expenses under the state credit system to the amount of expenses, expressed as a percentage. Credit efficiency (E) is determined by the following formula:

E = (P -R) / R H 100 (1)

where P is revenue from the state credit system;

R - expenses under the state credit system.

The external public debt is used to determine its servicing ratio. It represents the ratio of all debt payments to foreign exchange earnings countries from exports of goods and services, expressed as a percentage. A safe level of public debt servicing is considered to be up to 25%.

Measures in the field of public debt management such as conversion, consolidation, exchange of bonds at a regressive ratio, deferment of repayment and cancellation of loans are aimed at achieving the efficiency of public credit.

In conclusion, we will consider the state of the Russian Federation’s debt.

5. Assessment of the public debt of the Russian Federation

5.1 Analysis domestic debt RF

According to the definition given in Article 6 of the Budget Code of the Russian Federation, internal debt is obligations arising in the currency of the Russian Federation, as well as obligations of constituent entities Russian Federation And municipalities to the Russian Federation, arising in foreign currency as part of the use of targeted foreign loans (borrowings).

The internal public debt of the Russian Federation includes debt on GKOs (state short-term obligations), OFZs (bonds federal loan), OGSS (state savings loan bonds), restructured debt on OVGVZ (domestic government foreign currency loan bonds), as well as overdue debt on centralized loans agriculture and northern regions.

The volume of domestic public debt includes:

the nominal amount of debt on government securities of the Russian Federation, the 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 obligations under government guarantees expressed in Russian currency;

the volume of other (except for those indicated) debt obligations of the Russian Federation.

The sharp reduction in external public debt stimulated the growth of domestic borrowings used to refinance the accumulated last years state internal debt. This became a factor in reducing the relative burden on the budget of debt service expenses and increasing the share of non-interest budget expenses. When there is a surplus federal budget are used internal sources covering the deficit, which are equal to ordinary income.

The dynamics of the government internal debt of the Russian Federation is shown in Table 2.

Table 2 - The volume of public internal debt of the Russian Federation in 1993-2014

As of	Volume of public internal debt of the Russian Federation, billion rubles.
		including state guarantees in Russian currency

From 1993 to 2014, the volume of domestic debt increased 1,603 times, amounting to 5,722.24 billion rubles as of January 1, 2014. From 1993 to 1998 there was a rapid increase in the volume of debt (2-4 times compared to previous year). In 2001-2002, there was a decrease in both the volume of debt and government guarantees in Russian currency by 45 billion and 0.8 billion, respectively. Then again a significant increase in 2002 by 1.3 times. Significant growth was also observed in 2011 compared to the beginning of the year, namely by 1250 billion rubles. or by 42.5%, as well as in 2013 compared to the end of 2012 (by 744.34 billion rubles, 14.95%).

The dynamics of the state internal debt of the Russian Federation, expressed in government securities of the Russian Federation, the nominal value of which is indicated in the currency of the Russian Federation shown in table 3.

Table 3 - Dynamics of the government internal debt of the Russian Federation, expressed in government securities of the Russian Federation, the nominal value of which is indicated in the currency of the Russian Federation in 2012-2014

Index





GRVZ 1991
Total domestic debt

The structure of the government internal debt of the Russian Federation, depending on the type of government securities of the Russian Federation, is shown in Figure 1.

Figure 1 - Structure of the government internal debt of the Russian Federation, expressed in government securities of the Russian Federation, the nominal value of which is indicated in the currency of the Russian Federation as of January 1, 2014, %

If we consider the structure of public debt as of January 2014, we can see that the main part is made up of OFZ-PD and OFZ-AD, that is, 2688.85 and 1045.98 billion rubles (or 60.66% and 23.6%), respectively . GSO-PPS is 475.55 billion rubles, GSO-FPS is 132 billion rubles. It is also worth noting that throughout the entire period under review, the amount of such securities as OFOZ remained unchanged in the amount of 90 billion rubles. GRVZ 1991 amount to 0.0001 billion rubles. V reporting period. In total, government internal debt, expressed in government securities, amounted to 3,546.43 billion rubles. as of January 1, 2012, 4,064.28 billion rubles. as of January 1, 2013 and 4,432.38 billion rubles. as of January 1, 2014.

Thus, over 22 years, the volume of domestic debt increased 1,603 times, amounting to 5,722.24 billion rubles as of January 1, 2014. The dynamics of the increase in domestic public debt occurs against the background of minor fluctuations in the external debt of the Russian Federation. External debt will be discussed in the next paragraph of the work.

5.2 Analysis of the external public debt of the Russian Federation

Since 1992, Russia began to actively attract Western loans, increasing its external debt, which was actively supported abroad. In return for financial support, Russia was required to maintain a course of reforms aimed at minimizing government intervention in the economy.

Currently, the problem of external debt in Russia is not as acute as it was 5-7 years ago. In recent years, the share of public external debt in the total volume of public debt of the Russian Federation has been steadily declining. This was due to the implementation in 2003-2005 of measures to replace external borrowings with internal ones, and its early repayment in 2005-2007 at the expense of the Stabilization Fund of the Russian Federation (Table 4).

Table 4 - Dynamics of public external debt of the Russian Federation in 1991-2014

Date (at the beginning of the year)	Amount, billion US dollars

In absolute terms, Russian external public debt as of January 1, 2014 amounted to $55.8 billion, which is one of the lowest figures in Europe. By relative indicators, Russian external public debt amounts to 3% of the country's GDP.

As of January 1, 2014, the volume of external debt compared to similar periods last year grew by $5.0 billion, which is about 10% of the volume. Its structure during this period of time is presented in Table 5.

Name	Amount, million US dollars	Equivalent to million euros**
State external debt of the Russian Federation (including liabilities former USSR, adopted by the Russian Federation)
Debt to official creditors - members of the Paris Club
Debt to official creditors - non-members of the Paris Club
Debt former countries Comecon
Commercial debt of the former USSR
Debt to international financial institutions
Debt on external bond loans
Debt under OVGVZ (domestic government foreign currency loan bonds)
State guarantees of the Russian Federation in foreign currency

In the structure of external debt, the share of government securities denominated in foreign currency, debt on loans from foreign governments and microfinance organizations is decreasing, and the share of government guarantees is increasing.

As of January 1, 2014, the bulk of the state external debt is the debt on external bond loans - $40.7 billion or 72.89% of the external public debt. Debt to international financial organizations amounts to 1.6 billion dollars 2.8%. About 2% of the structure of external public debt consists of commercial debt of the former USSR, debt under guarantees of the Russian Federation in foreign currency and debt to official creditors - members of the Paris Club. Debt to official creditors - not members of the Paris Club - $1.0 billion or 1.84% of the volume of external public debt. State guarantees of the Russian Federation in foreign currency increased significantly, which in the current period amounted to $11.4 billion.

Given the current inflation, domestic loans are issued at low interest rates. However, in general, both public internal debt and total external (state and corporate) debt are growing rapidly. Therefore, a more prudent debt policy is needed. Currently, there are many factors that determine the content of this policy, and, consequently, the ratio of both government internal and external borrowings, and the accumulated volumes of internal and external debt.

Thus, the analysis of external public debt allows us to note that in absolute terms, Russian external public debt as of January 1, 2014 amounted to $55.8 billion, which is one of the lowest figures in Europe. At the same time, its structure is dominated by debt on external bond loans and government guarantees of the Russian Federation in foreign currency.

Conclusion

State credit is a set of economic relations that arise in the process of formation by the state financial resources to finance budget expenditures and other government programs.

distribution;

regulatory;

test.

Debt obligations can be in the form of:

internal economic credit;

international government credit.

In the system of credit relations, internal state credit can take the following forms:

government loans;

conversion of part of the population's deposits into government loans;

borrowing funds from the national loan fund;

treasury loans;

guaranteed loans.

The traditional form of international credit is foreign trade credit. Also oldest form foreign trade credit - corporate loans. A company loan is most often implemented through an open account. With the growing scale and diversification of international trade, the share of corporate loans in the total amount of foreign trade lending began to decline, giving way to bank foreign trade lending, as well as bank financial and foreign exchange loans.

Public debt management tools include:

refinancing;

conversion;

consolidation;

unification;

cancellation;

debt restructuring.

The assessment of the public debt of the Russian Federation presented in the work allows us to draw the following conclusions.

From 1993 to 2014, the volume of domestic debt increased 1,603 times, amounting to 5,722.24 billion rubles as of January 1, 2014. From 1993 to 1998 there was a rapid increase in the volume of debt (2-4 times compared to the previous year). In 2001-2002, there was a decrease in both the volume of debt and government guarantees in Russian currency by 45 billion and 0.8 billion, respectively. Then again a significant increase in 2002 by 1.3 times. Significant growth was also observed in 2011 compared to the beginning of the year, namely by 1250 billion rubles. or by 42.5%, as well as in 2013 compared to the end of 2012 (by 744.34 billion rubles, 14.95%). If we consider the structure of public debt as of January 2014, we can see that the main part is made up of OFZ-PD and OFZ-AD, that is, 2688.85 and 1045.98 billion rubles (or 60.66% and 23.6%), respectively . GSO-PPS is 475.55 billion rubles, GSO-FPS is 132 billion rubles.

An analysis of the external public debt of the Russian Federation allows us to note that in absolute terms, the Russian external public debt as of January 1, 2014 amounted to $55.8 billion, which is one of the lowest figures in Europe. At the same time, its structure is dominated by debt on external bond loans and government guarantees of the Russian Federation in foreign currency.

List of sources used

Budget Code of the Russian Federation dated July 31, 1998 No. 145-FZ (as amended on December 28, 2013, as amended on February 3, 2014) // Information system"Consultant Plus"

Astapov K. Management of external and internal public debt in Russia / K. Astapov // World economy And international relationships. - 2014. - No. 2. - P.12-19

Beskova, I.A. Public debt management / I.A. Beskova. // Finance. - 2013. - No. 7. - P. 61 - 62.

State and municipal finance/ Ed. G.B. Pole. - M.: Unity, 2012. - 319 p.

Drobozina, L.A. Finance. Money turnover. Credit: textbook / L.A. Drobozina, L.D. Okuneva. - M.: Finance, UNIT, 2013. - 463 p.

Kolpakova, G.M. Finance. Money turnover. Credit: tutorial/ G.M. Kolpakova. - M.: Finance and Statistics, 2011. - 496 p.

Sabanti, B.M. Theory of finance: textbook / B.M. Sabanti. - M.: Manager, 2012. - 564 p.

Selishchev, A.S. Money. Credit. Banks / A.S. Selishchev. - St. Petersburg: Peter, 2021. - 432 p.

Finance: textbook / Ed. A.G. Gryaznova, E.V. Markina.- M.: Finance and Statistics. 2013. - 501p.

Chernysheva, T.Yu. Models of public debt management and issues of financing the budget deficit / T.Yu. Chernysheva // Finance and credit. - 2013. - No. 24. - P.17-24.

Topic 7. State credit

State credit as an economic and financial category.

Public credit management.

Borrowing activity of the state. The state as a borrower and as a lender.

State credit as an economic and financial category.

State loan - this is a set of economic relations between the state represented by its authorities and management, on the one hand, and individuals and legal entities, on the other, in which the state acts as a borrower, lender and guarantor.

Activities of the state as a borrower funds in quantitative terms is predominant.

Activities of the state as a creditor – quantitatively significantly lower.

Activities of the state as a guarantor manifests itself in cases where the state assumes responsibility for repaying loans or fulfilling other obligations undertaken by individuals and legal entities.

State credit as an economic category is the most important essential element of finance and a manifestation of the system of financial relations.

The very nature of the existence of the state is characterized by a number of objective contradictions. Among them is a contradiction between needs states in financial resources to perform national functions and mobilization opportunities required resources . The emergence of state credit is one of the options for resolving this contradiction.

State credit became especially widespread in the mid-twentieth century, when the financial policies of many states were formed under the direct influence economic theory Keynes and his followers. The need for government loans is closely related to the state of public finances, the availability and expenditure of financial resources in the country, i.e. with a budget deficit. Keynes considered budget deficits a lesser evil than the catastrophic drop in production during the period economic crisis and proposed increasing government spending beyond current government revenues to bring the economy out of crisis.

State loan is additional form mobilization state financial resources to finance national needs and perform its functions. It affects the secondary distribution of the value of the gross domestic product of society and concerns significant amounts of financial resources that are not distributed through the budgetary sphere.

As a link in the financial system, state credit serves the formation and use of centralized monetary funds of the state, i.e. budget and extra-budgetary funds.

Government credit (loan) is used, as a rule, to cover the budget deficit. This method is much more effective than issuing monetary resources. A government loan temporarily reduces the effective demand of the population and business entities, regulates (balances) the natural-material and cost proportions of society. With the help of a loan, within the framework of the law of monetary circulation, the required amount of money in circulation is regulated.

As a type of loan, state credit has a number of features that distinguish it from classical financial categories, for example, from taxes.

IN difference from taxes state credit has:

voluntary nature , although in the history of our state there are known cases of departure from the principle of voluntariness when placing loans;

returnable nature , if taxes move only in one direction - from the payer to the budget or extra-budgetary funds, then the contributed amount of the state loan is returned;

paid nature , i.e. Repayment of government loans comes with interest.

Government loans are different from other types of loans.

The difference between a government loan and a bank loan is as follows:

State credit is received by government and administrative bodies. Bank loans can be obtained by individuals and legal entities for purposes established by law.

At the central government level, government loans do not have a specific target. Whereas borrowing funds at lower levels has a fairly clearly defined target orientation. For example, loans for the construction of a new road or residential area.

The repayment period for a bank loan is strictly regulated and its violation leads to appropriate sanctions. State credit, as a rule, does not provide for economic sanctions against the state.

If a bank loan in some cases can cause the appearance of excess money supply in the national economic complex, then state credit is always a means of reducing the amount of money in circulation.

State credit is one of the forms of existence of public finances along with budgets and extra-budgetary public funds and is one of the main ways the state attracts additional funds and increases its financial capabilities.

State credit is a special, largely isolated part of the financial system. It has its own sources of income, their special purpose and procedure for use.

As one of the types of credit, state credit has a number of features that distinguish it from classical financial categories. It is voluntary.

At the central government level, government loans do not have a specific target.

1. Through the distribution function of state credit, the formation of centralized monetary funds of the state is carried out or their use on the principles of urgency, payment and repayment. Acting as a borrower, the state provides additional funds to finance its expenses.

The placement of new government loans to pay off debts on already issued ones is called refinancing of government debt.

2. The regulatory function of state credit lies in the fact that, by entering into credit relations, the state, voluntarily or involuntarily, influences the state of money circulation, the level of interest rates in the money and capital market, production and employment. The state regulates money circulation by placing loans from various groups of investors.

3. The control function of state credit is organically intertwined with the control function of finance. But it has its own specific features: it is closely related to the activities of the state and the state of the centralized fund of funds; covers the movement of value in both directions, since it assumes repayment and compensation for receiving funds; carried out not only by financial structures, but also by credit institutions.

Functions of state credit as a financial category. Myagkova E.L. Finance and credit State credit as an economic and financial category State credit as an economic and financial category

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Topic 7. State credit

State credit as an economic and financial category.