THORY OF FINANCE AND CREDIT

STATE CREDIT - AN INDEPENDENT ECONOMIC CATEGORY

Yu.Ya. VAVILOV, Candidate of Economic Sciences, Associate Professor Financial Academy under the Government of the Russian Federation

With the advent of the state, its needs arose, which had to be financed. This gave rise to categories such as state taxes, expenses, budget. With the development of the state, its functions expanded, 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 government revenue- non-tax payments.

Over time, taxes and non-tax revenues were not enough to cover all government spending, and the state was forced to resort to loans from monasteries, usurers, wealthy feudal lords, etc., governments of foreign states. The monarch and his government channeled funds obtained through loans to general fund financial resources and used to cover government spending, and the debts were calculated from tax revenues and non-tax revenues. Borrowing was the first and most common form of government credit.

However, the state in credit relations can act not only as a borrower, but also as a guarantor and creditor. If the state gives guarantees for loans (credits) received in the financial market by other persons, then it plays the role of a guarantor. Issuing loans through budget funds(less often - at the expense of funds formed on a loan basis), the state acts as a creditor, and the other party - as a borrower.

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 the authorities and the use of budgetary (less often -

borrowed) funds on a returnable and paid basis or to provide guarantees. In these relations, the authority acts as a borrower, guarantor or creditor.

Thus, the state credit expresses the relations of the secondary distribution of a part of the value of the gross domestic product and the national wealth of the country, as well as a part of the value of the national product of foreign states, resources of international capital markets and international financial organizations. Consequently, only part of the income and cash funds formed at the stage of primary and secondary distribution of the value of the newly produced and accumulated product. Usually they are temporarily free funds of the population and organizations (residents and non-residents), not intended for current consumption. The state credit of a particular country is also fed by the budgetary funds of the governments of foreign states, free resources of international financial markets and organizations (funds).

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 ability of the state to meet them at the expense of budget revenues. Financial support for enterprises, the social policy of the state, the fulfillment of its functions for the defense of the country and its management require constantly increasing budget spending. The international activity of the state also costs a lot of money. Meanwhile, state budget revenues are always limited by certain limits - the level economic development, value tax burden, current legislation etc.

Therefore, the authorities resort to state credit as a tool to mobilize additional resources in the domestic and foreign financial markets.

The expediency of using borrowing to form 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) to balance government revenues and expenditures. Damage is minimized by moving demand from individuals and legal entities (residents) to government agencies without increasing nominal aggregate demand and the amount of money in circulation, or by attracting resources from abroad.

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

Similar trends take place in the cash flow of organizations. Large temporary fluctuations in receipt of proceeds from the sale of products (works, services) may occur due to the duration of the production cycle or the seasonality of production. Temporarily free financial resources can be formed from legal entities due to the uneven implementation of large capital investments into production or social sphere. Reserve funds of organizations may be temporarily free. With the growth of the efficiency of social production, the possibilities of attracting economic entities to the sphere of state credit will increase.

The possibility of functioning of the external part of the state credit relations pre-

is supplemented by the constant availability of free resources in international financial markets and specially created interstate funds, which are at the disposal of international financial organizations.

This is how (with minor differences in the brightness of statements) the content of the state loan, the necessary and sufficient conditions for its functioning, are understood by the majority of authors of scientific, encyclopedic and educational publications. However, there is no unity of specialists in answering the following questions: a) is the state credit an independent economic category or is it, expressing only a certain part of financial relations, a financial category? b) state credit is not an economic or financial category, but just one of the forms of credit? The solution of the applied problem also depends on the answer to these theoretical questions: in what academic discipline should students study state credit relations - financial or credit?

Without a doubt, public credit is at the junction of two independent economic categories - finance and credit. This is pointed out by L.D. Androsova, L.A. Drobozina, S.G. Gorbushina, V.V. Kovalev, I.N. Myslyaeva and others. And this is true. On the one hand, state credit relations are carried out on a credit basis, since the cost moves on the basis of urgency, repayment and payment; on the other hand, these relations (as well as finance in general) arise together and in connection with the emergence of a political superstructure (the state) to meet its needs for additional financial resources. With the strengthening of the state, with the development of its functions, the intended purpose increased and the boundaries of the use of state credit expanded - the financial resources of public authorities are increasingly formed on a debt basis, and it is increasingly and on an ever-increasing scale used

Rice. 1. The relationship of credit and financial principles in the category of "public credit" (/ - public finance; 2 - credit; 3 - public credit)

It is used to secure borrowings by other persons (in the form of state guarantees) and to provide financial assistance to other authorities, including foreign governments, legal entities and international organizations (in the form of state loans).

Looking closely at the figure, one can draw an obvious conclusion: the imposition of a credit basis on a part public finance th relations gives rise to a new phenomenon - public credit, the boundaries of which are outlined by a segment - with new qualitative characteristics (spatial, color, etc.). This new phenomenon represents a specific part of the spectrum economic relations, since the interpenetration of the spheres of functioning and mixing characteristic features(“colors”) of credit and public finance gives rise to other significant features (“color”) of a new independent economic category.

Historically, state credit relations, which in the years of their formation and development were overwhelmingly expressed in state internal and external borrowings, leading to the formation of debts, were considered from the very beginning by scientists and statesmen as an element of public finance. So, in 1912 S.Yu. Witte wrote that from the end of the 17th century. the word “finance” began to mean “the totality of state property and, in general, the state of the entire state economy. In the sense of the whole material resources available to the state - its income, expenses and debts - this word is understood even now.

This statement, made at the beginning of the 20th century, in in full correspond to the conclusions formulated at the end of the 20th century by a recognized specialist in the field of international finance V.N. Sumarokov. In the fundamental work "Public Finance in modern economy”, noting that the category of public finance is a historical category, he analyzes the ideas about finance in developed foreign countries and in Russia of the Soviet and post-Soviet (i.e. in the conditions of the formation market economy) periods and concludes: “Thus, from the science of “finance” Soviet period remains that part of it, which, in principle, corresponds to world standards. IN developed countries Oh,

1 Witte S.Yu. Abstract of lectures on the national and state economy. - M.: 1997, p. 4.

As you know, “finance” is understood as the economic relations that arise between the state and the private sector. Its constituent parts are the state budget, the budgets of local authorities, off-budget funds and state credit... Modern Russian science of finance calls all this together “public finance”2.

The position of the author of the cited work, as well as the entire analysis of the essence of public credit relations carried out above, strengthens the opinion that modern researchers have no reason not to take into account the historical path of development of public finances with such attributes as public credit, external and internal debts, as well as the conclusions of financial science, which studied and generalized this path. The conclusion is unequivocal: public credit, being an independent economic category, is an element of public finance.

As for the position of individual scientists, according to which the state loan is just a form of credit and is not an independent category, it is refuted, for example, by analyzing the movement of funds attracted from investors in the framework of credit and state-credit operations.

On ri. 2 shows schematically that commercial Bank provides loans at the expense of resources attracted from the population and organizations (for this analysis it is not significant that the loan fund of the bank is replenished at the expense of equity). Borrowers use credit resources as capital, which participates in the production of new value, which is the source of repayment of the received loan and payment of interest on it.

We will not find such logical completeness in the movement of value in the case of a state-credit operation either when carrying out state borrowings or when providing state loans. Let us represent schematically the movement of value during government borrowing and public lending (Fig. 3.).

The analysis presented in fig. 3 of the scheme leads to a convincing conclusion: that logical and actual completeness in the movement of value, which we observe in the case of bank lending (the movement starts from investment

2 Sumarokov V.N. Public finances in the modern economy. - M.: INION RAN, 1998, p. 120.

Rice. 2. Expanded and general formula value movements in a credit transaction

b) repayment and maintenance public debt(in the volume of borrowings)

c) provision of government loans

Rice. 3. Movement of value during government borrowing and public lending

ditch, it also ends on them), when carrying out state external and internal borrowings, there is no - investor funds are directed to finance the budget deficit and at this point their movement (separated from other budget funds) stops. The repayment of the state external and domestic debt and its maintenance is carried out at the expense of other budgets in other financial years, and the specific sources will be collected taxes and proceeds from new borrowing. As for state foreign and domestic loans to foreign and domestic borrowers, they are provided at the expense of tax and non-tax revenues to the state budget, regardless of the fact of implementation and the possible scale of state borrowing3.

Thus, an analysis of the patterns of movement of investors' funds in the field of private and public credit clearly convinces us that we are dealing with different economic categories. These categories have a common basis - credit, but this is where their relationship ends. If, with the help of a private loan, the funds of investors, successively passing through the stages of distribution, production, exchange and again distribution, return to the creditor, and then to the investors (with an increase), then there is no such integrity and completeness of the circulation of investors' funds in the case of the functioning of the state credit.

Indeed, government foreign and domestic borrowing is usually carried out in order to cover the budget deficit; having financed the deficit and increased its debt, the state completed the borrowing operation. The repayment and servicing of debt obligations arising from the above-described operation to attract borrowings will be carried out at the expense of completely different sources. From the point of view of financial security and the complete absence of any connection with the funds of investors previously provided to the state as loans, the operation to repay and service external and internal debt is an independent operation. We must say the same about the granting by the state of external

3 In Russia, however, there are investment projects through and at the expense of international financial organizations, when loans (credits) are attracted under state guarantees, which are distributed among real borrowers and sub-borrowers. The Government of the Russian Federation in these operations acts as an intermediary and guarantor, without pursuing an independent loan and credit policy.

and domestic loans: from the point of view of resource provision, the absence of any connection with previously borrowed funds (by the way, borrowing may not be carried out at all) government lending- completely independent operation.

So, a single, logically completed cycle of the movement of investor funds within the framework of a private loan is not observed in the sphere of public credit, it is divided into three independent operations, the resource support of which are different sources, which begin their movement to achieve in each of the three cases completely specific, fundamentally different goals.

Let us strengthen the above considerations by analyzing fundamental differences between a state loan and a bank loan, which is the most common form of credit4. The essential features of these economic phenomena can be seen at least in the following areas. The first is related to historical aspect: state and bank credit are brought to life by different social needs. The emergence of state credit is connected with the needs of the political superstructure that it serves and with which it develops. Appearance banking form credit is caused by the needs of reproduction, its functioning is aimed at solving reproductive problems.

The second direction, in which there is a fundamental difference between state and bank credit, is related to the nature of the use of borrowed funds and the sources of repayment of debt obligations. State credit is used mainly for non-productive purposes (covering the budget deficit) and is repaid mainly through taxes and new borrowings. A bank loan is mainly of a productive nature, it is used by the borrower as capital, which creates sources for paying the amounts to repay the loan and interest on it.

The third direction is connected with the subjects of relations with the state and bank credit. An indispensable participant in state credit relations is a public authority; in bank lending, the state as a subject of relations is absent. This, of course, does not exclude the possibility that the bank may provide

4Money, credit, banks: Textbook / Ed. O.I. Lavrushin. - 2nd ed., revised. and additional - M.: Finance and statistics, 2000, p. 200.

a loan to the government, to act as an investor in the public debt market, and the authority to guarantee a bank loan transaction with an economic entity. However, these operations do not reflect private lending relationships, but public credit relations and an increase in public debt. Any credit operation in which at least one of the participating parties is represented by an authority is included in the scope of state credit.

Therefore, despite the striking feature of state credit relations as a form of existence of public finance, consisting in the repayment, urgency and payment of funds provided on loan, they cannot be confused with the category of credit in general and with a bank loan in particular. When it comes to a state loan, the borrowed funds are placed at the disposal of public authorities, turning into their additional financial resources. They are directed, as a rule, to cover the budget deficit, and the source of repayment of government borrowings and the payment of interest on them are budget funds or new borrowings. State credit, the emergence and existence of which is associated with the functioning of the political superstructure of society, the formation of additional financial resources at its disposal and the movement of budgetary funds on a returnable, urgent and paid basis, expresses a specific part of economic relations that have assimilated the features of both finance and credit. Historically, public credit is seen as a form of existence of public finance; as part of financial system countries, it is still functioning.

A completely different layer of analysis of the essence of public credit is the study of its interaction with loan capital, and in particular with state capital in loan form. Any capital begins to benefit society and income to its owner only in motion.

Rice. 4. The ratio of loan capital, state credit and the result of the government's borrowing operation

This fully applies to capital in loan form. Through government borrowing, the government enters the domestic and foreign capital markets. It mobilizes domestic, foreign and international, private, state (foreign states) and interstate resources for its needs, providing creditors with a sustainable income. The mobilization of these resources is carried out through public credit, which in this case acts as a form of movement of loan capital in all of its above-mentioned specific types. At the same time, when the creditors are the governments of foreign states, their legal entities and individuals, international financial organizations, the movement of loan capital is carried out in the form of its import by the borrowing state.

Similarly, the state credit acts as a form of movement of loan capital in case the government provides resources on loans to business entities (residents and non-residents), authorities of foreign states and international organizations. Only in this case we are talking about the movement of state capital in the form of loans. When government loans are provided to foreign or international borrowers, the movement of capital takes the form of its export (Figure 5).

With the development of local (municipal) self-government, relations related to the formation of additional (along with budget) financial resources owned by local governments. These relationships became known as municipal credit. The economic nature and purpose of a municipal loan are similar to the nature and purpose of a state loan. Therefore, the theoretical analysis of state credit relations is largely extrapolated to municipal credit relations with only one significant amendment: municipal credit serves the needs of non-government

Rice. 5. The relationship of loan capital, public credit and the results of its functioning

state, but local self-government, so the scope and influence of these relations are limited. The foregoing means that the concepts of “state credit”, “state and municipal credit”, “public or public credit” currently found in the economic literature from the point of view of theoretical analysis The essence of economic phenomena can be used as synonyms, expressing relations with their partners of public authorities at all levels (federal, regional and municipal), in which they act as borrowers, guarantors or creditors.

State credit can be internal and external. The main share of public spending is carried out in national currency, therefore, domestic state credit usually receives predominant development. But the broad international division of labor, the exchange of technologies and scientific and technical ideas, the provision of financial assistance to foreign states, and many other factors determine the intensive development of international public credit. In certain historical periods - the transition of the country to a different political or economic system, the crisis of the economy and finances, the weakness of the country's monetary system, serious disruptions in the work of the internal financial market and so on. - the development of external state-credit relations can significantly outpace the dynamics of internal state credit. In internal state credit relations, partners of the Russian government are Russian legal entities and individuals, others Russian authorities authorities; in external relations - foreign legal entities and individuals, authorities of other countries, international organizations.

External state credit, being a part of national state-credit relations, is at the same time a form of manifestation of a more general economic phenomenon - international (foreign) credit. This category expresses the movement of loan capital between the subjects of international economic relations on the terms of repayment and compensation. Modern economics this phenomenon has been thoroughly studied, which is reflected in scientific, encyclopedic and educational publications5. With the development of globalization, which is manifested, in particular, in the free movement of capital between countries, the attention of scientists and practitioners to international issues of the movement of loan capital is immeasurably increased.

Thus, public credit is an independent economic category that combines the features of credit and finance. As such, public credit historically (during its formation, development and to the present day) exists and is considered by specialists as a link, a form of existence of public finance. State credit is characterized by close interaction with other categories, in particular with loan capital, state capital in loan form, export-import of capital. In relation to these economic phenomena, state credit is a form of movement, a way of existence of loan capital (private and state, domestic, foreign and interstate), and in terms of the movement of value between the national government and external actors relations in the line of granting or attracting loans, state credit can be legitimately considered as a form of export and import of capital.

5 See, for example, Financial and Credit Encyclopedic Dictionary. - M.: Finance and statistics, 2002; History of the Ministry of Finance of Russia: In 4 vols. - Vol. IV / Authors' team. -M.: INFRA-M, 2002; International Monetary and Credit and Financial Relations: Textbook / Ed. L.N. Krasavina. -2nd ed., revised. and additional - M.: Finance and statistics, 2000; Money, credit, banks: Textbook / Ed.O.I. Lavrushin. - M.: Finance and statistics, 2000.

Along with budgets and off-budget state funds, it is one of the main ways for the state to attract additional funds and increase its financial capabilities.

Public credit is a special, largely separate part of the financial system. It has its own sources of income, their special purpose and order of use.

The existence of a state loan is quite natural, since credit financing of state expenses is due to an objective contradiction between the operation of the law of steady increase public needs and the limited budgetary possibilities of the state.

As an economic category, state credit is located at the junction 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 monetary funds of the state, i.e., extra-budgetary funds.

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

Government credit is different from other types of credit. When borrowing funds by the state, the loan is secured by all the property owned by it, the property of a given territorial unit or any of its income.

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

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

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

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

An important role in stimulating the development of production and employment is played by loans provided at the expense of the budgets of the territories or extra-budgetary funds. With their help, the accelerated development of certain regions or the necessary areas of the economy of a particular territory is ensured.

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

www. etu1621. people. en“Finance and Credit” Lecturer: Chigir M.V.

Lecture notes (file 7)

Topic 7. State loan

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 administration, on the one hand, and individuals and legal entities, on the other, in which the state acts as a borrower, creditor and guarantor.

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

The activity of the state as a creditor - quantitatively much lower.

The activity of the state as a guarantor manifests itself in cases where the state assumes responsibility for the repayment of loans or the fulfillment of other obligations assumed 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 the controversy 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 middle of the 20th century, when the financial policy of many states was formed under the direct influence of economic theory Keynes and his followers. The need for government loans is closely related to the state of public finances, the availability and spending of financial resources in the country, i.e. with a budget deficit. Keynes considered the budget deficit to be a lesser evil than the catastrophic drop in production during the period economic crisis and proposed to increase government spending beyond the current state revenues in order to bring the economy out of the crisis.

State loan is form of additional mobilization government financial resources to finance national needs and perform their functions. It affects the secondary distribution of the value of the gross domestic product of society, concerns significant amounts of financial resources that are not distributed through the public sector.

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

State credit (loan) is used, as a rule, to cover the budget deficit. This method is much more efficient than the issue of monetary resources. The state loan temporarily reduces the effective demand of the population and business entities, regulates (balances) the in-kind and cost proportions of society. With the help of a loan, within the framework of the law of monetary circulation, the necessary amount of money in circulation is regulated.

As one of the types of credit, 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 , although in the history of our state there are known cases of departure from the principle of voluntariness in the placement of loans;

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

paid character , i.e. repayment of government loans comes with interest.

Government credit is different from other types of credit.

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

The need for state credit 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 authorities and administrations. A bank loan can be received by individuals and legal entities for purposes prescribed by law.

At the level of the central government, government loans do not have a specific purpose. Whereas for borrowing funds for more low levels has a very clear target. For example, construction loans new road, residential area.

The term for repayment of a bank loan is strictly regulated and its violation leads to the emergence of 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-natural elements of the production and sale of goods, works and services.

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

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

Taxes are the main but not the only source of financing the costs associated with servicing and repaying the public debt. In the general formulation of the problem of public debt, the following main aspects can be distinguished: the structure and dynamics of public debt; debt service and restructuring management mechanism; the impact of public debt on the development of the country's economy. The complexity of the object requires the development of a specific approach to classifying the composition of the debt. The government debt is paid off...

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LECTURE 12

Number of hours 2

SUBJECT: STATE CREDIT AS AN ECONOMIC CATEGORY

Essence and functions of the state credit.
Forms of public credit and classification of public loans.
State internal and external debt.
State credit management system.

5. The state as a creditor and guarantor.

1. Essence and functions of the state loan

State credit is a set of economic relations between the state, on the one hand, and legal entities and individuals, on the other hand, in which the state acts as a borrower, creditor and guarantor.

The classical form of credit relations when the state acts as a borrower of funds.

In cases where the state assumes responsibility for the repayment of loans or the fulfillment of other obligations assumed by individuals and legal entities, it is a guarantor.

Credit relations, in which the state acts as a borrower and creditor, immediately affect the value of centralized monetary funds.

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 meet them at the expense of budget revenues. Therefore, in the presence of free financial resources among the population, organizations and enterprises, the authorities resort to the help of a state loan.

The possibility of mobilizing funds follows from the peculiarities of the formation and time of use of income received by individuals and legal entities.

As an economic category, state credit is located at the junction of two types of monetary relations - finance and credit. As a link in the financial system, it serves the formation and use of the centralized monetary funds of the state, i.e. budget and extrabudgetary funds. As one of the types of credit, public credit has the following properties: repayment and payment.

Features of the state loan:

If, when providing a bank loan, some specific values \u200b\u200bare used as security - goods in stock, work in progress, then when borrowing funds by the state, all property owned by it, the property of a given territorial unit or any of its income serves as security for the loan.
At the regional and local level, public credit is clearly targeted (for example, loans for the construction of a new road or housing estate).
Funds are attracted for a certain period. For example, the Law of the Russian Federation “On the State Internal Debt of the Russian Federation” provides that any debt obligations of the Russian Federation are repaid within the terms determined by the specific terms of the loan, but cannot exceed 30 years.

The essence of credit is manifested in its functions.

1. Distribution function. Through this function, the formation of centralized monetary funds of the state or their use on the principles of urgency, payment and repayment is carried out. The positive impact of the distributive function of public credit lies in the fact that with its help the tax burden is more evenly distributed over time. Taxes are the main, but not the only source of financing the costs associated with servicing and repaying the public debt. In the case of a productive investment of capital, the constructed object, after entering into operation, begins to make a profit, due to which the loan is repaid. In this case, there is no increase in the tax burden.

2. Regulating function. Entering into credit relations, the state affects the state of monetary circulation, the level of interest rates in the money and capital market, production and employment. The state regulates money circulation by placing loans among various groups of investors. In industrialized countries, a system of support for small businesses and exports of products by guaranteeing loans by the state is widespread. The guarantee consists in the repayment of debts to banks on loans.

3. Control function. Peculiarities:

is closely related to the activities of the state and the state of the centralized fund of funds;
covers the movement of value in a bilateral manner, since it implies the return and compensation of receiving funds;
is carried out not only by financial structures, but also by credit institutions.

Mainly controlled intended use funds, the timing of their return, the timeliness of payment of interest.

Forms of public credit and classification of public loans

The choice of a specific form of public debt is determined by the method of raising funds. If loans are provided by foreign countries, international financial institutions they are in the form of loans. Loans represent the government's debt to central banks. An important way to raise funds to finance the budget deficit is the issuance of government loans placed on the domestic and international financial markets.

State loans This is the main form of government credit, representing credit relations in which the state acts mainly as a borrower.

Government loans are classified according to the following criteria:

Depending on origin loan funds public debt is divided into internal and external.
Taking into account the subjects of credit relations, loans are divided into federal, regional and municipal. Unlike federal loans, local loans usually have a clear targeted focus and are issued to address specific programs.
Depending on the investor, loans are classified into:

placed among the population Government internal loan 1992;
sold among legal entities State internal loan 1991, treasury bills;
universal, to be distributed both among the population and among legal entities - State short-term obligations (GKO).

According to the sphere of circulation in the market, loans are market and non-market. Market loans are freely bought and sold. They are the main ones in financing the budget deficit. Non-marketable loans cannot freely change their owners and are not tradable on the market valuable papers. They are usually issued by the state in order to attract certain investors, whose specific interests are served. Thus, non-market government bonds are issued in developed countries to mobilize funds from non-state pension funds, insurance companies, and small investors.
Taking into account the period of attraction of funds, loans are divided into short-term (up to 1 year), medium-term (from 1 to 5 years), long-term (from 5 to 30 years). Short-term loans are used to finance current expenses. Usually bills are issued for this purpose. The central government issues treasury bills, local authorities municipal.
Depending on the nature of the income paid, debt obligations are divided into interest-bearing, winning, with a zero coupon.

Debt holders interest-bearing loan receive a fixed income annually by paying coupons or once when repaying a loan by accruing interest on the face value of securities (without annual payments). An example of interest-bearing debt is government short-term liabilities.

Payments of income on winning bonds are made on the basis of circulations of winnings at the time of redemption of the bonds.

Borrowed short-term government instruments do not have coupons. They are issued at face value and are sold at a discount from face value. These bonds are called zero-coupon bonds.

According to the obligation of the borrower to comply with the terms of repayment of obligations, loans are divided into two groups:

right early repayment;
without the right to early repayment.

According to the emission technology, government loans can be bonded and non-bonded. Bonded loans are accompanied by the issue of state securities. Non-bond loans are formalized by signing agreements, contracts, as well as by entries in debt books with the issuance of special certificates. Non-bond loans are used, as a rule, at the intergovernmental level.
According to the nature of debt repayment, loans are divided into repaid at a time and in installments.

There are three options for repayment of debt in installments:

repayment of the loan in equal installments within a certain period;
repayment of debt in increasing shares. This option should be used in cases of an expected increase in the borrower's income due to an increase in its business activity or the commissioning of an object for the construction of which borrowed funds were attracted and which is gradually gaining capacity and starting to bring more and more profit;
repayment of loans in declining installments. Such a system is preferable when a decrease in the borrower's income or an increase in his expenses is expected.

State internal and external debt

Public debt arises at certain moments in the functioning of the state, when its expenses begin to exceed revenues, when the budget deficit becomes a chronic phenomenon, and its coverage is carried out not by emission methods, but by government borrowing. The debt of government bodies is an organic element in the system of financial relations, the structure of assets and liabilities of the economy. In accordance with the Budget Code of the Russian Federation, “public debt Russian Federation are debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law, including obligations under state guarantees provided by the Russian Federation.

The main forms of debt obligations of the Russian Federation are as follows: loan agreements and contracts; government securities; agreements on the provision of guarantees by the Russian Federation, agreements of guarantors of the Russian Federation; re-formalized debt obligations of third parties into the public debt of the Russian Federation; agreements and treaties of the Russian Federation on the prolongation and restructuring of debt obligations.

In the present conditions, public debt is at the center of the country's economic problems, which requires the closest attention to this economic category and the problems associated with it. In the general formulation of the problem of public debt, the following main aspects can be distinguished: the structure and dynamics of public debt; a mechanism for managing, servicing and restructuring debt; the impact of public debt on the development of the country's economy.

The complexity of the object requires the development of a specific approach to classifying the composition of the debt.

Repayment of the public debt is made at the expense of state budget revenues taxes. The connection of loans with taxes is manifested when it comes time to pay interest and repay debts. However, in the face of huge public debt, these revenues are insufficient, and new government loans are usually issued to pay off the debt. The public debt is repaid through treasuries and banks by redeeming bonds on stock exchange or directly from creditors, by conducting redemption runs, sometimes in the form ofannuities, i.e. annual payments, including interest and the corresponding part capital amount debt.

Depending on the placement market, loan currency and some other characteristics, public debt is divided into internal and external, which have significant social differences.

In accordance with the recommendations of the International Monetary Fund, domestic debt is considered to be the obligations of government bodies, expressed both in national and in national currency. foreign currency. Which are owned by residents. External debt is government debt to non-residents.

Domestic debt includes loans received from national banks, government loans denominated in the national currency and placed on the national market, as well as government guarantees. Public internal debt is secured by all assets at the disposal of the Government of the Russian Federation.

Domestic debt consists of debts of previous years, newly arisen debts and debt obligations. former USSR in the part taken over by the Russian Federation. It may take the form of loans, government loans through the issuance of government securities and other debt obligations guaranteed by the Government of the Russian Federation.

The main legal act regulating the position on the internal debt of the Russian Federation was the Law "On the internal state debt of the Russian Federation" dated November 13, 1992. This law determined the concept, composition of the state internal debt, the principles of managing it and monitoring its condition, establishing the procedure his service.

The need to move to market methods of regulating the public debt and financing the budget from non-inflationary sources led to the emergence of government securities.

Government securities are a collection of debt obligations, bonds, treasury bills, etc., which are issued central government, local authorities, organizations and institutions. State-owned and attract temporarily free funds of the population and business entities.

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

The government sets the face value of the bond. It is marked on the bond and expresses sum of money. Provided by the holder of the bond to the state for temporary use. This amount is paid to the owner of the bond at the time of its redemption and interest is charged on it. However, the real yield of bonds for their holders may be higher or lower than the established nominal percentage. This is due to the fact that bonds can be sold at a market price that deviates from the face value. This deviation is called the exchange rate difference and depends on a number of factors. These include:

the amount of income paid on the loan;
the level of loan interest;
time of purchase of bonds;
degree of saturation stock market government securities;
degree of public confidence in the government.

The purposes of issuing government securities are:

financing the current budget deficit;
repayment of previously issued placed loans;
ensuring cash execution of the state budget;
financing targeted programs;
financial support for institutions and organizations of national socio-economic importance.

Within a single fiscal year, there may be short gaps between government revenues and expenditures. This may be due to the fact that the bulk of budget revenues fall on certain dates set for their payment and filing tax returns. At this time, budget expenditures are carried out more or less evenly throughout the entire fiscal year. To cover this gap, the state may resort to the issuance of short-term securities also for the purpose of cash execution of the budget. The issuance of some types of government securities can help to smooth out the unevenness of tax revenues, thereby eliminating the cause of the cash imbalance in the budget.

The government debt market in the Russian Federation in the early 1990s was at first nothing more than experimental steps to find new progressive forms of financing the budget deficit.

The issue of government debt obligations of the Russian Federation has been carried out since 1990.

State Russian Republican Domestic 5% Loan 1990 These securities were issued in denominations of 5,000, 10,000, 25,000 and 100,000 rubles. Validity - 16 years from January 1, 1990 to January 1, 2006. The annual income was 5%. It was assumed that the redemption of these bonds will be made starting from January 1, 1996 for 10 years on the basis of annual redemption runs.

The bonds of this loan were placed for 500 million rubles. A large number of bonds were sold commercial banks, because they had the right to consider them as required reserves in the Central Bank of the Russian Federation. After cancellation central bank of this provision (February 28, 1991), the demand for bonds fell sharply, and a significant part of them turned out to be unsold.

This loan is serviced through the Bank of Moscow.

2. In 1993, the issue of state short-term zero-coupon bonds (GKOs) began.

The issue of GKOs was carried out periodically in the form of separate issues for a period of 3.6 and 12 months. The nominal value of GKOs was 1 million rubles. The bonds were sold at a discount from face value discount and were first placed only among legal entities, and then among and individuals. GKO redemption was carried out at face value.

In the autumn of 1993, a decision was made to issue a new security - gold certificates (GC), which was the most expensive security. Its face value is 10 kg of gold assay 0.999. The ruble denomination depended on the price of gold on the stock exchange of non-ferrous metals and the exchange rate of the US dollar against the ruble on the currency exchange.

By the middle of 1995, a new debt instrument with a maturity of more than one year was accepted on the securities market bonds federal loan(OFZ). OFZ had a nominal value of 1 million rubles. and were nominal coupon medium-term securities. The owner of the bond had the right to receive the amount of the principal debt corresponding to the face value of the bond, as well as to receive coupon income in the form of interest accrued on the face value.

A significant problem for determining domestic debt is the Federal Law adopted in 1995 "On the restoration and protection of savings of citizens of the Russian Federation." Under this law, the state guarantees the restoration and preservation of the value of monetary savings created by citizens of the Russian Federation by placing funds in deposits with the Savings Bank of the Russian Federation in the period up to June 20, 1991, in deposits in organizations state insurance by contract types personal insurance before January 1, 1992, into government securities, the placement of which was carried out on the territory of the RSFSR before January 1, 1992. According to the second article of this law, citizens' state savings are recognized as public debt. This debt is 300 billion rubles.

The ceiling on domestic public debt is set annually federal law on the federal budget for the respective year.

The state external debt is formed at the expense of state external borrowings. These include credits (loans) attracted from foreign sources. According to which state financial obligations of the Russian Federation arise as a borrower or guarantor.

Limiting volumes of state external debt, the limits of external borrowings on the next fiscal year are approved by the federal law on the federal budget with a breakdown of the debt by form of securing obligations.

The maximum volume of state external borrowings of the Russian Federation should not exceed the annual volume of payments for servicing and repayment of the state external debt of the Russian Federation.

The government has the right to carry out external borrowings in excess of the amount established by the Federal Budget Law. If, at the same time, it restructures the state external debt, which leads to a decrease in the cost of servicing it.

The restructuring of the public debt is the repayment of debt obligations with the simultaneous implementation of borrowings in the volume of debt obligations to be redeemed with the establishment of other conditions for servicing debt obligations and their maturity. It can be carried out with a partial write-off of the principal amount.

List of external borrowings federal budget for the next financial year, indicating the purpose, sources, terms of repayment, total borrowings, the amount of funds used on the loan before the beginning of the financial year and the amount of borrowings in this financial year, is reflected in the Program of State External Borrowings of the Russian Federation.

The Government of the Russian Federation has the right to carry out external borrowings that are not included in the program of state external borrowings, not included in the Program, if these external borrowings are carried out in the process of restructuring the state external debt, which leads to a decrease in the cost of servicing it within its established limit.

The volume of the state internal debt of the Russian Federation

As of	The volume of the state internal debt of the Russian Federation, billion rubles
As of		Total	including state guarantees of the Russian Federation in the currency of the Russian Federation
01.01.1993	3,57	0,08
01.01.1994	15,64	0,33
01.01.1995	88,06	2,14
01.01.1996	187,74	7,46
01.01.1997	364,46	17,24
01.01.1998	490,92	3,47
01.01.1999	529,94	0,88
01.01.2000	578,23	0,82
01.01.2001	557,42	1,02
01.01.2002	533,51	0,02
01.01.2003	679,91	8,62
01.01.2004	682,02	5,58
01.01.2005	778,47	12,93
01.01.2006	875,43	18,86
01.01.2007	1064,88	31,23
01.01.2008	1301,15	46,68
01.01.2009	1499,82	72,49
01.01.2010	2094,73	251,36
01.01.2011	2940,39	472,25
01.01.2012	4190,55	637,33
01.01.2013	4977,90	906,6
01.01.2014	5722,24	1289,85

The state of external debt in the Russian Federation

At the end of 1991, with the collapse of the USSR, the problem of the division of external debt arose, which, as of January 1, 1992, was equal to 65.1 billion dollars (excluding unpaid interest and debts of the USSR in non-convertible currency). This volume of external debt brought the former USSR to the fifth position after Brazil, Mexico, Indonesia and India in the list of countries largest debtors. Of the total debt accounted for government obligations, and 26 billion dollars were provided to the USSR by private banks creditors.

On October 29, 1991, 12 out of 15 republics, with the exception of the Baltic republics and Georgia, signed a Memorandum of Understanding regarding debt to foreign creditors of the USSR and its successors. Representatives of the "big seven" also participated in the signing.

In accordance with the memorandum, Russia's share in the total external debt amounted to 61.34% of its value.

At the end of 1992, in view of non-payments from the states of the former USSR, Russia took the initiative to take all responsibility to creditors upon itself, and to resolve issues with the republics on its own. The bilateral agreement on the "zero option" provided for the transfer to Russia of all external debt by the second contracting party, with the latter's simultaneous renunciation of the corresponding share of the assets and property of the former USSR abroad.

This agreement contributed to the renewal of agreements with creditors of the former USSR. In April 1993, the Western side officially recognized Russia the only state responsible for the debts of the former USSR.

Since 1992 Russia is a member of the main international financial organizations IMF, IBRD, IFC (International financial corporation). It was this year that the use of foreign loans reached its peak. As a result, by the beginning of 1993, Russia's foreign debt increased by about $85 billion.

The structure of the state external debt of the Russian Federation* as of February 1, 2014
	million US dollars	equivalent million euros**
Government external debt of the Russian Federation (including obligations of the former USSR assumed by the Russian Federation)	55 750,9	40 855,1
Debts to official creditors - members of the Paris Club, not subject to restructuring	161,4	118,3
Debt to official creditors - not members of the Paris Club	1 026,2	752,0
Debt to official creditors - former CMEA countries	948,1	694,8
Commercial debt of the former USSR***	22,3	16,3
Debt to international financial organizations	1 527,7	1 119,5
Debt on external bonded loans	40 660,7	29 796,8
External bond issue maturing in 2015	2 000,0	1 465,6
External bond issue maturing in 2017	2 000,0	1 465,6
External bond issue maturing in 2018	3 466,4	2 540,2
External bond issue maturing in 2019	1 500,0	1 099,2
External bond issue maturing in 2020	3 500,0	2 564,9
External bonded loan maturing in 2020	1 023,4	750,0
External bond issue maturing in 2022	2 000,0	1 465,6
External bond issue maturing in 2023	3 000,0	2 198,5
External bond issue maturing in 2028	2 499,9	1 832,0
External bond issue maturing in 2030	15 171,0	11 117,5
External bond issue maturing in 2042	3 000,0	2 198,5
External bond issue maturing in 2043	1 500,0	1 099,2
OVGVZ debt
State guarantees of the Russian Federation in foreign currency	11 399,0	8 353,4

4. Government credit management system

Public credit management can be considered in a narrow and broad sense. Public credit management in a broad sense refers to the formation of one of the directions of the state's financial policy related to its activities as a borrower, creditor and guarantor. Public credit management in a broad sense, as one of the areas of financial policy, is in the hands of the authorities and state administration. It is they who determine the total amount of the budget deficit and, consequently, the amount of loans needed to finance them, the main directions and goals of influencing money circulation, credit, production, employment, the possibility and expediency of implementing nationwide programs to support small businesses, certain regions of the country, etc. .P.

Chronic shortage of state and local budgets and high public debt are typical at the present stage for most industrialized countries. As a result of the credit expansion of the state, other borrowers are being squeezed out of the financial market, high stakes for a loan. Huge public debt service costs are eating up an increasing share of tax revenues. Therefore, the reduction of budget deficits and public debt is regarded by the authorities of the United States and the countries of the European Union as one of the most urgent tasks. In particular, EU member states have already agreed that in a united Europe, public debt should not exceed 60% of GDP. However, the question of economic sanctions for violators remains open.

Public credit management in the narrow sense is understood as a set of actions related to the preparation for the issuance and placement of government debt obligations, regulation of the government securities market, servicing and repayment of government debt, and the provision of loans and guarantees.

In the process of public credit management, the following tasks are solved:

minimizing the cost of debt for the borrower;
preventing the market from being overwhelmed by state debt obligations and sharp fluctuation their course.

In the system of actions for managing public credit, the most important is the servicing and repayment of public debt, since all such costs are carried out at the expense of budgetary funds, creating an additional burden on the budget, and late payments lead to an increase in the amount of debt due to penalties.

Servicing the public debt involves the implementation of measures to place debt obligations, the payment of income on them, the repayment of the debt in full or in part. Debt repayment involves the full repayment of the principal amount of the debt and interest on it, as well as fines and other payments related to the untimely repayment of the debt.

In the context of a significant increase in public debt and budget deficit, the government is forced to resort to different ways debt regulation.

Refinancing is paying off old debt by issuing new loans.

Conversion change in the yield of loans.

Consolidation increase or decrease the duration of already issued loans. It involves easing the terms of debt repayment in the form of deferred payments and repayment.

Unification of loans combining several loans into one, when bonds of already issued loans are exchanged for bonds of a new loan.

The goal is to reduce the number of types of securities circulating simultaneously, which simplifies work and reduces the state's debt service costs. The unification of government loans is usually carried out together with consolidation, but can be carried out without it.

Deferral of loan repayment differs from consolidation in that in this case not only the repayment terms are postponed, but also, as a rule, the payment of income is stopped.

Conversion, consolidation, unification of government loans and the exchange of government bonds are usually carried out only in relation to domestic loans. With regard to postponing the repayment of obligations, this measure is also possible in relation to external debt. It is carried out by agreement with creditors.

5. The state as a creditor and guarantor

The Budget Code of the Russian Federation delineatesbudget loans And budget loans.In Art. 6 of the Budget Code of the Russian Federationbudget creditdefined as “a form of financing of budgetary expenditures, which provides for the provision offunds to legal entities or other budget forpenalty and reimbursable bases. Budget loan budget funds provided to another budget on a returnable, gratuitousor on a reimbursable basis for a period not exceeding six months inwithin the financial year.

As borrowers of federal budget fundsmay perform:

budget institutions. Budget codeRF (Article 118) provides that budgetary institutions do not have the rightreceive loans from credit institutions and other individuals andlegal entities, with the exception of loans from the budget and stateoff-budget funds;
state and municipal unitary enterprises;
legal entities that are not state or municipal unitary enterprises And budget institutions;
executive authorities of lower budgets;

According from Art. 76 BC budget credit to legal entities that are not state or municipal enterprises, can be granted only if the borrower provides security for the performance of the obligation to repaycredit. Only bank guarantees, guarantees, pledge of property in the amount of at least 100% of the loan provided can be security methods.

A prerequisite for granting a budget loan is a preliminary check of the financial condition of the borrower. The purposes for which a budget loan can be granted, the conditions and procedure for granting are determined upon approval of the budget for the next financial year.

Interest-free budget loans from the federal budget can be provided to the subjects of the Russian Federationwithin the financial year to cover:

temporary cash gaps, arising from the execution of the budgets of the constituent entities of the Russian Federation;

temporary cash gaps arising in the budgets of the constituent entities of the Russian Federation due to discrepancies in the timing of the repayment of funds by borrowers in regional funds state financial support for early delivery of products to the regions of the Far North and equivalent areas with limited terms for the delivery of goods on previously granted loans and the timing of the purchase and delivery of goods to these areas and areas.

IN unlike the Federation, the constituent entities of the Russian Federation continue to actively use budget loans to support various industries economy.

Budget lending is carried out subject to the collection of interest for the use of budgetary funds based on the refinancing rate of the Central Bank of the Russian Federation in force at the time of the loan, but not less than 1/4 of this rate.

IN in accordance with the Budget Code of the Russian Federation (Article 122)government loans,provided by the Russian Federation to foreign states, their legal entities and international organizations are credits (loans) under which foreign states, their legal entities and international organizations have debt obligations to the Russian Federation as a creditor.

Debt obligations of foreign states to the Russian Federation as a creditor formdebt of foreign states to the Russian Federation.

Currently heavy financial position does not allow the Russian Federation to act on the world market as an active creditor. However, in the 1970s and early 1980s, the USSR played an important role on the world stage as one of the leading creditor states. The scope of such activities, in particular, is evidenced by the volume of debt of foreign borrowers at the end of the 80s to the USSR 90 billion rubles. (at the rate of the State Bank of the USSR of those years, 1 dollar was equal to 0.67 rubles).

To facilitate the collection of debts, the leading creditor countries united in the Paris Club of creditors.

Russia's accession to the Paris Club (club of creditors) meant new stage building itrelations with debtors (a memorandum on Russia's accession was signed on September 22, 1997).

When settling with debtors, the Russian Federation uses various forms debt repayment. In particular, the supply of goods in repayment of state loans granted by the USSR and the Russian Federation has become widespread. For goods imported into the Russian Federation for these purposes, tax benefits have been established.

The economic growth observed in the Russian Federation in 20002002 made it possible to increase in 2003 the volume of loans granted to foreign countries. The law on the federal budget for 20 .... provides for lending to countries far abroad at the rate of

Almost all loans are connected, i.e. they are intended to finance the supply and services of Russian enterprises and thus contribute to the development of the production base in Russia itself. Among the parent companies that will receive loans are Atomstroyexport, Selkhozpromexport, and Zarubezh-neft.

The Budget Code of the Russian Federation considersstate guaranteeas a way to ensure civil law obligations,by virtue of which, respectively, the Russian Federation or the subject of the Russian Federation garagegives a written obligation to be responsible for the fulfillment by the person to whom the guarantee is given, obligations to third parties in whole or in part.

Guarantees are provided, as a rule, on a competitive basis. The guarantor under the state guarantee bears subsidiary liability in addition to the liability of the debtor but the obligation guaranteed by him. However, guarantees for obligationsconstituting the state external debt of the Russian Federation, canprovide for joint and several liability of the guarantor (BC RF, Art. 115).

The total amount of guarantees of the Russian Federation in the currency of the Russian Federation is included in the composition of the state internal debt, and in foreign currency - in the composition of the state external debt. When providing a guarantee, the financial condition of its recipient is necessarily checked (BCRF, Art. 116).

The budget law for the next financial year should establish a list of guarantees provided to individual subjects of the Russian Federation, municipalities and legal entities in an amount exceeding 0.01% of the corresponding budget expenditures.

The Russian Federation can act as a guarantor for the obligations of subjects of the Russian Federation, as well as legal entities. Legal entities may receive state guarantees for highly efficient investment projects.

Traditionally, the government guaranteesdeposits of the population in the Savings Bank. The Law “On the Restoration and Protection of the Savings of the Citizens of the Russian Federation”, adopted in 1995 (No. 68-FZ), once again emphasizes that the state guarantees the restoration and preservation of monetary savings created by citizens of the Russian Federation by depositing funds:

on deposits in state insurance organizations of the Russian Federation under contractual (accumulative) types of personal insurance in the period up to January 1, 1992.

An example of state guarantees of debts of commercial structures on bonds is the guarantee of bonds of RAO High-Speed Railroads, which itself could not fulfill its obligations, and in accordance with the guarantees they were transferred to the Ministry of Finance of the Russian Federation for execution.

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Non-state educational institution

Higher professional education

Siberian Institute of Business, Management and Psychology

Faculty of Economics

Course work

Subject "Finance"

Theme "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 of any industries economic activity the state needs to redistribute excess capital between sectors, taking into account market benchmarks, in 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, state credit also takes part. From each other, these forms differ in the composition of participants, the object of loans, the dynamics, the amount of interest and the scope of operation. State credit is one of the main (along with taxes) tools for solving the problems of the movement of the balance of budget revenues and expenditures.

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

The purpose of this work is to consider the state loan as one of the main tools for solving the economic problems of the Russian Federation.

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

1. State loan as an economic category

State credit - one of the forms of credit relations, which has the following characteristics of 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, urgency and payment (in exceptional cases, an interest-free loan of resources is allowed);

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

Government 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 formed at the stage of primary distribution of value. Funds directed to consumption funds are redistributed through the state credit. 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 agencies can consciously limit consumption, and funds intended for current production or social needs are drawn into the sphere of state credit (there were examples in history when such a restriction of needs occurred under the coercion of the state - subscription to state loans ).

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

Unlike taxes, a government loan has:

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

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

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

Also, the state loan is different from other existing species loan.

The main differences between a state loan and a bank loan are presented in table 1.

Table 1 - Differences between a state loan and a bank loan

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
The beneficiary is the authorities and administrations	Can be received by any individuals and legal entities for the purposes established by law
Government loans do not have a specific target character	It has a clearly defined target orientation.
State credit, as a rule, does not provide for economic sanctions against the state	The return period is strictly regulated; its violation entails 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 the 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 state loan and a bank loan is as follows:

State credit is received by authorities and administrations. A bank loan can be obtained by individuals and legal entities for the purposes established by law.

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

The economic interests of participants in bank lending (the lender and the borrower) coincide. With a state loan, the interests of the participants in credit relations are isolated. The interests of state creditors sometimes have political, environmental, corporate and other separate goals, which in the final form have an economic form, but until this state is obtained, they are repeatedly transformed and modified.

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

Having given a description of the state credit as an economic category, let's move on to its consideration from the point of view of the financial category.

2. State loan as a financial category

Financial relations that arise between economic entities in connection with the transfer of free funds (value) to each other for temporary use on the principles of repayment, payment and voluntariness are called credit. The purpose of the loan as a financial category is to meet the temporary needs for additional funds of some economic entities and to facilitate the favorable allocation of free funds for others.

distribution;

regulatory;

control.

Let's take a closer look at these functions.

1 Fiscal (distributive).

Through the fiscal function of the 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 industrialized countries, government loans are the main source of financing the budget deficit. IN modern conditions income received from government loans became the second method of financing budget expenditures after taxes. This is due to the faster rate of growth in spending compared to the increase in tax revenues.

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

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

In case of unproductive use of capital mobilized as a result of state loans, for example, financing military or social expenditures at their expense, taxes or new loans become the only source of their repayment. Placing debt on already issued is called refinancing the public debt.

The severity of the tax burden carried over to other generations depends on the term of the borrowing and the interest on the loan paid by the borrower. The higher the profitability of the state loan for investors, the greater part of the taxes the state is forced to direct to their repayment. The larger the amount of debt, the higher the share of funds allocated for its service.

2. Regulatory function.

The regulatory function of public credit also plays an important role. Entering into credit relations, the state voluntarily or involuntarily influences the state of money circulation, the level of rates in the money and capital market, production and employment. Consciously using the 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 the funds of individuals, the state compresses their effective demand. Then, if production costs, for example, investments, are financed at the expense of the loan, there will be an absolute reduction in the cash supply in circulation. In the case of financing labor costs, for example, for 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.

Acting in the financial market as a borrower, the state increases the demand for borrowed funds and thereby contributes to the growth of the loan price. The higher the demand of the state, the higher, with other equal conditions the level of interest, the more expensive credit becomes for entrepreneurs. high cost borrowed money forcing businessmen to reduce investment in the sphere of production, at the same time, it stimulates accumulation in the form of the purchase of government securities.

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

The state has a positive impact on production and employment by presenting a demand for nationally produced goods at the expense of funds borrowed from abroad, acting as a guarantor and creditor. In industrialized countries, a system is widespread to support small businesses, exports of products or production in certain areas experiencing a decline, by guaranteeing government loans provided by banks in accordance with relevant programs.

Support for small businesses assumes that the state assumes the repayment of debts to banks on loans provided to small entrepreneurs in the event of their bankruptcy. Most industrialized countries have state or semi-state 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 an important role in stimulating the development of production and employment. With their help, the accelerated development of certain regions or the necessary areas of the economy of a particular territory is ensured.

3. Control function.

The control function of state credit is organically woven into the regulatory function of finance. However, it has its own specific features generated by the features 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 in a bilateral manner, since it implies the return and compensation of receiving funds;

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

In general, the intended use of funds, the timing of their return and the timeliness of payment of interest are controlled.

The next step in the characterization of public credit is to consider its types.

3. Types of debt obligations

Debts can take two forms. The form of credit is understood as the external manifestation of the content of those economic relations that the credit expresses. Two forms of public credit are widely used:

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

the 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 backing (1924) and the elimination of the budget deficit).

Debts can also take the form of:

domestic economic credit;

Let's consider them in more detail.

1. Domestic economic credit.

government loans;

treasury loans;

guaranteed loans.

A). State 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 entitles its owner to receive back the amount of debt and interest after a certain period of time. By selling a bond, the state undertakes to repay the amount of debt within a certain period of time with interest or pay income to creditors during the entire period of use of borrowed funds, and after the expiration of the period, return the amount of debt.

The state sets the face value (nominal price) of bonds. It is indicated on bonds and expresses the amount 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 redemption and interest is charged on it. However, the real yield of bonds for their holders may be higher or lower than the established nominal percentage. This is due to the fact that bonds are sold at a market price that deviates from face value. This deviation is called the exchange rate difference and depends on a number of factors. These include, in particular, the amount of income paid on a loan, the level of interest on loans, the time of purchase of a bond, the degree of saturation of the stock market with government securities, the attractiveness of the conditions for issuing private securities, the state of the economic situation, the degree of public confidence in the government.

Free quotation of government loan bonds on the stock exchange is a mechanism for taking into account all the factors that affect the exchange rate 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 cautious attitude of lenders to state credit operations; it is generated by a departure from the requirements of the laws of development of the stock market and violations by the state of its obligations; forced distribution of loans, a sharp restriction of the liquidity of state securities, freezing of state debt, etc.

Another type of government loans are treasury bonds, which differ from bonds in the purpose of issuance, the form of payment of income and freedom of circulation. Funds from the sale of bonds are directed to the budget, off-budget funds or for special purposes. Funds from the implementation of treasury obligations are directed only to replenish the budget. Bond income may be paid in interest, winnings, or not paid at all. Treasuries pay income in the form of interest. Bonds can be either freely transferable or restricted. Treasury bills have only a limited range of circulation and implementation only among the population.

State internal loans 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.

On the basis of holders of securities, loans can be divided into:

implemented only among the population;

sold among legal entities;

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

Depending on the form of payment of income, there are:

interest-bearing loans;

winning loans;

interest-bearing loans;

safe loans;

interest-free (targeted) loans.

Owners of debt obligations of interest-bearing loans receive a fixed income annually by paying coupons or once when repaying a loan by accruing interest on the face value of securities (without annual payments). For winning loans, bondholders receive all income in the form of winnings at the time the bonds are redeemed. Income is not paid on all bonds, but only on those that are included in the winning draws. The conditions for issuing interest-bearing loans provide for the payment of part of the income on coupons, and the other part in the form of winnings. No-lose loan issues ensure that over the life of the loan, the payoff falls on every bond. Currently, interest-winning and no-losing 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 product, the demand for which has not yet been fully satisfied. Local authorities may targeted loans for the construction of roads, the implementation of work on the protection environment, financing of other activities in which the population of the administrative-territorial unit is interested.

By maturity, loans are divided into:

short-term loans - maturity up to 1 year;

medium-term loans - maturity up to 5 years;

long-term loans - maturity over 5 years.

According to the placement method, loans are divided into:

voluntary loans;

subscription loans;

forced loans.

Each method of placing loans has its own method of implementation. Bonds of voluntary loans are freely sold and bought by banking institutions. Forced loans are distributed to creditors by virtue of a government regulation providing for strict liability 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 massive political campaign that makes them essentially mandatory. This is possible in a totalitarian regime. Currently, only voluntary loans operate in our country.

Government loans can be:

bond;

non-bond.

Bonded loans are accompanied by the issue of state securities. Non-bond loans are formalized by signing agreements, contracts, as well as by entries in debt books and the issuance of special certificates. Currently, bondless loans are used at the intergovernmental level.

b). In close connection with state loans is the second form of state credit, the functioning of which is mediated by a system of savings institutions (banks, cash desks, etc.) - the conversion of part of the population's deposits into state loans.

Unlike the first form of government credit, when individuals and legal entities buy securities at the expense of their own temporarily free cash, savings institutions provide loans to the state at the expense of borrowed funds. The presence of an intermediary between the state and the population in the person of savings institutions and the provision of a loan by the latter to the state at the expense of borrowed funds without the knowledge of their real owner (the population) makes it possible to single out 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 market securities (bonds, treasury bills), as well as registration of non-bonded loans. Bondless loans are essentially perpetual. They are issued by the state not by issuing securities, but by directly recording the amounts in the accounts of the relevant institutions and in the public debt book. The terms of repayment of such loans are not specified in advance, but the state reserves the right to redeem the loan and undertakes to pay interest for the entire period of its validity. Obviously, the interest on deposits held in savings institutions cannot be lower than official level inflation. For the savings business to be more active, the accrued interest must exceed this level in order to ensure that the depositor receives at least a minimum income. In our country, this is now achieved through the purchase of state debt by Sberbank.

V). Borrowing funds from the national loan fund, as a form of state credit, is characterized by the fact that state credit institutions directly (without mediating these operations by purchasing government securities) transfer part of the credit resources to cover government expenses. This form of public credit functions in a totalitarian society. It contributes to the development of inflationary processes, which is especially dangerous in the conditions of strict control over the issue of banknotes by democratically elected bodies. Therefore, the full 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 administration at the expense of budgetary funds on 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 the 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, state bodies can provide financial assistance to economic entities in whose stable operation they are interested, but on the terms of repayment, urgency, and payment.

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

e). Under guaranteed loans, the government is actually financially liable only in the event of the insolvency of the payer. 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, an international loan was the provision of foreign exchange and commodity resources to enterprises and financial institutions of one country to enterprises, financial institutions and the government of another country on terms of repayment, urgency and payment. Lenders and borrowers were representatives of two different countries. In this case, the national capital market has always been the source of financing the commodity credit and the transfer of foreign exchange resources. 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 are terms, interest rate, the amount of commissions, repayment terms, methods of risk insurance - significantly affect the competitiveness of the goods. The longer the term of the loan, the lower its cost (interest plus commission), the more benefits the lender provides, the higher the competitiveness of the product on the world market, all other things being equal.

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

Credit on an open account is carried out through the banks of the importer and exporter. A debt agreement is concluded between the exporter and the importer, under which the former writes to the account of 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 and pay interest. With a corporate loan, the importer often makes a so-called purchase advance in the amount of, most often, 10-20% of the cost of delivery on credit, which represents a kind of obligation to accept goods supplied on credit.

Among the most significant disadvantages of a corporate loan, from the point of view of the importer, are:

limited loan terms;

relatively small volumes of lending;

rigid attachment of the importer to the products of the supplier's company.

Therefore, with the growth in 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.

A foreign trade bank loan has certain advantages from the importer's point of view over a corporate loan: the possibility of some maneuver in choosing a company supplier of certain products; more long terms credit; large volumes of supplies on credit; comparatively lower cost of the loan.

Initially, banks entered the sphere of foreign trade as creditors of exporting firms. Therefore, such foreign trade credits are referred to as supplier credits.

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

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

Having considered the main forms and types of debt obligations, let's move on to studying the methods of public debt management.

4. Methods of public debt management

Public debt management - a set of government measures to pay income to creditors and repay loans, change the conditions of already issued loans, determine the conditions and issue new government securities.

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

Among the main instruments of public debt management are:

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

conversion - the transformation of debt obligations into new obligations, a change in the size of the revenue part of the obligations assumed;

consolidation is a change in the duration 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 the renunciation of accepted debt obligations in part or in full.

debt restructuring - based on an agreement, the termination of debt obligations constituting state or municipal debt, 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 cancellation (loan cancellation);

Debt buyout - the borrowing country will buy its debt obligations on the 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 conversion of debt obligations into new obligations that improve the condition of the borrower or financially, or in terms of perspective.

The conversion is carried out by the following swap operations:

"debt for cash" - redemption of debt at a discount on non-guaranteed commercial debt;

"debt for export" - this scheme supports competitive domestic production, helps to increase their exports;

"debt for taxes" - when implementing this scheme, a legislative establishment is necessary tax breaks for investors-holders of Russia's external debt. Such a conversion is provided only for new investments in priority sectors;

"debt into bonds" - debt restructuring 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" - a swap of external liabilities into financial assets.

The payment of income on loans and their repayment are usually made at the expense of budgetary funds. However, in the context of a significant increase in public debt and growing budgetary difficulties, the country may also resort to refinancing public debt.

Refinancing is actively used in the payment of 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 the circles of the international financial market, its economic and political stability.

The state takes care of the effectiveness 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 public credit system. Relatively full view on the effectiveness of public credit operations gives the ratio of the excess of revenues over expenditures under the public credit system to the amount of expenditures, expressed as a percentage. Credit efficiency (E) is determined by the following formula:

E \u003d (P -R) / R H 100 (1)

where P - receipts from the state credit system;

Р - expenditures under the system of state credit.

According to the external public debt is determined by the ratio of its service. It represents the ratio of all debt payments to the country's foreign exchange earnings from exports of goods and services, expressed as a percentage. A safe level of public debt service is considered to be its value up to 25%.

Such measures in the field of public debt management as conversion, consolidation, exchange of bonds according to a regressive ratio, deferral of repayment and cancellation of loans are aimed at achieving the effectiveness of public credit.

In conclusion, consider the state of the debt of the Russian Federation.

5. Assessment of the public debt of the Russian Federation

5.1 Analysis of Russian domestic debt

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

The domestic public debt of the Russian Federation includes debt on GKOs (public short term liabilities), OFZ (federal loan bonds), OGSS (government 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 denominated in the currency of the Russian Federation;

the amount of principal debt on loans received by the Russian Federation and obligations for which are denominated in the currency of the Russian Federation;

the amount of principal debt on budget loans received by the Russian Federation;

the volume of obligations under state guarantees denominated in the currency of the Russian Federation;

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

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

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

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

As of	The volume of the state internal debt of the Russian Federation, billion rubles.
		including government 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 amount of debt and state guarantees in the currency of the Russian Federation 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%).

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 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 in 2012-2014

Index





GRVZ 1991
Total domestic debt

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

Figure 1 - The structure 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 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 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 in the amount of 90 billion rubles remained unchanged. GRVZ 1991 amount to 0.0001 billion rubles. V reporting period. In total, the state domestic 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 by 1,603 times, amounting to 5,722.24 billion rubles as of January 1, 2014. The dynamics of the increase in the domestic public debt takes place against the background of minor fluctuations in the external debt of the Russian Federation. External debt will be considered 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 stay on course for reforms aimed at minimizing government intervention in the economy.

At present, the problem of foreign 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 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 the state external debt of the Russian Federation in 1991-2014

Date (at the beginning of the year)	Amount, billion USD

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

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

Name	Amount, mln USD	Equivalent EUR million**
Government external debt of the Russian Federation (including obligations of the former USSR assumed by the Russian Federation)
Debt to official creditors - members of the Paris Club
Debt to official creditors - not members of the Paris Club
Debt former countries CMEA
Commercial debt of the former USSR
Debt to international financial organizations
Debt on external bonded loans
OVGVZ debt (bonds of the internal state foreign currency loan)
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 IFIs is decreasing, and the share of government guarantees is increasing.

As of January 1, 2014, the main part of the state external debt is the debt on external bonded loans - 40.7 billion dollars or 72.89% of the external public debt. The debt to international financial organizations is $1.6 billion 2.8%. About 2% in the structure of external public debt is made up of commercial debt of the former USSR, debt on 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 dollars or 1.84% of the external public debt. State guarantees of the Russian Federation in foreign currency have significantly increased, which in the current period amounted to 11.4 billion dollars.

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

Thus, the analysis of the external public debt allows us to note that in absolute terms, the Russian external public debt as of January 1, 2014 amounted to 55.8 billion dollars, which is one of the lowest rates in Europe. At the same time, debt on external bonded loans and state guarantees of the Russian Federation in foreign currency prevail in its structure.

Conclusion

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

distribution;

regulatory;

control.

Debts can take the form of:

domestic economic credit;

international government loan.

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

government loans;

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

borrowing funds from the nationwide 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 corporate loan is most often implemented through an open account. With the growth 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 currency loans.

Public debt management tools include:

refinancing;

conversion;

consolidation;

unification;

cancellation;

debt restructuring.

The assessment of the state debt of the Russian Federation presented in the paper 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 amount of debt and state guarantees in the currency of the Russian Federation 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 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 dollars, which is one of the lowest rates in Europe. At the same time, debt on external bonded loans and state guarantees of the Russian Federation in foreign currency prevail in its structure.

List of sources used

Budget Code of the Russian Federation of 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

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State credit as an economic and financial category. Government credit as a financial category. State credit as an economic

Topic 7. State loan

State credit as an economic and financial category.

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