16. State debt of the Russian Federation The state debt of the Russian Federation recognizes its obligations to individuals and legal entities, foreign states, international organizations and other subjects of international law, including obligations

US National Debt (US Federal Government Debt) I place economy among the first and most important republican virtues, and consider the national debt the greatest threat to be feared. Thomas Jefferson The US government took

Debt obligations of the Russian Federation may exist in the form of:

1. credit agreements and contracts concluded on behalf of the Russian Federation with credit organizations, foreign states and international financial organizations, in favor of the specified creditors;

2. government securities issued on behalf of the Russian Federation;

3. agreements on the provision of state guarantees of the Russian Federation, agreements of guarantee of the Russian Federation to ensure the fulfillment of obligations by third parties;

4. re-registration of debt obligations of third parties into the state debt of the Russian Federation on the basis of adopted federal laws;

5. agreements and treaties, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of debt obligations of the Russian Federation of previous years.

Debt obligations of the Russian Federation can be short-term (up to one year), medium-term (from one year to five years) and long-term (from five to 30 years). Debt obligations are repaid within periods determined by the specific terms of the loan. For debt obligations of the Russian Federation and its constituent entities, the repayment period cannot exceed 30 years, and for the obligations of a municipal entity - 10 years.

Debt obligations of constituent entities of the Russian Federation and municipalities may exist in similar forms, with the exception of international agreements and treaties at the municipal level. All mentioned forms are used quite actively in market practice.

Loan agreements and contracts in the public credit system, contracts are concluded primarily with credit organizations of various kinds, usually commercial banks. Subjects of the Federation and municipalities most often resort to their services. Traditionally, loans to the Government of the Russian Federation were provided by the Central Bank, which used its own funds, reserve funds of banks, as well as public deposits in the institutions of Sberbank of the Russian Federation in the volumes determined by annual agreements as credit resources. However, with the adoption new edition Federal Law of April 26, 1995 No. 65-FZ “On the Central Bank of the Russian Federation (Bank of Russia)”, central bank does not have the right to provide loans to finance state and local budgets, as well as the budgets of state extra-budgetary funds.

That is, obligations issued on behalf of the state or guaranteed by it in economically developed countries are the main source of the formation of public debt. The issue of government securities in unpaid domestic debts fluctuates by different countries from 20 to 90%: in Germany they reach 40%, in the USA - 70, in the UK - 90%. In Russia, debt obligations in the form of securities accounted for 93% of all domestic debt in 2000.

The global market for government securities is quite diverse and includes bonds, treasury bills, treasury notes, etc. The most common type of government securities is bonds.

Bond(from the Latin obligatio - obligation) is a debt security, an obligation confirming the loan relationship between the investor and the issuer, according to which the issuer (borrower) guarantees the investor (lender) payment of the principal amount of the debt upon expiration deadline, as well as interest on the loan.

Government bonds are usually issued for sufficient long term, and they can be regarded as a special form of investment. They are recognized as the most reliable and liquid, since they are provided with financial and other resources of the state. This is not prevented even by the fact that the level of interest rates on government securities is usually lower than on securities of other issuers. In terms of reliability, government bonds and bonds guaranteed by them are in first place, and only then come municipal bonds and bonds of joint stock companies.

Bonded loans are classified according to various criteria:

1) by type of issue - bearer and registered (bonds of state and municipal loans are issued, as a rule, to bearer, which simplifies their circulation);

2) by type of income payments - interest-bearing and interest-free bonds. In this case, income can either be paid in the form of winnings, or not paid at all, but guarantees the receipt of a certain product or service (for example, for targeted loans - telephone, housing, etc.);

3) by the nature of circulation - into bonds that are freely tradable on the market (market) and with a limited circle of circulation (non-market). Marketable securities are freely tradable and can be resold to other entities; non-marketable securities cannot be freely transferred from one owner to another (for example, savings bonds, individual pension bonds are distributed only among the population and cannot be resold);

4) according to the nature of the holders of securities - to those sold only among the population, among legal entities and universal, i.e. intended for placement among individuals and legal entities; there are “special loan” bonds intended for placement in insurance and pension funds, government agencies, they do not have free circulation and can be presented for payment after a certain time (usually a year) from the date of their issue;

5) by repayment period - short-term (repayment period up to one year); medium-term (up to five years) and long-term (over five years); There are also perpetual or annuity bonds, for which the maturity date is not determined, and their owner receives interest as long as he holds them;

6) by placement methods - voluntary, placed by subscription and forced. Voluntary loan bonds are freely sold and bought on the stock market. Compulsory loans are placed in accordance with government regulations and provide for liability for evasion of subscription;

7) on a tangible medium can be in documentary and non-documentary form (in the form of entries in accounts);

8) depending on the issuer - bonds issued by the central government, constituent entities of the Federation and local authorities.

Municipal securities are issued by local authorities and are equal in status to government securities along with subfederal obligations. Municipal bonds come in two types: general debt and income. General debt bonds pay interest and repayment through the collection of local taxes. Their purpose is to finance the construction of municipal hospitals and schools. Revenue bonds are covered by income from the objects for the construction of which they were issued - overpasses, bridges, residential buildings, etc. For investors, this is a more attractive financial instrument.

Treasury bill- the main type of short-term government obligations, usually issued for periods of 3, 6, and 12 months (in the USA, for example, they are issued for periods from several weeks to a year). Issue and redemption are carried out by the central bank on behalf of the Treasury or the Ministry of Finance. They are usually sold at a discount and are a highly liquid financial instrument.

Treasury notes- medium-term market securities. Issued by the Ministry of Finance or special government financial bodies.

A special place in the system of government loans is occupied by guaranteed securities federal government . In this case, the issuer is a government-supported entity. Examples of such securities include Farm Credit System bonds and federal bank bonds. home loan in the USA, bonds of the federal post and bonds of the federal railway in Germany, bonds of the Russian joint stock company“High-speed lines” (RAO “VSM”), etc.

Government securities occupy a certain place in the market financial assets and play a special role in social production. First of all, they perform fiscal and economic function. The fiscal function is to mobilize temporarily free funds of legal entities and individuals (commercial banks and non-banking financial institutions, enterprises, population, etc.) and concentrate them in the hands of the state. The fiscal function determines the economic one - the resources attracted by the state allow it to solve current and future problems (tasks of social and economic development of the country, reducing the budget deficit, etc.).

Government securities- the most important financial instrument of a market economy. Their role changed fundamentally during the development of society. Initially, government securities were used primarily to cover budget deficits caused by emergency expenses associated with wars, natural disasters, and other similar events. Gradually, their release acquires an economic orientation and they begin to play a significant role in state regulation of the national economy and monetary circulation. Thus, Russia issued its first government securities in 1769 to cover the costs of the war with Turkey. Then, increasingly, government securities (government loans) were issued for investment needs - development of production, infrastructure (for example, construction railways), solving urban problems.

In a market economy, government securities become the most important financial instrument: they are the most civilized market way formation of public debt; carried out through government securities money-credit policy, influences macroeconomic processes. Thus, through open market operations, i.e. purchase and sale of government securities, the Central Bank of the country regulates the money supply in circulation. To increase the money supply, financial opportunities commercial banks, the Central Bank buys government securities from them; on the contrary, when there is a surplus in the money supply and an increase in balances in the accounts of commercial banks, the Central Bank “throws” government securities onto the market in order to “bind” the excess money supply. Transactions with government securities also provide liquidity for the assets of commercial banks and other financial institutions.

Government securities are the object of collateral relations, i.e. used as collateral for credit provided by the Central Bank to the government, for loans Central Bank commercial banks and on loans provided to enterprises by commercial banks.

This is a unique tool for organizing government loans, when the borrower himself determines the terms and technologies of the loan. With the help of government securities, debt on government loans is also repaid - the so-called debt restructuring. But this holds an opportunity financial pyramid, "debt hole". The most preferable and promising in this regard, including from the investor’s point of view, are investment loans.

Government securities largely determine the state stock market, securities rates of other issuers, therefore they are often considered as a barometer of changes in the economic and political life of the country.

At the same time, government securities, according to a number of experts, have a number of disadvantages: they “draw” funds from the credit market; contain the possibility of forced placement of loans (for example, Russian wartime loans); in the case of an unregulated market, they can provoke the creation of financial pyramids.

In the Russian Federation, the procedure for issuing state and municipal loans is regulated Federal law dated April 22, 1996 No. 39-F3 “On the securities market” and Federal Law dated July 29, 1998 No. 136-FZ “On the peculiarities of the issue and circulation of state and municipal securities”, as well as the relevant legislative acts subject of the Federation or municipality.

State securities are securities that are issued or guaranteed by the state. This determines not only their place and role in social production, but also the features of emission, circulation and regulation.

On behalf of the state by the issuer, i.e. The body issuing securities is usually authorized body, whose functions include the preparation and (or) execution federal budget; in Russia it is the Ministry of Finance. Issuers of securities of a constituent entity of the Russian Federation and municipalities are the relevant bodies of the constituent entity of the Russian Federation and local self-government.

The Central Bank often acts as an agent of the Ministry of Finance, which in turn may authorize certain investment institutions or banks to act official dealers or market makers of a specific issue government papers. He or, at his discretion, another authorized organization performs the functions of a depository, including the function of storing a global certificate for the issue of federal loan bonds, and records the rights of various organizations to these bonds. The functions of a sub-depository for these bonds can be performed by authorized organizations. They record rights to federal loan bonds in the “depo” accounts of depositors (investors).

Bonds of domestic government loans are distributed, as a rule, through the institutions of the Savings Bank of the Russian Federation, and local loans are also distributed through stock exchanges.

Functions for carrying out public policy of the Russian Federation in the field of the securities market, control over the activities of its professional participants through determining the procedure for their activities, as well as determining standards for issuing securities, is carried out by the Federal Commission for the Securities Market.

The following types of main federal debt obligations can be distinguished::

1. federal loan bonds with permanent coupon income(OFZ - PD) have a circulation period of 3 years and a zero coupon; can be used in the prescribed manner for operations to repay overdue taxes to the federal budget, including fines and penalties, accrued as of July 1, 1998, as well as for the purpose of paying for participation in the authorized capital of credit organizations;

2. bonds federal loan with fixed coupon income (OFZ - FD) with maturities of 4 and 5 years are issued in twelve equal tranches with accrual of interest income starting from August 19, 1998.

3. Government short-term bonds (GKOs) with maturities of 3, 6 and 12 months. Issued on a paperless basis in the form of entries in “depo” accounts. Bonds have no coupons. Placed at auctions at a discount from face value;

4. bonds of the state savings loan (OGSZ) with a circulation period of 1 year;

5. government non-market loan bonds (OGNZ); issued in uncertificated form; income is paid as a percentage of the nominal value, which is established by the Ministry of Finance of the Russian Federation when issuing bonds, but at least once a year;

6. state housing certificates (GHS); are documentary registered non-negotiable securities and are issued by decision of the Government of the Russian Federation for citizens of the Russian Federation who lost their housing as a result emergency situations and natural disasters. Nominated in square meters living space. The maturity period is 1 year from the date of issue;

7. government long-term bonds (GDO). Issued on July 1, 1991 with a circulation period of 30 years, i.e. until July 1, 2021. Issued in blank form with a set of coupons; coupon income - 15% of the bond's face value, paid once a year - July 1;

8. Domestic foreign currency loan bonds (OVVZ). Issued in 1993 to pay off the Bank's debt foreign economic activity USSR before legal entities. Loan currency is US dollars.

In the future, the federal loan market will develop in the direction of improving and expanding borrowing instruments in the direction of lengthening the terms and reducing the cost of loans, and attracting new categories of investors. In June 2001, the Russian Ministry of Finance issued government securities maturing in 2004. These securities will have four coupons per year and will carry a higher interest rate than the GKOs currently in circulation.

Thus, bond borrowings can be regarded as a real instrument for financing federal, regional and municipal development, especially when strengthening their investment orientation. At the same time, one cannot ignore the existence of such a competitive financial instrument like straight lines real investment. It is necessary to find the optimal proportions in the use of all these tools for raising funds.

State guarantees and guarantees act as a special form of borrowing to ensure the fulfillment of obligations by third parties. Under a state or municipal guarantee, the Budget Code of the Russian Federation recognizes a method of ensuring civil obligations, by virtue of which the Russian Federation, its subject or municipal entity, acting as a guarantor, gives a written obligation to be responsible for the fulfillment by the person receiving the guarantee of its obligations to third parties in full or partially. Recipients of state (municipal) guarantees are constituent entities of the Russian Federation, municipalities, and legal entities. The purpose of the guarantee is to ensure the fulfillment of the obligations of the recipients of the guarantee to third parties.

In this case, the guarantor bears subsidiary liability in addition to the liability of the debtor for the obligation guaranteed by him, and his obligation to a third party is limited only to the amount for which the guarantee was issued.

The total amount of guarantees provided is included in the state (municipal) debt of the corresponding level as a type of debt obligation. Depending on the currency in which government guarantees are provided, they are included in government internal or external debt. When the recipient of the guarantee fulfills its obligations to a third party, the guarantor's debt is reduced by the corresponding amount, which is reflected in the budget execution report.

State (municipal) guarantees are provided, as a rule, on a competitive basis, after checking the financial condition of the recipient of the guarantee. The agreement on the provision of a guarantee specifies the obligation that is secured by it. The guarantee period is determined by the period of fulfillment of the obligations for which the guarantee is provided.

In the law (decision) on the budget of the appropriate level for the next fiscal year upper limit is set total amount, state (municipal) guarantees, as well as a list of guarantees the amount of which exceeds: one million minimum wages for state guarantees of the Russian Federation in Russian currency; 10 million US dollars under state guarantees of the Russian Federation in order to secure obligations in foreign currency; 0.01% of budget expenditures of a constituent entity of the Russian Federation or municipal entity.

The specificity of this form of financial relations is that the guarantees provided lead to an increase in potential or hidden debt. Debt arises in this case not at the time of provision of guarantees, but only in the event of non-payment. By issuing guarantees, the state assumes the risk of non-repayment or late repayment the whole (or part) of the amount and interest on it. In a favorable situation, the real amount of debt may not increase.

In world practice, the state guarantees loans from local governments, nationalized enterprises and corporations, specialized credit institutions, as well as bank loans intended for municipal housing construction, export loans and transactions. In the latter case, the state assumes risks not only of an economic nature (delay in payment, insolvency of the debtor), but also of a political nature (non-payments as a result of revolution, nationalization, etc.). Guarantees are a form government regulation in conditions of unstable economic conditions and intensified competition, therefore operations of this kind are constantly expanding.

The activities of the Russian Federation as a guarantor boil down to the following areas. First of all, the state traditionally acts as a guarantor for household deposits in the Savings Bank. At the same time, the state guarantees the restoration and safety of citizens’ cash savings placed on deposits in the Savings Bank of the Russian Federation and in organizations state insurance Russian Federation on contractual (cumulative) deposits personal insurance in the period before January 1, 1992. This kind of savings is recognized as the state internal debt of the Russian Federation. Restoring and ensuring the safety of the value of guaranteed savings is carried out by transferring them into target debt obligations of the Russian Federation, which are government securities.

Re-registration of debt obligations of third parties into the state debt of the Russian Federation- another form of state debt obligations, enshrined in the Budget Code of the Russian Federation.

1. Public debt - basic concepts

1.1 Concept of public debt

An excess of public debt over GDP by more than 2.5 times is considered dangerous for the stability of the national economy, primarily for stable monetary circulation.

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

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

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

§ individuals and legal entities

§ foreign countries

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

Public debt is divided into:

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

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

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

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

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

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

1.2 Causes of public debt

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

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

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

1.3 Forms of public debt

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

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

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

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

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

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

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

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

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

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

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

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

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

§ banking system

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

§ foreign public and private organizations.

Public debt comes in two main forms:

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

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

1.4 Types of public debt

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

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

“domestic debt = ruble debt”

“external debt = foreign currency debt”

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

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

1.5 Public debt as a tool for regulating the economy

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

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

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

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

§ volume of government debt,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2. Domestic public debt

2.1 The concept of internal public debt

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

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

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

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

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

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

The main creditors of domestic debt are usually:

§ population;

§ corporations;

§ banks;

§ other financial and credit institutions.

Domestic debt obligations can be divided into:

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

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

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

TO market instrumentscan be attributed:

§ government short-term bonds (GKOs)

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

§ government savings loan bonds (GSLO)

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

To non-market instrumentscan be attributed:

§ bills of the Ministry of Finance

§ debt to the Central Bank, etc.

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

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

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

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

2.2 Problems and controversies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

domestic public debt

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

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

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

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

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

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

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

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