1.2 Forms and types of public debt

There are several classifications of the state dog, depending on the sign underlying this classification.

Depending on the borrower, public debt is divided into:

· state debt Russian Federation;

public debt of a constituent entity of the Russian Federation;

municipal debt.

The state debt of the Russian Federation is understood as its debt obligations to individuals and legal entities, foreign states, international organizations and other subjects of international law. The state debt of the Russian Federation is fully and unconditionally secured by all federally owned property constituting the state treasury.

The public debt of a constituent entity of the Russian Federation is understood as the totality of its debt obligations; it is fully and unconditionally secured by all the property owned by the subject, constituting his treasury. Under the municipal debt, respectively, is understood the totality of debt obligations of the municipality; it is fully and unconditionally secured by all the property constituting the municipal treasury. At the same time, each budgetary level is liable only for its own obligations and is not liable for the debts of other levels, if they were not guaranteed to them. To pay off their obligations and service the debt, the legislative and executive authorities of the appropriate level use all their powers. According to the Budget Code of the Russian Federation, depending on the currency of arising obligations, there are:

· domestic debt;

external debt;

Domestic public debt refers to liabilities denominated in the currency of the Russian Federation. Foreign currency, conditional monetary units And precious metals may be indicated only as an appropriate reservation. They must be paid in Russian currency.

External public debt refers to obligations arising from foreign currency.

Depending on the maturity and volume of obligations, there are:

capital public debt;

current public debt;

Under the capital public debt is understood the entire amount of issued and outstanding debt obligations of the state, including accrued interest on these obligations.

Under the current public debt understand the costs of paying income to creditors on all debt obligations of the state and the repayment of obligations that are due.

The debt obligations of the Russian Federation may exist in the form of:

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

government loans made by issuing valuable papers on behalf of the Russian Federation;

· contracts and agreements on the receipt by the Russian Federation of budget loans from the budgets of other levels of the budgetary system of the Russian Federation;

· agreements on the provision of state guarantees by the Russian Federation;

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

The debt obligations of the Russian Federation may 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 in terms that are determined by the specific terms of the loan. For the debt obligations of the Russian Federation and its constituent entities, the maturities cannot exceed 30 years, and for the obligations of municipalities - 10 years. In such forms, there may be debt obligations of the constituent entities of the Russian Federation and municipalities, with the exception of international agreements and treaties at the level of the municipality. All of the mentioned forms are used quite actively in market practice.

1.3 Managing it

The public debt management process is a set of actions related to the preparation for the issuance and placement of state debt obligations, regulation of the government securities market, servicing and repayment of public debt, provision of loans and guarantees.

Public debt management is carried out through the following methods:

· refinancing - repayment of part of the public debt for newly attracted funds;

Conversion - change in the yield of a loan;

consolidation - the transformation of part of the existing debt into a new one with more long term repayment. Most often, the use of this technique is associated with the desire of the state to eliminate the danger that may threaten the monetary system in the event of massive demands for debt repayment;

· innovation - agreements between the state-borrower and creditors to replace the circumstances within the same loan agreement;

unification - the decision of the state to combine several previously issued loans;

· deferral - consolidation with simultaneous refusal of the state to pay income on loans;

· default - refusal of the state to pay the public debt.

Public debt management is based on the following principles:

unconditionality - ensuring the accurate and timely fulfillment of state obligations to investors and creditors without issuing additional conditions;

unity of accounting - accounting in the process of public debt management of all types of securities issued federal authorities authorities, authorities of subjects of the federation and local governments;

· the unity of the debt policy - ensuring a unified approach in the policy of public debt management on the part of the federal center in relation to the subjects of the federation and municipalities;

· Consistency - ensuring the maximum possible harmonization of the interests of creditors and the borrowing state;

reducing the risks of performing all necessary action, allowing to reduce both the risks of the creditor and the risks of the investor;

· optimality - the creation of such a structure of government loans, so that the fulfillment of obligations on them would be associated with minimal risk, and also have the least negative impact on the country's economy;

· publicity - provision of reliable, timely and complete information about the parameters of loans to all users interested in it.

The concept and content of public debt management can be defined quite multidimensionally. Management can be viewed in both a broad and a narrow sense. Public debt management in a broad sense refers to the formation of one of the directions of the state's economic policy related to its activities as a borrower. This process includes:

· formation of the state debt policy;

· determination of the main directions and goals of influencing micro- and macroeconomic indicators;

Establishing the possibility and expediency of financing at the expense of public debt in general government programs and other issues related to the strategic management of public debt;

setting limits on debt.

Debt management in the narrow sense refers to a set of activities related to the issuance and placement of government debt obligations, servicing, repayment and refinancing of government debt, as well as the regulation of the government securities market.

The process of public debt management, both in a broad and narrow sense, requires a systematic approach from the state and determines the multifaceted nature of the regulation of existing debt. In turn, systematic debt management is impossible without a clear classification of debt. In the process of public debt management, the state determines the ratio between various types debt activities, the structure of types of debt activities by terms and profitability, the mechanism for constructing specific government loans, loans and guarantees, the procedure for granting and repaying government loans and guarantees and fulfilling financial obligations on them, the procedure for issuing and circulation of government loans. All other necessary practical aspects of the functioning of the public debt are also established. The concept of public debt management includes three interrelated areas of activity. The first one is budgetary policy in terms of planning the volume and structure of public debt. The second is the implementation of borrowings, carrying out operations with public debt, which are aimed at optimizing its structure and reducing the cost of servicing it. The third is the organization of accounting for debt obligations and debt transactions, the functioning payment system fulfillment of debt obligations.

Thus, the state debt of the Russian Federation is understood as its debt obligations to individuals and legal entities, foreign states, international organizations and other subjects of international law. The grounds for formation, forms and types of public debt are defined in the Budget Code of the Russian Federation. Public debt management is carried out using the main methods of public debt management, and it is based on certain principles.

Chapter 2. Management of the state internal debt of the Russian Federation.

The theory of public debt is inextricably linked with the theory state budget and uses a number of basic budget concepts, which are fundamental when considering public debt.

Prior to the entry into force of the Budget Code of the Russian Federation, the legislative basis in the field of public debt management consisted of two main laws: "On the State Domestic Debt of the Russian Federation" dated November 13, 1992 No. 3877-1 and "On State External Borrowings of the Russian Federation and State Loans Provided Russian Federation to foreign states, their legal entities and international organizations" of December 17, 1994 No. 76-FZ.

In the scientific literature, public debt is determined by the amount of deficit that has developed by a given date federal budget minus the positive balance (surplus) of this budget. And also, they also distinguish the concept of "nationwide debt", which is a set of debt obligations of all authorities at various levels (the Russian Federation, constituent entities of the Russian Federation and municipalities).

In practice, Russia's debt obligations 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, are considered public debt.

The following wording is more in line with those adopted in international practice definitions of external debt: "The state external borrowings of the Russian Federation are credits (loans) attracted from foreign sources (foreign states, their legal entities and international organizations), which give rise to state financial obligations of the Russian Federation as a borrower financial resources or a guarantor of repayment of such credits (loans) by other borrowers. State external borrowings of the Russian Federation form the state external debt of the Russian Federation.

Debt obligations are a complex category that differs, firstly, in the form of formation and service; secondly, on the objects of debt relations; thirdly, by the terms of obligations. The main forms of debt obligations of the Russian Federation (Article 98 of the Budget Code 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 terms of time, the following are distinguished: short-term (up to 1 year); medium-term (over 1 year to 5 years); long-term (over 5 years to 30 years) liabilities. Changing the terms of a state loan put into circulation, including the terms of repayment and the amount of interest payments, the term of circulation, is not allowed.

According to the Budget Code of the Russian Federation, external debt is obligations arising in foreign currency. Government internal debt refers to debt obligations federal government arising in the currency of the Russian Federation. The debt obligations of the federal government are secured by all the assets at its disposal.

When defining total (internal and external) public debt, the following terminology is used. Capital debt is the sum of debt obligations issued and outstanding by the state and obligations of other persons guaranteed by it, including accrued interest on these obligations. Principal debt is the nominal value of all debt obligations of the state and borrowings guaranteed by it.

Legal basis public borrowing systems are laid down in the Constitution and Civil Code Russian Federation. The powers of the Government of the Russian Federation on issues of public debt management were determined by the Federal Constitutional Law of December 17, 1997 No. 2-FKZ "On the Government of the Russian Federation" (with amendments and additions).

Control of the state of the state internal and external debt and the use of credit resources is entrusted to the Accounts Chamber of the Russian Federation.

Servicing the public debt is expressed in the implementation of operations for the placement of debt obligations, their repayment and payment of interest on them. These functions are carried out by the Central Bank of the Russian Federation. The costs of servicing the public debt are made at the expense of the budget of the Russian Federation.

The state debt of Russia can be in the form of:

• 1) loan agreements and contracts concluded on behalf of the Russian Federation as a borrower with credit institutions, foreign states and international financial organizations;
• 2) government loans made by issuing securities on behalf of the Russian Federation;
• 3) contracts and agreements on the receipt by the Russian Federation of budget loans and budget credits from the budgets of other levels of the Russian budget system;
• 4) agreements on the provision of state guarantees by the Russian Federation;
• 5) agreements and contracts, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of debt obligations

Russia of the past.

Servicing the public debt is associated with the redistribution of income in the country. To repay the debt, the assets available to the state can be used by privatizing state property. Another approach is to increase budget revenues by expanding the tax base. The burden of care is shifted to taxpayers. Another source of debt repayment can be loans from the Central Bank. However, in the conditions of the country's main bank independent of the government, it is very difficult to use the issue to reduce debt. Servicing the external debt actually means the legal export of capital, which is reflected in 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 from domestic sources also does not always contribute to development national economy. An increase in domestic debt means an increase in the share of government borrowing by financial market. This may lead to competition for resources in the domestic financial market, growth interest rates and a decrease in the capitalization of the private securities market. In addition, investments are being reduced, as they will remain unrealized investment projects with a return not exceeding the interest paid on government securities, together with a risk premium.

The main benefit for the state, justifying the usefulness of public debt, is the ability to attract borrowed funds to the budget and at the same time maintain the relative amount of 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 are two of the most important factors determining the dynamics of debt. A budget deficit leads to an increase in the amount of public debt, a budget surplus allows you to repay the debt. Economic growth ensures the filling of the revenue side of the budget, which pays interest on the debt. It also allows you to increase the money supply in circulation without increasing inflation, but due to growth money supply conditions for debt refinancing are created. Depending on the ratio of these two factors, two approaches to determining the role of public debt in a market economy are conditionally distinguished.

Classic approach to 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 the public debt as an instrument of stabilization macroeconomic policy.

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

Public debt can successfully serve as a macroeconomic stabilizer only if economic growth is sustained. The phase of sustainable economic growth consists of alternating periods of increase and decrease in business activity of economic entities. During the period of business activity decline, it is advisable to lower the level of taxes and compensate for the decline in revenues with borrowed funds.

concept "decline in business activity" means a short-term reduction in the rate of economic development, but at the same time, real GDP growth 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, reduced consumption).

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

Classic approach To determine the role of public debt in the economy is to use it as a substitute for taxes and lies in the fact 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 the economic recession and in the period preceding the economic recession, 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 to 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.

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

IN this approach has its own rational grain. Such a paradoxical scheme has a number of advantages over the classical one. Firstly, alternative approach with other equal conditions allows to attract to the budget a larger amount of monetary resources for the economic cycle. Secondly, when it is implemented, a lower amplitude of fluctuations in the relative amount of debt is observed during business cycle. The maximum value of the relative amount of debt for the period of the economic cycle is less. Third, decision on optimal size government loans are accepted on the basis of data on the pace of economic development: the economy has entered a phase of increased business activity - increased loans, a decline in business activity - reduced loans, an economic recession - minimized loans. The risk of erroneous planning of the budget balance in this case substantially lower.

Within the framework of the considered approach, the public debt plays the role of a financial mechanism, accelerating economic development.. Public debt can only be useful in a period of sustainable economic growth. In the phase of economic recession, the budget deficit significantly worsens the state of public finance, increases the risk of a debt crisis and thereby leads to a deterioration in the overall state of the economy. For China, public debt is financial mechanism acceleration of economic development. For Russia, the public debt remains economic problem and does not bring any benefits to the state economy.

Two approaches (classical and alternative) are based on different meanings attached to the concept of "balanced" budget. In the European Community, the budget is recognized as balanced if two restrictions are met - on the size of the deficit (3% of GDP) and on the amount of debt (60% of GDP). Economic growth is impossible without an increase in energy consumption, which means that it is necessary to build new power plants, pull oil pipelines, build ports, roads and other infrastructure. The issues of supporting economic growth are not simple in themselves, they have to be solved in the conditions of international competition for resources, for the conditions of international trade.

5.00 /5 , 1 vote.

The relevance of the research topic is determined by the fact that the state as a subject economic relations To cover its expenses, it attracts not only budget revenues, but also additional financial resources formed on a borrowed basis. A unique way to obtain them is a state loan, which expresses the relationship between the state and numerous individuals and legal entities regarding the formation of an additional money fund(along with the budget) in the hands of the state. In this case, the state acts as a borrower of funds, and the population, enterprises and organizations act as creditors. Public debt is an inevitable generation of a budget deficit, the causes of which are associated with a decline in production, an increase in marginal costs, an unsecured issue of money, an increase in the cost of financing the military-industrial complex, an increase in shadow economy, non-production costs, losses, theft, etc.

The object of research is public debt as a financial category.

Research objectives:

– analysis of the socio-economic essence of public debt;

– analysis of public debt as a consequence of public debt;

– consider the mechanism and methods of public debt;

– assessment of the state debt policy of modern Russia, analysis of features and development trends.

The methodological basis of the research is the use of system-analytical, structural-logical, dialectical methods of research.

The theoretical basis of the study is the work of such authors as Androsova L.D., Babich E.P., Braicheva T.V., Golovachev D.L., Drobozin L.A., Medvedev Zh.A., Okunev L.P., Reznikov S.S., Romanovsky V.M., Fisher S., Usov V.V. and etc.

1.1. The concept and forms of public debt

The Budget Code of the Russian Federation (Article 89) defines state borrowings of the Russian Federation as loans attracted from individuals and legal entities, foreign states, international financial organizations, for which debt obligations of the Russian Federation arise as a borrower or a guarantor of repayment of loans by other borrowers.

Functioning state loan leads to the formation of public debt.

As a result of borrowing activities, a public debt is formed - debt obligations of the Government the Russian Federation’s relations with individuals and legal entities, foreign states, international organizations and other subjects of international law (Budget Code, Art. 97) . Accordingly, state and national debt are distinguished.

The national debt is a broader concept and includes the debt not only of the Government of the Russian Federation, but also of the lower levels of government that are part of the state.

All property constituting the state treasury serves as security for the state debt of Russia.

Debt obligations of the Russian Federation may exist in the following forms (Budget Code, Art. 98).

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

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

3) agreements on the provision of state guarantees of the Russian Federation, agreements on the 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 contracts, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of the debt obligations of the Russian Federation of previous years.

The Budget Code of the Russian Federation (Article 98) specifically stipulates that changing the terms of a state loan issued into circulation, including the terms of payment and the amount of interest payments, the maturity period, is not allowed.

Capital The public debt represents the total amount of issued and outstanding debt obligations of the state, including accrued interest, which must be paid on these obligations. Current public debt is the cost of paying income to creditors on all debt obligations of the state and the repayment of obligations that are already due.

The state, widely using its capabilities to attract additional financial resources for timely financing budget spending, is gradually accumulating debt to both domestic and foreign creditors. This leads to an increase in public debt - internal And external.

Public debt is a characteristic of the effectiveness of all committed state credit operations. Its absolute value, dynamics and rate of change reflect the state of the economy and finances of the country, the efficiency of state structures. The state of public debt is significantly affected by annual operations in the field of public credit: obtaining new loans and the conditions for their provision, on the one hand, and the amount of repayments and interest paid, on the other.

In the system of credit relations, the state credit appears in the following forms: state loans; the conversion of part of the population's deposits into state loans; borrowing funds from the nationwide loan fund; treasury loans; guaranteed loans.

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

State internal loans classified according to several criteria. According to the right of issue, they are divided into those issued by a) the central government; b) republican governments; c) local authorities.

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

On the basis of security holders, loans can be divided into those sold only among the population (for example, the State internal winning loan of 1982), among legal entities (the state internal 5% loan of 1990) and universal, i.e. intended for placement among individuals and legal entities.

Depending on the form of income payment, there are: a) interest-bearing loans; b) winning loans; c) interest-bearing loans; d) no-lose loans; e) interest-free (targeted) loans.

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 treasury bills and 1990 5% bonds. 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. An example of a winning loan is the 1982 Government Loan. 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. An example of an interest-free state credit operation is a 1990 government targeted loan. Local authorities may targeted loans for the construction of roads, the implementation of environmental protection works, the financing of other activities in which the population of the administrative-territorial unit is interested.

By maturity, loans are divided into: a) short-term loans - maturity up to 1 year; b) medium-term loans - maturity up to 5 years; c) long-term loans - a maturity of more than 5 years.

According to the placement method, loans are divided into: a) voluntary loans; b) loans placed by subscription; c) compulsory 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 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 and the issuance of special certificates. Currently, bondless loans are used at the intergovernmental level.

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.) and is an important channel for the formation of state financial resources - the conversion of part of the population's deposits into state loans. Unlike the first form of state credit, when individuals and legal entities buy securities at the expense of their own temporarily free Money, savings institutions provide credit 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 money without the knowledge of their real owner (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 marketable securities (bonds, treasury bills), as well as the execution of non-bond 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.

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.

Treasury loans express the relationship of providing financial assistance to enterprises and organizations by public authorities and administration at the expense of budget funds on the terms of repayment, urgency and payment. Currently, this form is not actively used in our country. However, with a radical reform of property relations accompanied by 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 government bodies can provide financial assistance to economic entities, in the stable operation of which they are interested, but on the terms of repayment, urgency, 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 in terms of 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, they do not have a commercial purpose, but are a means of supporting economic structures vital for the national economy.

The use of treasury loans does not mean that gratuitous budget financing in relation to state self-supporting enterprises has completely outlived its usefulness. It retains the right to exist, but as an exceptional measure in order to provide financial assistance to economic agencies that find themselves in a difficult situation due to the peculiarities of the sale of products produced in the interests of society, unfavorable economic conditions, crisis phenomena in the economy, etc.

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.

1.2 Causes of public debt

One of the most important issues of public finance is the problem of the budget deficit and public debt. The budget deficit and the amount of public debt is a thermometer of the state of the economy, so this problem is traditionally given great influence, both by economists and the entire population as a whole.

The budget deficit is the amount by which this year budget expenditures exceed its revenues. The budget deficit reflects certain changes in the process of national reproduction, fixes the results of these changes.

IN economic theory distinguish between structural and cyclical budget deficits. The structural deficit is the difference between federal revenue and expenses at a certain fiscal policy(the current level of taxation and government current spending) and a constant unemployment rate ( a basic level of unemployment is 6%. If the unemployment rate begins to exceed the baseline (when the economic system enters a recession), the real budget deficit becomes larger than the level of the structural budget deficit. This is partly due to reduced tax revenues. The difference between the actual observed budget deficit and the structural deficit is called the cyclical deficit.

Changes in structural and cyclical deficits depend on the state of the economy. So, in nature, economic recovery after an economic downturn is accompanied by a cyclical deficit. At the same time, a structural deficit can grow if, for example, taxes remain at the same level, while government spending increases (in particular, due to increased spending on defense or various social programs).

There can be many reasons for the budget deficit, for example: a recession social production; growth of marginal costs of social production; mass production of "empty" money; excessively, unnecessarily inflated social programs; increased costs of financing the military-industrial complex; turnover of "shadow" capital on a huge scale; a possible reason for the budget deficit is huge unproductive expenditures, postscripts, theft, loss of manufactured products, and many other things that are not yet amenable to public accounting.

The sources of covering the budget deficit are well known.

In economies with a fixed amount of money in circulation, the government has only two traditional ways to cover the budget deficit - these are government loans and increased taxation. For economies with an unfixed amount of money, there is a third way - this is printing money.

Undoubtedly, the budget deficit refers to the so-called "negative" economic categories such as inflation, crisis, unemployment, bankruptcy, but they are integral elements of the economic system. Moreover, without them, the economic system loses its ability to self-propulsion and progressive development. It should be noted that the deficit-free budget does not mean the health of the economy. It is necessary to clearly understand what processes take place inside the financial system what changes in the reproduction cycle reflects the budget deficit.

The increase in the budget deficit in the economy leads to the emergence and growth of public debt.

Public debt is the amount of budget deficits accumulated in a country over a certain period, minus budget surpluses available during the same period. Distinguish between external and internal public debt.

External public debt, i.e. debt to foreign states, organizations and individuals is the greatest burden on the country, since the country must give away some valuable goods, provide certain services in order to pay interest and pay off the debt. It must be remembered that the lender usually sets certain conditions, after which the loan is granted.

The internal debt of the state, i.e. debt to its population, leads, first of all, to the redistribution of income within the country. Leakage of goods and services usually does not occur, but there are certain changes in economic life, the consequences of which can be very significant.

The budget deficit and public debt are closely related. First, government loans are the most important source of covering the budget deficit. Secondly How dangerous this or that size of the budget deficit is is impossible without analyzing the size of the public debt. On the other hand, it is also necessary to study the growth of the budget deficit in order to assess the amount of public debt.

There are many different opinions regarding the budget deficit and public debt. Keynesians, for example, ventured to say that an increase in government spending, leading to a budget deficit, during a recession in production could lead to a stabilization of the economy. But even now, many economists believe growth government deficit and debt unacceptable under any conditions.

A budget surplus is the excess of federal government revenue over its total spending. An increase in income increases the budget surplus and reduces the budget deficit. Thus, the budget surplus and budget deficit depend not only on public policy concerning spending and taxation, but also on the level of activity in the economy. And government spending and income taxes have not only a direct impact on the budget surplus, but also an indirect impact, affecting output and income.

, (1)

where BS is the budget surplus;

t is the tax rate;

Y - output (production, income);

G - public procurement;

TR - transfer payments.

From this formula, we see that an increase in government spending reduces the budget surplus by the amount of spending, but it often offsets this reduction in tax increases that result from an increase in income caused by an increase in aggregate demand.

Although it is likely that the increase tax rate that keeps government spending constant may increase the budget surplus, it is possible that the end result will be much less than originally planned, because an increase in the tax rate leads to a decrease in income.

Excess budget on admission full time- this is such a budget surplus that can form if the economy is in a state of full employment. This is an important concept and a better method of managing fiscal policy than simply accounting for budget surpluses and budget deficits at any level of economic activity. Fiscal surplus under the assumption of full employment provides a means of evaluating policy independent of the particular state of the business cycle. Using this approach, policy makers can estimate the level of surplus or deficit caused by fiscal policy at full employment. The formula for the budget surplus, assuming full employment, is:

, (2)

Where BS* is the budget surplus at full employment;

Y*- income at full employment;

The difference between the actual budget surplus and the budget surplus at full employment constitutes the tax. The difference indicates the presence of an economic downturn. If production is below full employment, the budget surplus at full employment will exceed the actual surplus (it is also possible that there will be a budget deficit at output below full employment).

The quantitative assessment of the budget deficit is objectively complicated by the following factors:

1. Usually, when estimating the amount of government spending, depreciation in public sector economy, which leads to an objective overestimation of the size of the budget deficit and public debt.

2. An important item of government spending is debt servicing, i.e. payment of interest on it and the gradual repayment of the principal amount of the debt (debt amortization).

The overestimation of the budget deficit is associated with an overestimation of the amount of government spending due to inflationary interest payments on duty. There may be situations when the nominal (official) state budget deficit and nominal debt are growing, while the real deficit and debt are declining, which makes it difficult to assess the effectiveness of the government's fiscal policy. Therefore, when the budget deficit changes, an adjustment for inflation is necessary.

3. When assessing the state budget deficit at the macro level, as a rule, the state of local budgets, which may have surpluses, is not taken into account.

4. Along with the measured (official) deficit of the state budget in both industrial and transitional economies, incl. and in Russia, there is a hidden deficit due to the quasi-fiscal (quasi-budgetary) activities of the Central Bank, as well as state enterprises and commercial banks.

The hidden budget deficit underestimates the actual budget deficit and public debt, which is often done purposefully (for example, before elections), as well as within the framework of the government's "hard" course towards an annually balanced budget.

Thus, the absolute size of the budget deficit and public debt cannot serve as reliable macroeconomic indicators, especially since debt usually increases with the growth of GNP. Therefore, it is advisable to use relative performance debt.

2 Analysis of the state of the public debt of the Russian Federation

2.1 External debt of the Russian Federation

As explained in the previous chapter term paper public debt as an economic category is a system of monetary relations arising in connection with the involvement of the state on a voluntary basis for the use of temporarily free funds of citizens and business entities.

An analysis of the dynamics of Russia's external debt can begin with an analysis of debt Soviet Union, because most of today's Russian external liabilities date from this period. The USSR's debt to the Paris Club of creditors at the end of 1991 amounted to $37.6 billion. In January 1992, the Government of the Russian Federation entered into a framework agreement to revise the calendar plan for servicing and repaying this debt. Further in 1993-1995. three revisions followed (multilateral memorandums dated April 2, 1993, June 4, 1994, June 3, 1995) related to debt servicing in the period from December 1991 to the end of 1995. Russia's external debt, which at the beginning was 1992, 57 billion dollars, reached 96.6 billion dollars in early 1993 and equaled the entire annual GNP of the country.

Having concluded negotiations with the Paris Club in 1994, Russia assumed the entire debt of the USSR in exchange for foreign assets. The Paris Club is a non-institutionalized association of creditor countries (Australia, Austria, Belgium, Great Britain, Germany, Denmark, Ireland, Spain, Italy, Canada, the Netherlands, Norway, Russia, USA, Finland, France, Switzerland, Sweden, Japan), created in 1956 to discuss and settle debt problems developing countries on government or government-guaranteed loans. Russia has been a member of the Paris Club since 1997.

At the same time, Russia actually lost the opportunity to return a significant part of the debts from most countries. Under previous agreements, the greatest burden of paying off Soviet debts fell on the period after 2002, and at that time it apparently seemed like a distant prospect. Following these agreements, in April 1996, the Government of the Russian Federation signed a memorandum (multilateral memorandum dated April 29, 1996) on the conditions for a comprehensive restructuring of the USSR's external debt with the member countries of the Paris Club of creditors. Russia owed the Club $38 billion.

By the end of 1993, Russia's liabilities amounted to more than $110 billion, an increase compared to previous year by $15 billion (primarily by attracting loans from international financial organizations). The reasons for the rapid growth of debt were the deficit of the state budget and a noticeable deterioration in price conditions foreign trade coupled with a decline in exports. Despite this, in 1993 the ratio of external debt to GNP fell to 65%.

During the years of reforms, due to the reduction of the taxable base due to the decline in production, low domestic demand, the withdrawal of business into the shadow economy, and massive tax evasion, the tax revenues of the state have sharply decreased. For most of the 1990s the revenue side of the budget was falling, and the state's expenditures were not reduced enough to establish budgetary equilibrium.

According to official data, at the beginning of 1994, the total external debt of the country amounted to $112.8 billion. The debt of the former USSR increased to $104 billion (92.2% of the total external debt) due to the capitalization of unpaid interest, and the newly formed Russian debt amounted to $8.8 billion

Then, in 1994-1997, the debt grew at a slower pace (by 1996 it reached $121 billion), while the ratio of debt to GNP and exports gradually decreased (from 55% in 1994 to 30% of GNP in 1996). ., from 260% of the country's exports in 1994 to 190% in 1996).

According to official data from the Russian Ministry of Finance, as of December 31, 1997, Russia's external debt amounted to $123.5 billion, of which $91.4 billion were debts inherited from the Soviet Union. However, in 1998 large-scale borrowings were again made. By July 1, 1998, the external debt had risen to $129 billion (the increase in debt was associated primarily with attempts to prevent a default on domestic debt). In the second half of 1998, part of the internal debt was converted into external debt - the volume of debt at the end of 1998 amounted to $143.9 billion, and in 1999 it reached its historical peak - $167 billion (more than 101% of GDP in ruble terms).

The source of repayment of state loans and the payment of interest on them are budget funds, where these expenses are annually allocated in separate line. However, in the context of a growing budget deficit, the state may resort to refinancing the public debt, i.e. pay off old government debt by issuing new loans.

The Russian practice of dividing debt into external and internal is carried out in accordance with the loan currency and differs from the international one. Kazakhstan, Belarus and Ukraine have taken a position on this issue in line with international practice.

The consequence of the policy of financing the budget deficit was a reduction in the share of domestic debt in Kazakhstan and Russia and an increase in Belarus. The state external borrowing of Kazakhstan is limited by the limit of external debt, which is set at a level of no more than 50% of net gold and foreign exchange assets National Bank, except for cases of attracting program loans from international financial organizations. Local borrowing limit executive body per year should not exceed 10% of income local budget for this year. The debt limit of the local executive body should not exceed 25% of the local budget revenues for the corresponding fiscal year. The volume of expenses for the repayment and servicing of the debt of the local executive body should not exceed 10% of the local budget revenues for the corresponding year.

In Russia, the size of the federal budget deficit, approved by the law on the federal budget, cannot exceed the total volume of budget investments and public debt service expenditures in the corresponding financial year. The size of the budget deficit of a subject of the Russian Federation cannot exceed 15% of the volume of its budget revenues, excluding financial assistance from the federal budget.

Since 2000, thanks to the policy of servicing external obligations without making new borrowings, there has been a gradual (up to $10 billion a year) reduction in Russia's external debt. IN last years there is also a trend towards a reduction in total debt in relation to the country's GDP.

At the end of 2002, the total public debt in relation to GDP was 36.1%, and in relation to exports 142%, which indicates its manageability. The risk factor can be attributed to the fact that more than 80% of the amount of debt is denominated in foreign currency, which means that it is subject to the risk of changes exchange rate, but at present the situation is stable: the ruble is strengthening, there is a large influx of foreign currency into the country.

According to the Bank of Russia, as of January 1, 2003, the external debt of the Russian Federation reached $152.1 billion. More than 36% of this amount was the debt of the former USSR. In addition, about $8 billion was the unsettled debt of the former USSR.

Exactly eight years after financial crisis 1998, in the period from August 15 to 21, 2006, the Russian Federation made payments to repay the balance of the restructured in 1996 and 1999. within the framework of the Paris Club of debt creditors. As a result Russian obligations to all 17 member states of the Club in the amount of 21.6 billion US dollars were repaid in full and Russia is no longer a debtor country of the Club. The intergovernmental agreements by which the said debt was formalized became invalid. This means that Russia has achieved the goal set by the Government of the Russian Federation and first formulated in the "Debt Strategy of the Russian Federation for 2003-2005." .

As part of this strategy, the Russian Federation, first in January 2005, paid off the balance of obligations to the IMF ahead of schedule in full, and then began negotiations on the early payment of the largest, politically significant and difficult to manage category of public external debt - the debt to the Paris Club of creditors.

The redemption of debt obligations restructured within the framework of the Paris Club took place in two stages. In accordance with the Multilateral Agreement dated May 13, 2005, in July - August 2005, the debt for total amount, equivalent to 15 billion US dollars. Exactly one year later, on the basis of the agreements formalized in the Multilateral Protocol of June 15, 2006, the balance of this category of debt was repaid.

The total savings from the federal budget on interest payments for the period up to 2020 will exceed $12.0 billion.

In 2007-2009 a positive balance of borrowings in the domestic market is planned, which does not lead to an increase in interest rates. As a result, by the end of 2007, the volume of domestic debt exceeded the amount of external liabilities, and the total volume of public debt decreased from 9% of GDP at the end of 2006 to 8.3% of GDP at the end of 2007. It is planned to reduce it to 7.5% by the end of 2009, while already in 2008 the volume of domestic debt will exceed the amount of external liabilities.

The upper limit of the state external debt of the Russian Federation as of January 1, 2008 was provided in the draft law in the amount of 46.7 billion US dollars, or 36.3 billion euros, which is 32.5 billion US dollars (by 41%), or 28.1 billion euros (43.6%), less than the figure approved by the Federal Law "On the Federal Budget for 2006" as of January 1, 2007, corresponding to 79.2 billion US dollars, or 64.4 billion. Euro. Compared to the expected estimate of 2006 (50.5 billion US dollars), the external debt for 2007 decreased by 3.8 billion US dollars, or 7.5%.

In ruble terms, the external debt as of January 1, 2008 amounted to 1,233.1 billion. rubles, or 4% of GDP.

In the structure of external debt due to early repayment of the debt to countries - members of the Paris Club of creditors, the share of market instruments will increase in comparison with 2006 by 22.35 percentage points and will amount to 70.2%.

The dynamics of the external debt of the Russian Federation is presented in table 1.

Based on Table 1, it can be concluded that for the period from April 1, 2008 to April 1, 2009, the amount of external debt decreased from $44.1 billion to $39.5 billion, that is, by 10.43%. This happened due to the growth of world prices for strategic raw materials in the first half of 2008, when the volume of external debt decreased at a more significant pace (the amount of debt decreased from $44.1 billion as of April 1, 2008 to $40.4 billion October 1, 2008). The end of 2008 was characterized by a significant decline in oil and gas prices, as a result, the state budget had significantly less capacity to repay external debt, and the repayment rate decreased (from $40.4 billion as of October 1, 2008 to $40.6 billion). dollars on January 1, 2009, up to 39.5 billion dollars on April 1, 2009).

In the structure of external debt, the largest share is occupied by obligations on Eurobond loans, the share of which amounted to 63.95% as of April 1, 2008, 68.78% as of July 1, 2008, 68.56% as of October 1, 2008, 68, 23% as of January 1, 2009, 68.35% as of April 1, 2009. The increase in the share of these loans occurs against the backdrop of a decrease in the public debt of the Russian Federation, which led to an overall decrease in this type of borrowing in absolute terms over the last reporting year amounted to 1.2 billion dollars.

Table 1 - The structure of the state external debt of the Russian Federation

	01.04.08		01.07.08		01.10.08		01.01.09		01.04.09		Deviation
	billion dollars		billion dollars		billion dollars		billion dollars		billion dollars		(+,-)		specific weight, %
Public external debt of the Russian Federation, including obligations of the former USSR assumed by the Russian Federation	44,1				40,4		40,6		39,5			89,57
Debts to official creditors-members of the Paris Club that are not subject to restructuring		3,63		3,66		3,47		3,45		3,29		81,25	0,34
Indebtedness to official non-Paris Club creditors		4,99		4,88		4,95		4,68		4,81		86,36	0,18
Debts to official creditors - former CMEA countries		3,40		3,66		3,71		3,45		3,54		93,33	0,14
		1,59		1,71		1,98		2,96		3,04		171,43	1,45
Debt to international financial organizations		10,88		11,46		11,39		11,33		10,89		89,58	0,00
Debt on Eurobond loans	28,2	63,95	28,2	68,78	27,7	68,56	27,7	68,23		68,35		95,74	4,41
OVGVZ debt		10,20		4,39		4,46		4,43		4,56		40,00	5,65
Provision of guarantees of the Russian Federation in foreign currency		1,36		1,46		1,49		1,48		1,52		100,00	0,16

2.2 Domestic debt of the Russian Federation

Internal state debt - financial obligations of the state arising in connection with the attraction of funds for the implementation of state programs and orders non-governmental organizations and the population of the country.

In the Russian Federation, it includes debt obligations of the Government of the Russian Federation, denominated in the currency of the Russian Federation, to legal and individuals, unless otherwise stated legislative acts, is provided by all assets at the disposal of the Government of the Russian Federation. Domestic debt covers debts of previous years, newly arisen debts and debt obligations of the former USSR in the part assumed by the Russian Federation.

It may take the form of loans, government loans made through the issuance of securities, other debt obligations guaranteed by the Government of the Russian Federation.

Types of government debt instruments

Debt obligations differ in terms of: short-term (up to 1 year), medium-term (from 1 year to 5 years) and long-term (from 5 to 30 years).

The main government debt obligations secured by the Government of the Russian Federation include:

- government short-term bonds GKO;

– government long-term bonds;

– government savings bonds;

– bonds of the internal state foreign currency loan;

– treasury bills and obligations: gold certificates of the Ministry of Finance of the Russian Federation. The Federal Law “On the Restoration and Protection of the Savings of Citizens of the Russian Federation” depreciated after a year, the deposits of citizens are recognized as the internal debt of the state.

In 2007, the public debt policy of the Russian Federation is aimed at reducing public debt as a percentage of GDP, reducing the absolute and relative (in percentage of GDP) size of public external debt, replacing public external borrowings with domestic ones, developing the government securities market, using debt instruments policies to implement additional sterilization of excess money supply in order to reduce inflation.

The volume of the public debt of the Russian Federation (in ruble equivalent) by the end of 2007 amounted to 2,596.3 billion rubles, or 8.3% of GDP, and will increase by 153.6 billion rubles compared to the figure at the end of 2006. IN medium term By the end of 2009, due to the growth of domestic debt, the state debt was projected to increase to 2,926.76 billion rubles, or 7.6% of GDP.

In 2007, the state internal debt exceeded the state external debt, the share of internal debt in the total volume of public debt by the end of 2007 will be 52.5%.

The Accounts Chamber considers it possible to clarify the federal budget expenditures on servicing the state external debt by adjusting the average level of interest rates (LIBOR and EURIBOR) used in calculations when determining the costs of servicing loans from international financial organizations (IFIs) and foreign governments, in the draft federal budget for 2007.

In 2007, interest payments on loans received by the Russian Federation from foreign governments were reduced by more than 10 times compared to 2006 due to the early repayment of the Russian Federation's debt to the member countries of the Paris Club of creditors.

Inclusion in the Program of State External Borrowings for 2007 of two new projects "Development of the system of state statistics - 2" (10 million US dollars) and "Development of the infrastructure of the microfinance market in the Russian Federation" (50 million US dollars) required additional justification.

In 2007, the volume of borrowings in the domestic financial market increased; by the end of 2007, domestic debt denominated in securities will amount to 1,244.7 billion rubles, an increase of 212.6 billion rubles compared to the figure at the beginning of 2007. At the same time, the Program of State Domestic Borrowings of the Russian Federation in terms of raising funds in the government securities market is not being implemented in full (2004 - 68%, 2005 - 79%).

The total external debt of the Russian Federation as of April 1, 2006 amounted to (according to the Bank of Russia) 274.7 billion US dollars (27.6% of GDP), including the external debt of the private sector amounted to 120.4 billion US dollars, which exceeds 1.6 times the volume of the state external debt determined by the Russian Ministry of Finance on the same date (75.2 billion US dollars) .

The upper limit of the state internal debt of the Russian Federation (hereinafter - internal debt) as of January 1, 2008 was set at 1,363.26 billion rubles, or 4.37% of GDP, which is 214.6 billion rubles, or 18.6%, higher than the indicator approved by the Federal Law "On the Federal Budget for 2006" as of January 1, 2007 (1,148.7 billion rubles, or 4.2% of GDP). Compared to the expected estimate for 2006, the volume of domestic debt in 2007 increased by 271.9 billion rubles, or 24.9%.

The volume of domestic debt, expressed in securities, as of January 1, 2007, will amount to 1,032.1 billion rubles (or 94.5% of the volume of domestic debt) and will increase in 2007 by 212.6 billion rubles, or by 20.59 %, and will reach 1,244.7 billion rubles at the beginning of 2008. The increase in the volume of public domestic debt while maintaining the federal budget surplus is due to the provision contained in the Main Directions of the Debt Policy on the expediency of maintaining the state's presence in the national financial market as a borrower in order to maintain the state's ability to borrow on acceptable terms in any financial, economic and political situation in the world , refinancing government domestic and foreign debt to finance spending, maintaining the pension system. In this regard, in 2007, the volume of attraction in the domestic market due to the placement of government securities increased by 55.4 billion rubles compared to 2006.

As of May 12, 2009, the value of the internal debt of the Russian Federation amounted to 1,370,371.469 million rubles. The structure of the domestic debt of the Russian Federation is shown in Figure 1.

Figure 1 - The structure of the state domestic debt, expressed in government securities as of May 12, 2009

The domestic debt of the Russian Federation, expressed in government securities (OFZ-GSO), as of November 1, 2008, amounted to 1 trillion 386.450 billion rubles and increased by 7.950 billion rubles compared to October 1, the Russian Finance Ministry said.

As of October 1, 2008, Russia's internal state debt amounted to 1 trillion 378.500 billion rubles. As of January 1, 2008, the internal debt of the Russian Federation amounted to 1 trillion 248.848 billion rubles. Thus, the internal debt of the Russian Federation, expressed in government securities, increased from the beginning of 2008 to November 1 by 137.602 billion rubles.

Russian debt denominated in bonds federal loan with debt amortization (OFZ-AD), as of November 1, amounted to 882.026 billion rubles, in OFZ with a constant coupon income (OFZ-PD) - 328.181 billion rubles, in OFZ with a fixed savings bonds with a fixed interest rate coupon income(GSO-FPS) - 132.000 billion rubles and in the GSO with a constant coupon rate (GSO-PPS) - 10.415 billion rubles.

Figure 2 - The structure of the state domestic debt, expressed in government securities as of May 12, 2009

According to the Ministry of Finance, the growth of domestic public debt in October was mainly due to the placement of GSO-FPS for 8 billion rubles. In addition, OFZ-PD for 0.253 billion rubles was placed and OFZ-AD for 0.303 billion rubles was redeemed.

As of November 1, the largest share in the structure of domestic government debt in securities belonged to OFZ-AD (63.6176%). The share of OFZ-PD was estimated at 23.6706%, OFZ-FK - 2.4399%, GSO-FPS - 9.5207% and GSO-PPS - 0.7512%.

Thus, there is a decrease in external borrowings of the Russian Federation, against the background of an increase in domestic debts.

3 Public debt management to strengthen the financial system of the state

3.1 Principles of public debt management

Public debt management is one of the directions of the state's financial policy related to ensuring its activities as a borrower, creditor and guarantor. This is a set of government actions related to servicing and repaying the public debt, issuing and placing new loans, maintaining the secondary market for debt obligations, and regulating the public loan market. This activity is regulated and carried out by the Ministry of Finance of the Russian Federation and central bank The Russian Federation, which determine the total volume of the budget deficit, the volume and nature of the loans necessary to finance it, develop a credit policy and its institutional support.

Public credit management is aimed at achieving economic, social and political goals, which are determined by the trends of social progress and the current state of the country's economy. Among the main economic goals - ensuring economic stabilization and growth of production, maintaining its competitiveness in the world market; social goals imply ensuring social stability and social progress; political goals are formulated based on the idea of ​​maintaining the stability of the functioning of the political system and ensuring national security. Achieving these goals is largely related to the management of public debt, especially external debt, the state of which, as world practice shows, largely determines not only the economic independence of the country, but also the preservation of its national sovereignty, which is especially important for modern Russia.

State debt policy of the Russian Federation for 2007-2009. provides for a reduction in the volume of public external debt and its gradual replacement with domestic borrowings.

The principles of the state debt policy of the Russian Federation are:

– replacement of the state external debt with internal borrowings;

– development of the government securities market;

- the use of state guarantees to accelerate economic growth;

– the use of debt policy instruments in order to further sterilize the excess money supply and fight inflation.

Accordingly, the tasks that are intended to be solved by the public debt management system in Russia in transition are defined and ranked:

a) minimizing the cost of debt for the borrower;

b) efficient use of attracted funds, creation of an appropriate accounting and control system;

c) strengthening the investment nature of loans;

d) regulation of the volume of borrowing obligations of the state and maintaining their exchange rate;

e) raising funds on the most favorable terms for the issuer;

f) determining the priorities of the state credit policy, ensuring the timely return of loans provided.

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 for it, and late payments lead to an increase in the amount of debt due to penalties. Only in the case of investment loans, the maintenance and repayment of obligations are carried out at the expense of project income.

Servicing the public debt involves, firstly, the implementation of transactions for the placement of debt obligations, secondly, the payment of income on them and, thirdly, the repayment of the debt in full or in part according to the plan or the implementation of contributions to the sinking fund. 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.

The main methods of public debt management include:

refinancing - repayment of old government debt by issuing new loans;


conversion - a change in the size of the profitability of a loan, for example, a decrease or increase in the interest rate of income paid by the state to its creditors;


consolidation - an increase in the validity period of loans already issued;


unification - combining several loans into one;


5) deferral of loan repayment - carried out in conditions when further active development of operations for the issuance of new loans is inefficient for the state;


cancellation of a debt - refusal of the state from promissory notes;


debt restructuring - repayment of debt obligations with the simultaneous implementation of borrowings (assuming other debt obligations) in the amount of debt obligations to be redeemed with the establishment of other conditions for servicing debt obligations and their maturity,


At the same time, the emphasis in government borrowing policy on the steady reduction of external debt (regardless of the real financial condition and development needs) reduces the potential of this most important institution for the development of the national economy, which is especially important in the context of its active integration into the world economic community.


Servicing of the public debt is carried out by the Bank of Russia and its institutions, unless otherwise provided by the Government of the Russian Federation. The Bank of Russia performs the functions of a general agent for servicing the public debt free of charge. Payment for the services of agents for the placement and servicing of public debt is carried out at the expense of the federal budget.


From the investor's point of view, the most acceptable is the timely receipt of income and repayment of the loan, the calculation of the principal amount of the debt and interest on it. However, in the context of a significant increase in public debt and budget deficit, the government is forced to resort to different ways debt regulation. Such methods traditionally include refinancing, consolidation, conversion, unification of a loan, exchange of bonds according to a regressive ratio, etc.


Refinancing is the repayment of old government debt by issuing new loans.


Conversion is traditionally a change in the yield of loans (downward - in order to reduce the cost of managing public debt or increase profitability for creditors).


Consolidation is a change in the duration of already issued loans towards an increase (as a rule) or a decrease. It involves facilitating the terms of debt repayment in the form of deferred payments and repayment. It is possible to combine consolidation with conversion.


Unification of loans is the combination of several loans into one, when bonds of previously 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 along with consolidation, but can be carried out outside of it.


In some cases, the government can exchange bonds according to a regressive ratio, i.e. when several previously issued bonds are equated to one new bond, which eliminates the need for the state to perform full-fledged payments on bonds (payment of interest and (or) redemption of bonds) previously placed in the depreciated currency at the time of calculation.


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. Postponement of the repayment of an external loan, as a rule, is carried out in agreement with the creditors, and this operation does not necessarily provide for the suspension of the payment of interest on the loan.


Cancellation of the public debt is understood as a complete waiver of the state's obligations on issued loans.


The main task of managing Russia's public debt is to change the debt strategy and move from a course of deferred payments to a course of debt reduction. Due to the circumstances, this applies to the greatest extent to external debt. And here it is advisable to turn to the modern world experience of conversion financial methods external debt settlement as the most flexible and adequate current state and credit opportunities in Russia.


The financial mechanism of the conversion scheme is to eliminate part of the external debt by exchanging it for national assets - national currency, bonds, shares, goods, financial assets and so on.


3.2. Mechanism and methods of public debt management


Modern concepts of economic theory consider the budget deficit and the public debt problem arising from it as a time bomb that will explode early, because over time the possibilities of public spending and an increase in tax non-state debt will be exhausted. The public debt would then be covered by the printing press when money was issued, destroying the economy with hyperinflation.


Apart from economic consequences Public debt also has social consequences. One of them is the increased differentiation of the population.


Differentiation of the population occurs due to the payment of debt through taxes paid by the entire population. His income is reduced by the amount of taxes paid. These funds fall into a narrow circle of the rich, who previously bought securities. As a result, the wealth gap between segments of the population is getting wider.


Is it possible “to read this fact seriously enough to transfer to resort to the funds of the population to cover the budget deficit and eliminate the public debt? If people's money is used effectively and they are able to use investments, then this will lead to an increase in aggregate demand and, along with it, an increase in living standards, an increase in employment. In this case, the incomes of the rich will also increase faster than those of the rest of the population, then the current situation can be regarded as more favorable.


The price of a policy of building up public debt is to shift today's difficulties onto the government that will replace it. Two ways are seen here: either to achieve economic income, ensuring the gradual repayment of the debt, when the debt is due, to issue new loans, through which to pay off the old debt.


The life of the country, burdened with external and internal debts, will require a competent strategy and skillful use of the credit environment in choosing the best option for economic development.


Public debt management includes the following measures: effective use of borrowing funds; search for funds to pay off the debt; neutralization of the negative consequences of public debt.


In many countries there are special services for public debt management. Their task is to prevent exceeding GDP by more than 2.5 times. It is believed that a large amount will not allow the country to solve its problems, and all its efforts will be directed only to paying off the debt.


External debt is often commensurate with the proceeds from foreign trade activities, which bring the country currency, necessary payments on external obligations. If such payments amount to 20-30% of foreign trade turnover. Then to attract new loans and abroad becomes difficult.


Efficient use of borrowing funds involves directing them to projects that allow for the allotted time to generate income that exceeds not only the amount of the debt, but also the payment of a cent on it. The percentage value becomes the minimum criterion for the effectiveness of the use of borrowed funds. Their profitability must exceed this value. In this case, the state will not only pay interest, but will also receive additional income. Failure to comply with this condition creates problems in finding funds from other sources of debt repayment. Delay in repayment of the debt is fraught with an increase in losses associated with an increase in interest rates as a penalty.


Given the above, the existence of a stable and comprehensive system of public debt management, aimed at preventing possible debt and financial crises, is an important condition for the economic development of the state, ensuring accurate execution of the federal budget.


Measures to regulate public debt are control over its size, the establishment limit values debt, rationalization of its composition and structure, forms and methods of servicing, etc. This involves the creation of a unified system for monitoring and managing public debt, including external loans subjects of the Federation and local governments, the formation of a program for the repayment and servicing of public debt. The program must contain standards, in case of violation of which the acceptance of new debt obligations is automatically suspended. At the same time, monitoring of the external debt of banks and enterprises should be ensured.


How to repay obligations on public debt with a lack of accuracy of income from its placement? The solution to the problem includes several tactical directions: refusal of debt or part of it; using new borrowings to pay off old debts; debt extension; its conversion; sale of bad debts.


Refusal of debts is considered an unreasonable measure, as it undermines the reputation of the state. In the future, it will no longer be able to count on obtaining loans. The use of new borrowing to pay off old debts cannot be resorted to indefinitely, since an increase in debt reduces the lender's hopes of getting his money back.


The prolongation of the debt involves the extension of the payment period in this case, the amount of interest will increase, because the interest is paid on the amount of the loan and unpaid interest. For the state, it is more beneficial to restructure debt, in which it is transferred to the rank of long-term, which does not lead to an increase in interest payments. Debt conversion is associated with its transformation into long-term foreign investment, when creditor countries are offered to buy real estate, participate in equity capital, etc. in exchange for debt. On account of the debt, it is possible to grant the rights to use the maritime economic zone and other privileges. The sale of bad debts is possible if a country has given a loan to another state in the past. So, today Russia is trying to sell debts that its debtors Cuba, Vietnam, India, etc. cannot repay. Such debts are sold at a significant markdown. A country that sells debt buys time to obtain the necessary funds.


Public debt significantly changes the state of the monetary breakthrough. When it increases, an additional supply of money occurs. This happens not only when the state covers the debt at the expense of the printing press or through external borrowing. An increase in domestic debt leads to the expenditure of bank reserves and the attraction of savings from the population, i.e. to an increase in the amount of money in circulation. This process results in a decrease purchasing power national currency leads to inflation. Paying off the debt, on the contrary, reduces the amount of money in circulation, which gives rise to trends that hinder economic growth. To neutralize such undesirable phenomena, the Central Bank can pursue a policy of expensive money during the period of increasing public debt and a policy of cheap money during its payment. The state can use tax policy for the same purposes: tightening it during the period of increasing debt and easing it during the repayment of debt obligations.


In order to avoid all these consequences, it is necessary to constantly work on the regulation of public debt.


Until recently, new international loans were considered the main source of external debt coverage. Now we do not have such an opportunity and will not have it in the near future.


Public debt is heterogeneous, its constituent elements need specific regulation mechanisms using various financial instruments. Many components have a high degree of uncertainty and require special analysis to select the most effective methods solutions.


The strategic program for reducing excessive public debt should be consistent with the methods of managing the state budget as a whole, the size of its deficit and the regulation of the general economic situation in the country.


The following methods of public debt regulation come to the fore:


– balancing tax and non-tax tax revenue budgetary and issuing activities with the size of the public debt, its dynamics, meaning stabilization and the possibility of reducing public debt, primarily external;


– identification and use of stabilization instruments to manage debt dynamics;


– reduction of internal and external debt;


– the possibility of refinancing the debt of the state;


– measures to restructure the public debt and cancel it by creditors;


– reduction of public debt servicing costs, taking into account the inflationary depreciation of the principal amount of the debt and the cost of servicing it;


– reduction of government spending;


- the use of foreign exchange sources for the repayment and servicing of external debt;


– control over borrowing at the regional level;


– control over borrowings of business entities.


Despite the positive results achieved in recent years in improving public debt management systems, a number of factors remain that negatively affect the implementation of an effective policy in the field of public borrowing and public debt management, which can be divided into external in relation to the public debt management system and internal, characterizing the effectiveness of the public debt management system itself.


To the number external factors relate:


– a high degree of dependence of Russia's solvency on the state of the world energy and raw materials markets;


– lack of sustainable access of Russia to international markets capital on favorable terms;


– shortcomings in the legislative delimitation of the competence of public authorities in the field of public debt management;


- non-market nature of the main share of the state external debt of the Russian Federation, formed mainly as a result of attracting “tied” loans from foreign governments and international financial organizations;


– the absence of a mechanism for coordinating borrowing and monetary policy in the medium term, including the definition of powers, procedures and methods of interaction, measures of responsibility of state executive authorities and the Bank of Russia, as well as a clear procedure for exchanging information between them;


- the lack of qualified personnel in the public debt management system and the low level of technical and technological support.


Internal factors:


– the absence of a unified mechanism for managing public internal and public external debt;


- the presence of several unintegrated databases on public debt in the Ministry of Finance of Russia, the Bank of Russia and Vnesheconombank;


- undeveloped procedures for long-term planning of borrowings and modeling of the debt situation;

lack of a mechanism for regulating, monitoring and evaluating subfederal, regional, municipal and corporate borrowings.


The action of these factors predetermines the vulnerability of Russia's debt position in the event of a deterioration in the global economic situation, the inability of the existing public debt management system to prevent or mitigate crises in the event of an unfavorable situation in financial sector. Significant fluctuations in quotations of market debt obligations of the Russian Federation also necessitate reforming the public debt management system in order to revise the principles of its functioning, taking into account world experience and the specifics of the country's current situation.


Public debt is the result of a budget deficit, the causes of which are associated with a decline in production, an increase in marginal costs, an unsecured issue of money, an increase in the cost of financing the military-industrial complex, an increase in the shadow economy, non-production costs, losses, etc.


The reasons for the emergence of the state dog are sufficiently considered in the first chapter of this work.


Public debt is divided into internal and external.


The internal debt of the state is the amount of debt to its citizens and enterprises. External debt is debt to citizens and organizations of foreign states.


The problem of public debt management is considered on the basis of the principles of servicing public debt in Russia in the fourth chapter.


Public debt management includes the following measures: the effective use of borrowing funds, the search for funds to pay off the debt, and the neutralization of the negative effects of public debt.


The problem of servicing its external debt by Russia has been the most acute in recent years in terms of both the prospects for achieving growth in the national economy of the Russian Federation and maintaining its position in the world economic system, including the financial one. The failure, even partial, by Russia of its obligations to service its external debt will predetermine the preservation of an extremely low level credit ratings of the Russian Federation, individual regions and enterprises. At the same time, the level of direct foreign investment in the near future will be negligible, and portfolio investment will be absent altogether. In this context, reaching an agreement on a partial write-off and/or restructuring of Russia's foreign debt should be mutually acceptable, leaving certain prospects both for Russia - in terms of the possibility of servicing its debt, and not only in current year, but also in the medium term, and for external creditors - in terms of the prospects for repayment of loans issued.


Under the conditions of the emerging, extremely favorable for Russia, world market prices for energy carriers, exporting enterprises and the federal budget receive additional income. However, even with extremely limited government spending, the federal budget will not be enough to make external payments in full. This statement corresponds to the option of maintaining the main priorities of the tax policy. Increasing taxation export operations can significantly improve the state of the budget, and at the same time, the physical volumes of export deliveries will not undergo noticeable changes. However, the possibility of radical changes in the taxation of Russian exporters is doubtful, primarily due to the corresponding lobbying opposition. Let us especially note the need for a flexible and efficient tax policy in relation to exporters, since in the context of a rapidly changing external price environment, an inert tax policy may have the opposite effect (i.e. lead to a fall in both exports and tax revenues).


Finance / Ed. V.M. Romanovsky, O.V. Vrublevskaya, B.M. Sabanti.–M.: Perspektiva, Yurait, 2004.


Fisher S., Dornbusch R., Schmalenzi R. Economics. M.: Delo, 2003.


Usov V.V. Money. Money turnover. Inflation.–M.: Banks and stock exchanges, UNITI, 2003


Economic Encyclopedia. Political Economy/ Ch. ed. A.M. Rumyantsev. M.: Soviet Encyclopedia, 1975. Vol. 2.


The amount of outstanding debt obligations of the state is called public debt. General concept the state debt of the Russian Federation, its composition, management principles, service procedures are determined and legally enshrined in the Budget Code of the Russian Federation. The state debt of the Russian Federation is understood as the debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law. The state debt of the Russian Federation is fully and unconditionally secured by all federally owned property constituting the state treasury. Depending on the borrower, it can be the public debt of the Russian Federation, the state debt of a constituent entity of the Russian Federation, and municipal debt. Each budgetary level is liable only for its own obligations and is not liable for the debts of other levels if they were not guaranteed to them.

The main issues in characterizing public debt are: the structure and dynamics of public debt, the mechanism of management, maintenance and restructuring, the impact of public debt on the development of the country's economy. The first two processes determine the third. In short, government credit and government debt are double-edged tools. Government credit, like conventional credit, can have both positive and negative impact for the development of the economy. It all depends on where the resources attracted by the state come from and where they are directed, as well as on the price of the loan.

Domestic borrowing means only the redistribution of resources available in the country between sectors of the economy. If the credit resources attracted by the state could be directed to other purposes, then borrowing them by the state reduces the costs of other sectors of the economy and does not increase overall demand. If government borrowing does not reduce the costs of other sectors of the economy, then there is an increase in aggregate demand in the national economy.

But for the development of the economy, not only the dynamics of demand is important, but also the goals of government borrowing. If the state borrows funds to finance important, fast-paying projects, and even at normal interest rates, this can help accelerate the development of the national economy. Moreover, the expansion of state demand can have a multiplier effect, leading to its multiple growth in related sectors of the economy. The debt of the state generated by these loans can be freely repaid at the expense of a part of the profit received from the financing of such objects.

It should also be borne in mind that a large public debt, in particular to international financial organizations and foreign banks, accounting for about 42.3% of the debt structure, significantly limits the country's sovereignty, especially if Russia's interests do not coincide with the interests of these organizations.

But the consequences of government loans may be different. If the loans attracted by the state are spent on covering unproductive expenses (military spending, immoderate inflation of the state apparatus without increasing the efficiency of its functioning, etc.), then government borrowing will be a direct deduction from the gross national product. And their repayment will be made at the expense of additional taxes. This is precisely the inextricable link between state credit and taxes.

That is why government credit is often referred to as future taxes. Of course, one cannot draw a categorical conclusion about the uselessness or negative impact of state credit on the development of the country's economy. World practice testifies to the widespread use of public credit to finance public expenditures of the budget. On the whole, this is a natural and necessary process. The point is different. Each new government borrowing must be economically and socially justified. Acting in the financial market as a borrower, the state increases the demand for borrowed funds, i.e. drives up the cost of credit. In some cases, an absolute reduction in the volume of credit resources for the economy is possible. Well, if government borrowings are taken at interest that exceeds the rate of return in the producing industries, then there is a huge flow of capital from " real economy"(fields of production) in speculative market. Ultimately, there is a transfer of state tax revenues in favor of domestic and foreign credit organizations.

External borrowing at the time of receipt of funds leads to an increase in the financial resources of the country and allows you to increase the total demand of the state for goods and services of national production, if the funds are spent for these purposes. At the same time, loans from foreign states, international organizations and foreign banks can be used to pay for unproductive government purchases abroad (tied loans), return loans received earlier, etc.

The state acts on the credit market not only as a borrower and guarantor, but also as a creditor. State lending is used as a tool for regulating the economy in order to maintain or accelerate the development of certain sectors and branches of the economy, regions, and in some cases individual large firms. The system of state guarantees for loans issued by private banks to exporters, as well as to small and medium-sized enterprises, is especially widely developed. In most industrial developed countries operate state or semi-state companies, which low rates insure the risk of non-payment to exporters. This encourages the conquest and expansion of foreign markets by domestic producers. In addition, the system of state guarantees is widely developed in a number of countries in mortgage lending housing.

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 off-budget state funds. Quite often, crediting of cash gaps of lower budgets is practiced.

The growth of domestic debt also has a negative impact on the financial and economic situation of our country, since in it, mainly due to domestic borrowing, gaps in the budget are patched up, funds are withdrawn from real sector economy, and they are necessary:

• - for lending working capital enterprises;
• - for investing worn-out fixed assets;
• - development of new technologies, etc.

The need to attract additional financial resources arises, first of all, to solve the problems of financing the budget deficit; regional financial and credit policy aimed at supporting individual regions and municipalities; support for priority sectors of the economy and activities from the standpoint of the state; modernization of production, since idle industry does not create tax potential, does not provide the population with jobs.

The debt obligations of the state have the following forms:

• - loan agreements concluded on behalf of the Russian Federation with credit institutions, foreign states, international financial organizations;
• - government loans carried out by issuing securities;
• - agreements on the receipt by the Russian Federation of budget loans from the budgets of other levels of the budget system;
• - agreements on prolongation and restructuring of debt obligations of the Russian Federation of previous years.

State internal and external borrowings are carried out in accordance with the Programs approved for the next financial year together with the Federal Budget Law. 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.

The maximum amount of public debt for the next financial year is approved by the Federal Budget Law.

Unlike bank loan, in which any material values owned by enterprises (property, securities, etc.), with a state loan, the loan is secured by property owned by the state.

Public debt is the sum of government budget deficits over a given period of time. This economic definition public debt. The Budget Code provides a legal definition of this concept as debt obligations of the Russian Federation to legal entities and individuals, foreign states, international organizations and other subjects of international law.

The main reasons for the formation of public debt are the state budget deficit and the availability of free funds from individuals and legal entities.

Government debt obligations can exist in various forms:

credit agreements and treaties of the Russian Federation with credit institutions, foreign states and international financial organizations in favor of these loans;

government securities issued on behalf of the Russian Federation;

agreements on the provision of state guarantees of the Russian Federation, surety agreements for securing obligations by third parties;

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

agreements and treaties of the Russian Federation on the prolongation and restructuring of debt obligations of the Russian Federation of previous years.

Public debt can be classified according to different criteria. According to the currency criterion, it is divided into internal and external: ruble debts are classified as internal debt, and foreign currency debts are classified as external. In international practice, there is another definition of external debt: total debt to non-residents, and internal debt - as total debt to residents.

Public debt is divided into capital and current. Capital debt is the sum of debt issued and outstanding

states, including interest. Current debt is the cost of paying income and repaying liabilities.

By maturity, government debt obligations can be short-term (up to 1 year), medium-term (from 1 to 5 years), long-term (from 5 to 30 years). Debt obligations cannot exceed a period of 30 years.

According to the level of management, the public debt is divided into the public debt of the Russian Federation, the public debt of the subject of the Russian Federation and the municipal public debt. Russia is not responsible for the debt obligations of the constituent entities of the Russian Federation.

The size and structure of the state internal debt are given in the Program of State Internal Borrowings of the Russian Federation, the constituent entities of the Russian Federation and municipalities. The program is one of the documents submitted simultaneously with the draft budget for the next financial year.

Limits on domestic debt are approved by the budget law for the relevant financial year ( federal law, the law of a constituent entity of the Russian Federation or a local authority). The limit may be exceeded by the Government of the Russian Federation if this reduces the cost of servicing the public debt. The budget law also approves the maximum amount of borrowed funds directed by the Russian Federation, constituent entities of the Russian Federation or municipalities to finance the budget deficit of the corresponding level. For a subject of the Russian Federation, this limit should not exceed 30% of budget revenues for the current financial year, excluding financial assistance from the federal budget and borrowed funds attracted in the current year. For municipalities, it should not exceed 15% of local budget revenues, excluding financial assistance from the federal budget and the budget of a constituent entity of the Russian Federation, borrowed funds in the current year. The maximum amount of expenses for servicing the state debt of a constituent entity of the Russian Federation or municipal debt should not exceed 15% of the volume of budget expenditures of the corresponding level. If these costs are more than 15%, then the following sanctions may be applied:

revision of the budget of the subject of the Russian Federation;

transfer of the execution of the budget of a constituent entity of the Russian Federation under the control of the Ministry of Finance of the Russian Federation or the local budget under the control of the body executing the budget of a constituent entity of the Russian Federation;

other measures.

In the Russian Federation there is one system accounting and registration of public debt. Subjects of the Russian Federation and municipalities register their debt obligations with the Ministry of Finance of the Russian Federation, which maintains the State Debt Book of the Russian Federation.

Domestic debt obligations can be divided into two groups:

market, existing in the form of issuance securities (GKO, OFZ, OGSZ, etc.);

non-market, issued to finance the resulting budget debt (bills of the Ministry of Finance of the Russian Federation, debt to the Central Bank of the Russian Federation, etc.).

The rapid growth of public domestic debt has led to the fact that debt service costs have exceeded the income from the placement of government securities. Therefore, measures were taken to reduce these costs, namely:

on Russian market securities were admitted to non-residents (to purchase government securities, they were allowed to open accounts of type "C");

the issue of non-market loans and gold certificates began;

the issuance of Eurobonds began, which made it possible to transfer domestic debt to external debt. The cost of servicing external debt is less than domestic debt, borrowing abroad in the worst case costs 25% per annum. However, the aggravation of the financial crisis made adjustments to these plans.

More on the topic 4.5.1. Essence and forms of public debt:

1. 2.8. State and municipal credit. Public debt management
2. The concept of public credit and public debt.
3. Chapter 2. Necessity and essence of public credit and public debt

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