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ASSESSMENT OF THE STATE DEBT OF THE REGIONS OF THE CENTRAL FEDERAL DISTRICT

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PDF: Author(s): Korobova V. F., Smirnova I. A., Stepanova S. M.,
Number of journal: 2(51) Date: May 2020
Annotation:

The problem of the debt of the Russian regions is an urgent and most discussed issue in the area of state and municipal finance, and debt policy is one of the highest priorities in the budget process. The purpose of this study is to assess the debt burden of the regions, as well as their gradation by the degree of debt stability, aimed at streamlining regional debt policy within the Central Federal district and optimizing the financial policy in the field of public borrowing of the Russian Federation as a whole. The article analyzes the dynamics and structure of the state debt of the Russian Federation subjects and defines the main directions of its use. Based on the analysis, the regions of the Central Federal district of the Russian Federation were ranked depending on the level of debt load in the following groups: regions-borrowers with abnormally high; high; average; below average and low levels of debt load. The criterion for assigning a region to a particular group was the ratio of debt to the region’s own budget revenues. This grouping of regions in the center of Russia, depending on the level of debt load, allows you to determine the optimal sources of borrowing for a specific territory. In addition, the assessment of the regions of the Central Federal district of the Russian Federation by the level of debt load and their ranking significantly simplifies the application of the rules and regulations set out in the Budget code of the Russian Federation, and defines a unified approach to restoring solvency and tightening restrictions on the amount of debt servicing expenses in the regions of Russia.

Keywords:

government debt, dynamics, structure, debt burden, region, borrowings, budget, subjects, intergovernmental relations.

For citation:

Stepanova S. M., Smirnova I. A., Korobova V. F. Assessment of the state debt of the regions of the Central federal district. Business. Education. Law, 2020, no. 2, pp. 26–31. DOI: 10.25683/VOLBI.2020.51.214.