эффективность бюджетной политики

Formal institutional factors’ influence on Russia’s internal debt dynamics

Introduction. The role of domestic government borrowing in Russia’s fiscal policy has become prominent in 2020. The relevance of this topic is related to the budget’s need for additional sources of financing due to COVID-19 pandemic. The effectiveness of the state’s debt policy is influenced by many factors: the political structure of the state, legal institutions, the economic situation in the country, the quality of infrastructure. In this study, the impact of formal institutional factors on the dynamics of domestic debt, the possibility of improving debt policy in modern conditions are analyzed. Theoretical analysis. The article reveals the concept of institutions in the context of domestic debt, the causal dependence of the public borrowing dynamics on the functional characteristics of the formal institutions that form it. Empirical analysis. The analysis of the main formal institutional factors, namely: legal institutions, the economic situation in the country, the infrastructure and the political structure of the state is carried out. Results. In the course of studying the factors of domestic debt growth, the weaknesses of formal institutions that determine the dynamics of state domestic borrowing in modern conditions were identified. Proposals are made for improving the state policy in the sphere of Russia’s state debt.

Russia’s Internal Debt Market Development: Formation Factors, Prospects of Change

Introduction. The article is devoted to the Russian Federation’s internal debt formation factors analysis, to the development prospects of internal borrowings market. The urgency of the issue related to the internal debt of our country is in the difficult geopolitical situation that has developed around Russia. Due to political tension, our country was partially limited from external sources of funding. Under these conditions, the most urgent now is the question of the Russian Federation’s internal debt, its current state and the prospects for its further increase. Theoretical analysis. The article analyzes three main factors of increasing the volume of domestic borrowing, namely: the president’s “May decrees”, low efficiency of their implementation and sanctions imposed by the US and the EU, which restrict access to external resources. Empirical analysis. An analysis was made concerning the prospects for government bonds demand, as the main instrument of government borrowing at the domestic market, among the largest holders of government bonds: banks and non-residents. Results. In the course of studying the causes of increasing domestic debt, the problem of limited demand for government bonds was revealed. At the end of the article, measures were proposed to remedy this situation.