эффективность бюджетной политики

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.