Abstract
The article analyzes the impact of the state regional debt policy pursued by the subject of the Russian Federation on the economic security of the subject of the Russian Federation. As the most important component of the economic security of a constituent entity of the Russian Federation, we consider budgetary security, the possibility of allocating expenditures between budgets of the budgetary system of the Russian Federation, determining sources of financing budget deficits and/or repayment of debt obligations, as well as managing debt obligations of a public legal entity formed as a result of borrowing and providing guarantees, fall within the competence of budgetary policy. Earlier data on the definition of an effective state regional debt policy have been clarified, taking into account the need to ensure the budgetary security of the subject of the Russian Federation. The formation of the structure of the state debt of a constituent entity of the Russian Federation determines the quality and effectiveness of the state regional debt policy, the cost of debt obligations directly depends on the debt structure, and, as a result, the amount of necessary budget allocations for servicing and repayment of debt obligations, which directly affects the budget, and, as a result, the economic security of the constituent entity of the Russian Federation. Based on the actual data of the Ministry of Finance of the Russian Federation on the object and structure of the public debt of the subjects of the Russian Federation, the features of building the structure of debt obligations, including the ratio of market and non-market parts, are revealed on the example of the subjects of the Russian Federation, which in 2023 will become donor regions of the federal budget. As a result, an assessment of the degree of independence of the state budgets of the donor regions from the federal budget and the level of their budgetary security is given. Based on the data of the RIA Rating rating agency, the dynamics of the debt burden of the subjects of the Russian Federation on the budgets of donor regions is analyzed. It has been established that the growth of the debt burden is the result of an excess of the growth rate of the state debt of the subjects of the Russian Federation over the growth rate of their own budget revenues, which is regarded by us as a factor in reducing the economic security of the subjects of the Russian Federation.
Published Version
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