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Subnational Debt in Russian Federation: Retrospective and Perspective Analysis

Author

Listed:
  • Arseny A. Mamedov

    (Gaidar Institute for Economic Policy; Center for Research on Regional Reforms; Institute of Applied Economic Researches; Russian Presidential Academy of National Economy and Public Administration)

  • Nikolay A. Avksentyev

    (Russian Presidential Academy of National Economy and Public Administration)

Abstract

Today the analysis of sub-national debt is becoming urgent due to the recent significant increase in debt burden on regional budgets in Russian Federation. In order to introduce adequate governmental budget policy measures, that deal with budget consolidation issues on the sub-national level, one should first analyze the current situation with debt in regions and municipalities. The main aim of current paper is the retrospective and perspective analysis of sub-national debt. The paper presents the structure and concentration of regional debt, analysis of interrelationship of debt and investment expenditures, issues connected with changes in budget rules, quantitative approach of assessing budget consolidation attempts. In addition we present some issues of municipal debt, including its structure and relation to regional debt.

Suggested Citation

  • Arseny A. Mamedov & Nikolay A. Avksentyev, 2014. "Subnational Debt in Russian Federation: Retrospective and Perspective Analysis," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 66-80, December.
    • Handle: RePEc:fru:finjrn:140407:p:66-80
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