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Macroeconomic Stability and Microprudential Regulation of Russia’s Foreign Corporate Debt

Author

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  • Sergey A. Perekhod

    (Finam, Moscow 127006, Russian Federation; National Research University Higher School of Economics, Moscow 101000, Russian Federation)

Abstract

The article is devoted to the study of the risks of external corporate debt and instruments for leveling current shocks (sanctions, global recession due to the COVID-19 pandemic and low oil prices) for macroeconomic stability. A detailed decomposition has been carried out, and an analysis of probable vulnerabilities has been performed; a conclusion is drawn about the most important aspects, namely the redistribution of obligations on public finances. Based on a sample of debt dynamics for 2006–2019 (56 observations), a more active increase in borrowing by state-owned companies is revealed (compared with the private sector), and the concept of “state support option” is introduced. The definition of financial stability in the context of debt sustainability is clarified. The strategy is based on issues related to threats to countries. The micro- and macroprudential approaches are compared with the features of their application in an open economy.

Suggested Citation

  • Sergey A. Perekhod, 2020. "Macroeconomic Stability and Microprudential Regulation of Russia’s Foreign Corporate Debt," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 102-113, June.
    • Handle: RePEc:fru:finjrn:200307:p:102-113
    DOI: 10.31107/2075-1990-2020-3-102-113
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    References listed on IDEAS

    as
    1. Nadezhda Ivanova & Mikhail Andreev & Andrey Sinyakov & Ivan Shevchuk, 2019. "Review of Bank of Russia Conference on ‘Macroprudential Policy Effectiveness: Theory and Practice’," Russian Journal of Money and Finance, Bank of Russia, vol. 78(3), pages 89-121, September.
    2. Freixas, Xavier & Laeven, Luc & Peydró, José-Luis, 2015. "Systemic Risk, Crises, and Macroprudential Regulation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262028697, December.
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    More about this item

    Keywords

    external corporate debt; macroprudential policy; financial stability; risk managem;
    All these keywords.

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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