Evaluation of the debt policy of the southern macroregion subjects in modern conditions
The relevance of the topic is due to the fact that debt crises have an extremely negative impact on the national economy, which implies the need for constant attention on the part of the government to issues of public debt management in order to timely, identify possible violations of debt stability...
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| Format: | Article |
| Language: | Russian |
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Maykop State Technological University
2021-12-01
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| Series: | Новые технологии |
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| Online Access: | https://newtechology.mkgtu.ru/jour/article/view/527 |
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| author | S. K. Yeshugova S. K. Khamirzova |
| author_facet | S. K. Yeshugova S. K. Khamirzova |
| author_sort | S. K. Yeshugova |
| collection | DOAJ |
| description | The relevance of the topic is due to the fact that debt crises have an extremely negative impact on the national economy, which implies the need for constant attention on the part of the government to issues of public debt management in order to timely, identify possible violations of debt stability. The subject of the research is the debt sustainability of the constituent entities of the South of Russia as the ability of the constituent entities of the federation to timely and fully service the public debt without significant adjustments to the balance of income and expenses. The aim of the research is to assess the debt sustainability of the constituent entities of the South of Russia and develop measures aimed at increasing it in order to prevent the emergence of an imbalance in regional finances and reduce the likelihood of debt crises. An increase in government borrowing rises budget spending on public debt servicing and can provoke an imbalance in the financial system. Diversification of the debt portfolio helps to ensure its balance. The structure of the debt portfolios of the constituent entities of the Federation may include budget loans, government guarantees, government securities, loans from credit institutions and other instruments. The article notes that the debt sustainability of the constituent entities of the Russian Federation directly depends on the decisions made at the federal level and the amount of government spending directed to specific regions. Therefore, it is necessary to maintain such a level of debt sustainability, which will prevent the emergence of an imbalance in regional finances and reduce the likelihood of debt crises. This presupposes the application of uniform recommendations for assessing debt sustainability in all constituent entities of the Russian Federation. The analysis of the volume and structure of the state debt of the constituent entities of the South of Russia, carried out in the article, made it possible to conclude that the debt policy of the macroregion is fragmented: the structure of debt portfolios is heterogeneous; a change in the level of debt burden can be associated with both an increase in tax and non-tax revenues, a decrease in the amount of public debt, and with reverse processes. |
| format | Article |
| id | doaj-art-6619b42a76d34ac29510af8474c13553 |
| institution | Kabale University |
| issn | 2072-0920 2713-0029 |
| language | Russian |
| publishDate | 2021-12-01 |
| publisher | Maykop State Technological University |
| record_format | Article |
| series | Новые технологии |
| spelling | doaj-art-6619b42a76d34ac29510af8474c135532025-08-20T03:58:55ZrusMaykop State Technological UniversityНовые технологии2072-09202713-00292021-12-01175738110.47370/2072-0920-2021-17-5-73-81496Evaluation of the debt policy of the southern macroregion subjects in modern conditionsS. K. Yeshugova0S. K. Khamirzova1Maykop State Technological UniversityMaykop State Technological UniversityThe relevance of the topic is due to the fact that debt crises have an extremely negative impact on the national economy, which implies the need for constant attention on the part of the government to issues of public debt management in order to timely, identify possible violations of debt stability. The subject of the research is the debt sustainability of the constituent entities of the South of Russia as the ability of the constituent entities of the federation to timely and fully service the public debt without significant adjustments to the balance of income and expenses. The aim of the research is to assess the debt sustainability of the constituent entities of the South of Russia and develop measures aimed at increasing it in order to prevent the emergence of an imbalance in regional finances and reduce the likelihood of debt crises. An increase in government borrowing rises budget spending on public debt servicing and can provoke an imbalance in the financial system. Diversification of the debt portfolio helps to ensure its balance. The structure of the debt portfolios of the constituent entities of the Federation may include budget loans, government guarantees, government securities, loans from credit institutions and other instruments. The article notes that the debt sustainability of the constituent entities of the Russian Federation directly depends on the decisions made at the federal level and the amount of government spending directed to specific regions. Therefore, it is necessary to maintain such a level of debt sustainability, which will prevent the emergence of an imbalance in regional finances and reduce the likelihood of debt crises. This presupposes the application of uniform recommendations for assessing debt sustainability in all constituent entities of the Russian Federation. The analysis of the volume and structure of the state debt of the constituent entities of the South of Russia, carried out in the article, made it possible to conclude that the debt policy of the macroregion is fragmented: the structure of debt portfolios is heterogeneous; a change in the level of debt burden can be associated with both an increase in tax and non-tax revenues, a decrease in the amount of public debt, and with reverse processes.https://newtechology.mkgtu.ru/jour/article/view/527budget policydebt policypublic debtdebt sustainabilitydebt obligationsbudget loansgovernment guaranteesgovernment securitiesloans from credit institutions |
| spellingShingle | S. K. Yeshugova S. K. Khamirzova Evaluation of the debt policy of the southern macroregion subjects in modern conditions Новые технологии budget policy debt policy public debt debt sustainability debt obligations budget loans government guarantees government securities loans from credit institutions |
| title | Evaluation of the debt policy of the southern macroregion subjects in modern conditions |
| title_full | Evaluation of the debt policy of the southern macroregion subjects in modern conditions |
| title_fullStr | Evaluation of the debt policy of the southern macroregion subjects in modern conditions |
| title_full_unstemmed | Evaluation of the debt policy of the southern macroregion subjects in modern conditions |
| title_short | Evaluation of the debt policy of the southern macroregion subjects in modern conditions |
| title_sort | evaluation of the debt policy of the southern macroregion subjects in modern conditions |
| topic | budget policy debt policy public debt debt sustainability debt obligations budget loans government guarantees government securities loans from credit institutions |
| url | https://newtechology.mkgtu.ru/jour/article/view/527 |
| work_keys_str_mv | AT skyeshugova evaluationofthedebtpolicyofthesouthernmacroregionsubjectsinmodernconditions AT skkhamirzova evaluationofthedebtpolicyofthesouthernmacroregionsubjectsinmodernconditions |