Open AccessDebt Burden of the Subjects of the Russian Federation
Author(s) -
Irina Bukina
Publication year - 2021
Publication title -
federalizm
Language(s) - English
Resource type - Journals
ISSN - 2073-1051
DOI - 10.21686/2073-1051-2021-3-121-141
Subject(s) - russian federation , debt , debt levels and flows , debt to gdp ratio , internal debt , external debt , business , distribution (mathematics) , economics , economic policy , financial system , accounting , finance , mathematical analysis , mathematics
Th egro wth of regional debts produces risks both at the regional level and in the sphere ofintergovernmental relations. The article shows that with a low debt burden at a long-terml eve l ,the subjects of the Russian Federation are highly differentiated by the level of debt,and even with a decrease in overall debt, a variation of debt load is growing. On the basisof cluster analysis, four groups of the subjects of the Russian Federation were allocated,depending on the variation of the debt burden and the share of social spending in totalregional expenditures. It is concluded that the level of debt burden and its dynamics areexplained both by the socio-economic factors for the regional development and the qualityof budget management in any subject of the Russian Federation. Accordingly, the proceduref orthe distribution of intergovernmental transfers and budgetary rules should be agreed withthe accounting of objective relationships and institutional effects.