Finance and Credit

Government loans of the Russian Federation: Problems of theory and practice

Vol. 24, Iss. 3, MARCH 2018

Received: 15 January 2018

Received in revised form: 30 January 2018

Accepted: 13 February 2018

Available online: 29 March 2018

Subject Heading: FISCAL SYSTEM

JEL Classification: G28, H11, H63, H81

Pages: 522—536

Lozhechko A.S. Financial University under Government of Russian Federation, Moscow, Russian Federation

Subject The article addresses government loans of the Russian Federation.
Objectives I focus on economic substance of government loans of the Russian Federation, their function, place and role in the financial system of the country, analyze the practice of government loans issuance and repayment, highlight existing problems in this area that relate to publicity and transparency, and offer solutions.
Methods The methodology rests on the principles of formal logic. I employ general methods, like deduction, analysis, synthesis, and basic statistical techniques. The analysis exclusively draws on materials that are in the public domain.
Results I distinguish the concepts of public debt, public budget loan, and government loan, define the function of the latter, its role in the financial system of the Russian Federation in general and in financial relations in particular, and provide a classification of government loans. The paper offers measures to increase the transparency of management of public loans being a part of State financial assets of the Russian Federation.
Conclusions The presented analysis provides a basis for solving theoretical and practical problems associated with issuance and repayment of government loans of the Russian Federation. The study may be of scientific interest and be used in educational process, and of practical value to the Ministry of Finance of the Russian Federation and Vnesheconombank Group.

Keywords: government loan, public loan, public debt, public budget loan, State-owned financial assets


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