Finance and Credit
 

Abstracting and Indexing

РИНЦ
Referativny Zhurnal VINITI RAS
Worldcat
LCCN Permalink
Google Scholar

Online available

EBSCOhost
Eastview
Elibrary
Biblioclub

Archiving

Cyberleninka (12 month OA embargo)

Russian sub-national debt: The content, sources, foreign experience, and perspectives

Vol. 25, Iss. 6, JUNE 2019

Received: 27 May 2015

Received in revised form: 5 June 2015

Accepted: 9 June 2015

Available online: 28 June 2019

Subject Heading: PUBLIC BORROWING

JEL Classification: Н74

Pages: 1383–1409

https://doi.org/10.24891/fc.25.6.1383

Larina O.I. State University of Management (SUM), Moscow, Russian Federation
oilarina@mail.ru

ORCID id: not available

Moryzhenkova N.V. State University of Management (SUM), Moscow, Russian Federation
snvnata@mail.ru

ORCID id: not available

Subject Sub-federal and municipal borrowings are the subject of the study.
Objectives The aim of the work is to develop scientific-methodological and practical recommendations for the development of a regional debt market.
Methods We used the methods of system analysis, comparisons and clustering. To develop recommendations for the Russian market of regional securities, we have evaluated the possibility of using the international experience.
Results The article analyzes the municipal securities markets of the Russian Federation and the United States. The paper presents certain elements of scientific novelty: sub-federal and municipal borrowings should be considered as part of a region's comprehensive management system; weaknesses of various types of borrowings; a generalized and supplemented classification of regional borrowings; a comparative analysis of Russian and foreign practices of regional borrowing.
Conclusions and Relevance In our opinion, attention should be paid to the diversity of American municipal securities issued. A similar experience can be applied in the Russian conditions.

Keywords: sub-federal entity, municipality, regional debt market, bonds, municipal borrowings, sub-national ratings, priority development territories

References:

  1. Larina O.I., Moryzhenkova N.V. Rynok subfederal'nykh zaimstvovanii v Rossii: vozdeistvie fundamental'nykh faktorov i puti razvitiya [Market of sub-federal borrowings in Russia: an impact of fundamental factors and the development path: a monograph]. Moscow, Rusains Publ., 2015, 184 p.
  2. Ang M.V., Lis F.A., Mauer L.J. Mirovye finansy [The World Finance]. Moscow, DeKA Publ., 1998, 768 p.
  3. Bogacheva E. [Rating of federal money recipients]. Finans, 2009, no. 41, pp. 28–31. (In Russ.)
  4. Yartseva I.Yu., Kazakov V.V. [Mechanisms of investment use of non-tax revenue as an alternative to municipal borrowings]. Problemy ucheta i fianansov = Problems of Accounting and Finance, 2014, no. 1, pp. 39–45. (In Russ.)
  5. Glazkov S. [Municipal borrowing capacity planning, taking into account the requirements of the securities market and the legislation of the Russian Federation]. Rynok tsennykh bumag = Securities Market, 2007, no. 1, pp. 65–70. (In Russ.)
  6. Ermak A. [Sub-federal bonds market: the main results of 2013 and prospects]. Rynok tsennykh bumag = Securities Market, 2014, no. 2, pp. 35–40. (In Russ.)
  7. Shcherbakov A.A. [Challenges to regional bond financing: Evidence from the Saratov Oblast]. Vestnik Saratovskogo gosudarstvennogo sotsial'no-ekonomicheskogo universiteta = Vestnik of Saratov State Socio-Economic University, 2014, no. 4, pp. 102–106. (In Russ.)
  8. Chebotar' Yu.M. [Opportunities of the sub-federal bond market in Russia]. Izvestiya UrGEU = Izvestia of USUE, 2015, no. 3, pp. 56–60. (In Russ.)
  9. Tishina E.V. [Sub-federal bonds market: specifics and problems of formation]. Problemy razvitiya territorii = Problems of Territory's Development, 2015, no. 5, pp. 148–154. (In Russ.)
  10. Kuznetsova V.V. Politika finansovoi stabil'nosti: mezhdunarodnyi opyt: monografiya [Financial stability policy: international experience: a monograph]. Moscow, Kurs, INFRA-M Publ., 2014, 224 p.
  11. Zhuravlev S. [Guns instead of Sochi]. Ekspert = Expert, 2011, no. 48, pp. 66–72. (In Russ.)
  12. Moryzhenkov V.A., Shtyrikova N.V. [Application of business simulation in preparing companies to obtain credit]. Rossiiskii Ekonomicheskii Internet-Zhurnal, 2013, no. 4. (In Russ.) URL: Link
  13. Johnson R.S. Debt Markets and Analysis (Bloomberg financial series). Hoboken, NJ, John Wiley & Sons, Inc., 2013, 722 p.
  14. Anderson Scott R. New MSRB Fair-Pricing Rule Effective. Journal of Investment Compliance (Emerald Group), 2014, vol. 15, iss. 3, pp. 47–50. URL: Link
  15. O'Hara Neil. The Fundamentals of Municipal Bonds. SIFMA (6th ed.). Hoboken, NJ, John Wiley & Sons, Inc., 2011, 297 p.
  16. Mysak J. Encyclopedia of Municipal Bonds: A Reference Guide to Market Events, Structures, Dynamics, and Investment Knowledge. Hoboken, NJ, John Wiley & Sons, Inc., 2012, 215 p.
  17. Feldstein S.G., Fabozzi F.J. The Handbook of Municipal Bonds. Hoboken, NJ, John Wiley & Sons, Inc., 2008, 1376 p.
  18. Gamkhar Shama, Zou Beibei. To Tax or Not to Tax: Lessons from the Build America Bond Program about Optimal Federal Tax Policy for Municipal Bonds. Municipal Finance Journal, 2014, vol. 35, iss. 3, pp. 1–25.
  19. Ang A., Green R.C. Lowering Borrowing Costs for States and Municipalities Through CommonMuni. Municipal Finance Journal, 2013, vol. 34, iss. 3, pp. 43–93.
  20. Kim A. [Crisis taught the Governors]. Finans, 2010, no. 3, pp. 26–27. (In Russ.)

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 25, Iss. 6
June 2019

Archive