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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


JEL Classification: Н74

Pages: 1383–1409

Larina O.I. State University of Management (SUM), Moscow, Russian Federation

ORCID id: not available

Moryzhenkova N.V. State University of Management (SUM), Moscow, Russian Federation

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


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