National Interests: Priorities and Security
 

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)

Specific aspects of Russia's external debt management in modern conditions

Vol. 15, Iss. 4, APRIL 2019

Received: 22 January 2019

Received in revised form: 10 February 2019

Accepted: 28 February 2019

Available online: 15 April 2019

Subject Heading: ECONOMIC POLICY OF THE STATE

JEL Classification: E44, F21, G15, G24, K34

Pages: 695–709

https://doi.org/10.24891/ni.15.4.695

Zvonova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation
EAZvonova@fa.ru

https://orcid.org/0000-0002-8923-860X

Subject The article addresses the optimization of Russia’s external debt management from the perspective of identified institutional contradictions and sectoral sanctions introduced against Russian participants of the international financial market.
Objectives The purposes of the study are to analyze institutional contradictions and problems related to external debt management in the international and domestic financial market under the sectoral sanctions of developed countries imposed on Russia, to design a new concept of external debt management given the geo-economic challenges and threats.
Methods Using the methods of comparative and statistical analysis, I explored the specific aspects and system contradictions of the existing structure of Russia's foreign debt, the place of Russia in the cross-border capital flows, main forms of Russian capital employment in the international financial market.
Results The study revealed a high degree of mismatch of Russian external assets and liabilities. At present, Russia acts as a net creditor in the international financial market. The paper presents a new concept of external debt management and offers practical measures for mobilization of capital to the Russian financial market. Furthermore, it includes a road map to streamline the external debt management for 2019-2025.
Conclusions Russia should develop a comprehensive program with practical measures for mobilization of capital to the Russian financial market.

Keywords: external debt, mobilization of capital, international assets, debt deleveraging, financial market

References:

  1. Nureev R.M., Kuznetsov A.V., Blinov A.O. et al. Ekonomicheskie sanktsii protiv Rossii: ozhidaniya i real'nost' [Economic sanctions against Russia: Expectations and reality]. Moscow, KnoRus Publ., 2017, 194 p.
  2. Navoi A.V. [Towards Transmission to the NEW Russia’s International Finance and International Trade Model during the Period of Global Turbulence]. Nauchno-issledovatel'skii finansovyi institut. Finansovyi zhurnal = Financial Research Institute. Financial Journal, 2014, no. 4, pp. 105–117. URL: Link (In Russ.)
  3. Zvonova E.A., Ershov M.V., Kuznetsov A.V. et al. Reformirovanie mirovoi finansovoi arkhitektury i rossiiskii finansovyi rynok [Reforming the global financial architecture and the Russian financial market]. Moscow, RUSAINS Publ., 2016, p. 430.
  4. Vliyanie globalizatsii na formirovanie rossiiskogo finansovogo rynka: koll. monografiya [The impact of globalization on the Russian financial market formation: a joint monograph]. Moscow, KnoRus Publ., 2018, 250 p.
  5. Ponomarev A.V., Borisenkov V.A. [Essay on the interaction between external debt and capital outflow from Russia]. Vestnik MGIMO = MGIMO-University Bulletin, 2012, no. 6, pp. 134–136. URL: Link (In Russ.)
  6. Smirnov K.L. [The concept of investment banking activities (investment banking)]. Bankovskoe pravo = Banking, 2006, no. 4, pp. 30–34. URL: Link (In Russ.)
  7. Sukharev A.N., Burutin A.T. [Ensuring the security of international reserves of the Bank of Russia]. Finansy i kredit = Finance and Credit, 2014, vol. 20, iss. 42, pp. 2–12. URL: Link (In Russ.)
  8. Zvonova E.A., Navoi A.V., Pishchik V.Ya. [On the Conception of Cross-Border Movement of Capital in Russia under Increasing Geoeconomic Risks]. Problemy teorii i praktiki upravleniya = Theoretical and Practical Aspects of Management, 2015, no. 11, pp. 185–196. (In Russ.)
  9. Glaz’ev S.Yu. [Sanctions of the USA and the policy of the Bank of Russia: a double blow to the national economy]. Voprosy Ekonomiki, 2014, no. 9, pp. 13–29. (In Russ.)
  10. Gurin N.V. [Banking activities regulation under foreign capital outflow from Russia]. Finansy i kredit = Finance and Credit, 2016, vol. 22, iss. 24, pp. 25–34. URL: Link (In Russ.)
  11. Smirnov F.A. Mirovaya finansovo-ekonomicheskaya arkhitektura. Dekonstruktsiya [World financial and economic architecture. Deconstruction]. Moscow, Buki Vedi Publ., 2015, 568 p.
  12. Khlopunova M.V. [Accumulated and current problems of the post-crisis recovery of the banking sector]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2015, vol. 8, iss. 40, pp. 46–53. URL: Link (In Russ.)
  13. Lepetikov D.V. [On regulation of foreign capital participation in the Russian banking system]. Bankovskoe kreditovanie = Bank Lending, 2008, no. 6, pp. 84–89. URL: Link (In Russ.)
  14. Tetushkin V.A [Assessment of banking risk reduction mechanisms in crisis economic conditions]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2017, vol. 10, iss. 7, pp. 805–820. (In Russ.) URL: Link
  15. Fedorova O.A., Skorlupina Yu.O. [On ensuring the banking sector’s stability under sanctions to attain financial security]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2015, vol. 11, iss. 16, pp. 57–67. URL: Link (In Russ.)
  16. Kuznetsov A.V. [Global imbalances and geo-financial risks of Russia]. Ekonomika. Nalogi. Pravo = Economics, Taxes & Law, 2016, no. 3, p. 55. URL: Link (In Russ.)
  17. Bulanov Yu.N. [Developing the banking sector of Russia under economic sanctions: Credit risks and liquidity]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2015, vol. 8, iss. 29, pp. 43–55. URL: Link In Russ.)

View all articles of issue

 

ISSN 2311-875X (Online)
ISSN 2073-2872 (Print)

Journal current issue

Vol. 15, Iss. 4
April 2019

Archive