Regions’ Debt Burden: Awaiting Budget Loans

Russian Economic Developments. Moscow, 2016, #2, pp. 41-44

4 Pages Posted: 21 Feb 2016 Last revised: 10 Apr 2017

See all articles by Arseny Mamedov

Arseny Mamedov

Gaidar Institute for Economic Policy

Evgenia Fomina

Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA)

Date Written: February 20, 2016

Abstract

Over 11 months of 2015, regional debt growth came to nearly 5% against the turn of the year. Municipal debt growth during the same period constituted 1.5%. By the period-end for the entire year, the debt volume will increase further. However, growth rates, most likely, will slow down compared to 2014. By the end of 11 months, the budget loans share went up by 7.3 p.p. to 38.3% with simultaneous decline of the commercial loans share by 5.6 p.p. and state bonds by 1.4 p.p. in the debt structure. However, the situation significantly differs in various regions: there are regions with public debt growth due to mainly commercial loans with already high level of accumulated debt.

Keywords: Russian economy, regional debt, fiscal policy, inter-budget transfers

JEL Classification: E60, E61, E64, E62

Suggested Citation

Mamedov, Arseny and Fomina, Evgenia, Regions’ Debt Burden: Awaiting Budget Loans (February 20, 2016). Russian Economic Developments. Moscow, 2016, #2, pp. 41-44, Available at SSRN: https://ssrn.com/abstract=2735388 or http://dx.doi.org/10.2139/ssrn.2735388

Arseny Mamedov

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

Evgenia Fomina (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny Lane 3-5
Profsouyznaya street
Moscow, 117485
Russia

Russian Presidential Academy of National Economy and Public Administration (RANEPA) ( email )

Vernadskogo Prospect 82
Moscow, 119571
Russia

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