The ways of optimizing the state external bond loans of the Russian Federation

Khanova L.M.^1,2, Morozov S.A.³
¹ Финансовый университет при Правительстве Российской Федерации, Москва, Россия
² Национальный исследовательский университет «Высшая школа экономики»
³ Финансовый университет при Правительстве Российской Федерации

Download PDF | Downloads: 20 | Citations: 4

Journal paper

Journal of International Economic Affairs ^{(РИНЦ, ВАК)}
опубликовать статью | оформить подписку

Volume 9, Number 2 (April-June 2019)

Citation:

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=39191639
Cited: 4 by 24.01.2023

Abstract:
At the present moment almost a quarter of the public debt of the Russian Federation consists of debt obligations in a foreign currency. Access to international financial markets is fraught with currency risks that have arisen or may appear as a result of the destabilization of the political situation in the international arena. Obviously, it is necessary to optimize the process of attracting loans in the foreign currency of the Russian Federation on the global financial markets in terms of objective or subjective factors that negatively affect the economy of the country in a whole. Within the framework of solving the emerging problems, this article proposes to take a series of measures to reduce costs and minimize risks of foreign bond loans of the Russian Federation, such as differentiating stock platforms for allocating foreign bonds, minimizing the dependence of the US dollar in the structure of the public external debt of the Russian Federation by attracting other currencies for the implementation of long-term goals. The alternative measures, for example, the use of new financial tools in order to improve the efficiency of the existing mechanism will increase the sustainability of the public debt of the Russian Federation, moreover, to optimize its external part.

Keywords: economic growth, financial markets, currency, public debt of the Russian Federation, public external debt of the Russian Federation, foreign bond loans

JEL-classification: H68, H63, H69

References:

Alshanskiy L. (2015). Razreshit li mir dolgovuyu problemu [Will the world solve debt problem?]. Stocks and bods market. (1). 54-58. (in Russian).
Bogatyreva Z. Kh., Chotchaev M.A. (52017). Gosudarstvennye tsennye bumagi kak instrument upravleniya gosudarstvennym dolgom [Government securities as a tool of public debt management] Current state and prospects of development of national financial system. 185-188. (in Russian).
CO1:COM Generic 1st 'CO' Future Brent Crude (ICE)Bloomberg. Retrieved from https://www.bloomberg.com/quote/CO1:COM
Campbell R. McConnell, Stanley L. (2002). Brue ECONOMICS: Printsipy, problema i politika [Brue ECONOMICS: Principles, problem and policies] M.: ” Respublika”. (in Russian).
Ershov M.V., Lokhmachev V.F., Tatuzov V.Yu., Tanasova A.S. (2012). O dolgovoy politike Rossii v usloviyakh vyhoda iz krizisa [On debt policy of Russia in the conditions of exit from the crisis]. Money and Credit. (8). 32-38. (in Russian).
Fisher S., Dronbusch R., Schmalesee R. (1995). Economics M.: “Delo LTD”.
Kondratov Zh.I. (2014). Perspektivy integratsii kreditno-finansovyh sistem stran SNG [Prospects of integration of the financial systems of the CIS countries]. Eurasian Economic Integration. (2). 58-74. (in Russian).
Lagarde Chr. “Steer, Don’t Drift”: Managing Rising Risks to Keep the Global Economy CourseInternational Monetary Fund. Retrieved from https://www.imf.org/en/News/Articles/2018/09/27/sp100118-steer-dont-drift
Mishina V.Yu. (2010). Integratsiya finansovyh rynkov i vzaimodeystvie birzh stran SNG [The integration of financial markets and interaction between stock exchanges of the CIS countries]. Eurasian Economic Integration. (2(7)). 33-50. (in Russian).
Salikhov M.R. (2010). Razvitie mezhdunarodnoy torgovli v natsionalnyh valyutakh i sistemy rezervnyh valyut [The development of international trade in national currencies and the system of reserve currencies]. Eurasian Economic Integration. (1(6)). 26-33. (in Russian).
Volkov R.G. (2015). Gosudarstvennyy dolg v mirovoy ekonomike: novye urovni riska [National debt in global economy: new levels of risk]. Financial Analytics: Science and Experience. (14(248)). 59-68. (in Russian).
Zhukovskiy V., Abelev O. (2014). Fondovyy rynok Kitaya: proektsiya ekonomicheskoy moschi [China's stock market: projection of economic power]. Stocks and bods market. (9). 48-52. (in Russian).
Индекс РТС (RTSI)ПАО “Московская Биржа”. (in Russian). Retrieved from https://www.moex.com/ru/index/RTSI
Итоги внешней торговли в РоссииRu-stat. (in Russian). Retrieved from https://ru-stat.com/analytics/5216
Китай отказался кредитовать Россию в юаняхFinanz. Retrieved from https://www.finanz.ru/novosti/obligatsii/kitay-otkazalsya-kreditovat-rossiyu-v-yuanyakh-1027615659
Минфин РФ планирует в 2019 году разместить облигации в юаняхФедеральное агентство новостей. Retrieved from https://riafan.ru/1128889-minfin-rf-planiruet-v-2019-godu-razmestit-obligacii-v-yuanyakh
Официальные данные Министерства финансов Российской Федерации. (in Russian). Retrieved from https://www.minfin.ru/ru/perfomance/public_debt
Официальные курсы Центрального банка Российской Федерации. (in Russian). Retrieved from https://www.cbr.ru/currency_base/daily
Учетные цены на аффинированные драгоценные металлыЦентральный банк Российской Федерации. (in Russian). Retrieved May 11, 2019, from http://www.cbr.ru/hd_base/metall/metall_base_new

Страница обновлена: 30.04.2025 в 10:18:12

Подробнее об авторах: