Saratov, Saratov, Russian Federation
Russian Federation
The article is devoted to the analysis of the public debt of the subjects of the Russian Federation as a structural element of the financial system and its potential in achieving the strategic objective of increasing the capitalization of the Russian securities market. Based on the regulations of the federal level – the Strategy for the development of the financial market of the Russian Federation until 2030, decrees of the President of the Russian Federation and the provisions of the Budget Code of the Russian Federation – the importance of the debt policy of public law entities in the context of national economic development goals is substantiated. It is shown that the modern structure of the government debt of the subjects of the Russian Federation is characterized by the predominance of budget loans, while the share of public securities remains insignificant, which limits the impact of regional borrowings on the capitalization of the stock market. The paper argues for the need to improve financial and legal instruments, including simplification of procedures for issuing public securities, the introduction of special tax incentives and the formation of a favorable regulatory regime for the subjects of the Russian Federation and municipalities. The author concludes that the activation of the regional public securities market can simultaneously contribute to the growth of the stock market capitalization and strengthen the independence and balance of regional budgets, acting as a key element of the sustainable development of the financial system of the Russian Federation.
public debt of the subjects of the Russian Federation, financial system, capitalization of the securities market, public securities, budget loans, financial and legal regulation, debt policy of the regions
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