Finance and ManagementReference:
State debt management: the focus on efficiency
Abstract.The subject of this article is the financial economic relations in the sphere of state debt. The traditional use of funds borrowed by the government is geared towards covering the current demands in financial resources, for example, the federal budget deficit. Such circumstance does not allow ensuring strategic approach to state debt management. The fundamental issue of limiting the economic growth in Russia is the insufficient infrastructure development. In light of this, the government is capable of quickly finding the necessary “longer-term money” for the investments to infrastructure. The author suggests maximizing efficiency of the use of obtained funds by the state by means of targeted state borrowing. The scientific novelty of this research consists in the proposal of mechanism of investment use of a portion of state debt. The analysis of global experience supports successful application of targeted bonds as a mechanism of attracting additional investment resources. On the example of the transportation sphere, the article substantiates the need and possibility of issuing state bonds to finance specific objects of infrastructure.
Keywords: transport, infrastructure, bonds, issue, securities, budget, state borrowings, state debt, investments, efficiency
Article was received:27-03-2018
This article written in Russian. You can find full text of article in Russian here .
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