The influence of budget policies
of the state on public debt legal regulation
// Financial Law and Management. – 2014. – є 2.
– P. 26-31.
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Abstract: All modern states, regardless of their level of economy, actively employ debt instruments
in order to achieve balance in fiscal and credit policies. Modern Russian economy is a mixed
economy, in which market instruments are supplemented by government regulation, the financial
basis of which is formed with the budget. Government borrowings, which constitute government
debt, are one of the most important tools in the economic policy of the state. In the modern period,
nobody doubts that government debt must be managed and controlled. The existing system,
while generally capable of meeting its goals and objectives, is not without flaws in both, economic
and legal aspects. The political, social and economic tasks of the state are well-formulated and
clear. However, it is quite difficult to draw them to a theoretical legal substantiation and to give
them the form of Law. Because of this, despite their immense importance for Russia, the legal
issues in this sphere remain underdeveloped. This is particularly true for social relations that are
regulated by financial Law. The necessity for researching the major aspects of external borrowing
is based on the fact that it is financial Law that establishes the base of competent government
bodies in this area, establishes the extent of their powers, the rules for their interaction, as well
as form and structure of borrowings. The following methods form the scientific foundation for
our current subject, from the perspective of legal sciences, financial Law science, in particular:
formal and dogmatic, or specialized legal; comparative historic, comparative Law and empirical
sociological methods of research. A major update of Russian financial Law, including the
Budget Code of Russian Federation, resulted in an urgent need for comprehensive and thorough
study of government debt regulation in the current situation necessary, because the new legal
provisions didnТt only fail to address some of the old issues, but added a multitude of new issues
that need to be researched and addressed. Because of this, financial Law research of government
debt management is not only important for examining existing legal collisions, but for the future
functioning of RussiaТs government debt management. The policy of borrowing and managing
government debt creates a basis for solving strategic and tactical tasks of social and economic
growth, and represents an integral part of the financial resource management system of Russian
Federation. A countryТs fiscal systemТs efficiency is directly dependent on the efficiency of the
debt management system.
Keywords: budget policy, government debt, foreign debt, internal debt, borrowings, program and goal-based method, budget balance, deficiency, surplus, debt claims
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