The concept of the form and types of public debt. Public debt: essence and basic forms. Public Debt Management to Strengthen the State's Financial System

27.11.2020

1.2 Forms and types of public debt

There are several classifications of the State Dane, depending on the attribute underlying this classification.

Depending on the borrower, public debt is divided into:

· The state debt of the Russian Federation;

· Public debt of a constituent entity of the Russian Federation;

· Municipal debt.

The state debt of the Russian Federation is understood as its debt obligations to individuals and legal entities, foreign states, international organizations and other subjects of international law. The state debt of the Russian Federation is fully and unconditionally secured by all federal property that makes up the state treasury.

The state debt of a constituent entity of the Russian Federation is understood as the totality of its debt obligations; it is fully and unconditionally secured with all the property owned by the subject that makes up his treasury. Municipal debt, respectively, is understood as the totality of debt obligations of the municipality; it is fully and unconditionally provided with all the property that makes up the municipal treasury. At the same time, each budget level is responsible only for its obligations and is not responsible for the debts of other levels, if they were not guaranteed to them. The legislative and executive bodies of the corresponding level use all their powers to pay off their obligations and service the debt. According to the Budget Code of the Russian Federation, depending on the currency of the arising obligations, there are:

· Internal debt;

· External debt;

Domestic government debt is understood as liabilities expressed in the currency of the Russian Federation. Foreign currency, conventional monetary units and precious metals can only be indicated as an appropriate clause. They must be paid in Russian currency.

External public debt refers to liabilities arising in foreign currency.

Depending on the maturity and the volume of obligations, there are:

· Capital government debt;

· Current government debt;

Capital public debt is understood to mean the total amount of issued and outstanding government debt obligations, including accrued interest on these obligations.

The current public debt is understood as the cost of paying income to creditors on all debt obligations of the state and on the repayment of obligations that are due.

Debt obligations of the Russian Federation may exist in the form of:

· Credit agreements and contracts concluded on behalf of the Russian Federation, as a borrower, with credit institutions, foreign states and international financial organizations;

· Government loans made by issuing securities on behalf of the Russian Federation;

· Contracts and agreements on the receipt by the Russian Federation of budget loans from the budgets of other levels of the budget system of the Russian Federation;

· Agreements on the provision of state guarantees by the Russian Federation;

· Agreements and treaties, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of debt obligations of the Russian Federation of previous years.

Debt obligations of the Russian Federation can be short-term (up to one year), medium-term (from one year to five years) and long-term (from five to 30 years). Debt obligations are repaid within the terms, which are determined by the specific terms of the loan. For debt obligations of the Russian Federation and its constituent entities, maturities cannot exceed 30 years, and for obligations of municipalities - 10 years. Debt obligations of the constituent entities of the Russian Federation and municipalities may exist in such forms, with the exception of international agreements and treaties at the level of the municipal formation. All these forms are used quite actively in market practice.

1.3 Management

The process of government debt management is a set of actions related to the preparation for the issuance and placement of government debt, regulation of the government securities market, servicing and repayment of government debt, provision of loans and guarantees.

Public debt management is carried out through the following methods:

· Refinancing - repayment of part of the public debt for newly attracted funds;

· Conversion - change in the yield of the loan;

· Consolidation - transformation of part of the existing debt into a new one with a longer maturity. Most often, the use of this technique is associated with the desire of the state to eliminate the danger that could threaten the monetary system in the event of massive claims for debt repayment;

· Novation - agreements between the borrower state and creditors to replace circumstances under the same loan agreement;

· Unification - the decision of the state to combine several previously issued loans;

· Deferral - consolidation with the simultaneous refusal of the state to pay income on loans;

· Default - refusal of the state to pay the state debt.

Public debt management is based on the following principles:

· Unconditional - ensuring accurate and timely fulfillment of state obligations to investors and creditors without setting additional conditions;

· Uniformity of accounting - accounting in the process of public debt management of all types of securities issued by federal authorities, authorities of subjects of the Federation and local governments;

· The unity of debt policy - ensuring a unified approach in the policy of public debt management on the part of the federal center in relation to the subjects of the federation and municipalities;

· Consistency - ensuring the maximum possible harmonization of the interests of creditors and the borrowing state;

· Risk mitigation performance of all necessary actions to reduce both the lender's and investor's risks;

· Optimality - the creation of such a structure of government loans so that the fulfillment of obligations on them is associated with minimal risk, and also has the least negative impact on the country's economy;

· Publicity - providing reliable, timely and complete information about the parameters of loans to all users interested in it.

The concept and content of public debt management can be defined in a rather multidimensional way. Its management can be viewed in both broad and narrow sense. Public debt management in a broad sense means the formation of one of the directions of the state's economic policy related to its activities as a borrower. This process includes:

· Formation of public debt policy;

· Determination of the main directions and goals of influence on micro- and macroeconomic indicators;

· Establishment of the possibility and feasibility of financing from the state debt of national programs and other issues related to the strategic management of public debt;

· Determination of debt boundaries.

Debt management in the narrow sense is understood as a set of activities related to the issuance and placement of government debt, servicing, repayment and refinancing of government debt, as well as regulation of the government securities market.

The process of managing the public debt, both in a broad and in a narrow sense, requires a systematic approach from the state and determines the multifaceted nature of the regulation of existing debt. In turn, systemic debt management is impossible without a clear classification of debt. In the process of managing the public debt, the state determines the relationship between various types of debt activities, the structure of types of debt activities by timing and profitability, the mechanism for constructing specific government loans, loans and guarantees, the procedure for granting and repaying government loans and guarantees and fulfilling financial obligations under them, the procedure for issuing and circulating government loans. Also, all other necessary practical aspects of the functioning of the public debt are established. The concept of public debt management includes three interrelated areas of activity. The first is budgetary policy in terms of planning the volume and structure of public debt. The second is the implementation of borrowing, conducting operations with the state debt, which are aimed at optimizing its structure and reducing the cost of servicing it. The third is the organization of accounting for debt obligations and transactions with debt, the functioning of the payment system for the execution of debt obligations.

Thus, the state debt of the Russian Federation is understood as its debt obligations to individuals and legal entities, foreign states, international organizations and other subjects of international law. The grounds for education, the forms and types of public debt are defined in the Budget Code of the Russian Federation. Public debt management is carried out using basic public debt management techniques and is based on certain principles.

Chapter 2. Management of the state domestic debt of the Russian Federation.

§ Credit agreements and agreements concluded on behalf of the Russian Federation as a borrower with credit institutions, foreign states and international financial institutions;

§ State loans made by issuing securities on behalf of the Russian Federation;

§ Agreements and agreements for the RF to receive budget loans and budget loans from the budgets of other levels of the budget system of Russia;

§ Agreement on the provision of state guarantees by the Russian Federation;

§ Agreements and agreements, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of Russia's debt obligations of previous years.

Servicing the public debt is associated with the redistribution of income in the country. To pay off the debt, you can use the assets of the state, privatizing state property. Another approach is associated with increasing budget revenues by expanding the tax base. The burden of service is shifted to the taxpayers. Another source of debt repayment can be loans from the Central Bank.

However, in the conditions of the country's main bank independent of the government, it is very difficult to use emission to reduce debt. Servicing the external debt actually means the legal export of capital, which is reflected in a separate line in the balance of payments, that is, it leads to the redistribution of part of the national income through the fiscal and monetary system in the interests of non-residents.

Financing the budget deficit from domestic sources also does not always contribute to the development of the national economy. An increase in domestic debt means an increase in the share of government borrowing in the financial market. This can lead to competition for resources in the domestic financial market, higher interest rates and a decrease in the capitalization of the private securities market. In addition, investments are reduced, since investment projects with a profitability not exceeding the interest paid on government securities together with the risk premium will remain unfulfilled.

Public debt is associated with the redistribution of GNP and part of the national wealth to form additional resources of the state through loans of funds from individuals and institutions, as well as through loans from foreign countries. Structurally, government debt includes:

§ financial debt

Monetary obligations of the state in connection with the loan of credit funds

§ administrative debt- arrears in payments (for example, arrears in payment of wages).

Sometimes government debt may also include government debt with guarantees (for example, financial guarantees to facilitate export-import activities).

The origin of credit funds allows us to consider them as the internal and external debt of the state. The state's creditors are:

§ banking system

§ non-banking sector (for example, the social insurance system)

§ foreign public and private organizations.

Public debt comes in two main forms:

§ Government securitiesliquid, anonymous, can freely circulate on the secondary market

§ Debts formalized in the form of an entry in the accounts

Cannot be assigned or sold. In this form, as a rule, an insignificant part of the public debt is drawn up.

1. Debt obligations of the Russian Federation may exist in the form:
credit agreements and contracts concluded on behalf of the Russian Federation, as a borrower, with credit institutions, foreign states and international financial organizations;
government loans made by issuing securities on behalf of the Russian Federation;
contracts and agreements on the receipt by the Russian Federation of budget loans from the budgets of other levels of the budget system of the Russian Federation;
agreements on the provision of state guarantees by the Russian Federation;
agreements and treaties, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of the debt obligations of the Russian Federation of previous years.
2. Debt obligations of the Russian Federation may be short-term (up to one year), medium-term (over one year to five years) and long-term (over five years to 30 years).
Debt obligations of the Russian Federation are repaid within the terms that are determined by the specific terms of the loan and cannot exceed 30 years.
Changes in the conditions of a state loan issued into circulation, including the timing of payment and the amount of interest payments, the circulation period, is not allowed.
3. The volume of the state internal debt of the Russian Federation includes:
principal nominal amount of debt on government securities of the Russian Federation;
the amount of the principal debt on loans received by the Russian Federation;
the amount of the main debt on budget loans received by the Russian Federation from the budgets of other levels;
the amount of obligations under state guarantees provided by the Russian Federation.
4. The volume of the state external debt of the Russian Federation includes:
the amount of obligations under state guarantees provided by the Russian Federation;
the amount of the principal debt on loans received by the Russian Federation from foreign governments, credit institutions, firms and international financial organizations.

Clause 1 of the commented article of the RF BC provides for five main forms of the existence of the state debt (debt obligations) of the RF. This list is complete, but it says nothing about the inadmissibility of an expansive interpretation. The legislator provided that the debt obligations of the Russian Federation may arise as a result of:
1) the conclusion of loan agreements and agreements between the competent authorities of the Russian Federation, on the one hand, and credit institutions, foreign states or specialized international financial organizations (IBEC, IIB), on the other hand; in these agreements (agreements), the Russian Federation acts as the borrower of financial resources, and the agreement (agreement) itself is concluded in favor of the lender;
2) release for free or limited circulation of government securities. Government securities are subject to the Securities Market Law, Art. 114 of the RF BC, however, there are certain features of the issue and circulation of state and municipal securities. These features are enshrined in the Law on the Specifics of the Issue and Circulation of State and Municipal Securities;
3) the conclusion of loan agreements and agreements between federal government bodies (representing the interests of the Russian Federation), on the one hand, and authorized government bodies of the constituent entity of the Russian Federation or local government bodies, on the other hand; the content of this type of contracts (agreements) is the receipt by the Russian Federation for budgetary loans from budgets of lower levels - the budget of the constituent entity of the Russian Federation or the local budget;
4) the conclusion of agreements on the provision of state guarantees by the Russian Federation. In this case, the legislator does not directly indicate such a form of existence of the RF debt obligations as a surety agreement concluded by the RF in order to ensure the fulfillment of obligations by third parties. However, this form of public debt directly follows from the general provisions of civil and budgetary legislation;
5) the conclusion by the competent authorities of the Russian Federation of domestic or international treaties and agreements on the prolongation or on the restructuring of debt obligations of previous years. According to the theory of public international law, an extension is an extension of the term of a domestic or international treaty, provided that the original term at the time of the extension has not yet expired. Restructuring of debt obligations is the termination or partial write-off (reduction) of the amount of debt obligations, achieved bilaterally.
In addition to the forms of existence of debt obligations of the Russian Federation, there are also types of public debt:
- internal and external;
- capital and current.
Capital public debt includes the entire amount of debt obligations accepted but not repaid by the Russian Federation with accrual of interest on the amount owed. The current public debt assumes the amount of expenses incurred by the authorized federal bodies on debt obligations accepted by the Russian Federation, the due date of which has already come.
In clause 2 of the commented article of the RF BC, the delineation of the RF debt obligations is carried out depending on their validity period, i.e. due date. According to the general rules, there are three types of debt obligations of the Russian Federation - short-term, medium-term and long-term, but in any case the term for the fulfillment of the debt obligation of the Russian Federation cannot exceed 30 years. In the event that the terms of the loan agreement (agreement) concluded by the Russian Federation provide for a period exceeding 30 years, then the maximum execution period is applied - 30 years.
The terms of the loan of a short-term, medium-term or long-term debt obligation of the Russian Federation must be specified in the text of the loan agreement (agreement); these conditions cannot contradict the general provisions on debt obligations of the Russian Federation specified in Ch. 14 BC RF. The legislator specifically stipulates that the terms of the signed loan agreement (agreement) are binding on both parties and can only be changed by their mutual consent. Thus, unilateral refusal to fulfill the debt obligation is not allowed.
Clauses 3 and 4 of the commented article of the RF Budget Code respectively disclose the structural content of the state internal and state external debt of the Russian Federation, list their constituent elements. The state internal debt of the Russian Federation is made up of four indicators, and the state external debt of the Russian Federation is made up of two indicators. These lists are comprehensive. Moreover, the constituent elements of the state debt of the Russian Federation indicated in clauses 3, 4 of the commented article are directly related to the forms of existence of debt obligations.

Public debt is the aggregate of government budget deficits over a given period of time. This is the economic definition of government debt. The Budget Code provides a legal definition of this concept as debt obligations of the Russian Federation to legal entities and individuals, foreign states, international organizations and other subjects of international law.

The main reasons for the formation of public debt are the state budget deficit and the availability of free funds from individuals and legal entities.

Government debt liabilities can exist in various forms:

credit agreements and contracts of the Russian Federation with credit institutions, foreign states and international financial organizations in favor of these loans;

government securities issued on behalf of the Russian Federation;

agreements on the provision of state guarantees of the Russian Federation, contracts of surety for securing obligations by third parties;

re-registration of debt obligations of third parties into the state debt of the Russian Federation on the basis of federal laws;

agreements and treaties of the Russian Federation on the prolongation and restructuring of debt obligations of the Russian Federation of previous years.

Public debt can be classified according to various criteria. According to the currency criterion, it is divided into internal and external: ruble debts refer to internal debt, and foreign currency - to external. In international practice, there is another definition of external debt: the total debt to non-residents, and domestic debt - as the total debt to residents.

Public debt is divided into capital and current. Capital debt is the sum of issued and outstanding debt

states, including interest. Current debt is the expense of paying income and paying off obligations.

In terms of terms, government debt obligations can be short-term (up to 1 year), medium-term (from 1 year to 5 years), long-term (from 5 to 30 years). Debt obligations cannot exceed a period of 30 years.

According to the level of management, the public debt is divided into the public debt of the Russian Federation, the public debt of the constituent entity of the Russian Federation and the municipal public debt. Russia is not responsible for debt obligations of the constituent entities of the Russian Federation.

The size and structure of the state domestic debt are given in the Program of state domestic borrowings of the Russian Federation, constituent entities of the Russian Federation and municipalities. The program is one of the documents submitted simultaneously with the draft budget for the next financial year.

The maximum amount of domestic debt is approved by the law on the budget for the corresponding financial year (federal law, the law of a constituent entity of the Russian Federation or local government). The maximum volume can be exceeded by the Government of the Russian Federation if this reduces the cost of servicing the state debt. The law on the budget also establishes the maximum amount of borrowed funds allocated by the Russian Federation, constituent entities of the Russian Federation or municipalities to finance the budget deficit of the corresponding level. For a constituent entity of the Russian Federation, this limit should not exceed 30% of budget revenues for the current financial year, excluding financial assistance from the federal budget and borrowed funds raised in the current year. For municipalities, it should not exceed 15% of local budget revenues, excluding financial assistance from the federal budget and the budget of the constituent entity of the Russian Federation, borrowed funds in the current year. The maximum amount of expenses for servicing the state debt of a constituent entity of the Russian Federation or municipal debt should not exceed 15% of the volume of budget expenditures of the corresponding level. If these costs are more than 1 5%, then the following sanctions may be applied:

revision of the budget of a constituent entity of the Russian Federation;

transferring the execution of the budget of the constituent entity of the Russian Federation under the control of the Ministry of Finance of the Russian Federation or the local budget under the control of the body executing the budget of the constituent entity of the Russian Federation;

other measures.

The Russian Federation has a unified system of accounting and registration of public debt. Subjects of the Russian Federation and municipalities register their debt obligations with the Ministry of Finance of the Russian Federation, which maintains the State Debt Book of the Russian Federation.

Domestic debt obligations can be divided into two groups:

market, existing in the form of equity securities (GKO, OFZ, OGSZ, etc.);

non-market ones, issued to finance the resulting budget debt (bills of the Ministry of Finance of the Russian Federation, debt to the Central Bank of the Russian Federation, etc.).

The rapid growth of public domestic debt has led to the fact that the cost of servicing debt began to exceed the income from the placement of government securities. Therefore, measures were taken to reduce these costs, namely:

non-residents were admitted to the Russian securities market (they were allowed to open C-type accounts to purchase government securities);

the issuance of non-market loans and gold certificates began;

the issuance of Eurobonds began, which made it possible to transfer internal debt to external. The cost of servicing external debt is less than domestic debt, borrowing abroad, in the worst case, costs 25% per annum. However, the aggravation of the financial crisis has made its own adjustments to these plans.

More on the topic 4.5.1. The essence and forms of public debt:

2.8. State and municipal loans. Public debt management
The concept of government credit and government debt.
Chapter 2. Necessity and essence of public credit and public debt

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Debt obligations of the Russian Federation may exist in the form of:

1.credit agreements and contracts concluded on behalf of the Russian Federation with credit institutions, foreign states and international financial organizations in favor of the indicated creditors;

2. government securities issued on behalf of the Russian Federation;

3. agreements on the provision of state guarantees of the Russian Federation, agreements of surety of the Russian Federation to ensure the fulfillment of obligations by third parties;

4. re-registration of debt obligations of third parties into the state debt of the Russian Federation on the basis of the adopted federal laws;

5. agreements and treaties, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of the debt obligations of the Russian Federation of previous years.

In such forms, debt obligations of the constituent entities of the Russian Federation and municipalities may exist, with the exception of international agreements and treaties at the level of the municipal formation. All these forms are used quite actively in market practice.

Loan agreements and contracts in the system of state credit, they are primarily concluded with credit institutions of various kinds, usually commercial banks. Subjects of the Federation and municipalities most often resort to their services. Traditionally, loans to the Government of the Russian Federation were provided by the Central Bank, which used its own funds, reserve funds of banks, as well as deposits of the population in institutions of the Sberbank of the Russian Federation in volumes determined by annual agreements as credit resources. However, with the adoption of a new version of the Federal Law of April 26, 1995 No. 65-FZ "On the Central Bank of the Russian Federation (Bank of Russia)", the Central Bank is not entitled to provide loans to finance state and local budgets, as well as the budgets of state extra-budgetary funds.

That is, liabilities issued on behalf of the state or guaranteed by it in economically developed countries are the main source of public debt. The issue of government securities in unpaid domestic debts varies in different countries from 20 to 90%: in Germany they reach 40%, in the USA - 70, in the UK - 90%. In Russia, debt securities in the form of securities accounted for 93% of all domestic debt in 2000.

The global market for government securities is quite diverse and includes bonds, treasury bills, treasury notes, etc. The most common type of government securities is bonds.

Bond(from lat. obligatio - obligation) is a debt security, an obligation confirming the relationship of the loan between the investor and the issuer, according to which the issuer (borrower) guarantees the investor (lender) the payment of the principal amount of the debt after a specified period, as well as interest on the loan.

Government bonds are issued, as a rule, for a fairly long period, and they can be regarded as a special form of investment. They are recognized as the most reliable and liquid, since they are provided with financial and other resources of the state. Even the fact that the level of interest rates on government securities is usually lower than on securities of other issuers does not prevent this. In terms of reliability, government bonds and bonds guaranteed by them are in first place, and only then are municipal bonds, bonds of joint stock companies.

Bond loans are classified according to various criteria:

1) by type of issue - to bearer and registered (bonds of state and municipal loans are issued, as a rule, to bearer, which simplifies their circulation);

2) by type of income payments - for interest-bearing and non-interest-bearing bonds. In this case, income can either be paid in the form of winnings, or not paid at all, but guarantees the receipt of a certain product or service (for example, for targeted loans - telephone, housing, etc.);

3) by the nature of circulation - for bonds freely tradable on the market (market) and with a limited range of circulation (non-market). Marketable securities are freely circulating and can be resold to other entities, non-marketable securities cannot be freely transferred from one owner to another (for example, savings bonds, individual pension bonds are distributed only among the population and cannot be resold);

4) by the nature of the holders of securities - for those sold only among the population, among legal entities and universal, i.e. intended for placement among individuals and legal entities; there are bonds of "special loans" intended for placement in insurance and pension funds, government agencies, they do not have free circulation and can be presented for payment after a certain time (usually one year) from the date of their issue;

5) by maturity - short-term (maturity up to one year); medium-term (up to five years) and long-term (over five years); there are also perpetual, or rental, bonds, in respect of which the maturity is not determined, and their owner receives interest as long as he holds them;

6) by methods of placement - voluntary, placed by subscription and compulsory. Voluntary loan bonds are freely traded and bought on the stock market. Forced loans are placed in accordance with a government decree and provide for liability for evading subscription;

7) on a tangible medium can be in documentary and non-documentary form (in the form of entries on accounts);

8) depending on the issuer - bonds issued by the central government, subjects of the Federation and local authorities.

Municipal securities are issued by local authorities and are equated in status to government securities along with sub-federal obligations. Municipal bonds are of two types: general debt and yield. For general debt bonds, interest payments and redemption are secured by collection of local taxes. Their purpose is to finance the construction of municipal hospitals and schools. Profitable bonds are covered by income from those objects for the construction of which they were issued - overpasses, bridges, residential buildings, etc. This is a more attractive financial instrument for investors.

Treasury bill - the main type of short-term government bonds, issued, usually for a period of 3, 6, and 12 months (in the USA, for example, they are issued for a period from several weeks to a year). Issuance and redemption are carried out by the central bank on behalf of the Treasury or the Ministry of Finance. They are sold, as a rule, with a discount, and are highly liquid financial instruments.

Treasury notes - medium-term market securities. Issued by the ministry of finance or special government financial bodies.

A special place in the system of government loans is occupied by federally guaranteed securities ... In this case, the issuer is the structure that is supported by the government. Examples of such securities can be bonds of the farm loan system and bonds of federal home loan banks in the United States, bonds of the federal post office and bonds of the federal railway in Germany, bonds of the Russian Joint Stock Company High-Speed \u200b\u200bRailways (RAO VSM), etc.

Government securities occupy a certain place in the financial asset market and play a special role in social production. First of all, they perform fiscal and economic functions. The fiscal function is to mobilize temporarily free funds of legal entities and individuals (commercial banks and non-bank financial and credit institutions, enterprises, population, etc.) and concentrate them in the hands of the state. The fiscal function determines the economic one - the resources attracted by the state allow it to solve current and future tasks (tasks of social and economic development of the country, reducing the budget deficit, etc.).

Government securities - the most important financial instrument of a market economy. Their role has fundamentally changed in the course of the development of society. Initially, government securities were used primarily to cover budget deficits caused by extraordinary spending associated with wars, natural disasters and other similar events. Gradually, their release acquires an economic orientation and they begin to play a significant role in state regulation of the national economy and money circulation. Thus, Russia issued its first government securities in 1769 to cover the costs of the war with Turkey. Then, more and more often government securities (government loans) were issued for investment needs - the development of production, infrastructure (for example, the construction of railways), solving problems of the urban economy.

In a market economy, government securities are becoming the most important financial instrument: they are the most civilized market method of forming government debt; monetary policy is carried out through government securities, and the impact on macroeconomic processes is carried out. So, using operations in the open market, i.e. purchase and sale of government securities, the Central Bank of the country regulates the money supply in circulation. To increase the volume of the money supply, the financial capabilities of commercial banks, the Central Bank buys out government securities from them; on the contrary, with surplus money supply, an increase in the balances on the accounts of commercial banks, the Central Bank "throws" government securities into the market in order to "tie" the excess money supply. Transactions with government securities also provide liquidity for the assets of commercial banks and other credit and financial institutions.

Government securities are subject to pledge relations, i.e. are used as collateral for a loan provided by the Central Bank to the government, for loans from the Central Bank to commercial banks and for loans provided to enterprises by commercial banks.

This is a unique tool for organizing government loans, when the borrower himself determines the conditions and technology of the loan. With the help of government securities, the repayment of debt on government loans is also carried out - the so-called debt restructuring. But this is fraught with the possibility of a financial pyramid, a "debt hole". The most preferable and promising in this regard, including from the point of view of the investor, investment loans.

Government securities largely determine the state of the stock market, the prices of securities of other issuers, therefore, they are often considered as a barometer of changes in the economic and political life of the country.

At the same time, government securities, in the opinion of a number of experts, have a number of disadvantages: they “pull away” funds from the credit market; contain the possibility of forced placement of loans (for example, Russian wartime loans); in the case of an unregulated market, they can provoke the creation of financial pyramids.

In the Russian Federation, the procedure for issuing state and municipal loans is regulated by the Federal Law of April 22, 1996 No. 39-F3 "On the Securities Market" and the Federal Law of July 29, 1998 No. 136-FZ "On the Peculiarities of the Issue and Circulation of State and Municipal valuable ", as well as the relevant legislative acts of the subject of the Federation or the municipality.

Government securities are securities that are issued or guaranteed by the state. This determines not only their place and role in social production, but also the peculiarities of emission, circulation and regulation.

On behalf of the state, the issuer, i.e. the body issuing securities is usually the authorized body, whose functions include the preparation and (or) execution of the federal budget; in Russia it is the Ministry of Finance. The issuers of securities of the constituent entity of the Russian Federation and municipalities are the relevant bodies of the constituent entity of the Russian Federation and local self-government.

The Central Bank often acts as an agent of the Ministry of Finance, which, in turn, may authorize certain investment institutions or banks to act as official dealers or market makers of a specific issue of government securities. He or, at his discretion, another authorized organization performs the functions of a depository, including the function of storing a global certificate of issuance of federal loan bonds, and records the rights of various organizations to these bonds. The functions of a sub-custodian for these bonds may be performed by authorized organizations. They keep records of rights to bonds of federal loans on the depositors '(investors') accounts.

Domestic government loan bonds are distributed, as a rule, through the institutions of the Savings Bank of the Russian Federation, and local loans - also through stock exchanges.

The functions of conducting the state policy of the Russian Federation in the field of the securities market, monitoring the activities of its professional participants through determining the procedure for their activities, as well as determining the standards for issuing securities are carried out by the Federal Commission for the Securities Market.

The following types of main federal debt obligations can be distinguished:

1. bonds of federal loans with constant coupon yield (OFZ - PD) have a maturity of 3 years and a zero coupon; can be used in accordance with the established procedure for repayment of overdue tax debts to the federal budget, including fines and penalties, formed as of July 1, 1998, as well as for the purpose of paying for participation in the authorized capital of credit institutions;

2. Federal loan bonds with a fixed coupon yield (OFZ - FD) with maturities of 4 and 5 years are issued in twelve equal tranches with accrual of interest income starting from August 19, 1998.

3. Government short-term bonds (GKO) with maturities of 3, 6 and 12 months. They are issued on a paperless basis in the form of entries on depo accounts. The bonds do not have coupons. Placed at auctions at a discount from par;

4. bonds of the state savings loan (OGSZ) with a maturity of 1 year;

5. bonds of the state non-market loan (OGNZ); issued in non-documentary form; income is paid as a percentage of the par value, which is set by the Ministry of Finance of the Russian Federation when issuing bonds, but at least once a year;

6. state housing certificates (ГЖС); are documentary registered non-negotiable securities and are issued by the decision of the Government of the Russian Federation for citizens of the Russian Federation who have lost their homes as a result of emergencies and natural disasters. Nominated in square meters of living space. The maturity period is 1 year from the date of issue;

7. government long-term bonds (GDO). Issued on July 1, 1991 with a circulation period of 30 years, that is, until July 1, 2021. Issued in blank form with a set of coupons; coupon yield -15% of the bond payment, payable once a year - July 1;

8. bonds of the domestic foreign currency loan (OVVZ). Issued in 1993 to repay the debt of the Bank for Foreign Economic Affairs of the USSR to legal entities. Loan currency - US dollars.

In the future, the federal loan market will develop in the direction of improving and expanding borrowing instruments in the direction of lengthening the terms and cheapening loans, attracting new categories of investors. In June 2001, the RF Ministry of Finance issued government securities maturing in 2004. These bonds will have four coupons per year, and the interest rate on them will be higher than on GKOs currently in circulation.

Thus, bond borrowings can be regarded as a real instrument of financing federal, regional and municipal development, especially when their investment orientation is enhanced. At the same time, one cannot ignore the existence of such a competitive financial instrument as direct, real investments. It is necessary to find the optimal proportions in the use of all these tools for raising funds.

State guarantees and sureties are a special form of borrowing to ensure the fulfillment of obligations by third parties. Under a state or municipal guarantee in the Budget Code of the Russian Federation is recognized as a method of securing civil obligations, by virtue of which the Russian Federation, its subject or municipal formation, acting as a guarantor, gives a written obligation to be responsible for the fulfillment by the person - the recipient of the guarantee - of his obligations to third parties in full or partially. The recipients of state (municipal) guarantees are constituent entities of the Russian Federation, municipalities, legal entities. The purpose of the guarantee is to ensure the fulfillment of the obligations of the beneficiaries of the guarantee to third parties.

The guarantor in this case bears subsidiary liability in addition to the liability of the debtor for the guaranteed obligation, and his obligation to a third party is limited only to the amount for which the guarantee was issued.

The total amount of guarantees provided is included in the state (municipal) debt of the corresponding level as a type of debt obligation. Depending on the currency in which government guarantees are provided, they are included in government internal or external debt. When the recipient of the guarantee fulfills its obligations to a third party, the guarantor's debt is reduced by the corresponding amount, which is reflected in the budget execution report.

State (municipal) guarantees are provided, as a rule, on a competitive basis, after checking the financial condition of the recipient of the guarantee. The agreement on the provision of a guarantee shall indicate the obligation that is secured by it. The term of the guarantee is determined by the period of performance of the obligations for which the guarantee is provided.

The law (decision) on the budget of the corresponding level for the next financial year establishes the upper limit of the total amount, state (municipal) guarantees, as well as a list of guarantees, the amount of which exceeds: one million minimum wages on state guarantees of the Russian Federation in the currency of the Russian Federation; US $ 10 million on state guarantees of the Russian Federation in order to secure obligations in foreign currency; 0.01% of budget expenditures of a constituent entity of the Russian Federation or a municipal formation.

The specificity of this form of financial relations lies in the fact that the guarantees provided lead to an increase in potential or hidden debt. Debt arises in this case not at the time of the provision of guarantees, but only in the event of non-payment. By giving guarantees, the state assumes the risk of non-repayment or untimely repayment of all (or part) of the amount and interest on it. With a favorable market situation, the real amount of debt may not increase.

In world practice, the state guarantees loans to local governments, nationalized enterprises and corporations, specialized credit institutions, as well as bank loans intended for municipal housing construction, export loans and operations. In the latter case, the state takes on risks not only of an economic nature (delay in payment, insolvency of the debtor), but also of a political one (non-payment as a result of revolution, nationalization, etc.). Guarantees are a form of government regulation in the context of an unstable economic situation, an aggravation of competition, therefore, operations of this kind are constantly expanding.

The activities of the Russian Federation as a guarantor are reduced to the following areas. First of all, the state traditionally acts as a guarantor for household deposits in the Savings Bank. At the same time, the state guarantees the restoration and preservation of the monetary savings of citizens placed on deposits in the Savings Bank of the Russian Federation and in the organization of state insurance of the Russian Federation for contractual (accumulative) personal insurance deposits in the period up to January 1, 1992. Such savings are recognized as the state internal debt of the Russian Federation ... Restoration and preservation of the value of guaranteed savings is carried out by transferring them into target debt obligations of the Russian Federation, which are government securities.

Re-registration of debt obligations of third parties into the state debt of the Russian Federation - another form of government debt, enshrined in the Budget Code of the Russian Federation.