|Generate QR code
Open Access
Subscription Access
On Russia’s public sector debt
https://doi.org/10.32609/0042-8736-2021-2-48-69
Abstract
The article examines the problem of comprehensive official reporting on public sector debt. It considers the IMF toolkit for public debt statistics, the peculiarities of its practical use and inherent methodological issues influencing the quantitative assessments. Estimates of the total liabilities and liquid assets for the components of the Russian public sector are given, which show, inter alia, the increase of the total liabilities of the largest state-owned enterprises (as a share of GDP) since 2016, first of all, due to the growing share of stateowned banks in the banking sector. The importance of regular monitoring and review of the public sector liabilities and assets is substantiated.
About the Author
I. V. Belyakov
Economic Expert Group;
Financial Research Institute of the Ministry of Finance of the Russian Federation
Russian Federation
Russian Federation
Igor V. Belyakov
Moscow
References
1. Aleksashenko S., Mironov V., Miroshnichenko D. (2011). Crisis and anti-crisis package in Russia: Targets, scale, efficiency. Voprosy Ekonomiki, No. 2, pp. 23—49. (In Russian). https://doi.org/10.32609/0042-8736-2011-2-23-49
2. Kudrin A. L., Gurvich E. T. (2015). Government stimulus or economic incentives? Journal of the New Economic Association, No. 2, pp. 179—186. (In Russian).
3. Morozkina A. K. (2015). Efficiency of public investment in infrastructure and risks for the budget system. Ekonomicheskaya Politika, Vol. 10, No. 4, pp. 47—59. (In Russian). https://doi.org/10.18288/1994-5124-2015-4-03
4. The Public Council of the Russian MoF (2015). Fiscal risks: Identification, prevention, and mitigation. Moscow, June. (In Russian).
5. Radygin A. D., Entov R. M., Abramov A. E., Chernova M. I., Malginov G. N. (2019). Privatization 30 years later: Scope and efficiency of the public sector. Moscow: Delo. (In Russian). https://doi.org/10.2139/ssrn.3337782
6. ACCA, IFAC (2020). Is cash still king? Maximising the benefits of accrual information in the public sector. Association of Chartered Certified Accountants, International Federation of Accountants, February 26.
7. Arslanalp S., Liao Y. (2015). Contingent liabilities from banks: How to track them? IMF Working Paper, No. WP/15/255. https://doi.org/10.5089/9781513568560.001
8. Bova E., Ruiz-Arranz M., Toscani F., Ture E. H. (2016). The fiscal costs of contingent liabilities: A new dataset. IMF Working Paper, No. 16/14. https://doi.org/10.5089/9781498303606.001
9. Cull R., Peria M., Verrier J. (2017). Bank ownership: Trends and implications. IMF Working Paper, No. WP/17/60. https://doi.org/10.5089/9781475588125.001
10. Dippelsman R., Dziobek C., Gutiérrez Mangas C. A. (2012). What lies beneath: The statistical definition of public sector debt. IMF Staff Discussion Note, No. SDN/12/09.
11. Hadzi-Vaskov M., Ricci L. A. (2016). Does gross or net debt matter more for emerging market spreads? IMF Working Paper, No. 16/246. https://doi.org/10.5089/9781475563108.001
12. IMF (2011). Public sector debt statistics: Guide for compilers and users. Washington, DC.
13. IMF (2013a). Public sector debt statistics: Guide for compilers and users. Washington, DC. https://doi.org/10.5089/9781616351564.069
14. IMF (2013b). Staff Guidance Note for public debt sustainability analysis in marketaccess countries. IMF Policy Papers, No. 13/040. https://doi.org/10.5089/9781498341844.007
15. IMF (2014a). Russian Federation: Fiscal transparency evaluation. IMF Staff Country Reports, No. 14/134. https://doi.org/10.5089/9781498348058.002
16. IMF (2014b). Government finance statistics manual. Washington, DC.
17. IMF (2016). Analyzing and managing fiscal risks — best practices. IMF Policy Papers, No. 16/025. https://doi.org/10.5089/9781498345668.007
18. IMF (2018a). Capitalizing on good times. IMF Fiscal Monitor, April.
19. IMF (2018b). Managing public wealth. IMF Fiscal Monitor, October.
20. IMF (2018c). Fiscal transparency handbook. Washington, DC.
21. IMF (2019a). The fiscal transparency code. Washington, DC.
22. IMF (2019b). Russian Federation: Fiscal transparency evaluation update. IMF Staff Country Reports, No. 19/329. https://doi.org/10.5089/9781513518404.002
23. Laeven L., Valencia F. (2013). Systemic banking crises database. IMF Economic Review, Vol. 61, No. 2, pp. 225—270. https://doi.org/10.1057/imfer.2013.12
24. S&P Global (2018). China’s hidden subnational debts suggest more LGFV defaults are likely. S&P Global Ratings, October 15.
Review
For citations:
Belyakov I.V. On Russia’s public sector debt. Voprosy Ekonomiki. 2021;(2):48-69. (In Russ.) https://doi.org/10.32609/0042-8736-2021-2-48-69
Views:
1560
Email this article 
