State credit is a set of financial relations between the state represented by its authorities and management and legal entities, as well as individuals, when the state acts as a borrower, creditor and guarantor.

When carrying out credit operations within the country, the state is the borrower of funds, and the population and enterprises are creditors. In the sphere of international relations, economic relations of states can act as both a borrower and a creditor. In cases where the state assumes responsibility for the repayment of loans taken by legal entities and individuals in relation to other individuals, it is a guarantor.

State credit can be external and internal. External is a loan when foreign legal entities or funds act as creditors of this state. Domestic is when creditors are legal or individuals of this state.

State credit, being a term for increasing the financial capabilities of the state, is an important factor in accelerating the economic development of the state. At the same time, the state should take care of the effectiveness of state credit, one of the most important purposes of which is to cover the budget deficit.

State credit performs the following functions:

Distribution

Regulatory

· Control

With the help of the distributive function, the formation and use of centralized state funds are carried out on the principles of repayment, urgency and payment. It provides additional flow financial resources business entities.

The regulatory function of state credit is expressed in the active influence on the macroeconomic indicators of society. State credit regulates money circulation, interest rate levels, exchange rate and is a tool financial policy states. It has a regulatory effect on the volume of production and employment and manifests itself:

1) In support of small and medium-sized businesses in their lending by commercial banks under state guarantees;

2) In the issuance of loans to other states with the condition of purchasing from domestic manufacturers of manufactured products;

3) Lending for the export of domestic goods.

The control function of the state loan is closely related to the activities of the state and covers the two-way movement of value, because. state credit operations are carried out on the principles of repayment and payment of funds received.

Control over the correctness and efficiency of these operations is carried out by both financial and credit authorized bodies.

1. Differences between a state loan and a financial and bank loan

All types of credit differ from the classical category of finance. If in financial relations there is a movement of value on the terms of irrevocable, then the basis of the loan is its repayment and payment, i.e. after a certain time, the received loan amount is returned with interest.

At the same time, state credit differs significantly from other types of credit, for example, banking. These differences are as follows:

1) The state's need for a loan arises when it is in financial difficulties, and the state loan is mainly used to cover the budget deficit. Business entities receive a bank loan and use it to maintain an uninterrupted production process, its efficiency and expansion;

2) If the condition of a bank loan transaction is the coincidence of the economic interests of the lender and the borrower, then with a state loan their economic interests are separated, therefore the state needs to ensure the economic interest of creditors for the voluntary transfer of funds for the use of the borrower by paying a certain income to the lender;

3) A bank loan has a local significance and is used by business entities to ensure sustainability or expand their financial and economic activities, while the resources mobilized with the help of a state loan are used by the state globally and are spent in accordance with the needs of the entire national economy of the country;

4) With a bank loan, the loan repayment period is strictly regulated, its violation entails economic sanctions, there is no such regulation in a state loan. Relations between the participants are theoretically built voluntarily, it is practically impossible to apply economic sanctions to the state - the borrower;

5) With the help of a bank loan, money is created, and therefore, with an ill-conceived policy, a bank loan can serve as a factor in the appearance of an excess money supply, i.e. money inflation. State credit is always a term for the reduction of money in circulation.

State credit is one of the varieties of attracting financial resources from the state side for the implementation of options.

In fact, this is an element of the state financial mechanism. Since Mr. the party almost always feels the need to raise additional funds, and the amount of taxes has certain restrictions.

Consequently monetary system often supplemented by a repayable loan in the form of an external and internal government loan.

The concept of public credit

Acting as a powerful agent of the economy, owning a large amount of money, the state acts as a debtor and creditor at the same time. In addition to this, it is a guarantor of loans by economic entities in which the government is interested.

In fact, the term under consideration is one of the effective means of regulating economic development by the state. It is of particular importance for regulating financial circulation, determining the level of interest rates and the rate of currency fluctuations.

The emergence of the phenomenon under study is a clear consequence of the budget deficit. If there is a shortage of own revenues, the government usually has two sources of replenishment and renewal: an auxiliary process of issuing finance and attracting loans to the market.

The need for a loan is objective, and it is associated with a probable imbalance of costs and receipts, which is covered by the loan. In order to pay off deficit phenomena in the state budget, the interaction mechanism under consideration is usually used.

The presence of a small deficit is a kind of stimulus for growth in the market economy. It is natural to ask the question, is there, in principle, the need to finance the deficit? After all, at low costs, this is only an incentive for improvement. economic activity and growth of the national economy.

But it can be useful only in small doses, in other situations there is an urgent need for its regulation. Government credit usually comes in the form of loans from private and legal entities.

Functions of the state loan

The concept under consideration is a set of economic relationships, the formation of which occurs between the authorities and management structures, and on the other hand, companies and ordinary citizens.

Here the role of the state is reduced to the borrower, and it also acts as a guarantor and creditor. If the debtor has made settlements on his obligations on time, then he does not bear specific costs.

On the modern market reliable borrowers do not need the services of a guarantor, since they have the opportunity to independently raise funds in the credit market.

As a category of the economic sphere, a loan of such a plan is at the intersection of two forms of financial relationships - direct cash and loans, combining their subtleties and nuances.

In terms of one of the links of the financial system, the formation and use of state funds are serviced. As one of the forms of loans, public credit has a large number of features that distinguish it from standard categories, such as taxes, contributions, fees.

Such debt has several significant and colossal differences from other types of lending.

If in the course of its provision certain values ​​act as collateral - commodity items in the warehouse economy, unfinished production lines, then in the process of borrowing funds from the state, all property in possession, as well as income, are used. On the basis of a central branch of government, such loans do not have any stated purpose.

Acting as a special financial category, this element has three key options: distribution, regulation, control.

In the first case, money centralized by the fund is created and used on the principle of payment, urgency.

In the second situation, the state side carefully regulates financial circulation by placing loans in the circles of various investors. In the third situation, in the process of exercising the control function, it is understood that the state provides comprehensive control of the relationship.

Features state. loan

State credit acts as one of the varieties of the movement of loans and funds that have temporary freedom and belong to the ordinary population, enterprises, and other market entities.

In the process of formation of this kind of mutual relations, the lender and the borrower, who are legally sound, take part.

If we consider the state structural elements that can easily take part in this process, then among them we can distinguish:

• Cabinet of Ministers;
• Local government;
• National bank;
• Min. Finance.

From another position, creditors enter into credit relations, in the role of which may be:

• banks;
• insurance organizations;
• joint-stock companies;
• individuals.

The task and role of the last group is to provide the state with a loan on the basis of certain obligations. Relationships boil down to the fact that representatives of the latter category buy up securities and property that representatives of the first group have.

Classification

To deal with this aspect in more detail, it is necessary to take into account several basic varieties of public credit. Public credit can be divided into several fundamental varieties.

Firstly, it can be internal or external. If we talk about the internal type of lending, then it has the following areas and capabilities:

• borrowing in the form of a loan;
• mobilization of finances;
• treasury loans;
• borrowings;
• loan fund.

Based on the right to issue, it is possible to distinguish between state and local loans. In the first case, we are talking about the fact that securities are subject to release by the central authorities, and the proceeds go to the central budget.

In the second situation, the release process is carried out by local authorities, and then distribution to the appropriate local budgets takes place.

It is also possible in practice to consider borrowed funds of a market and non-market nature. The bonds associated with these loans are subject to a free process of purchase and sale.

There is a classification of government loans into those that include collateral, and those where it is absent. In the first situation, there is a reflection of the key principle of lending - material security. In the second situation, it is absent, so the degree of reliability can be determined by the level of authority of the state side.

According to the signs of the holders several groups can also be distinguished. Some of them can be sold exclusively among the population, others - only between firms, and others - are universal.

Based on the deadline provided to repay the debt, one can consider short-term, medium-term and long-term opportunities. In the first situation, we are talking about a period of up to a year, in the second - 1-5 years, in the third - from 5 years.

Depending on the variation of payment actions by income, the state loan can be classified as interest-bearing, winning, discount, interest-free. In the first case, the yield is represented by the interest on the loan.

With winning loan options, the payment of proceeds occurs on the basis of circulation. Interest-bearing loan involves the payment of income in several types.

As for the discount loan, it involves the acquisition of state. papers at a discount. And an interest-free loan involves financing certain projects within the framework of an emergency.

There are lump-sum and partial payments. In the first case, the debt is formed at the end of the loan term.

In the second situation, three key intervention options can be used:

• repayment of the loan through equal shares over several annual periods;
• repayment is carried out in constantly increasing amounts;
• the amount of the contribution is subject to permanent reduction.

Based on the placement direction, borrowing can be classified as voluntary, forced, placed on the basis of a subscription. In the case of voluntary provision, each buyer has the right to make his own choice regarding whether to buy or not to buy paper.

When it comes to forced placement, there is pressure on the potential buyer from the state. If we are talking about the third situation, then traditionally the placement of loans takes place according to the approved list.

Based on the obligations of the state, associated with the compensation of a debt obligation, it is possible to distinguish between loans with the right to early repayment and without it. In the first case, the state party has the right to take into account the situation within the framework of the existing market relations.

Based on legal bonds and reverse loans can be distinguished. In the first case, we are talking about a passing release valuable papers. In the second situation, registration occurs through the creation of contractual agreements.

Another characteristic form for domestic lending is the mobilization of the share of deposits and borrowings through bank government systems. There is a direction of money in part of budget revenues. But traditionally, such banks, regardless of the form of ownership, operate on a commercial basis in order to make a profit.

By type of participants can be identified international credit and loans within the same state. That is, the principle of payment, urgency, return, limitation applies here.

Any financial borrowings and obligations are made either in currency units country of the creditor, or in the equivalent of the currency of the borrower, or in the money of a third state.

This approach aims to create favorable conditions for raising funds. Due to the large number of forms, you can easily take into account the various interests of individuals and legal entities.

Terms of receipt

The term under consideration is a system of relationships that arise between the state side, represented by authorities and management, and legal, natural persons. Here, it is the first subject that assumes a debt obligation, and he gets the role of guarantor and creditor.

The state part in the form of an authorized relevant body is engaged in the conclusion loan agreement within which a corresponding requirement or obligation arises. On this basis, it is assigned the requirement to comply with certain conventions.

Are taken into account the following factors and indicators:

1. Delivery period. It is determined on the basis of what needs the borrower has and what he can count on in this regard. Also, everything depends on the favor of the creditor. This period ranges from one annual period to 5-10 or more years.
2. The obligations of the parties. As part of the agreement, it is prescribed that the lender undertakes to hand over to the borrower such and such an amount, and he, in turn, has the obligation to repay the debt on certain conditions. At the same time, auxiliary obligations are stipulated, which must be taken into account by the parties.
3. Conditions under which the repayment of the debt is secured. It is necessary to determine the size of the regular payment and the general scheme of repayment measures. A set of key requirements for both parties, which must be observed, is also noted.
4. Size interest rate. It depends on individual circumstances and is most often determined by the state of the current economic situation in a particular market.

Thus, a government loan is a large and important obligation that is formed between the parties in the process of transferring a certain amount of money for use.

This is not the whole list of conditions on the basis of which the state can obtain a loan. But here are the main points that require close attention.

Forms and directions of functioning

To study the concept in even more detail, it is worth taking into account several principles of its functioning.

• State loan. These financial resources can belong to both the population and numerous organizations. They are required to meet the social needs of society and to solve other tasks of particular strategic importance.
• Partially, such deposits are beginning to be of a state nature, therefore, banking structures are ready to provide loan funds to the government side at the expense of borrowed resources. At the same time, the true owner of money has no idea about the key areas of their use.
• Another principle is to borrow the funds of the nationwide mass. In this situation, extradition takes place in order to cover his expenses. At the same time, these transactions are not mediated by the acquisition of securities.

The process of managing public debt implies a set of measures that are associated with various types of payment and return transactions.

There are a large number of forms and directions of the concept being studied, which must be taken into account. All of them deserve an optimal and loyal attitude and detailed consideration.

Debt management

This concept means a list of actions that are directly related to the preparation for the issuance and placement of debt obligations.

There are several key areas to consider when managing public debt:

• Payment of income in accordance with loans and their repayment through budgetary directions.
• Activities related to refinancing and restructuring public debt. Here we can also talk about the possibility of paying off old debts by creating new loans.
• Implementation of circulations of winnings and repayments within the framework of winning and interest-bearing loans.
• Conversion. In this situation, it is worth talking about changing the yield on loans to further reduce the costs associated with managing public debt by reducing or increasing the amount of interest.
• Consolidation. In this situation, we are talking about increasing the life of loans that have already been issued.
• Unification. This is a process in which several loans are combined into one value in the process when bonds on old loans are exchanged for new loans. This approach leads to a reduction in the number of types of securities that are traded on the market.
• Providing a grace period for loan repayment. In this situation, it is understood that the payment of interest and the provision of loans that were previously created may involve a change in maturities.
• Cancellation of a debt. In this situation, we are talking about the complete refusal of the state from the obligation associated with issued loans, if it suddenly encounters financial difficulties in the form of bankruptcy, as a result of the arrival of new authorities that will refuse to recognize previous debts.

Thus, public credit is a set of relationships between different parties that must be regulated.

Types of External Debt

If we look at the picture in Russian Federation, it can be noted that debt obligations have several fundamental directions.

1. Debt generated in relation to foreign governments. It also includes obligations that are the objects of guarantees from the authorities of foreign states.
2. External debt to foreign commercial structures. In this case, it is understood that debt obligations act as an object of sale and purchase in the world market space.
3. Formed debt in relation to foreign trade associations associated with the functioning of centralized import deliveries. Registration of such a debt part occurs in the form of bills of exchange, which are guaranteed by the government.

The main creditors in our country are financial institutions, which, in the process of providing borrowed resources, set out the requirement for a specialized stabilization program aimed at reducing inflation and the budget deficit.

The structure of the country's domestic credit

As already noted, domestic public credit includes loans from the state from individuals and legal entities.

An internal loan can be presented in several fundamental forms:

1. issue of special securities;
2. cooperation with the central bank;
3. taking loans from commercial structures.

The classification directions of state domestic loans deserve special attention.

They can be subdivided into the following categories:

• Based on the right to issue or subjects of relationships. Such finances can be placed by the central or local government
• Based on the sign of the holder, they can be, as already mentioned, universal or personalized (only for citizens or only for companies).
• Based on the form of income - winning, interest, coupon, zero deals.
• By the presence of security of the state obligation - with or without a mortgage.
• According to the methods of determining the income level - bonds with a fixed income and variable income.
• According to the obligations of the borrower - with the right to repay long term or without it.
• Based on market circulation – market and non-market type papers.

The concept of public credit implies that such a set of obligations is the "skeleton" of the country's public debt and is combined into a special sector of the fund and securities market.

The key feature of the latter elements is their ability to combine the basic properties of various instruments.

Traditionally, government debt securities consist of bonds, but based on a set of criteria, there is a division into certain groups:

1. issuer - the person who issued the documents, it can be a municipality, a government party, a state enterprise, a financial corporation;
2. urgency - loans can be of any period, as well as papers with their action;
3. holder - papers in this situation can be of a bearer and nominal character;
4. method of issue: documentary values ​​in cash or non-documentary options in cashless form;
5. the purpose of the release measures: covering scarce phenomena, financing investment projects, ensuring the implementation of social. programs;
6. forms in which income is generated - winning, discount, percentage directions;
7. accommodation option: auction events, sale within open auction, individual deals.

Securities that are produced by the public side to cover scarce factors and subsequently finance expenditures are referred to as public entities.

A bond is an issuing direction that helps to secure the holder's right to acquire a bond within a certain period of time at a certain price and percentage.

Thus, the formation of internal credit relations in the country affects the overall economic picture and contributes to improving the quality of life of the population, raising the level of social and other spheres.

A competent approach to this process will ensure a decent supply of funds at all levels of economic development.

Output

A loan to the state is a separate line of transactions between the government side and the creditor. In order for all the principles of this relationship to be observed, it is necessary that each side ensure a careful approach to compliance with the requirements put forward to it.

The state is not only a borrower, but also a guarantor of the reliability of ongoing transactions. Any parties can act as creditors - enterprises, individuals, commercial banking structures.

The more carefully the set of these transactions and transactions is prepared, the better credit result can be expected.

You may be interested in: ""

Thus, it follows that the loan provided to the state side is a set of financial resources aimed at financing the needs of the government part.

There are several key principles that must be observed in the process of forming these relationships. They will allow you to achieve optimal results and benefit each participant in the process.

State loan- these are monetary relations that arise between the state and legal entities and individuals in connection with the mobilization of temporarily free funds at the disposal of the state from legal entities and individuals, international financial organizations, (carried out by emissions and accommodation valuable papers, obtaining loans from specialized financial and credit institutions, foreign governments). Those. in credit relations, where the state acts as a borrower, and creditors are legal entities of a given country and other countries, it is called a state loan.

It follows from this that Mr. loan-this is the main form of manifestation of the state. loan.

Government loan is used for:

1. Financing the budget deficit. The state credit used to cover the budget deficit is usually not related to production activity and the debt on it is covered by taxes.

2. Financing capital investments into nationalized and mixed enterprises.

3. Financing of local government enterprises.

4. Regulation of the country's monetary circulation.

However, in the economic literature government loan- these are economic relations between the state and individuals and legal entities, i.e. in which the borrower is an individual. and legal persons, and the creditor is the state represented by its bodies. The subject of state credit are the Wed Islands budget.

Thus, the difference between state. loan from the state loan is that government loans:

They lead to the formation of public debt, and a public loan allows you to eventually get back the amount of debt and interest on it;

State. the loan is associated with the attraction of additional funds at the disposal of public authorities, and the state loan - with the investment of public funds in foreign assets;

State. loan being an integral part of the state. the budget is not budget revenue.

The main differences between taxes and loans are:

1. Loans are repayable. Taxes are an obligation to pay the amount irrevocably to the state.

2. A loan, unlike a tax, is voluntary. The state, providing its income through loans, does not resort to coercion.

3. The tax is characterized by one-way movement of money. In the case of a loan, the state issues a counter financial obligation freely circulating on the market.

4. Tax is the income of the state. The loan is repayable, so loans cannot be counted as state income.

5. Loans are repayable, which increases government spending.

Providing state loans is regulated by the Budget Code of the Russian Federation. The following can act as internal borrowers:

Budget institutions;

State. and municipal unitary enterprises;

Russian enterprises and organizations

Executive agencies;

lower budgets.

The only ways to ensure the repayment of state loans can be bank guarantees, guarantees, pledge of property.

1. Through distributive function state credit participates in the formation of centralized monetary funds of the state or their use on the principles of urgency, payment and repayment. Acting as a borrower, the state provides additional funds to finance its expenses.

2. Regulating function state loan. Entering into credit relations, the state voluntarily or involuntarily influences the state of monetary circulation, the level of interest rates in the money and capital market, production and employment. Consciously using the state credit as an instrument for regulating the economy, the state can pursue one or another financial policy.

3. control function public credit is organically woven into the control function of finance.

The positive aspects of the development of state. loan:

As a way to cover the budget deficit, contributes to the containment inflation .

Issue-free replenishment of budget revenues, which is necessary to meet national needs, especially if they are associated with emergency state and municipal expenditures, as well as to improve the state of settlements in economic turnover in the event of destabilization of the country's economy.

It is also used to regulate the circulation of money. In the context of the development of the inflationary process, government loans from the population temporarily reduce its effective demand. Excess banknotes are withdrawn from circulation, i.e., funds are withdrawn from the money circulation for a predetermined period. If the mobilized funds of individuals are invested in the sphere of production, there will be a reduction in the cash supply in circulation.

But there is also the negative consequences of an excessive increase in state. loan:

The state, carrying out borrowings in the financial market, increases the demand for borrowed funds. This additional demand causes an increase in the level of interest rates in the loan market, which makes loans expensive for borrowers, and therefore deprives the production sector of resources that could be used as production investment .

The temporarily free funds of enterprises and individuals attracted by the state do not fall into the sphere of investments in the real sector or to replenish working capital, but are spent as payment and purchasing funds. They do not bring additional income and increase the "price" of the state's budget revenues through the subsequent payment of interest or discount.

The use of a state loan leads to an increase in non-production costs of the state and municipalities, since the funds used as loans are subject to mandatory return to legal entities and individuals (lenders), and with the payment of interest for using the loan. The payment of interest on a loan, as noted above, can lead to an increase in taxes. With external borrowing, the shortcomings of this method of covering the budget deficit are aggravated by the fact that foreign creditors receive income, while domestic enterprises and the population of the debtor state bear the burden of debt service. This has a negative impact on consumption levels and economic growth opportunities.

Sources of the state loan - temporarily free funds that appear in:

Enterprises;

pension funds;

Insurance funds;

population.

The state loan can be internal and external.

Forms of public credit (internal):

1. Issuance of government loans and the conversion of part of the population's deposits in Sberbanks into government loans.

2. Treasury loans. Treasury loans express the monetary ratio of providing financial assistance to an enterprise or organization by public authorities and administration at the expense of budgetary funds, in the stable operation of which the state is interested. But this is carried out on the terms of urgency, payment and repayment.

In the early years of Soviet power, the state Loan (GZ) existed in two forms - monetary and natural (the latter was due to insufficiently developed monetary relations and the interests of protecting bondholders from the depreciation of banknotes). The first Soviet Z. g. was issued on May 20, 1922 for 10 million poods of rye and for a period of 8 months. In 1923, two more natural grains were issued—grain and sugar (interest-free).

The first Soviet money loan was issued on October 31, 1922 for 100 million rubles. In gold terms for a period of 10 years.

During 1924-1928, four guaranteed loans were issued for a total of 900 million rubles. gold placed at enterprises and organizations. In the same years, peasant winning loans were also issued. Has been applied new form placement of a loan - holding a subscription to a loan among workers with the provision of installment payments. The increase in the role of Soviet land protection was facilitated by the growth in the incomes of the working people. On a large scale, subscriptions were made to the industrialization loan (issues 1-3), the Five-Year Plan loan in 4 years, the 3rd Five-Year Plan loans (issues 1-4), etc., which served as one of the sources of funds for the socialist industrialization and development of the national economy in the prewar years.

Defense Strengthening Loan (1937), wartime loans (issues 1-4) played an important role in financing the state’s military spending during the period Great Patriotic War 1941-1945.

In the postwar years, funds from the placement of Soviet bonds (five issues of loans for the restoration and development of the national economy of the USSR 1946-1950 and loans for the development of the national economy of the USSR 1951-1957) contributed to the restoration and development of the Soviet economy.

In the years of the pre-war five-year plans, revenues to the state budget of the USSR from the ZG amounted to about 50 billion rubles, and during the years of the Great Patriotic War - 76 billion rubles. and in the period 1946-1958 - 260 billion rubles. (on a monetary scale before 1961). Generally specific gravity funds from loans in state budget revenues before the Great Patriotic War amounted to approximately 5%, during the war years no more than 10%, and in 1965, in connection with the cessation of issuing loans placed by subscription among the population, dropped to 0.2%.

As practice shows increase in state loans have a negative impact on the development of the country, in particular on investors. activity prom. enterprises, because the future investor sees for himself high risks of investing in a country that has large debts.

By issuer, loans are divided into:

Federal (most);

Regional;

Municipal (local).

According to the form of placement:

Bonded (issued in the form of a Central Bank);

Non-bonded (conclusion of a loan agreement between the state and creditors; applied to large creditors).

Form of income:

Interest (fixed and floating);

winning;

Discount (at a discount);

Clothing (repaid in goods);

Lifetime (repayment of the principal debt does not occur, increased interest is paid.

By maturity:

Short-term (up to six months);

Medium-term (from 1 to 5 years);

Long-term (over 5 years).

Placement methods:

Voluntary;

Forced.

The main form of public credit are bonded state loans, characterized by the fact that temporarily free funds of the population, enterprises and organizations are attracted to finance the state budget deficit by issuing and selling government securities.

government securities called securities certifying loan relations in which the debtor is the state, a body of state power and administration.

In Russia (USSR), until 1990, only state bonds of an internal winning loan were used, either placed by subscription among the population (this meant practically their forced placement), or freely tradable for cash with a term of up to 20 years.

Since 1990, state bonds of a targeted interest-free loan for a period of three years have been distributed among the population of the USSR. The repayment of such bonds was carried out in scarce durable goods. To cover the budget deficit in 1990, another type of government securities was put into circulation for the first time - government treasury bonds for a period of 16 years with a yield of 5%. These securities were also distributed among the population. For the first time during the existence of the state, an attempt was made to distribute the state internal 5% loan among legal entities (enterprises, organizations). This experience did not bring the desired result for a number of reasons.

The targeted commodity loan brought the budget 4.1 billion rubles, but the state has practically not yet fulfilled its obligations to creditors. This type of loan does not take place in countries with developed market economies. With Russia's transition to new economic relations, it has no prospects in our country either.

The economic conditions in Russia led to the emergence of short-term securities. Thus, government short-term zero-coupon bonds of the Russian Federation appeared on the securities market, bonds federal loan with a variable coupon, bonds of the state savings loan, gold certificates of the Ministry of Finance of the Russian Federation.

The high yield of short-term bonds was very attractive for investors, both residents and non-residents, so the GKO-OFZ market has become a major segment of the financial market. But the irrational policy of the state in the field of borrowing led to a crisis on August 17, 1998, when the state was unable to fulfill its obligations to creditors. As part of the state internal debt of the Russian Federation, the debt on state short-term obligations amounted to 480.0 billion rubles, or 63.95% of the total state debt. After August 17, the issue of short-term bonds and payments on them were suspended.

Starting from the fourth quarter of 1998, the Ministry of Finance and the Central Bank of the Russian Federation have been working on developing a mechanism for restructuring government securities issued before the crisis. According to the Decree of the Government of the Russian Federation of December 12, 1998 No. 1787-r, starting from 1999, government securities have been novated. This operation includes the reissuance of securities with a significant deferred payment, the exchange of short-term government securities for long-term ones.

The variety of securities made it possible to classify them according to certain criteria:

Depending on the ability to circulate on the stock market, government securities are divided into market and non-market. The most common type of government securities are marketable securities that can be freely traded and resold on the secondary market. Non-market government securities cannot freely circulate on the market. They represent a loan to the state, but unlike marketable securities, they cannot be sold by their owner to a third party.

Depending on the circulation period, government securities are divided into short-term (up to 1 year), medium-term (up to 5 years) and long-term (over 5 years).

Securities are divided by issuers. Released central government, they are called federal or, as in Russia, - state. On behalf of the state, they are issued by the relevant authorized body, as a rule, the Ministry of Finance. The Central Bank of the Russian Federation often acts as an agent of the latter, which in turn can authorize certain investment institutions or banks act as official dealers.

Securities are divided into cash (documented) and non-cash, including those existing in the form of records on accounts; according to the method of payment of income.

According to the method of payment of income on State securities, a distinction is made between the establishment fixed interest payment; application of a stepped interest rate; using a floating interest rate; indexation of the nominal value of securities; sale of debt obligations at a discount (discount) against their face value; making winning loans.

In a stable economy, in the absence of high inflation, a fixed income rate, winning loans are most often used. During a period of high inflation, such securities are not in demand.

The share of government securities in the government external debt of the Russian Federation increased from 1 January 1995 to 1 January 2004 from 18.1% to 35.9%. Debt on the principal amount of the state external debt of the Russian Federation, issued in government securities, is 43 billion US dollars.

State loan- a set of economic relations between the state represented by its authorities and management, on the one hand, and legal entities and individuals, on the other hand, in which the state acts as a borrower, creditor and guarantor.

When performing the function of a borrower, the state issues government securities (in particular bonds), thereby attracting funds from individuals and legal entities.

Acting as a creditor, the state, through the Central Bank of the Russian Federation, lends to commercial banks, which in turn lend to individuals and legal entities.

The state, as a guarantor, acts as a third party in transactions, guaranteeing the fulfillment of an obligation to the creditor in case of default by the borrower.

State credit as a link in the financial system of the Russian Federation serves the formation and use of centralized monetary funds of the state: the budget and off-budget funds. Acting as a borrower, the state provides additional funds to finance its expenditures (mainly to finance the budget deficit). Entering into credit relations, the state voluntarily or involuntarily influences the state of money circulation, the level of interest rates in the money and capital market, production and employment. The state can pursue financial policy, using public credit as an instrument for regulating the economy.

- one of the directions of the financial policy of the state, associated with its activities as a borrower, creditor and guarantor. Public Credit Management includes a set of actions related to the preparation for the issuance and placement of government debt obligations, regulation of the government securities market, servicing and repayment of government debt, provision of loans and guarantees. Public authorities determine the total amount of the budget deficit and the amount of loans needed to finance it, the main directions and goals of influencing money circulation, credit, production, and employment.

In the process of public credit management, the following tasks are solved:

1) minimizing the cost of debt for the borrower;

2) prevention of overflow of the market with borrowed obligations of the state and sharp fluctuations in their exchange rate;

3) effective use of mobilized funds and control over intended use allocated loans;

For the convenience of studying the material, the article is divided into topics:

Government credit is different from other types of credit. So, if when granting a bank loan, specific values ​​usually act as security - goods in stock, work in progress, then when borrowing funds by the state, all property owned by it, the property of a given territorial unit or any of its income serves as security for the loan. One more hallmark bank credit is the productive use of it as capital, creating conditions for repayment and payment of interest on it by increasing the produced value of the surplus product. The source of repayment of the state loan, as noted, are mainly budget funds.

Like any other borrower, the state raises funds for a predetermined period: up to 1 year, from 1 year to 5 years, from 5 years to 30 years. Thus, the Budget Code of the Russian Federation No. 145FZ provides that any debt obligations of the Russian Federation are repaid within the terms determined by the specific terms of the loan, but cannot exceed 30 years.

Through the distributive function of the state credit, the formation of centralized state monetary funds and their use on the principles of urgency, payment and repayment are carried out. Acting as a borrower, the state provides additional funds to finance its expenses - this is one side of state credit relations. Their other side is financial ties due to the return and payment of additionally mobilized funds. At the same time, the payment of income to creditors is provided at the expense of budget revenues, and the circle of taxpayers does not coincide with the circle of holders of government securities, as well as the amount of taxes paid to the budget by each owner of securities - with the amount of income received by him from state credit operations. This means that the second side of state credit relations has a redistributive character.

In modern conditions, proceeds from government loans have become the second method of financing budget expenditures after taxes. The latter is explained by the faster growth rate of spending compared to the increase in tax revenues.

Financing of capital expenditures at the expense of borrowed funds, within certain limits, has a positive value. Stretching funding sources over time by issuing loans for an appropriate period of time allows you to shift payments on the main loan and interest on it to all subsequent reinforcements that will use the services of facilities built by the current generation.

Thus, the positive impact of the distributive function of public credit lies in the fact that with its help the tax burden is more evenly distributed over time. Taxes that are levied during the period of financing of expenditures from the state loan are not increased (which would have to be done otherwise). But then, when the loans are repaid, taxes are levied not only to pay them, but also to pay off the interest on the debt.

Taxes are the main, but not the only source of financing the costs associated with servicing and repaying the public debt. Sources of financing of these expenses depend on the direction of use of funds. In the case of a productive investment of mobilized capital, the constructed object, after its entry into operation, begins to make a profit, due to which the loan is repaid. There is no increase in tax revenue in this case.

In case of unproductive use of capital mobilized as a result of state loans, for example, financing military or social expenditures at their expense, taxes or new loans become the only source of their repayment. The placement of new government loans to pay off debt already issued is called government debt.

The increase in tax revenue caused by government borrowing depends on their term and the interest on the loan paid to the borrower. The higher the profitability of the state loan for the investor, the greater part of the taxes the state is forced to direct to their repayment. The larger the amount of debt, the higher the share of funds allocated for its service, all other things being equal.

Entering into credit relations, the state voluntarily or involuntarily influences the state of money circulation, the level of interest rates on and capital, production and employment. Consciously using state credit as an instrument for regulating the economy, the state can carry out one or another.

The state regulates money circulation by placing loans among various groups of investors. By mobilizing the funds of individuals, it reduces effective demand. If a loan finances production costs, such as investments, there will be an absolute reduction in the cash supply in circulation. In the case of financing labor costs, for example, for teachers and doctors, the amount of cash in circulation will remain unchanged, although a change in the structure of effective demand is possible.

Operations for the purchase and sale of government securities or the issuance of loans secured by them, conducted by the Central Bank of the Russian Federation, are an important instrument of regulation in the country. Loans secured by highly liquid government securities began to be provided by the Central Bank of the Russian Federation.

5. According to the security of debt obligations - mortgages and without mortgages. Mortgage bonds are secured by specific collateral, such as certain property. Most often they are issued by local authorities. All property of the state or the given municipality serves as security without mortgage bonds. Central governments usually issue unsecured bonds. Their reliability is extremely high, and therefore investors do not need any additional guarantees.

6. According to the nature of the income to be paid, state loans are divided into winning, interest-bearing, zero-coupon loans. The payment of income on winning bonds is based on the circulation of winnings. These bonds are not in high demand. Investors seek to receive a stable income, and do not rely on chance. Therefore, the main type is interest-bearing bonds, the income on which is paid once, twice or four times a year on the basis of coupons. Most investors prefer such debt.

Short-term borrowing instruments of the state do not have coupons. They are sold at a discount from face value, and are redeemed at face value. Also, some long-term debt obligations do not have coupons. All income on them is paid along with the amount of the principal debt. Like short-term ones, they are sold at a discount from face value, and are redeemed at face value. These bonds are called zero-coupon bonds.

7. According to the method of determining income, government debt obligations are either fixed or floating income. In some cases fixed rate in securities, it causes an increase in government spending on interest; in others, it can scare off investors who expect an increase in interest.

To cover the budget deficit, it is necessary to place loans at a relatively high level of interest rates.

By setting a similar interest rate on its debt obligations for the entire term of the loan, which may be 20-30 years, the state will attribute additional costs to taxpayers. There are two options to avoid this situation:

Covering the need for cash through a short-term or medium-term loan and issuing (when the interest rate falls) long-term. However, in this case, the borrower bears additional costs associated with the issuance, placement and repayment of another loan. It is possible that, in anticipation of an increase in interest rates, investors will not show interest in a second loan;

Systematic review of interest paid on securities. As a base, the rate on interbank loans to the country is usually used. Such loans have a big drawback - the debtor is not able to plan his expenses. But this option solves all these problems.

8. Depending on the obligation of the borrower to strictly comply with the loan repayment terms established at the time of its issue, loan instruments are divided into obligations: with the right of early repayment and without the right of early repayment.

The issue of early repayment of debt obligations becomes relevant only when financial market significant changes are taking place. For example, a borrower issued bonds with an annual fixed income of 12%, and a year later the rate fell to 6%. In this case, he incurs significant losses, while the investor receives a significant gain. If the bonds were puttable, the investor can reduce his losses by issuing and placing a new loan and paying off the old one.

There are two options for debt repayment: lump sum and installments. If the loan is repaid in installments, depending on the distribution of the amount of debt by maturity, three options are distinguished: the loan is repaid in equal installments over a certain period, for example, four years. So, if the loan amount was 100 million rubles, 25 million rubles will be paid annually; increasing shares. For example, in the first year 10 million rubles are extinguished, in the second - 20, in the third - 30, in the fourth - 40 million rubles. Such a system is convenient when increasing the income of the borrower. For example, in connection with the rise in business activity, an increase in tax revenues is expected, or an object for the construction of which borrowed funds were attracted, gradually gains capacity and begins to bring more and more profit; declining shares. For example, in the first year, a debt of 40 million rubles is repaid, in the second - 30 million rubles. etc. This system is preferable when the borrower's income is expected to fall or his expenses to increase.

9. According to the methods of placement, loans are divided into voluntary, placed by subscription and compulsory. Each method has its own way of implementation. Basically, bonds are placed on a voluntary basis, freely sold and bought by banking institutions.

10. State loans may be bonded and non-bonded. Bonded loans are accompanied by government securities. Non-bonded

are formalized by signing agreements, contracts, as well as by entries in debt books and the issuance of special certificates. Currently, non-bonded loans are used at the intergovernmental level.

State internal and external debt of the Russian Federation

The functioning of public credit leads to the formation of public debt. Capital public debt represents the entire amount of issued and outstanding debt obligations of the state, including accrued interest that must be paid on these obligations; current public debt is the cost of paying income to creditors on all debt obligations of the state and the repayment of obligations that are due.

The state, widely using its opportunities to attract additional financial resources, gradually accumulates debt, both domestic and foreign creditors, which leads to an increase in public debt, both domestic and foreign.

The activity of the state as a borrower serves as an indicator of the state of its finances. The greater the amount of borrowing, the worse the situation with state budget. The higher the share of public debt in GDP, the deeper the financial crisis. The huge public debt of Russia, both internal and external, testifies to the financial crisis in the country.

In accordance with the Budget Code of the Russian Federation, public debt refers to the debt obligations of the Government of the Russian Federation to legal entities and individuals, foreign states, international organizations and other entities. Thus, it is necessary to distinguish not only the state internal and external debt, but also the national debt, which includes the debt not only of the Government of the Russian Federation, but also of the lower levels of management that are part of the state.

The state debt of Russia is fully and unconditionally secured by all federally owned property constituting the state treasury. The debt obligations of the Russian Federation may take the form of loans received by the Government, state loans or other debt obligations guaranteed by it.

Public domestic debt consists of the debt of past years and newly arisen debt. The Russian Federation shall not be liable for the debt obligations of the national territorial entities of the Russian Federation, if they have not been guaranteed by the Government of the Russian Federation. The form of debt obligations of the national-state and administrative-territorial entities of the Russian Federation and the conditions for their issue are determined independently on the ground.

As noted, depending on the location, loans are divided into two groups: internal and external, differing in the types of loan instruments, terms of placement, composition of creditors, loan currency.

Lenders for internal loans are legal entities and individuals who are residents of this state. Loans are usually made in national currency. To raise funds, securities are issued that are in demand on the national stock market. Various tax incentives are used to further encourage investors.

Foreign loans are placed on foreign stock markets in the currency of other states. When placing them, the specific interests of investors in the country of placement are taken into account.

The debt obligations of the Russian Federation are repaid within the terms determined by the specific terms of the loan and cannot exceed 30 years. Changing the terms of a state loan issued in the country, including the terms of repayment and the amount of interest payments, as well as the term of circulation, is not allowed.

In recent years, the borrowing activity of the Government of the Russian Federation in the securities market has rapidly intensified, which is explained by the refusal to use loans from the Central Bank of the Russian Federation to cover the budget deficit. At the same time, high-yield securities were issued to raise funds, and as a result, a paradoxical situation arose: the most reliable government securities are at the same time the most profitable, and, consequently, the most popular. As a result, the bulk of the funds of investors involved in transactions with securities go not to production, but to finance federal spending and service domestic public debt. Thus, public credit begins to have a negative impact on economic development country. The rapid increase in the costs associated with servicing the public debt indicates that the growth of the public debt of the Russian Federation has become a self-reproducing process. In the total expenditures of the federal budget, expenditures related to servicing the public debt account for almost 30%, while they accounted for, although also quite a lot, but half as much.

Expenses for servicing the state debt in the state federal budget are provided for in the amount of 220.1 billion rubles, including 63.3 billion rubles for servicing the state internal debt. and state external debt - 156.8 billion rubles.

In accordance with the Budget Code of the Russian Federation, the federal law on the federal budget for the next financial year approves the maximum volumes of the state internal and external debt, the limits of the external borrowings of the Russian Federation with a breakdown of debt by form. The maximum volume of state external borrowings of the Russian Federation should not exceed the annual volume of payments for servicing and repayment of the state external debt of the Russian Federation.

The Government of the Russian Federation has the right to carry out external and internal borrowings in excess of the maximum volume of state external and internal borrowings established by the federal law on the federal budget for the next financial year, if at the same time it reduces the cost of servicing them within the established maximum volume of public debt.

The State Duma together with the project federal law on the federal budget for the next financial year also considers the Program of State External Borrowings of the Russian Federation and State Credits Provided to the Russian Federation, which contains a list of external borrowings of the federal budget for the next financial year, indicating the goals, sources, terms of repayment, the total amount of borrowings, the amount of funds used for loan prior to the start of the financial year and the amount borrowed in that financial year. This Program necessarily includes agreements on loans concluded in previous years, if they have not expired in the prescribed manner. In recent years, especially in the 90s, the state debt of our country has increased tenfold, reaching by mid-2009, as noted, more than 700 billion rubles. (domestic debt). External public debt by this period exceeded 150 billion dollars. The payments on the external debt that came due in 2009 reached 17.5 billion dollars (the budget provides for about 5 billion dollars). Since the end of 2008 and in 2009, the Government of the Russian Federation held negotiations with creditors on the restructuring of payments, i.e., on revising the terms and procedure for paying external debts. According to the Ministry of Finance of the Russian Federation, external debts consist of loans from members of the Paris Club ($40 billion), the London Club, which unites about 600 banks (about $35 billion), supplier firms (about $7 billion), countries , not included in the Paris Club (about 30 billion dollars), the IMF and IBRD (about 30 billion dollars).

The current unfavorable financial and economic situation in the country requires the adoption of decisive measures to limit the rate of increase in public debt. This is usually achieved by increasing tax revenues and reducing budget expenditures, and most importantly, by increasing the volume and pace of development of the real sector of the economy. Measures taken by the Government of the Russian Federation to maintain and protect domestic production, strengthen the financial and credit system and monetary circulation in the country will contribute to this.

The state of the state debt is also significantly affected by the improvement of state credit management - the procedure and conditions for obtaining new loans, the amount of repayments and the interest paid on them.

Public Credit Management

Public credit management can be considered in a narrow and broad sense. Public credit management in a broad sense refers to the formation of one of the directions of the state's financial policy related to its activities as a borrower, creditor and guarantor. Public credit management in a broad sense, as one of the areas of financial policy, is in the hands of the authorities and state administration. It is they who determine the total volume of the budget deficit and, consequently, the volume of loans required to finance it, the main directions and goals of influencing money circulation, credit, production, employment, and the feasibility of implementing nationwide programs to support small businesses in certain regions of the country.

Public credit management in the narrow sense refers to 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, and providing loans and guarantees.

In the process of public credit management, the following tasks are solved:

Minimizing the cost of debt for the borrower;

Prevention of the overflow of the market with borrowed obligations of the state and sharp fluctuations in their exchange rate;

Efficient use of mobilized funds and control over the intended use of allocated loans;

Ensuring timely repayment of loans;

Maximum solution of the tasks defined by the financial policy.

The main share of expenses under the state credit system is the payment of winnings, annual interest, and loan repayment amounts. Expenses also include expenses for the manufacture, transfer and sale of state securities, holding drawings of winnings and redemption drawings and some other expenses.

Loans are repaid by drawing winnings (when the face value of the bonds is paid along with the winnings), as well as redemption drawings on winning and interest-bearing loans, or by buying government securities from creditors. The payment of income on the loan is carried out by holding drawings of winnings, annual payment of coupons by banks or transferring the amount of income in a non-cash manner to the accounts of enterprises and organizations.

A safe level of public debt service is considered to be 25%. In our country, the external debt service ratio exceeds the permissible limits.

Measures such as conversion, consolidation, exchange of bonds according to a regressive ratio, deferral of repayment and cancellation of loans are aimed at achieving the effectiveness of public credit.

A conversion is usually understood as a change in the yield of loans. Most often, the state reduces the amount of interest paid on loans in order to reduce the cost of public debt management. Public debt consolidation refers to extending the maturity of loans already issued by changing loan terms related to their maturity. The reverse operation is also possible - a reduction in the duration of state loans. Thus, in 2000, the term of treasury obligations was reduced from 15 to 8 years. It is also possible to combine consolidation with conversion.

Usually, together with consolidation, the unification of government loans is carried out. Unification of loans is understood as the combination of several loans into one, when bonds of previously issued loans are exchanged for bonds of a new loan.

In exceptional cases, the government may exchange bonds according to a regressive ratio, i.e. when several previously issued bonds are equated to one new bond. Such an exchange was carried out, for example, in the post-war period in order to withdraw wartime loans from bonds.

Loan repayment deferral occurs during periods when the government issued too many loans and the conditions for issuing them were not effective enough for the state. Deferral of repayment of loans differs from consolidation in that the deferment not only postpones the repayment period, but also stops the payment of income.

In the context of a significant increase in public debt and increasing budgetary difficulties, as is currently the case, the government may resort to refinancing the public debt. Refinancing refers to the repayment of old government debt by issuing new loans. Refinancing is actively used in the payment of interest and repayment of the external part of the public debt.

At the same time, an indispensable condition for the provision of new loans is the high reputation of the debtor country in the international financial market, its economic and political stability.

Conversion, consolidation, unification of government loans and exchange of bonds are usually carried out only in relation to domestic loans. Debt repayment terms apply to both domestic and foreign debt. Postponement of repayment of external loans is carried out, as a rule, in agreement with creditors.

An important area of ​​public debt management is setting the conditions for issuing new loans. In this case, the important circumstances are the level of profitability of securities for creditors, the duration of loans, the method of paying income. When issuing loans, it is also taken into account not only the achievement of maximum financial efficiency of loans, but also the real situation in the financial market. The success of new loans depends on the correct consideration of the state of the economy, money circulation, the level of profitability and terms of existing loans, the benefits provided, and many other factors.

The production, storage and distribution of government loan bonds are carried out by the relevant departments of the Ministry of Finance, and the sale of securities - banking system. External bonded loans in foreign money markets are placed on behalf of the state of the borrower, as a rule, by banking consortiums. They charge a fee for this service. Intergovernmental loans are usually non-bonded, and all their conditions (the level of interest, the currency in which the loan is granted and repaid, etc.) are fixed in special agreements.

Back | |