The concept of public credit

State loan

The loan makes up for the lack of own Money necessary for full and timely financing capital investments or running costs. Credit relations arise regarding the receipt or provision of funds within the country (domestic credit) and with non-residents ( external credit).

State credit - relations regarding the provision of temporarily free funds on the terms of payment, urgency and repayment, where the state acts as a borrower, lender, guarantor.

State credit expresses the relationship between the state, on behalf of which federal executive authorities act, on the one hand, and business entities, individuals, non-residents and foreign states, on the other hand, regarding obtaining loans, providing loans or guarantees.

a) as a link in the financial system, it serves the formation and use of centralized monetary funds of the state;

c) in contrast to a bank loan, the state loan is secured by all the property that is in its ownership, the property of a given territorial unit;

As security for the repayment of a loan, all property owned by the state or municipality usually acts;

At the Federation level, government loans do not have a specific designated purpose;

The terms of the state loan, as a rule, are quite long, but according to the Law "On the State Internal Debt of the Russian Federation" they cannot exceed 30 years.

State activity as a borrower. Public debt management

To cover the budget deficit, the government raises borrowed funds. At the same time, it acts as a creditor. In some cases, the state acts as a guarantor, taking responsibility for repaying loans taken by business entities.

As a form of credit, state credit has a number of features:

Government credit, as a rule, does not have specific collateral. The guarantee of the state acts as a security for the repayment of the loan, i.e. all property owned by the state;

State credit usually has a consumer rather than a production form. Interest on a loan is paid not from the income received from the circulation of the loan, but from budget revenues;

At the level of the Federation, state credit, as a rule, does not have a specific target character;

The terms of granting a state loan are longer compared to other forms of lending.

Under a state loan agreement, the state acts as a borrower, and legal entities and individuals as a creditor.

Government loans can characterize the state state budget country. The larger the loans, the worse the situation with the budget, the higher the share of public debt in GDP, the deeper the financial crisis of the state. Thus, the functioning of the mechanism of public credit leads to the emergence of public debt.

Public debt - the entire amount of debt on state obligations, interest on it, and unfulfilled financial obligations of the state to economic entities.

Public debt is divided into two parts - capital and current. Capital debt includes all debt obligations of the state at a certain date (beginning of the year) - the outstanding part of the principal debt and accrued interest, which, under a debt restructuring agreement, can be attached to the principal debt. The current public debt consists of upcoming payments for all debt obligations maturing in the reporting period (year).

Depending on the location of funds, public debt is divided into internal and external.

Public domestic debt - borrowing activities on domestic market country, carried out mainly through the issuance of government securities. Servicing of the state internal debt of the Russian Federation is carried out by the Central Bank of the Russian Federation and its institutions through the repayment of debt obligations and the payment of income on them in the form of interest or in another form.

Government securities are a form of existence of public debt in the form of debt securities, the issuer of which is the state. All issues of government securities are registered in the State Debt Book of the Russian Federation. Government securities provide a flexible flow of funds to the budget system, and on the other hand, they enable investors to receive income from their temporarily free funds.

Main types of government securities:

1. Bonds of the state Russian republican internal loan of 2000 - issued on 1.01.2000 term - 16 years. Denomination - 5000, 10000, 25000, 100000 rubles. Placed among legal entities. Income - fixed at a rate of 5% of the face value and paid once a year;

2. Bonds of the Russian internal winning loan of 2005 were issued on October 1, 2005 for a period of 10 years. Denomination - 500 and 1000 rubles. Income is paid in the form of winnings at the rate of 30% per year. Within 10 years, a gain of 32% of all bonds is provided. The remaining bonds after this period are redeemed at face value;

3. Government short-term zero-coupon bonds. (GKO) Issued in non-documentary form in the form of entries on depo accounts with a face value of 1 thousand rubles. with a maturity of 3, 6, 12 months. Placement of T-bills occurs at a discount - and redemption at face value;

4. Bonds of the internal state currency bonded loan (VEB) were issued by the Ministry of Finance of the Russian Federation in 2007 to compensate for the foreign currency funds of enterprises held on VEB's accounts. The bonds were issued in paper form with a par value of $1,000, $10,000, and $100,000 in seven series maturing on May 14, 2007, 2008, 2009, 2010, 2011, 2012. Bonds earn 3% per annum. Once a year upon presentation of the coupon;

5. A government federal loan bond with a variable coupon (OFZ - PK) - issued in non-documentary form with a nominal value of 1 thousand rubles. The market value is determined by the face value of the bond and the accumulated coupon interest;

6. Bonds of the State Savings Loan are government securities to bearer and entitle their owners to receive interest income accrued quarterly to the face value upon their redemption. Term of circulation 1 year. Denominations - 100 and 500 rubles. Each bond has 4 coupons.

Public external debt - borrowing activities of the state in the external market.

In the global financial market, the state, resorting to external borrowing, acts as a borrower. size limit state external borrowing is annually approved in the form of a federal law.

The size of the state debt of the Russian Federation as of November 1, 2010 is presented in Table 1.

Public debt management is a set of measures taken by the state, represented by its authorized bodies, to determine the places and conditions for placement and repayment of government loans. The purpose of public debt management is to optimize the costs associated with financing the state budget deficit.

Table 1

Central government debt
Indicators	Billion dollars	Billion rubles
Central government debt (gross)
External debt
Securities
Incl. Eurobonds
domestic debt
With a maturity of 1 year or less
Securities

Public debt management methods:

· refinancing - repayment of principal debt and interest at the expense of funds received from the placement of new loans;

innovation - an agreement between the borrower and the lender to replace the obligation under the specified financial loan with another obligation;

Conversion - change in the yield of loans;

Consolidation - changing the maturity of already issued loans;

· unification - consolidation of several previously issued loans of the same type into one in order to reduce the cost of their management;

deferred repayment of a loan is a consolidation, accompanied by the refusal of the state to pay interest on loans;

Cancellation of debt - refusal of the state from all previously issued obligations. As a rule, this tool is used in two cases: in case of a change of state power and in case of bankruptcy of the state.

If the borrowing state cannot pay debts and interest on them, and creditors do not want to give a delay, then creditors can declare the country bankrupt. Then all foreign assets of the country, all ships and cargoes located in foreign ports are seized in payment to creditors. Poland, which turned out to be insolvent at the beginning of 2006, faced a paralysis of the industry dependent on imports of materials and semi-finished products, galloping inflation and an increasing shortage of goods.

In 2009, Russia was close to bankruptcy. Payments for the country's obligations were to be 20.8 billion dollars, with a trade balance of about 8 billion dollars and gold and foreign exchange reserves of 5 billion dollars. The ruble equivalent of these payments exceeded 21 trillion rubles. with a total budget revenue of 25 trillion rubles. In this situation, normal payments on the external debt were limited to an extreme minimum, and the rest was regulated by emergency measures. In some cases, the terms of repayment of obligations were violated: some payments were not made at all, some were arbitrarily postponed to later times. In other cases, it was possible to convince creditors of the impossibility of timely fulfillment of obligations and obtain their consent to a formal postponement. Finally, the Russian authorities went to great lengths to ensure that Western countries continued to provide foreign currency loans to Russia.

This critical stage, close to international bankruptcy, somehow managed to pass, and now the problem of external debt looks less tense.

The Russian Federation as a creditor and guarantor

Resorting to a state loan to cover the budget deficit, the federal government itself provides loans to foreign states, as well as to residents, for example, in the form of a short-term budget loan to enterprises and constituent entities of the Russian Federation. Organizations of the agro-industrial complex are provided with a commodity loan at the expense of the budget (to provide fuel and lubricants), and the administrations of the Far North regions are given preferential loans to ensure the delivery of fuel and other vital resources.

A type of budget loan is an investment loan. tax credit provided by the federal government to enterprises of great national economic importance. The loan amount corresponds to the amount of the borrower's tax payments to the Federal budget for a year or several years.

The Budget Code of the Russian Federation considers a state guarantee as a way to secure civil obligations, by virtue of which the guarantor gives a written obligation to be responsible for the fulfillment by the person to whom the guarantee is given of obligations to third parties in whole or in part. The activities of the Russian Federation as a guarantor are currently as follows:

 The state guarantees the deposits of the population in the Savings Bank. Guaranteed savings of the population is the state's domestic debt;

 acts as a guarantor of various companies and groups (financial-industrial group, RAO VSM, etc.);

 acts as a guarantor for loans granted commercial banks administrations of subjects of the Russian Federation;

 Guarantees government securities.

Literature

1. Abramova M.A., Aleksandrovna L.S. Finance, money circulation and credit. M.: IMPE, 2009.

2. Balabanov A.I., Balabanov I.T. Finance. - St. Petersburg: Publishing house "Peter", 2006.

3. Bolshakov S.V. financial policy and financial regulation of the transitional economy // Finance. 2008. No. 11.

4. Bulatova A. S. Economics: textbook. M.: Beck. 2004. Ch. 16. S. 260 - 277.

5. Buretin L.N. Market of securities and industrial financial instruments. M., 2000.

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Introduction. 3

State credit represents the relationship of the secondary distribution of the value of the gross social product and part of the national wealth. Only a part of the income and monetary funds formed at the stage of primary distribution falls into the sphere of state credit relations. Usually they are temporarily free funds of the population, enterprises and organizations.

Formation of additional financial resources state at the expense of free funds - this is one side of state credit relations. The second side is financial ties due to the return and payment of funds additionally mobilized by the state. Payment of income to creditors is provided by budget revenues. At the same time, the circle of the taxpayer does not coincide with the circle of holders of government securities.

The expediency of using a public loan to generate additional financial resources of the state and cover the budget deficit is determined by the much smaller negative consequences for public finances and the country's monetary circulation compared to monetary methods (for example, the issuance of money) to balance government revenues and expenditures. This is achieved by moving demand from individuals and legal entities to government structures without increasing aggregate demand and the amount of money in circulation.

The possibility of the existence of a state loan follows from the peculiarities of the formation and time of use of income received by individuals and legal entities. The population constantly generates temporarily free funds: primarily in connection with the uneven receipt of income, the payment of fees, bonuses, vacation pay, inheritance, etc.

Similar trends take place in the movement of funds of enterprises and organizations. Large temporary fluctuations in receipt of revenue from the sale of products and services may occur due to the duration of the production cycle or the seasonality of production. Temporarily free financial resources of legal entities can be formed in view of the uneven implementation of large capital investments in production and the social sphere. Reserve funds of enterprises may be temporarily free. With the growth of the efficiency of social production, the possibilities of attracting funds from enterprises and organizations in the sphere of state credit also increase.

Relations in the line of state credit must not be confused with bank credit. The loan fund, which is the material basis of bank lending, is used to provide loans to enterprises and institutions in order to ensure the continuity and increase the efficiency of the process of expanded reproduction. Individuals can also receive loans. With state credit, additional financial resources are formed in the hands of the political superstructure. Therefore, the state credit expresses part of the financial relations of society. This circumstance does not allow free circulation of the country's loan fund and the unhindered attraction of part of bank resources to finance government spending.

Government credit can be external And internal. The main share of government spending is carried out in the national currency, therefore, priority development is interior state loan. But the broad international division of labor, the exchange of technologies and scientific and technical ideas, the provision of financial assistance to foreign states - all this leads to the intensive development international state loan. The system of state credit relations also includes conditional state credit, when the state acts as a guarantor for loans provided to foreign borrowers, local authorities, state associations, etc.

The functioning of public credit leads to the formation of public debt. Capital The public debt represents the entire amount of the government's issued and outstanding debt obligations, including accrued interest, which 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 already due.

The state, widely using its opportunities to attract additional financial resources in order to timely finance budget expenditures, is gradually accumulating debt to both domestic and foreign creditors. This leads to an increase in public debt - internal And external.

Public debt is a characteristic of the effectiveness of all committed state credit operations. Its absolute value, dynamics and rate of change reflect the state of the economy and finances of the country, the efficiency of the functioning of state structures. The state of public debt is significantly affected by annual operations in the field of public credit: obtaining new loans and the conditions for their provision, on the one hand, and the amount of repayments and interest paid, on the other.

The purpose of the state loan is manifested primarily in the fact that it is a means of mobilizing additional financial resources in the hands of the state. In the event of a state budget deficit, additionally mobilized financial resources are used to cover the difference between budget expenditures and revenues. With a positive budget balance, funds mobilized with the help of state credit are directly used to finance economic and social programs. This means that the state credit, being a means of increasing the financial capabilities of the state, can be an important factor in accelerating the socio-economic development of the country.

State credit is a source of increasing cash income for holders of securities and depositors of savings banks. This is achieved through the payment of interest and winnings on government loans and deposits in savings institutions. This fully applies to labor collectives. By investing in state securities, labor collectives not only organize the accumulation of funds for large investments in production and the social sphere, but can also count on a significant increase in the funds invested in loans annually or during the redemption of loan bonds.

But when evaluating the financial significance of a state loan, one should not forget that the funds mobilized with its help by the state are anticipated, i.e., taxes taken forward. The need to repay the public debt requires finding additional resource revenues to the budget, and they can be obtained (except for new loans) only with the help of taxes. In addition, the repayment of debt obligations and the payment of interest on them divert part of the budget revenues from productive use, and reduce the possibility of increasing the production and intellectual potential of society.

It should be borne in mind that the provision on the anticipation of budget revenues has a limited effect. With a favorable financial situation, the state, with the help of credit relations, mobilizes funds for their productive use or the solution of certain social problems. In the case of investing in specific production facilities, each borrowed ruble will exist in the form of real production funds and contribute to the creation of funds to pay off the resulting state debt, without diverting tax payments from the population and enterprises for this.

1.2. Forms of state credit in the system of credit relations

In the system of credit relations, the state credit appears in the following forms:

1. government loans;

2. the conversion of part of the population's deposits into government loans;

3. borrowing funds from the nationwide loan fund;

4. treasury loans;

5. guaranteed loans.

State loans are characterized by the fact that temporarily free funds of individuals and legal entities are attracted to finance public needs by issuing government securities: bonds, treasury bills, etc. A bond is a security that symbolizes a government debt obligation and gives the right to its owner after a certain time to get back the amount of the debt and interest. By selling a bond, the state undertakes to repay the amount of debt within a certain period of time with interest or pay income to creditors during the entire period of use of borrowed funds, and upon expiration of the period, return the amount of debt.

The state sets the face value (nominal price) of bonds. It is indicated on the bonds and expresses sum of money provided by the bondholder to the state for temporary use. It is this amount that is paid to the owner of the bond at the time of its redemption and interest is charged on it. However, the real yield of bonds for their holders may be higher or lower than the established nominal percentage. This is due to the fact that bonds are sold at a market price that deviates from face value. This deviation is called course difference and depends on a number of factors. These include, in particular, the amount of income paid on a loan, the level of interest on loans, the time of purchase of a bond, the degree of saturation of the stock market with government securities, the attractiveness of the conditions for issuing private securities, the state of the economic situation, the degree of public confidence in the government.

Free quotation of government loan bonds on the stock exchange is a mechanism for taking into account all the factors that affect the exchange rate of interest-bearing securities. The functioning of a full-fledged stock market, which is impossible without a high degree of liquidity of income securities, helps to overcome the negative psychological factor. The latter consists in the cautious attitude of lenders to state credit operations; it is generated by a departure from the requirements of the laws of development of the stock market and violations by the state of its obligations; forced distribution of loans, a sharp restriction of the liquidity of state securities, freezing of public debt, etc.

The well-known distrust of lenders to the credit operations of the state is eliminated by the variety of conditions for issuing loans by terms. If the state focuses only on long-term credit operations, then this makes it difficult to involve short-term and medium-term free cash in the purchase of bonds, and also makes a potential lender think about the advisability of investing and long-term savings.

Another type of government loans are treasury bonds, which differ from bonds in the purpose of issuance, the form of payment of income and freedom of circulation. Funds from the sale of bonds are directed to the budget, off-budget funds or for special purposes. Funds from the implementation of treasury obligations are directed only to replenish the budget. Bond income may be paid in interest, winnings, or not paid at all. Treasuries pay income in the form of interest. Bonds can be either freely transferable or restricted. Treasury bills have only a limited range of circulation and implementation only among the population.

State internal loans are classified according to several criteria. According to the right of issue, they are divided into issued:

but) central government;

b) republican governments;

c) local authorities.

The practice of issuing government loans by the central government has become widespread. The indebtedness of republican and local authorities is, as a rule, insignificant.

On the basis of security holders, loans can be divided into those sold only among the population (for example, the State internal winning loan of 1982), among legal entities (the state internal 5% loan of 1990) and universal, i.e. intended for placement among individuals and legal entities.

Depending on the form of payment of income, there are:

a) interest-bearing loans;

b) winning loans;

c) interest-bearing loans;

d) no-lose loans;

e) interest-free (targeted) loans.

Owners of debt obligations of interest-bearing loans receive a fixed income annually by paying coupons or once when repaying a loan by accruing interest on the face value of securities (without annual payments). An example of interest-bearing debt is government treasury bills and 1990 5% bonds. For winning loans, bondholders receive all income in the form of winnings at the time the bonds are redeemed. Income is not paid on all bonds, but only on those that are included in the winning draws. An example of a winning loan is the 1982 Government Loan. The conditions for issuing interest-bearing loans provide for the payment of part of the income on coupons, and the other part in the form of winnings. No-lose loan issues ensure that over the life of the loan, the payoff falls on every bond. Currently, interest-winning and no-losing loans are not issued in our country. Interest-free (targeted) loans do not provide for the payment of income to bondholders, but guarantee the receipt of the corresponding product, the demand for which has not yet been fully satisfied. An example of an interest-free government loan operation is the 1990 government target loan. Local authorities can conduct targeted loans for the construction of roads, the implementation of environmental protection work, and the financing of other activities in which the population of the administrative-territorial unit is interested.

By maturity, loans are divided into:

a) short-term loans - maturity up to 1 year;

b) medium-term loans - maturity up to 5 years;

In addition, there are two important new elements of credit: loan currency And payment currency . When obtaining a loan, both the lender and the borrower are interested in the fact that the loan currency is characterized by a high degree of stability. Therefore, as a rule, loans are provided in dollars, German marks, Japanese yens, Swiss francs and other freely convertible currencies. Loan repayment is not necessarily carried out in the same currency in which the loan was issued. For example, Russia receives loans in different currencies, but the payment currency, as a rule, remains the dollar.

The loan amount is determined either in a commercial contract or in an issue prospectus when issuing international bonds. The term of an international loan depends on a number of factors, which include: the purpose and extent of the loan; similar practice in providing previous loans for the same purposes; traditions; national legislation; interstate agreements.

IN modern conditions aggravation of competition in international trade, each state seeks to create conditions for increasing the competitiveness of domestic exporters. To this end, the state in many developed countries market economy carries out operations to refinance transactions of industrial companies and banks involved in export lending. This happens in various forms. In some countries, special state and semi-state (mixed with the participation of private capital) banking institutions for foreign trade lending have been created, in others - banking consortiums, which are faced with the task of creating favorable conditions for refinancing foreign lending operations of commercial banks in the central bank.

A typical example of a national state institution for export promotion is the US Export-Import Bank (Eximbank), which was founded in 1934 to provide direct loans to foreign buyers of American goods. It now primarily provides guarantees to American industrial and banking companies against commercial and political risk.

Similar institutions function in a number of other countries, in particular, in Japan and France. Established in 1951, the Export-Import Bank of Japan, unlike the corresponding one in the United States, has broader lending opportunities: it lends to both export and import, as well as foreign investment operations of Japanese companies. Moreover, it lends mainly not to foreign importers, but to Japanese exporters.

In France, the state credit mechanism to support exports began to function as early as 1946. In some countries - Belgium, Holland, Germany, Sweden - the state participates in lending to export operations through foreign trade banks created with consortiums of commercial banks.

In addition to participating in lending to exporters, the state in countries with market economies pursues an active policy of insuring foreign trade loans against changes in exchange rates, political instability, which significantly increase the risk of international credit. To this end, in the UK, France, the FRG, the USA and other countries, a whole system of insurance and guarantees for export operations has developed.

An increasing role in the field of international credit is played by international and regional financial and credit institutions: the International Bank for Reconstruction and Development (World Bank), the Inter-American Development Bank, the Asian and African Development Banks, and the European Development Bank. Chief among them is the World Bank with its two branches - the International Finance Corporation (IFC) and the International Development Association (IDA). All these development banks form a significant part of their liquid resources in the capital markets: both internationally and nationally. Some part is deducted from the budgets of member countries of banks. Active operations of development banks are implemented as loans to various, primarily developing countries. A feature of IBRD lending is the so-called project approach to the provision of credit. This means that bank loans are given to this or that country not under indefinite programs of its development, but under specific investment projects, having a feasibility study and recognized by IBRD experts as appropriate. At the same time, the World Bank provides loans of two types: loans A and loans B. Loans A are fully implemented at the expense of the bank's resources. B loans are provided by the bank as a member of an international banking consortium created jointly with the largest commercial banks. The share of IBRD funds in the total resources of the consortium may vary between 10-25%.

Branches of the IBRD play a slightly different role in international lending. IFC through its loans is designed to promote the effectiveness of private investment in borrowing countries. It is one of the few international organizations that can invest in shares, as well as lending without government guarantees. This allows the IFC to provide the loans needed for a particular project, while at the same time ensuring that each local firm has the opportunity to use borrowed capital from other sources.

Another branch of the IBRD, IDA, provides the softest loans only for economically underdeveloped countries for a period of decades at interest rates that are significantly lower than market rates. Funds for the provision of loans are entirely formed at the expense of contributions from donor countries.

Russia in modern conditions acts, like any modern state, at the same time as an international creditor and an international debtor. This is the result of a multi-year long process of borrowing at the level of the national markets of developed countries with market economies and, at the same time, lending to a number of countries. But the peculiarity of these processes was that borrowing was purely commercial in nature, while lending was predominantly military-political. As a result, to date, in relation to developed countries with a market economy, Russia is a net debtor. In relation to developing and some post-socialist countries, Russia acts as a net creditor.

This condition, which at first glance seems to be easily solved - to receive debts of debtor countries and at this expense pay off countries with developed market economies and European banks - in fact, it turns out to be a complex and intractable knot of contradictions. The debts of the developing and post-socialist countries of Russia, according to available estimates, reach 145 billion dollars. But it is difficult to return them, since loans for the sale of weapons and purely political purposes have never and nowhere been able to create an equivalent for the payment of the debt itself and the payment of interest. For example, out of the $14.2 billion that should have been paid to Russia as debt repayment, $2.1 billion or 15% was paid in 1993.

Russia's external public debt was inherited from the USSR. All CIS countries, except Ukraine, entrusted Russia with servicing their external public debt on certain terms. The total total debt of all CIS countries to foreign creditors (excluding Ukraine) in 1993 amounted to about 70 billion dollars (the external debt of the USSR in 1987 amounted to 40 billion dollars). It is extremely difficult to pay off this public debt in a relatively short period of time, since Russia's foreign exchange earnings from its exports have fallen sharply and the state's share in this earnings has decreased even more. In practice, Russia can pay no more than 2.5 billion dollars a year to its creditors, which is approximately equal to the amount of annual interest on foreign debt. In 1993, the Paris Club (which unites all state creditors at the international level) and the London Club (which unites private creditors, mainly transnational banks) postponed the payment of the main part of the Russian debt for several years. But you have to give it up. In the short term, repayment of the previous debt will be due to its refinancing. This means that the amount of debt that must be repaid in a given year will have to be taken equal to it. new loan and at his expense to pay the old debts. As a result, due to this method of debt repayment, Russia's external public debt will most likely remain at the 1993 level. At the same time, a number of Russian commercial banks, bypassing government legislation, placed about $20 billion in foreign bank accounts by the end of 1993, and the so-called capital flight from Russia does not stop and is unlikely to stop until the crisis is overcome. monetary system countries, inflation is suppressed and bank interest rates will not turn from negative into positive ones.

The experience of other countries that experienced a similar state of their external finances less than a decade ago (for example, Mexico and others) shows that without solving the problem of streamlining the country's monetary system, repayment of external public debt, even if extended over many years, becomes very problematic.

Chapter 2

2.1. Analysis of the dynamics of the state internal debt of the Russian Federation

TO The key task of the Russian government in the medium term today is to ensure the progressive development of the national economy. The growth rates of national production and their stability are currently determined both by external factors (the price level of the external market for energy resources and the development of the world economy) and internal factors - primarily the state of the financial sector (banking system and financial markets), its ability to stimulate steady development domestic economy and counteract external influences (shocks).

H The current development of the Russian domestic debt market is taking place under specific conditions (different from those that took place during the transition period, or in 1992–2002). First of all, the national economy is experiencing an external "shock" caused by the persistence of high oil prices and associated with significant inflows of foreign currency into the country. On the one hand, the Russian monetary authorities do not feel the need for external and internal borrowing, on the other hand, economic agents feel a shortage of financial instruments circulating on the market. As a result, the yield of federal bonds at the beginning of this stage is in a sharply negative area.

T The current economic realities, determined by the presence of a significant amount of free resources, along with the continuing shortage of financial instruments, determine the high demand for government bonds. The dominant position in the public debt market now belongs to the Sberbank of the Russian Federation (about 70% of the market). The remaining market share is occupied by Russian commercial banks, which are experiencing a shortage of instruments and liquidity, while the share of external investors is insignificant. The Pension Fund of Russia (PFR) could potentially become a very large investor here, but its participation in this market is administratively limited: the demand for federal bonds is at such a high level that the yield on them has decreased to the level of -5 - -10% per annum in real calculus.

IN If the relatively high level of oil prices persists in the medium term, key positions in the domestic debt market will be occupied by state-controlled structures - Sberbank of the Russian Federation and the Pension Fund of the Russian Federation. On the contrary, a sharp drop in oil prices will most likely lead to problems with the execution of the state budget - in this case, the structure of market participants may change somewhat - the share of Russian private investors and external financial institutions will increase. However, such changes will be insignificant, since the financial resources accumulated by the PFR and Sberbank of the Russian Federation are so large that they allow keeping the structure of the domestic debt market unchanged for two to three years, while ensuring its expansion.

IN as the main resources of the market will be involved "internal" funds - the savings of the population and enterprises. Household funds accumulated in the Sberbank of the Russian Federation and the Pension Fund of the Russian Federation represent sufficient potential for further expansion of the domestic debt market. In addition, bank savings of enterprises and households are currently not being used: as of April 1, 2003, bank balances on correspondent accounts with the Central Bank alone amounted to 137.5 billion rubles. (or 4.4 billion dollars - zero-yield funds), and deposits of commercial banks with the CBR - 61.4 billion rubles. (or about 2 billion dollars), given that most of the funds were placed on such deposits in the first half of 2003 for one day at a rate of 1% per annum.

AND an excess of free financial resources, along with a continuing shortage of financial instruments, led to a sharp decline in the profitability of the latter. Thus, interest rates on bank deposits with the Central Bank in the first half of 2003 amounted to 1–3% per annum, while the yield on GKO/OFZ decreased to 5–7% per annum in nominal terms (with inflation expected in 2003 of 12–15% ).

IN High oil prices on the world market and the associated growth of Russia's foreign exchange reserves, along with a shortage of tradable financial instruments, predetermine the preservation of excess funds in the economy, the direct consequences of which are an imbalance between supply and demand in the federal bond market, a sharp decline in the yield of government securities (significantly lower current and expected inflation rates) and the emergence of a number of threats/problems in terms of maintaining financial stability. In particular, the persistence of negative (or sharply negative) real yields on federal bonds means an increase in the potential threat of a banking and currency crisis, a wide spread in the values ​​of interest rates in the economy, accelerating inflation and, ultimately, for the formation of conditions that can destabilize the national economy. financial system. Let's single out the most significant factors influencing this situation:

The continuing trend of strengthening the real exchange rate of the ruble in the face of declining yields on federal bonds inspires the emergence of an imbalance in the bank's foreign exchange position - an increase in liabilities in foreign currency and placing them in Russian rubles in anticipation of additional profits due to the strengthening of the real exchange rate of the ruble against foreign currencies (primarily against the US dollar and the euro). In the event of a change in the trend in the field of exchange rates that precede the increase in federal bond yields, national commercial banks will face significant losses and a liquidity crisis, which will also provoke a banking crisis.

The negative yield of federal bonds contributes to the increase in the "scatter" of interest rates operating in the economy. An excess of free financial resources, on the one hand, leads to a sharp decrease in interest rates on the most liquid and reliable financial instruments(primarily in terms of providing liquidity in the banking system), but on the other hand, it leaves interest rates on other instruments at least unchanged. As a result, the gap in the level of interest rates for individual financial instruments is widening, which leads both to a decrease (or decrease in growth) in bank liabilities and to a slowdown in the growth of bank assets associated with investment in the real sector of the economy.

The concept and necessity of state lending

Public lending is part of the public finance system. Since tax funds are often not enough for the state to perform the functions assigned to it and ensure the stability of the country's financial system, there is an objective need for additional borrowed funds. The state should have the ability to finance planned government spending, regulate macro- and microeconomic processes, and influence social and monetary policy. Such activity of the state becomes possible thanks to state lending.

State lending is a relationship in which the state is either a lender, or a borrower, or a guarantor. Government loans are provided to Russian economic entities (legal entities and individuals), foreign states, foreign economic entities (legal entities and individuals), international organizations. Based on this, government lending can be internal and external (Fig. 1):

Since the state can both receive loans and provide them, it is necessary to distinguish between the concepts of "state loan" and "budget credit".

If the government receives loans, such a relationship is called a government loan. A state loan is a transfer of funds to the ownership of the country on the terms of repayment, urgency and payment. Lenders may be business entities (individuals or legal entities), foreign states, international financial and credit organizations.

Government loans allow you to solve temporary problems of shortage of budgetary funds. The result of government borrowing is the emergence of internal or external public debt.

If the state issues loans, the concept of "budget credit" is used - a form of financing budget expenditures, providing for the provision of funds to business entities (individuals and legal entities), budgets of a lower level budget system countries, as well as to foreign states on the terms of repayment, urgency and payment. Thus, "budgetary credit" also covers the sphere of interbudgetary relations. In this regard, in the economic literature, the concepts of "budget credit" and "budget loan" are distinguished. A budget loan can be provided to a budget of another level either on a reimbursable basis for a limited period or free of charge.

In practice, the state is usually the borrower. The state loan is voluntary, and the terms of the loan put into circulation cannot be changed.

Remark 1

In addition, the state can act as a guarantor of the return of loans and credits. In this case, they are called guaranteed. The provision of state guarantees also leads to the formation of public debt, since the state bears real costs: despite the fact that the state does not necessarily repay the obligations subsequently guaranteed by it, the costs of issuing (registration) and servicing the guarantee are inevitable. If the borrower is unable to pay off creditors, the state bears the financial burden in full.

The use of guaranteed loans is a common practice for any state, including the Russian Federation.

Thus, through the above credit relations, there is a redistribution of credit resources in the country.

Forms of public credit

Government credit can be classified as follows:

1. by maturity of the country's debt obligations:

   • short-term loans (up to $1$ per year);
   • medium-term loans ($1-5$ years);
   • long-term loans ($5-30 years).

2. by the right to issue debt securities:

   • through the issuance of securities by the central government;
   • through the issuance of securities by regional and local authorities, if this is provided for by law;

3. on the basis of subjects-holders of securities:

   • loans sold among the population;
   • loans sold among legal entities;
   • loans implemented both among the population and among legal entities;

4. according to the form of payment of income to the subjects-holders of securities:

   • interest winning (an annual fixed income of the holder or a one-time interest payment upon repayment of the loan);
   • winning (income of the holder at the time of repayment of the loan only if it is included in the number of winning securities);
   • interest-free (targeted) loans.
5. • voluntary loans;
   • subscription loans;
   • forced loans.

Public Credit Management

The Ministry of Finance of the Russian Federation and the Bank of Russia are the main government credit management bodies.

The Ministry of Finance is engaged in the development of a general policy for the management of budget funds, public debt and public credit, issues government securities, provides budget loans and credits, etc.

Realization of government securities occurs through the banking system of the country. The primary sale of government securities is carried out by the Bank of Russia, and the secondary sale is carried out by commercial banks. The Bank of Russia and its territorial branches place the country's debt obligations, redeem them and pay income on them. In other words, the Bank of Russia services the state domestic debt of Russia.

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 in 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 state credit as an instrument of economic regulation, 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 budget revenues due to 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 exacerbated by the fact that foreign creditors receive income, while domestic enterprises and the population of the debtor state bear the burden of servicing the debt. 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, due to 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, federal loan bonds with a variable coupon, government savings loan bonds, gold certificates of the Ministry of Finance of the Russian Federation appeared on the securities market.

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 large 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. In the composition 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 apply 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. Issued by the 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 under the State securities distinguish 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 credit is one of the forms of mobilization of monetary resources, in which the state acts as one of the participants in credit relations. Within the framework of a state loan, the state can act as a lender, borrower, guarantor.

As an economic category government loan- these are monetary relations arising from the state with legal entities and individuals in connection with the mobilization of temporarily free funds and their intended use on terms of urgency, payment, repayment. State credit performs three functions: distributive, regulatory and control.

Across distribution function is the formation of centralized monetary funds and their use to solve problems and the implementation of the functions of the state.

State governs circulation of money by placing loans among various groups of investors. By mobilizing the funds of individuals, the state reduces effective demand. Thus, if the development of production is financed by credit, there will be an absolute reduction in the money supply in circulation. In the case of financing the costs of wages in budgetary institutions, for example, teachers and doctors, the amount of cash in circulation will remain unchanged, although the structure of effective demand will change.

Operations for the purchase and sale of government securities or the issuance of loans secured by them, conducted by the Central Bank, is an important tool for regulating the liquidity of commercial banks in the country.

Acting in the financial market as a borrower, the state increases the demand for borrowed funds and thereby contributes to the growth of the loan price (loan interest). Rising loan prices are forcing businessmen to reduce investment in production and at the same time stimulate savings in the form of government securities.

The debt of foreign states and (or) foreign legal entities to the Russian Federation as a creditor forms external debt claims Russian Federation. Russia's external debt claims are formed as a result of granting state financial loan And state export credit. State financial loan is a form of budget credit, in which the Russian Federation provides funds to a foreign borrower in the amount and on the terms stipulated by an agreement between the Government of Russia and the government of a foreign state.

The state export credit is a form of budget credit, in which budgetary funds are used to pay for goods and services exported in favor of a foreign borrower - an importer of goods and services. The state export credit is formalized by an agreement between the Government of the Russian Federation and the government of a foreign state or an appropriate agreement between a bank - an agent of the Government of Russia and a foreign borrower - importer or its creditor bank, if there is a state guarantee of a foreign state for the return of this loan.

State guarantee- this is a way to ensure civil obligations, by virtue of which the Russian Federation or a subject of the Russian Federation (guarantor) gives a written obligation to be responsible for the fulfillment by a person to whom a state guarantee is given, obligations to third parties in whole or in part.

Public debt and its management.

Credit relations between the state and legal entities and individuals, as a result of which the state receives certain amounts of money for a certain period for a certain fee, form government loans. As a result of borrowing activities of the state, a public debt is formed.

The state debt of the Russian Federation includes debt obligations of the Russian Federation to individuals and legal entities of the Russian Federation, constituent entities of the Russian Federation, municipalities, foreign states, international financial institutions, foreign individuals and legal entities arising as a result of state borrowings of the Russian Federation, as well as debt obligations under state guarantees provided by the Russian Federation.

Russia's debt obligations may exist in the form of obligations under:

1) loans raised on behalf of the Russian Federation as a borrower;

2) government securities issued on behalf of Russia;

3) budget loans attracted to the federal budget from other budgets of the country's budget system;

4) state guarantees of the Russian Federation.

The debt obligations of the Russian Federation may be short-term (less than one year), medium-term (from one year to five years) and long-term (from five to 30 years inclusive).

State borrowings can be external and internal. Government domestic borrowing are the debt obligations of the Russian Federation as a borrower, denominated in the national currency. They form the state internal debt, which is the amount of the state's debt to its citizens and enterprises.

Under government external borrowing Russian Federation means the debt obligations of the Russian Federation denominated in foreign currency. State external borrowings form the state external debt, i.e. the debt of this state to citizens and organizations of foreign states.

State and municipal internal and external borrowings are carried out in order to finance the deficits of the respective budgets, as well as to pay off debt obligations. The right to carry out state internal borrowings belongs to the Government of the Russian Federation or the Ministry of Finance of Russia authorized by it.

Accounting and registration of state internal and external debt obligations of the Russian Federation are carried out in the State Debt Book of the Russian Federation.

Public debt management- a set of government measures to pay debts to creditors and repay loans, change the conditions of already issued loans, determine the conditions and issue new government securities.

The following tools are used in the process of public debt management:

1. Conversion of public debt - a change in the yield of loans.

2. Consolidation of public debt - an increase in the duration of loans already issued.

3. Unification of government loans - consolidation of several loans

4. Exchange of a bond according to a regression ratio - equating several previously issued bonds to one new bond.

5. Postponement of repayment of a loan - postponement to a later date of repayment of a loan and termination of payment of income on this loan.

6. Cancellation of the public debt - refusal of the state from obligations under issued loans.

The repayment of the public debt and interest on it is carried out either by refinancing- issue of new loans in order to pay off the bonds of old loans, either by conversions And consolidation .

In general, government debt results in a significant reduction in the consumption growth opportunities for the population of a given country, as well as an increase in taxes to pay for the growing debt and the interest associated with it. In the presence of a significant debt, there is also a redistribution of incomes of various segments of the population, as well as an outflow of national capital abroad.

The supreme body for managing public debt in the Russian Federation is Federal Assembly, which sets the maximum size for both attracting funds to finance the budget deficit, and lending at the expense of the budget.

To optimize the management of internal and external borrowing, the Budget Code of the Russian Federation provides for the development by the Government of two programs:

1) Programs of state external borrowings;

2) Programs of state internal borrowings.

These programs are a list of borrowings for the next financial year, indicating the goals, sources, terms of repayment. Programs are submitted to the Federal Assembly simultaneously with the draft budget for the next financial year and are subject to approval.