home Real estate The impact of debt on the economic security of the country. Public debt and economic security Public debt as a threat to economic security

The impact of debt on the economic security of the country. Public debt and economic security Public debt as a threat to economic security

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Introduction

Chapter 1. Theoretical aspects internal and external debt of the Russian Federation and its impact on economic security

1.1 Russia's internal debt

1.2 Russia's external debt

1.3 Characteristics of economic security in relation to external and internal debt

Chapter 1 Conclusions

Chapter 2. Analysis of the current state of Russia’s internal and external debt

2.1 Analysis of the current state of Russia’s internal debt, its problems and impact on economic security

2.2 Analysis of the current state of Russia’s external debt, its problems and impact on economic security

Chapter 2 Conclusions

Chapter 3. Ways to solve problematic aspects of Russia’s internal and external debt

3.1 Ways to solve problems of internal debt and improve its management

Chapter 3 Conclusions

Conclusion

List of used literature

Introduction

IN modern conditions executive power to cover huge government spending lacks tax revenue, and money emission leads to inflation. The Government's refusal to use loans for these purposes Central Bank The Russian Federation led to the fact that their place was taken by loans within the country and abroad. As a result of a sharp increase in the budget deficit and growing borrowings, Russia's public debt, both internal and external, has increased significantly, so the topic course work: “Russia’s internal and external debt and its impact on economic security” caught my attention.

Countries, carrying out economic transformations, always resort to external borrowing, so problems associated with managing external and internal public debt, its regulation, and choosing the right debt policy are very relevant today. Despite the fact that in recent years the situation in the government borrowing market in Russia has changed a lot, and for the better, we should not forget that any wrong step can lead to serious problems in the future. It is possible to correctly assess the situation only by knowing all the features of public debt, its management and having studied the accumulated experience.

The theoretical significance of this topic of course work for economics is that the amount of external and internal public debt of Russia (especially in relation to GDP) is important indicator the country's economy, since servicing public debt requires funds from the budget and thereby dictates the need to reduce spending, usually on social needs, which affects the living standards of the population. Therefore, competent management of the size and structure of internal and external public debt is an important socio-economic task that requires a good theoretical justification.

The practical significance of this topic for economics is that the analysis of the current state of Russia’s external and internal debt and determination of the level of its influence on the state financial system, money circulation and the economic security of the country make further research on the topic necessary and timely to identify the best ways to solve emerging economic problematic aspects.

The purpose of this course work is to identify the significance of Russia’s internal and external debt and its impact on economic security, analyze and identify problems associated with its functioning in modern Russia, and ways to solve them.

To achieve this goal, the following tasks were identified:

Study, analyze and summarize literature on the topic of work;

Reveal the role and significance of the internal and external debt of the Russian Federation;

Describe economic security in relation to public debt;

Analyze current state Russia's internal and external debt, its problems and impact on economic security;

Suggest and consider ways to solve problematic aspects of this topic issue.

Chapter1 . TheoreticalAspectsinternalAndexternaldebtRFAndhisinfluenceeoneconomicsafety

The problem of debt dependence of the state and, above all, to foreign creditors, has always been of great importance, since the full realization of the sovereignty of the state is possible only with a certain economic independence. Therefore, first of all, it is necessary to consider the concept of “public debt”.

Public debt is an inevitable product of a budget deficit, the causes of which are associated with a decline in production, with an increase in marginal costs, unsecured emission of money, an increase in the costs of financing the military-industrial complex, an increase in the volume of the shadow economy, non-productive expenses, losses, theft, etc. Economic theory: textbook allowance. - M.: RIOR, 2008. - P. 154.

In the scientific literature, public debt is understood as obligations arising from government borrowings assumed by the Russian Federation, guarantees or guarantees for the obligations of third parties, other obligations, as well as obligations of third parties assumed by the Russian Federation.

Public debt is divided into internal and external. Let's take a closer look at them.

1.1 InteriordutyRussia

1. 1.1 ConceptAndmeaninginternalstatedebtRF

Interiorstateduty represents the amount of debt owed to its citizens and enterprises. It exists as the sum of issued and outstanding debt obligations.

The Budget Code of the Russian Federation gives a narrower concept - internal public debt recognizes obligations arising in foreign currency Russian Federation.

The volume of Russia's domestic public debt includes:

Principal nominal amount of debt on government securities;

The volume of principal debt on loans received by Russia;

The volume of principal debt on budget loans and budget credits received by Russia from budgets of other levels;

The volume of obligations under state guarantees provided by the Russian Federation.

Debt obligations of the Russian Federation are repaid within periods determined by the specific terms of the loan and cannot exceed 30 years.

Changing the terms of a government loan issued for circulation, including the terms of payment and the amount of interest payments, the circulation period, is not allowed. Budget Code of the Russian Federation. Text with changes and additions as of February 15, 2008 - M., 2008. - pp. 67-68.

Payment of income from loans and their repayment are one of the main items budget expenditures. In conditions when public debt reaches a level at which the country is unable to fulfill its debt obligations in a timely manner, the government is forced to resort to their consolidation, i.e. changes in loan terms associated with changes in repayment terms when Short-term liabilities are consolidated into long-term and medium-term, or conversion - reducing the amount of interest paid on the loan or turning it into long-term foreign investment.

The main purpose of issuing loans in today's Russia is to cover the budget deficit and refinance previous loans. This means that new loans are issued for the amount of debt that must be repaid in a given year. An increase in government spending entails an increase in loans and debt, so government domestic debt is closely related to state budget as a fact of its origin.

Summarizing the above, we can give a brief definition of domestic public debt - this is the total amount of all issued but not yet repaid government loans and unpaid interest on them.

If we use drier terms, domestic debt, according to one of the classifications, is a way of replenishing the state treasury by borrowing funds from the population and legal entities registered on the territory of the state, and paying taxes to the treasury of this state, under state guarantees by issuing government securities.

State internal debt is secured by assets at the disposal of the Government of the Russian Federation.

Servicing of the state internal debt of the Russian Federation is carried out by the Bank of Russia and its institutions, unless otherwise provided by the Government of the Russian Federation, through operations for the placement of debt obligations of Russia, their repayment and the payment of income in the form of interest on them or in another form.

1.1.2 Forms and types of internal debt of the Russian Federation

In Russia the following are defined forms internal debt:

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

agreements on the provision of state guarantees to the Russian Federation;

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

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

The following can be roughly defined kinds domestic debt obligations: market ones, existing in the form of issue-grade securities, and non-market ones, arising as a result of the execution of the federal budget and issued to finance the resulting debt. Marketable domestic debt obligations of Russia today include:

Ш government short-term bonds (GKOs) - registered zero-coupon government bonds security, issued in non-documentary form, their release is formalized by a global certificate stored in the Bank of Russia;

Ш federal loan bonds with a variable coupon (OFZ-PK), with a constant coupon income (OFZ-PD), with a fixed coupon (OFZ-FK) are the first medium-term securities to appear in Russia;

Ш federal loan bonds with debt amortization (OFZ-AD) are registered coupon medium-term and long-term government securities. One difference from previously issued ones is that the repayment of their nominal value is carried out in parts on the dates established by the decision on the issue of a separate issue of bonds.

Ш government savings bonds (GSO) - available to individuals and legal entities, their goal is to attract free Money population to cover the budget deficit.

Non-marketable debt obligations include: bills

Ministry of Finance, debt to the Central Bank, etc. Kovaleva A.M. Debentures. M., 2006. - pp. 24 - 25.

1. 2 ExternaldutyRussia

Externalstateduty- debt to citizens and organizations of foreign states. This is the most difficult debt, since the state is bound by a number of targeted obligations, on the one hand, and on the other hand, in order to pay it it has to pay in valuable goods and pay high interest. We must also remember that the lender usually sets certain conditions, after which the loan is granted. In some developing countries annual loan repayment obligations exceed all receipts from foreign economic activity.

The amount of public debt in the national part of external debt depends on the dynamics of the exchange rate. If the exchange rate has changed between the dates of determination of the debt amounts, then the revaluation of the amount of external debt expressed in foreign currency, in rubles serves as one of the factors changing the total amount of public debt. This is especially important due to the fact that, structurally, public external debt consists of two parts: the principal debt (capital) and the outstanding debt (current), which in addition to the principal also includes interest on debt amounts.

State external debt of the Russian Federation (including liabilities former USSR, adopted by the Russian Federation) consists of:

· debts to countries participating in the Paris Club;

· debts to countries not included in the Paris Club;

· debt on loans from foreign commercial banks and firms;

· debts to international financial organizations;

· debts to former CMEA (Council for Mutual Economic Assistance) countries;

· Eurobond loans (Eurobonds are medium-term or long-term securities issued in a currency other than the national one monetary unit of the issuer, having medium- or long-term circulation on the territory of foreign states other than the country of the issuer);

· OVGVZ (domestic government foreign currency loan bonds) - government securities issued for the purpose of re-registering the debt of the former USSR on funds in the accounts of Russian legal entities with Vnesheconombank;

· loans from the Central Bank of Russia.

The external debt of the Russian Federation in terms of international financial organizations includes government debt obligations to the following organizations:

b International Monetary Fund (IMF);

b International Bank for Reconstruction and Development (IBRD);

b European Bank for Reconstruction and Development (EBRD).

These organizations belong to specialized agencies of the UN.

1.3 Characteristiceconomicsecurityin relation toToexternalAndinternaldebt

Economic security is traditionally considered as the most important qualitative characteristic economic system, which determines its ability to maintain normal living conditions of the population, sustainable provision of development resources National economy, as well as the consistent implementation of national and state interests.

As world experience shows, ensuring economic security is a guarantee of the country’s independence, a condition for stability and effective functioning of society, and achieving success. This is explained by the fact that the economy is one of the vital aspects of the activities of society, the state and the individual, and, therefore, the concept of national security will be an empty word without assessing the viability of the economy, its strength in the face of possible external and internal threats. Therefore, ensuring economic security is one of the most important national priorities.

The increase in domestic debt is less dangerous for national economy compared to the growth of its external debt. There is no leakage of goods and services when repaying domestic debt, but certain changes in economic life occur, the consequences of which can be very significant. This is due to the fact that repayment of government internal debt leads to the redistribution of income within the country.

For economic security, it is not the indicators themselves that matter, but their threshold values. Threshold values are limit values, non-compliance with the values of which impedes the normal course of development of various elements of reproduction and leads to the formation of negative, destructive trends in the field of economic security. Approaching their maximum permissible value indicates an increase in threats to the socio-economic stability of society, and exceeding the maximum, or threshold, values indicates the entry of society into a zone of instability and social conflicts, that is, a real erosion of economic security. From the point of view of external threats, the maximum permissible level of external and internal public debt can serve as an indicator.

The growth of internal and external public debt entails real negative economic consequences, i.e., it negatively affects the economic security of the country.

First, paying interest on government debt increases income inequality because a large share of government liabilities is concentrated among the wealthiest part of the population. The repayment of government internal debt leads to the fact that money from the pockets of less affluent segments of the population moves to more affluent ones, i.e. those who own bonds become even richer.

Secondly, increasing tax rates as a means of paying off public internal debt or reducing it can undermine the effect of economic incentives for production development, reduce interest in investing in new risky enterprises, and also increase social tension in society.

Thirdly, the existence of external debt implies the transfer of part of the product created within the country abroad (in the case of payment of interest or principal amounts).

Fourthly, the growth of external debt reduces the country's international authority.

Fifth, when the government borrows from the capital market to refinance debt or pay interest on government debt, this inevitably leads to an increase in the interest rate on capital. Height interest rate entails a decrease in capitalized value, a reduction in private investment, as a result, subsequent generations may inherit an economy with reduced production potential and all the ensuing negative consequences.

conclusionsBychapter1

We can say that the Russian domestic and external debt market is an integral part of the national financial system, and therefore its positive and negative characteristics directly affect both the state financial sector, and for progressive development real sector the country's economy. The main benefit for the state, which justifies the usefulness of internal and external public debt, is the ability to attract borrowed funds to the budget and at the same time maintain the relative size of the debt - as a percentage of GDP (for a certain period of time, for the economic cycle)

Consequently, the negative consequences of public debt are due to the fact that interest payments on domestic debt increase income inequality and require higher taxes, which undermine economic incentives for production, and can also raise the general level of interest rates and crowd out private investment financing.

It has been established here that the growth of Russia's external and internal debt negatively affects the economic security of the country - a complex socio-economic concept that reflects a wide range of constantly changing conditions of material production, external and internal threats to the country's economy. An effective system for ensuring economic security is a matter of life for any state. This is all the more important for today’s Russia, which is striving to take its rightful place in the global geopolitical and economic space.

Chapter2 . AnalysismodernstateinternalAndexternaldebtRussia

2.1 AnalysismodernstateinternaldebtRussia,hisproblemsAndinfluenceoneconomicsafety

Let's follow the dynamics of growth in Russia's domestic public debt from November 1, 2003 to October 1, 2008 (Fig. 1)

Rice. 1. Growth of Russia’s internal debt from 01.11.2003 to 01.10.2008 in billion rubles.

The graph shows that domestic debt is growing every year, and at a fairly rapid pace. From November 1, 2003 to October 1, 2008, it increased by 718.13 billion rubles. On the one hand, this may indicate an increase in the debt burden on its servicing on the state budget, but, on the other hand, domestic government debt obligations perform very important functions: firstly, operations in the domestic market are a very important tool public policy macroeconomic regulation, in this regard, servicing domestic debt is a kind of “payment” for using this instrument; secondly, government debt is considered the most important means of investing money around the world (albeit a low-yielding one), so the availability of such an investment allows investors to more effectively control their financial risks.

The rapid growth of the volume of debt and the critical cost of servicing it force us to look for the root causes of such dynamics. Let us note three factors: the high share of government spending in the structure of GDP; inaccurate financial account of the budget deficit, leading to its twofold underestimation; high yield on government securities.

In the law on the federal budget of the Russian Federation for 2008 size limit state internal debt as of October 1, 2008 was set at 1378.5 billion rubles.

As of January 1, 2008, the internal debt of the Russian Federation amounted to 1 trillion 248.848 billion rubles. Thus, the internal debt of the Russian Federation, expressed in government securities, increased from the New Year to October 1 by 129.652 billion rubles, as can be seen from Fig. 2.

Rice. 2. State internal debt of the Russian Federation in billion rubles.

Today in Russia, debt on government securities occupies the largest share of government internal debt (Fig. 3.)

As can be seen from Fig. 3. As of October 1, 2008, there were no GKOs (state zero-coupon short-term bonds) in circulation on the Russian securities market, and all market securities are represented exclusively by OFZs (federal loan bonds) and GSOs (government savings bonds).

Rice. 3. Structure of government internal debt expressed in government securities as of October 1, 2008.

government debt in securities belongs to OFZ with debt amortization (OFZ-AD) - 64% (882.24 billion rubles). The share of OFZ with constant coupon income (OFZ-PD) is estimated at 23.79% (RUB 327.95 billion); GSO with a fixed interest rate of coupon income (GSO-FPS) - 9% (124 billion rubles); OFZ with a fixed coupon (OFZ-FC) - 2.45% (RUB 33.77 billion); GSO with a constant interest rate of coupon income (GSO-PPS) - 0.76% (10.48 billion rubles).

According to the Ministry of Finance of the Russian Federation, the increase in domestic public debt in October was mainly due to the placement of the GSO-FPS for 8 billion rubles. In addition, OFZ-PD was placed for 0.253 billion rubles and OFZ-AD was repaid for 0.303 billion rubles

The increase in domestic debt can be associated with sterilization money supply V government bonds. According to analysts, a consequence of an increase in domestic government debt may be that with an increase in the supply of government securities, rates on the bond market as a whole will rise. As a result, it is possible to reduce investment activity and cool the economy.

Let's consider the values of the internal debt indicators of the Russian Federation for 2008 and compare them with the threshold values of the economic security indicator: the present value of the total government internal debt to the volume of GDP is 24% (and the threshold value is 52.0%); the present value of the total domestic public debt to state (federal) budget revenues is 58.3% (threshold value is 200%).

Thus, the values of the internal debt sustainability indicators of the Russian Federation do not exceed the threshold values of debt indicators, but are not far from them.

However, the growth of domestic debt is one of the factors that negatively affects the economic security of the country.

Let's consider the main existing problems of internal public debt in Russia:

Ш A deficit budget leads to an accelerated growth of government internal debt.

Ш All current budget underfinancing over the past six years, taking on surrogate forms, is written off against the state internal debt. This is debt to agricultural enterprises, organizations carrying out northern deliveries, converted into treasury bills, a bond loan to repay commodity obligations and debt to the Central Bank of the Russian Federation, Pension Fund etc.

Ш There is a lack of medium- and long-term planning, including in the preparation of the draft federal budget, the composition and volume of public debt, as well as its repayment schedules. Without such a forecast, at least for a two- to three-year period, it is impossible to conduct a long-term analysis of the situation.

Ш The concepts of internal and external debt are gradually becoming closer together. This process is accelerated when using such a form of borrowing as the issue of securities, including those denominated in foreign currency. Thus, the need for a reasonable long-term policy of the Russian Federation in the field of managing internal public debt becomes obvious.

2.2 AnalysismodernstateexternaldebtRussia,hisproblemsAndinfluenceoneconomicsafety

In 2004-2008, President of the Russian Federation V.V. Putin, taking into account the growth of Russia's income from oil exports associated with the rapid increase in world prices for this raw material, set the task of reducing the scale of external public debt as much as possible. As a result of lengthy negotiations, by the end of August 2006, Russia made early payments of $22.5 billion on Paris Club loans.

In absolute terms, Russian external public debt as of October 1, 2008 amounted to $40.4 billion, which is one of the lowest figures in Europe.

Let's consider the dynamics of Russia's external debt from January 1, 2000 to October 1, 2008 (Fig. 4).

Rice. 4. Dynamics of Russia’s external debt from 01/01/2000 to 10/01/2008 in billion dollars.

The peak of Russian government debt occurred in 1998 (146.4% of GDP). On January 1, 2000, external debt reached $158.7 billion (and the total external and internal public debt amounted to 84% of GDP) - the highest indicator of the state of external debt in Fig. 4. And in recent years, there has been a tendency to reduce the external debt of the Russian Federation: as of October 1, 1008, it fell to 40.4 billion dollars.

For the federal level of the state, the Budget Code of the Russian Federation establishes that the maximum volume of state external borrowings of the Russian Federation should not exceed the annual volume of payments for servicing and repaying the state external debt of the Russian Federation. This is done in order to prevent an unlimited increase in the state’s debt dependence on external creditors and an increase in negative impact on the economic security of the country.

The size of public debt in absolute terms does not provide a complete picture of the state of the economy and the solvency of the country. To assess the ability of a debtor country to fulfill obligations to repay and service the accumulated volume of public debt, world practice has developed debt indicators (ratios). One of the criteria for assessing debt sustainability is an analysis of the amount of resources available to the debtor country, i.e., the size and growth rate of GDP in comparison with public debt. This indicator allows you to assess the level of debt burden on the country's economy and reflects its potential ability to reorient national production towards exports in order to obtain foreign currency and ensure the ability to repay external debt. The higher this indicator, the greater the share of income from the sale of the manufactured product the state is forced to direct not to internal development, but to the fulfillment of debt obligations to external creditors. If the accumulated debt exceeds the amount of funds that the debtor country can allocate to fulfill debt obligations in the medium and long term, a situation of “debt overhang” arises. The conditional limit for the beginning of such a dangerous state of external debt is considered to be when the volume of debt exceeds 50% of GDP. A similar situation has been typical for the economy of the Russian Federation since the early 1990s. and up to 2001. In recent years, the volume of public debt and its share in GDP has had a steady downward trend. If in 2002 the volume of external borrowings amounted to 35.88% of GDP, then in 2008 it was 7.12%.

The dynamics of this indicator are presented in Fig. 5.

Rice. 5. Ratio of external public debt to GDP in %.

In the future, according to the adopted three-year budget for the period 2008 - 2010, the public debt should be reduced to 2.5% of GDP.

Let's consider the structure of Russia's government external debt as of October 1, 2008. (Table 1.)

Table 1

The structure of Russia's external public debt as of October 1, 2008. RIA Novosti - Economics // Finance. - 2008 - No. 8. - With. 5.

Name	Amount, billion dollars
Public external debt of the Russian Federation (including obligations of the former USSR assumed by the Russian Federation)
Debt to official creditors - members of the Paris Club
Debt to official creditors - non-members of the Paris Club
Debt to former CMEA countries
Commercial debt of the former USSR
Debt to international financial organizations
Debt on Eurobond loans
Debt under OVGVZ
Providing guarantees to the Russian Federation in foreign currency

From table 1 it follows that the debt to official creditors - members of the Paris Club amounted to $1.4 billion as of October 1, 2008 versus $1.8 billion as of January 1, to countries not members of the Paris Club - $2.0 billion ($2.2 billion at the beginning of the year), former CMEA countries (Council for Mutual Economic Assistance) - $1.5 billion (remained unchanged since the beginning of the year). Also, the commercial debt of the former USSR as of October 1 of this year is estimated at $0.8 billion (0.7 billion as of January 1), debts to international financial organizations - at $4.6 billion versus $5.0 billion at the beginning of the year.

The Russian Federation's obligations on Eurobond loans as of October 1 amounted to $27.7 billion (at the beginning of the year - 28.6 billion), on bonds of domestic government currency loans (OVGVZ) - $1.8 billion (4.5 billion on January 1). The provision of Russian guarantees in foreign currency as of October 1, 2008 amounted to $0.6 billion, the same as at the beginning of the year, the Ministry of Finance reports.

We see that today in Russia the largest debt in the structure of external public debt is the debt on Eurobond loans, and the smallest is the commercial debt of the former USSR and the provision of guarantees to the Russian Federation in foreign currency.

According to the World Bank, Russia's total external debt (private and federal sector) as of October 1, 2008 is $540.5 billion, compared to data as of January 1, 2008 - $463.5 billion, it increased by 77 billion. dollars.

External public debt is repaid by borrowing on the domestic market. As a result, since 2002, a rapid increase in domestic public debt began. If at the beginning of 2004 internal debt amounted to 19.4% of external debt, then at the end of 2008 this value increased to 92.3%.

The systematic replacement of external debt with internal debt is a positive factor for the economy due to the fact that debt denominated in national currency is easier to manage by monetary authorities, which is especially important during periods of crisis.

Let's consider the values of the external debt indicators of the Russian Federation for 2008 and compare them with the threshold values of the economic security indicator: the present value of the country's total external debt to GDP in 2008 is 21.4% (and the threshold value is 43%); the present value of the total external debt countries to the volume of exports of goods and non-factor services - 110.2% (threshold value - 190%).

Thus, the values of external debt sustainability indicators

The Russian Federation does not exceed the threshold values of debt indicators, but is not far from them.

However, the growth of external debt is one of the factors that seriously complicates the country’s economic “recovery” and negatively affects its economic security.

Let's consider the main existing problems of external debt in Russia.

Ш Now the emphasis in external debt management activities has shifted, first of all, to pursuing a responsible policy of government external borrowing. One of the main problems is the reasonable determination of the limits of new external borrowing. If we proceed from the focus on the “zero” option, in other words, on containing the growth of nominal public debt, then the annual volume of newly attracted foreign loans and borrowings should correspond approximately to the size of the annual repayment of external debt.

Ш Another component that requires serious study is the formation of an optimal structure of external borrowings. Attention should be paid to the structure of borrowing by maturity and to the problem of the unsettled issue of sources of servicing and repayment of debt.

Ш Difficulties also arise when implementing a scheme for exchanging debt for shares of national companies. The problem is that debt-to-equity conversions only succeed if they offer foreign investors the best local assets, including state-owned enterprises. Therefore, the program may give foreign investors an undue advantage over local investors when purchasing the most liquid assets.

Ш The information available to the executive branch about the debt is for the most part closed to the public, which causes difficulties in the analysis and, consequently, in the development of proposals to mitigate the debt problem.

Ш The financial system is experiencing a shortage of highly qualified

specialists in working with external public debt, the available personnel need the necessary tools and modern technology.

internal external debt security

conclusionsBychapter 2

This chapter showed that the size of Russia's internal debt as of October 1, 2008 was set at 1378.5 billion rubles, and the size of Russia's external debt as of October 1, 2008 was 40.4 billion dollars.

Having analyzed the current state of Russia’s external and internal debt in the second chapter of the work, we can say that the country’s internal debt is growing every year, and at a fairly rapid pace, and Russia’s external debt is noticeably decreasing, due to the fact that it is repaid through borrowing from the domestic market. But today the size of domestic debt is just over 4% of GDP and, therefore, it does not create a significant burden on the economy and budget. Moreover, the growth rate of domestic debt is quite comparable with the growth rate of GDP. It follows from this that the systematic replacement of external debt with internal debt is a positive factor for the economy due to the fact that debt denominated in national currency is easier to manage by the monetary authorities, which is especially important during periods of crisis.

It was noted here that in modern Russia there are many economic problems and threats associated with external and internal debt, the analysis of which allows us to conclude that there is a need for a radical change in approaches to ensuring the economic security of the country. Rise economic threats largely due to miscalculations in the choice of strategy and tactics for Russian reforms. Thus, the need for a reasonable long-term state policy in the field of managing internal and external debt and developing a well-thought-out concept for ensuring the economic security of the country becomes obvious.

Chapter 3 . PathssolutionsproblematicaspectsinternalAndexternaldebtRussia

From an analysis of the current state of Russia’s external and internal debt, it can be said that the current system of managing external and internal debt requires improvement, therefore it is necessary to outline and consider ways to solve the problematic aspects of Russia’s internal and external debt.

3.1 PathssolutionsproblemsinternaldebtAndimprovementVmanagementthem

Government internal debt is a very important indicator; its parameters are closely related to macroeconomic characteristics and the management of public internal debt has a direct impact on them. Therefore, it is necessary to pay more attention to the debt policy of managing public internal debt.

F continue to lead by example foreign countries in the predominance of internal debt over external, i.e., increase the share of internal debt while reducing servicing costs;

F expand the list of instruments through which financial resources will be attracted in the domestic market;

F it is necessary to decide on the classification of terms of circulation of government securities on the financial market;

F it is necessary to ensure stable servicing of the country’s internal obligations in any crisis situation;

F respond flexibly to changing internal conditions financial market and use the most favorable sources and forms of borrowing;

F it is necessary to introduce innovations to attract investors to the government securities market;

F improve the accounting and monitoring of public internal debt, introduce advanced technologies for debt management, allowing to monitor the state of the economy's debt burden and track the progress of fulfilling government obligations in real time;

F it is necessary to revise the taxation system. Changing the taxation system in accordance with the needs of a particular class of investors is the strongest incentive measure aimed at attracting a certain group of investors to the government securities market. The most interesting, from the point of view of stimulation investment activities, representing the American tax system. (The American tax system encourages the purchase of securities by the public. In many states, securities are exempt from property taxes. Interest on securities whose issuers are specified in tax legislation, also do not provide for payment income tax. In addition, the taxpayer may exclude 50% of the income received from the sale of securities in his possession from his gross income if these securities were in his possession for 6 months or more. Similar tax benefits stimulate the purchase of securities by the population at long term. Thanks to these measures, state and municipal borrowers can receive additional investment resources.)

In the field of taxation, the experience of the United States can be used, but it should be noted that the application of the US experience in Russian conditions is currently possible on an extremely limited scale. But, at the same time, the reasonableness and targeting of measures tax regulation government securities can serve as an ideal example for building similar systems in Russian conditions.

The implementation of the measures proposed above will help mitigate the problems of Russia's internal debt and increase the efficiency of its management in the near and long term.

3.2 PathssolutionsproblemsinternaldebtAndimprovementVmanagementthem

External debt problems make it almost impossible for a constructive dialogue between Russia and the developed countries of the world on the issue of writing off external debt and create conditions for a serious crisis in relations between them.

F Improve system service state debt by her commercialization. For this Maybe be used mentioned agency By management debt, salary employees whom depended would from results their activities. Except Togo, some kind Part state debt portfolio Maybe temporarily be transmitted V controlled control several independent managers, What will allow to the Ministry Finance compare methods And results their activities With operations their employees.

F Send function operational management state debt from Ministry of Finance Russia V conducting independent state structure, similar "autonomous agencies" row European countries IN print passed messages, What getting ready documentation By creation on database VEB commercial jar And agencies By service external debt. After implementation these projects, at Governments rf, apparently will appear structure, which will be able operate on market V quality autonomous units, What will allow decide problem ransom debt, Not affecting bilateral state level.

F Improve state sources service external debt. IN budgetary sphere expedient establishment restrictions on size deficit federal budget. Practice formation surplus budget demonstrates hard intention Governments RF pay off By debts Required search additional sources income budget, V in particular should reverse attention on income from privatization, which often are used For reduction debt. Note that What at carrying out privatization exists opportunity release state convertible bonds. They are placed on international financial markets convertible state bonds, which By at will investor can exchange on stock privatized enterprises.

F Available release mobilization internal foreign exchange loan V volumes, necessary For consistent coatings payments By external debt (or their parts). So way, will change nature debt by transition from external forms in internal, What will determine distribution income V benefit Russian population, A Not foreigners. But For this necessary system solid guarantees By loans.

F Improve Russian legislation V plan extensions And clarifications acts O state external borrowings, A Also With purpose formation reliable national market derivatives financial tools. IN conditions ongoing outflow capital from countries necessary tightening normal foreign exchange legislation.

F Required provide stable service external obligations countries at any crisis situations.

F Organize preparation qualified specialists V region management external debt. For this necessary introduction relevant disciplines V Universities countries.

F Organize more close coordination state politicians And politicians external borrowings corporate structures, to to avoid unnecessary competition on financial markets And risks, related With possible failure to comply corporate debt obligations.

F Necessary flexible to react on changing conditions external financial market And use most favorable sources And forms borrowings.

On According to economists, the implementation of the measures proposed above will help mitigate the problem of payments on external debt and will increase the efficiency of managing public external debt in the short and long term.

conclusionsBychapter 3

Given the tendency to reduce the external debt of the Russian Federation and reduce the debt burden on the economy of the Russian Federation, its structure is still not optimal from the point of view of debt management. Therefore, this chapter offered practical recommendations for improving and optimizing Russian system management of public external and internal debt

I believe that all economic transformations should be based on such a concept in order to prevent Russia from losing its national and economic independence.

Based on the issues considered and studied, the following conclusions can be drawn that the further main tasks of the state aimed at maintaining the stability of the market for external and internal borrowings should be: reducing the volume and changing the structure of external and internal public debt, making it possible to guarantee the fulfillment of obligations for its repayment and servicing , as well as refinance the debt, regardless of the state of the federal budget; implementation of government internal borrowings in an amount that allows for the active development of the market for corporate and municipal borrowings, providing financing for investments in industries and regions; improving Russian legislation in terms of expanding and clarifying acts on government internal and external borrowings, as well as with the aim of forming a reliable national market for derivative financial instruments.

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Study of the essence, main reasons and mechanisms of formation of public debt. Review of features of public debt management in modern market economy. Analysis of the costs of servicing and covering Russia’s external and internal debt.

State debt is the amount of debt on issued and outstanding government loans. It is associated with the use of government loans as one of the forms of attracting financial resources in order to ensure the economic development of the country and solve pressing social problems. The state's obligations to banks - creditors, individuals and legal entities - owners of government securities (residents and non-residents), to extra-budgetary funds, foreign governments or international financial institutions, accumulating, turn into public debt. It has to be repaid with interest. They say that today's government loans are tomorrow's taxes. Some taxpayers own government securities. They receive interest on these securities and at the same time pay taxes, which are partially used to pay off government loans and interest.

As a rule, it is not possible to pay interest in full from current budget revenues and repay government loans on time. Therefore, governments, constantly in need of funds, resort to new loans, covering old debts, they make even larger new ones. As a result, government debts are growing different countries at different rates.

An excess of public debt over GDP by more than 2.5 times is considered dangerous for the stability of the economy, especially for stable monetary circulation.

Types of government debt

Public debt is divided into internal and external, as well as short-term (up to 1 year), medium-term (from 1 to 5 years), long-term (over 5 years). The most difficult are short-term debts. They soon have to pay off the principal amount with high interest.

Government authorities are trying to consolidate short-term and medium-term debt, i.e. turn it into long-term debt by deferring the payment of the principal amount for a long period and limiting it to annual interest payments. In a number of countries, there are special public debt departments under the Ministry of Finance, which deal with the repayment and consolidation of old debts, as well as attracting new borrowed funds.

External state duty- is a debt that arises as a result of the placement of loans abroad and other forms of debt to foreign individuals, legal entities and states, as well as international financial institutions. This debt places the greatest burden on the country, as it must give away valuable goods, provide certain services in order to pay the interest on the debt and the debt itself.

Domestic public debt - This is the debt that arises as a result of the placement of government loans on the domestic market. The size of the public debt can be judged by its share in relation to the gross domestic product or the amount of budget expenditures. In accordance with the law of the Russian Federation, the state internal debt of the Russian Federation is the debt obligations of the government of the Russian Federation, expressed in the currency of the Russian Federation, to legal and individuals. Debt obligations can take the form of: loans received by the government of the Russian Federation; government loans carried out through the issue of securities on behalf of the government of the Russian Federation; other debt obligations guaranteed by the government of the Russian Federation.

Introduction

1. Financial security of the state and methodological approaches to its assessment 13

1.1. The essence and importance of financial security in the economic security system of the state 13

1.2. The main stages of formation and development of the financial security system of the Russian Federation 39

1.3. Methodological basis for assessing threats to the financial security of Russia 47

2. Russian public debt as a threat to the financial security of the state 86

2.1. Public debt as a threat factor to Russia’s financial security 86

2.2. Analysis financial policy Russian Federation and public debt for the period 1992 - 2003 129

2.3. The impact of public debt on the financial security system of Russia 140

3. Public debt management in the system of ensuring financial security of the Russian Federation 158

3.1. Possibilities for optimizing financial flows when implementing the state's debt financial policy 158

3.2. Improving the process of managing public debt in the system of ensuring financial security of Russia 169

Conclusion 188

Bibliography 200

Appendix 1 215

Appendix 2 216

Appendix 3 221

Introduction to the work

Relevance of the research topic. The power and national security of a state are characterized, first of all, by the state of the country’s economy, and therefore its financial system. The main conditions for ensuring security are increased controllability of financial processes and effective regulation of economic development. The financial system and financial relations in the Russian Federation are not sufficiently reliably protected from the influence of various types of threats. Thus, the National Security Concept of the Russian Federation identifies threats directly related to financial relations, namely, the growth of external and internal public debt, a decrease in investment activity and others.

The state borrowing system is the most civilized form of attracting free financial resources at the disposal of public authorities and management for the performance of their functions and public investment in the absence of their own financial resources. However, their impact on the country's economy is not clear. If used ineffectively, government loans shift the debt and tax burden onto business entities and the population of the country, both in the present and in the future. In addition, public financial debt can significantly limit the economic growth and increase social tension, as the amount of funds allocated for investment and development of the social sphere is reduced; the state’s dependence on creditors, in particular foreign states and international monetary and financial organizations, is increasing when making economic and politically independent decisions.

In this regard, modern economic reality has put forward the task of maintaining Russia’s financial security to ensure sustainable development economic system by identifying and monitoring threats to financial security, distributing financial resources to maintain the required level of reproduction, independence and competitiveness in the international finance system.

These prerequisites determined the need to create an effective state mechanism for protection against threats to financial security, and to determine the necessary measures to reduce the negative consequences of threats to the financial interests of the country. Currently, the main directions of Russia's debt policy require, in our opinion, assessment from the standpoint of their compliance with the tasks of reducing the level of threats to the financial security of the state.

Most of the work; published on security problems, is mainly of a theoretical nature and only indirectly affects the problems of financial security, since it is devoted to general economic security. Those that are of practical importance do not take into account the peculiarities of the debt factor associated with the weakening of the financial security of the state. The problem of ensuring security, taking into account the debt component as a threat, first of all, requires scientific and practical solutions in this area;

In this regard, the identified problems are relevant and determine the main content of this dissertation research.

The degree of development of the problem. Issues of theory and practice in the formation and development of a system of economic and financial security were discussed at different times in the works of Russian scientists: L.I. Abalkina, K.L. Astapova, S.A Afontseva, P.Ya. Baklanova, V.V. Burtseva, S.Yu. Glazyeva, AN. Illarionova, V.G. Novikova, A.A. Prokhozheva, V.V. Rudko-Silivanova, V.K. Senchagova and others; problems of public debt management - and monetary policy worked on: K.L. Astapov, E.V. Balatsky, AP. Vavilov, AL. Vedev, E.A. Zvonova, AN. Illarionov, K.G. Kalinkin, E.A. Kovalishin, A.G. Sarkisyants, A.V. Tretyak, G.Yu. Trofimov, B.A. Kheifets, E.G. Yasin et al.

The work of foreign scientists - E. Atkinson, P. Diamond, E. Dobson, J.M. - is devoted to the relationship between public debt and monetary policy. Keynes, F. Machlup, D. Ricardo, T. Sargent, D. Stiglitz, N. Wallace, M. Feldstein, J. Ferposson M. Hayes, P. Elworth and others, which were used by the applicant in the dissertation research.

At the same time, the problems of ensuring the financial security of the state, taking into account public debt as a threat factor, are

insufficiently developed and therefore are of interest for further research.

Goals and objectives of the study. The main purpose of the dissertation is to research modern system, ensuring the financial security of Russia and substantiating the concept of public debt management to reduce threats to the financial security of the Russian Federation.

According With The set goal identified the following tasks research:.

explore and clarify the essence of the concepts “financial security, state” and “system for ensuring the financial security of the state”;

identify and analyze the main stages of the formation and development of the Russian financial security system;

study the possibilities of using methods for assessing threats to financial security, analyze and systematize threats in the field public finance, as well as determine their impact on the financial interests of the state;

analyze the financial policy of the Russian Federation, the dynamics and structure of public debt to characterize it as a threat to the financial security of the Russian Federation, assess the impact on the stability and efficiency of the public finance system;

characterize the impact of public debt on the financial security of Russia;

identify and justify opportunities for optimizing financial flows in the implementation of the state’s debt financial policy;

analyze existing approaches to public debt management and identify ways to improve the efficiency of debt management within the framework of ensuring the financial security of the Russian Federation.

The subject of the dissertation research is public debt, its qualitative and quantitative assessment in the system of ensuring the financial security of the Russian Federation.

As a research object acts as a system of financial security of the state.

Theoretical and methodological basis research compiled

a dialectical approach to the study of public debt in the system of ensuring financial security of Russia; an evolutionary-systemic approach to the analysis of economic situations and phenomena, theoretical and practical material using the principle of unity of historical and logical approaches. Data analysis was carried out using methods of comparative economic and economic-statistical analysis, the method of analyzing hierarchies, grouping and other general scientific methods economic research.

Regulatory and information base research there were federal laws of the Russian Federation, decrees of the President of the Russian Federation, resolutions of the Government of the Russian Federation, resolutions of the Federation Council of the Federal Assembly of the Russian Federation, resolutions of the State Duma of the Russian Federation; statistical and analytical materials of the Security Council of the Russian Federation, State Committee of the Russian Federation on Statistics ( Federal service state statistics of the Russian Federation), the Ministry of Finance of the Russian Federation, the Bank of Russia and the Accounts Chamber of the Russian Federation. The research is based on regulatory and methodological documents, publications of international organizations, information posted on official and information websites, as well as materials of international conferences dedicated to the problems of ensuring financial and economic security, research results of scientists and specialists for 1992-2003.

The most significant scientific results obtained by the author:

the concept of “financial security of the state” was clarified based on the characteristics of the stability of the financial system (public finances) And compliance with the interests of the state in the financial sector;

the competitive advantages of the public finance system are revealed as factors for ensuring financial security, based on the division of elements that positively and negatively shape the investment image of the Russian economy;

Russia's public debt has been studied from the perspective of a threat to its financial interests; an assessment was made of the debt policy of the Russian Federation from the perspective of its compliance with the task of reducing the level of threats

financial security, and practical recommendations on this problem are identified;

a model for assessing the “public debt” indicator has been developed, based on the author’s approach to taking into account the “virtualization” of Russian public debt and the irrational increase in the debt burden;

To elements scientific novelty The dissertation research includes the following:

the concept of “system for ensuring the financial security of the state” was clarified, as well as “state virtual debt” as a theoretical image of the factors taken into account in the model for assessing public debt;

an approach to determining financial interests and threats to financial security is substantiated, according to which it is determined that public debt is a threat to the financial security of Russia at the present stage of development of the state;

A theoretical model of financially secure debt cooperation and the concept of managing accumulated debt within the framework of a financial security system are proposed as ways to resolve financial contradictions in achieving the Pareto optimal state of the public finance system.

Theoretical significance This research is to develop scientific foundations system for ensuring the financial security of the Russian Federation, including methodological approaches, principles of organization, possibilities for its improvement for the effective functioning of the public finance system in conditions of limited financial resources, as well as the fact that conclusions and proposals can serve as the basis for further research into problems associated with inclusion in the system ensuring the financial security of the country in the process of managing public debt RF.

Practical significance research lies in the possibility of applying the results obtained by federal and regional authorities and management for the development and improvement of the system

ensuring the financial and economic security of Russia while managing public debt.

Recommendations based on the results of the study, aimed at increasing the efficiency of public debt in the financial security system, were transferred to the Department of Finance of the Primorsky Territory Administration and accepted for implementation.

The results of the research can be used in teaching the disciplines “Economic Security”, “Economic Security of Russia”, “Finance and Credit” and “National Economics” to students of economic specialties of higher educational institutions.

Approbation of research results. The main provisions of the dissertation, conclusions and proposals on the research topic were reported by the author and discussed at meetings of the Department of Finance and Credit of the Far Eastern state university, at a meeting of the Academic Council of the Vladivostok branch of the Russian Customs Academy, as well as at the annual conferences of young scientists of the Institute of Management and Business of the Far Eastern State University (Vladivostok, 2001 - 2004), the Far Eastern State Academy of Economics and Management (Vladivostok, 2004), the Institute economic research of the Far Eastern Branch of the Russian Academy of Sciences (Khabarovsk, 2002), Far Eastern State Technical University (Vladivostok, 2004), Far Eastern Academy of Public Administration under the President of the Russian Federation (Khabarovsk, 2004), Birobidzhan State Pedagogical Institute (2004).

Scope and structure of work. The dissertation consists of an introduction, three chapters, a conclusion, a bibliography and appendices. The main text of the work is presented on 214 pages of typewritten text, includes 26 figures, 19 tables, 3 appendices. The bibliographic list contains 165 titles.

The essence and importance of financial security in the economic security system of the state

In the context of reforming market relations, economic development is increasingly determined by the action of market mechanisms; the state pays significant attention to the problems of safe management economic processes. Factors such as economic productivity, its sustainability and development, efficiency and competitiveness in the global and domestic markets are closely related to the economic security of the state. Economically efficient activities of the state imply the presence of an economic security system.

Integrity is the fundamental basis for the stability of systems, by which we mean the preservation of properties when external conditions change. From systems theory it follows that the state is a complexly organized open system, the state of integrity of which is determined by the action of many external and internal factors. We support the statement that the concept of system integrity is closely related to the concept of its security, because security is a state or conditions under which someone or something is not in danger. Security can also be understood as the presence of protection from danger or the ability of a system to develop in accordance with the tasks assigned to it, regardless of the influence of external and internal forces; but the cumulative effect on the system of internal and external factors must be taken into account in a timely manner, constantly adapting to it both the system as a whole and its individual elements. The property of uncertainty of economic systems, resulting from the principle of systematicity, is the following statement: a complete description of the components of the system does not fully define the system, while the opposite is also true - a complete description of the system as a whole does not fully determine its individual parts. Thus, it is initially necessary to highlight some of the most important components of the economic system, in particular, the public finance system, to justify its role in the financial and economic development and current activities of the state, its impact on the ability to maintain the integrity of the state and state sovereignty.

The state as an economic system and economic entity functions in accordance with the goals it has set for itself. In the first case, this may be achieving certain macroeconomic indicators, ensuring solutions to socio-economic problems, in the second case, receiving investments, attracting financial and credit resources, and their effective distribution. Anyone economic entity, like a system, there is a certain set of goals, the structure of which is in most cases unique, and the subject functions in accordance with a certain algorithm to achieve the goals. The uncertainty of environmental factors can also affect the stability of the structure of the algorithm itself, which makes some government goals completely unattainable. In this case, they say that there is no certain reliability of the system. Reliability refers to certain properties of a system that allow it to achieve its goal under certain deviations of environmental parameters that influence the system, that is, from those whose future values were determined at the time the decision was made.

Public debt as a threat factor to Russia's financial security

Public debt is divided into internal and external. The internal debt of the state is formed in connection with the attraction of funds from enterprises and the population to fulfill government programs and orders in the currency of the Russian Federation. The main emphasis of Russian budget legislation is on the currency in which the borrowing was made. Exactly National currency of the Russian Federation is the basis for classifying debt obligations as internal, regardless of who the creditor is. It seems to us that domestic public debt currently carries almost the same meaning when considering problems and issues of financial security. If, theoretically, the threat to the existence of internal public debt can be neutralized by using the means and instruments of monetary policy, then the main criterion for classifying a debt as external or internal does not make it possible to state who exactly (resident or non-resident) is the creditor of the internal debt. Thus, by leveling the internal debt and protecting itself from civil sanctions, the state can predetermine by its actions state-legal international political, economic, financial sanctions, which can be considered as threats to the economic and financial security of the state.

Significant differences between state external debt and state internal debt also lie in the fact that internal debt contributes to the redistribution of financial resources mainly within the state, and external debt involves the withdrawal and transfer of part of the national income and national wealth to foreign creditors, and quite often the implementation of certain political and economic conditions.

It seems to us that a significant danger of public debt is its transfer to future generations. Society becomes hostage to the government's financial policy. It is necessary to distinguish between the concepts of “state debt” and “debt of the economy”. As noted in the Concept strategic development Russia until 2010", the Russian economy, unlike the Russian state, is already solvent at the present time (a positive balance of payments of about 50-60 billion dollars a year, constant improvement of the investment position credit institutions, reduction of debt obligations of Russian corporations).

Thus, society forcibly (regardless of its will) accepts an additional financial burden in addition to accepting its own debt, although not all, but a certain part of it - entrepreneurial structures.

There is an opinion that an increase in public debt, in principle, cannot lead to bankruptcy of the state for a number of reasons. It is enough to finance the public debt, and there may be no need to repay it. The state always has sources to repay or refinance debt. In order to comply with the debt service schedule, the government must collect in taxes an amount no less than the debt service payments. We do not share this point of view. Such an approach to government borrowing and debt refinancing ultimately leads to default, since in addition to debt refinancing, the state has a number of other expenses that require exclusive government financing.

Possibilities for optimizing financial flows when implementing the state's debt financial policy

The modern world financial system in the context of globalization is characterized by the increasing interconnectedness of the financial systems of individual states, as well as a certain degree of their autonomy, i.e. independence from the external environment, the degree of involvement in international financial relations.

According to N.P. Gusakova, “there is no external environment for the global system. Its safe development requires only one thing - the sustainable development of all its constituent parts. And the closer and more intense the relationships, the more the overall security depends on the “health” of each organ of a single global organism. For each such organ, its “health” is a function not only of its structural links, but also of the external environment, i.e. The security of each financial system of the global system is a derivative value that also depends on the nature and dynamics of its external dependence. Therefore, economic security, and therefore financial security, should be analyzed not only in terms of sustainability and development, but also in the quality of external dependence. It is on the quality of external dependence, the nature of the relationship between economic entities that their own economic security, and no less the security of the entire global economic system, depends.”

It seems important to us to note that when considering security, it is necessary to focus on the categories of “part” and “whole”. The contradiction lies in the fact that the whole can develop through the suppression of the interests of the part, which is most often found in modern world, however, the opposite can also happen - the system provides its part with the opportunity to develop. In the first case, a part, trying to free itself from the pressure of the “whole,” develops immunity, which expresses the meaning of ensuring both financial and economic security. However, in the system of international integration, when the world community is characterized by interpenetration and universality of world economic relations, it is difficult to answer the question of where one “part” ends and another begins.

Many researchers agree that in modern conditions of structural transformations in developed countries the concept of financial security acquires as its most important objective criterion the competitiveness of the national financial system or its leading links in the world market, ensuring the viability of national financial relations in the conditions of global development. Thus, financial security is always a derivative of the economic and political course chosen by the country. Therefore, measures aimed at achieving financial security by different countries may not only differ, but often be opposite in nature.

Economic security is traditionally considered as the most important qualitative characteristic of an economic system, which determines its ability to maintain normal living conditions of the population, sustainable provision of resources for the development of the national economy, as well as the consistent implementation of national and state interests.

An increase in internal debt is less dangerous for the national economy compared to an increase in its external debt. There is no leakage of goods and services when repaying domestic debt, but certain changes in economic life occur, the consequences of which can be very significant. This is due to the fact that repayment of government internal debt leads to the redistribution of income within the country. The growth of internal and external public debt entails real negative economic consequences, i.e., it negatively affects the economic security of the country, as we were convinced of by examining the detailed dynamics of the public debt of the Russian Federation.

The growth of internal and external public debt entails real negative economic consequences, that is, it negatively affects the economic security of the country.

Therefore, we can draw some conclusion that:

Thirdly, the existence of external debt implies the transfer of part of the product created within the country abroad (in the case of payment of interest or principal amounts).

Fourthly, the growth of external debt reduces the country's international authority.

Fifth, when the government borrows from the capital market to refinance debt or pay interest on government debt, this inevitably leads to an increase in the interest rate on capital. A rise in interest rates entails a decline in capitalized value, a reduction in private investment, and as a result, subsequent generations may inherit an economy with reduced productive capacity and all the ensuing negative consequences.

Introduction

Chapter 1. Theoretical aspects of the internal and external debt of the Russian Federation and its impact on economic security

1 Russia's internal debt

2 Russia's external debt

3Characteristics of economic security in relation to external and internal debt

Chapter 1 Conclusions

Chapter 2. Analysis of the current state of Russia’s internal and external debt

1 Analysis of the current state of Russia’s internal debt, its problems and impact on economic security

2 Analysis of the current state of Russia’s external debt, its problems and impact on economic security

Chapter 2 Conclusions

Chapter 3. Ways to solve problematic aspects of Russia’s internal and external debt

1 Ways to solve problems of internal debt and improve its management

Chapter 3 Conclusions

Conclusion

List of used literature

Introduction

In modern conditions of executive power, there is not enough tax revenue to cover huge government expenditures, and money emission leads to inflation. The Government's refusal to use loans from the Central Bank of the Russian Federation for these purposes led to the fact that their place was taken by loans within the country and abroad. As a result of a sharp increase in the budget deficit and growing borrowing, Russia's public debt, both internal and external, has increased significantly, so the topic of the course work: “Russia's internal and external debt and its impact on economic security” attracted my attention.

The theoretical significance of this topic of the course work for economics is that the amount of external and internal public debt of Russia (especially in relation to GDP) is an important indicator of the country’s economy, since servicing public debt requires funds from the budget and thereby dictates the need to reduce expenses, as a rule, for social needs, which affects the living standards of the population. Therefore, competent management of the size and structure of internal and external public debt is an important socio-economic task that requires a good theoretical justification.

The practical significance of this topic for economics is that the analysis of the current state of Russia’s external and internal debt and determination of the level of its influence on the state of the financial system, monetary circulation and economic security of the country make further research on the topic necessary and timely to identify the best ways to solve emerging economic problems aspects.

To achieve this goal, the following tasks were identified:

Study, analyze and summarize literature on the topic of work;

Reveal the role and significance of the internal and external debt of the Russian Federation;

Describe economic security in relation to public debt;

Analyze the current state of Russia’s internal and external debt, its problems and impact on economic security;

Suggest and consider ways to solve problematic aspects of this topic issue.

Chapter 1. Theoretical aspects of the internal and external debt of the Russian Federation and its impact on economic security

Public debt is divided into internal and external. Let's take a closer look at them.

1.1 Russia's domestic debt

.1.1 Concept and meaning of the internal public debt of the Russian Federation

Domestic public debt represents the amount of debt owed to its citizens and enterprises. It exists as the sum of issued and outstanding debt obligations.

The Budget Code of the Russian Federation gives a narrower concept - internal public debt recognizes obligations arising in the currency of the Russian Federation.

The volume of Russia's domestic public debt includes:

Principal nominal amount of debt on government securities;

The volume of principal debt on loans received by Russia;

The volume of principal debt on budget loans and budget credits received by Russia from budgets of other levels;

The volume of obligations under state guarantees provided by the Russian Federation.

Debt obligations of the Russian Federation are repaid within periods determined by the specific terms of the loan and cannot exceed 30 years.

Changing the terms of a government loan issued for circulation, including the terms of payment and the amount of interest payments, the circulation period, is not allowed.

Payment of income from loans and their repayment are one of the main items of budget expenditures. In conditions when public debt reaches a level at which the country is unable to fulfill its debt obligations in a timely manner, the government is forced to resort to their consolidation, i.e. a change in the terms of the loan associated with a change in repayment terms, when short-term obligations are consolidated into long-term and medium-term ones, or conversion - a reduction in the amount of interest paid on the loan or its transformation into long-term foreign investments.

The main purpose of issuing loans in today's Russia is to cover the budget deficit and refinance previous loans. This means that new loans are issued for the amount of debt that must be repaid in a given year. An increase in government spending entails an increase in loans and debt, so public internal debt is closely related to the state budget as a fact of its origin.

Summarizing the above, we can give a brief definition of domestic public debt - this is the total amount of all issued but not yet repaid government loans and unpaid interest on them.

If we use drier terms, internal debt, according to one of the classifications, is a way of replenishing the state treasury by borrowing funds from the population and legal entities registered in the territory of the state and paying taxes to the treasury of this state, under state guarantees by issuing state securities papers

State internal debt is secured by assets at the disposal of the Government of the Russian Federation.

1.1.2 Forms and types of internal debt of the Russian Federation

In Russia the following are defined forms internal debt:

government loans made by issuing securities on behalf of the Russian Federation;
agreements on the provision of state guarantees to the Russian Federation;
treaties and agreements on the receipt by the Russian Federation of budget loans and budget credits from the budgets of other levels of the budget system of the Russian Federation;
agreements and agreements concluded on behalf of the Russian Federation on the prolongation and restructuring of debt obligations of the Russian Federation of previous years.

Øgovernment short-term bonds (GKOs) - registered zero-coupon government securities, issued in non-documentary form, their issue is formalized by a global certificate stored in the Bank of Russia;

Federal loan bonds with a variable coupon (OFZ-PK), with a constant coupon income (OFZ-PD), with a fixed coupon (OFZ-FK) - the first medium-term prices

The impact of debt on the economic security of the country. Public debt and economic security Public debt as a threat to economic security

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1.1.2 Forms and types of internal debt of the Russian Federation

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