Formation and management of public debt sustainability on the example of the Republic of Kazakhstan and the Russian Federation

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Asset Mukhtarkhan
Keyword(s):  
Russian Federation ◽  
Low Income ◽  
Public Debt ◽  
Low Income Countries ◽  
Debt Sustainability ◽  
Content Type ◽  
The Public ◽  
Macroeconomic Indicators ◽  
The Russian Federation ◽  
The Republic

Purpose The purpose of this paper is to study debt sustainability of countries with a resource-based economy on the example of the Republic of Kazakhstan and the Russian Federation. Design/methodology/approach Macroeconomic indicators and data on external and internal public debt of the Republic of Kazakhstan and the Russian Federation for the period from 2007 to 2019 were analyzed using quantitative, qualitative, comparative, descriptive and graphical methods. Based on the collected data, the indicators were calculated, analyzed and compared, taking into account the threshold values, using The Debt Sustainability Framework for Low-Income Countries of the International Monetary Fund and the World Bank. Findings The results of the study showed that the indicators of the public debt of both the Republic of Kazakhstan and the Russian Federation, during the period covered by the study, were in the zone of reduced risk and were stable. In addition, the study revealed a slight shift in the structure of the public debt of the Republic of Kazakhstan toward a decrease in the share of domestic borrowing (from 67% to 55%), whereas in the structure of the Russian public debt, the share of domestic borrowing increased significantly (from 52% to 74%). Originality/value The results of this study can be applied by scientists to analyze the sustainability of public debt in various countries and regions, as well as by officials to determine the fiscal and budgetary policies of the Republic of Kazakhstan and the Russian Federation, as well as other states.

scholarly journals Evolution and Prospects of the Federal Loan Bonds Market Development

2018 ◽  
Vol 28 (4) ◽  
pp. 640-649 ◽  
Author(s):  
Irina Alekseeva ◽  
Irina Petrova
Keyword(s):  
Russian Federation ◽  
Public Debt ◽  
Securities Market ◽  
Public Expenditures ◽  
The Public ◽  
Macroeconomic Indicators ◽  
Trend Data ◽  
Debt Market ◽  
The Russian Federation ◽  
The Government

The government securities market is the most crucial element of the financial market in any country that plays an important role in funding of public expenditures and development of the national economy. At present, government securities make up more than 70 % of the internal public debt of the Russian Federation and more than 90 % of the public debt in bonds are federal bonds. Changes in the market of federal loan bonds that took place in 2011-2017 are described in the paper. Trend data characterizing the market and where it belongs to in the structure of the internal public debt of the Russian Federation are analyzed. The paper shows how macroeconomic indicators, debt policy of the country, demand for federal loan bonds, including that by foreign investors, influence development of the public debt market and creation of new types of market instruments. The authors also examine prospects of the federal loan bonds market and the expected trends in its development.

Guidance Note on the Fund’s Transparency Policy

Policy Papers ◽  
2010 ◽  
Vol 2010 (2) ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Low Income ◽  
Public Debt ◽  
Global Financial Crisis ◽  
Low Income Countries ◽  
Debt Sustainability ◽  
Guidance Note ◽  
Fiscal Revenue ◽  
Near Term ◽  
The Global Financial Crisis

The global financial crisis has had a significant impact on low-income countries (LICs)’ debt vulnerabilities. Recent debt sustainability analyses (DSAs) indicate that external and fiscal financing requirements have increased. In addition, standard measures of a country’s capacity to repay debt?GDP, exports, and fiscal revenue?are expected to be permanently lower. On average, debt ratios are therefore expected to deteriorate in the near term, particularly for public debt.

Introduction

2010 ◽  
Vol 17 (2) ◽  
pp. 139-146
Author(s):  
Patricia Kennedy Grimsted
Keyword(s):  
World War Ii ◽  
Soviet Union ◽  
Federal Republic ◽  
Russian Federation ◽  
Federal Republic Of Germany ◽  
World War ◽  
The Public ◽  
Eastern Front ◽  
The Russian Federation ◽  
The Republic

World War II was the occasion of the greatest theft, seizure, loss, and displacement of art treasures, books, and archives (“cultural items”) in history. Since then, governments and others have attempted to justify either their right to keep or to claim the return of the cultural items displaced as a result of the war and its aftermath. Such issues have intensified on the Eastern Front since the collapse of he Soviet Union and the opening of the Soviet secret depositories of long-hidden cultural items brought to Soviet territories at the end of the war. The principal protagonists in the public arena have been the Federal Republic of Germany (Germany), the Republic of Poland, and the Republic of Hungary, each claiming that the Russian Federation (Russia) has refused to negotiate adequately the return of cultural items displaced during and after the war that are now located in its territory.

scholarly journals ANALYSIS OF THE RUSSIAN EXPERIENCE OF CREATING TERRITORIAL BRANDS

2019 ◽  
Vol 8 (4) ◽  
Author(s):  
Boris M. Eidelman ◽  
Oleg A Bunakov ◽  
Liliya R. Fakhrutdinova ◽  
Niyaz K Gabdrakhmanov
Keyword(s):  
Russian Federation ◽  
Small Towns ◽  
The Public ◽  
Advantages And Disadvantages ◽  
Public Consciousness ◽  
Visual Style ◽  
The Russian Federation ◽  
The Republic ◽  
Tourism And Hospitality ◽  
The Many

This paper shows the features of spatial development of branding in various regions of the Russian Federation. The ways of development and promotion of territorial brands both in large and in small towns of Russia were considered. Based on the description of a large number of Russian regional brands, the paper presents a comparative analysis and shows their advantages and disadvantages. Much attention is paid to the formation processes of territorial brands on the example of the Republic of Tatarstan. The paper describes the main objectives of the Visit Tatarstan brand and the features of its visual style. It was shown that the visual style of this brand is based on a modern interpretation of ethnic, historical and traditional Tatar ornaments covering thousands of years. Among the main tasks of the Visit Tatarstan brand is the formation of a clear, uniform and an adequate image of the Republic of Tatarstan in the public consciousness both within and beyond the region. The paper sates that the Visit Tatarstan brand is focused primarily on the development of tourism and hospitality in the region, as well as the formation of an adequate image of the Republic of Tatarstan for the many guests who come to the Republic from around the world. Finally, there is a conclusion that each region of the Russian Federation should have its original brand created, which should complement and develop other city brands.

Re Review of Constitutionality of the Treaty between the Russian Federation and the Republic of Crimea on the Accession of the Republic of Crimea to the Russian Federation and on Forming New Constituent Entities within the Russian Federation that has Not Entered into Legal Force

2021 ◽  
Vol 195 ◽  
pp. 374-386
Keyword(s):  
Russian Federation ◽  
Constitutional Law ◽  
Vienna Convention ◽  
Content Type ◽  
Constitutional Review ◽  
Treaty Provision ◽  
Federal Constitutional ◽  
The Russian Federation ◽  
The Law ◽  
The Republic

374Treaties — Ratification — Application — Treaty between Russia and Republic of Crimea on the Accession of the Republic of Crimea to Russia and on Forming New Constituent Entities within the Russian Federation, 2014 — Treaty not yet in force — Constitutional review of treaty as a prerequisite for ratification — Ratification necessary before international treaty can enter into force — Signature of Treaty by Russian President — Date of entry into force — Whether Treaty can be applied before entry into force — Vienna Convention on the Law of Treaties, 1969 — Procedure for signature, conclusion and enactment of Crimea Accession Treaty — Treaty provision content — Whether compatible with Constitution of Russian FederationRelationship of international law and municipal law — Treaties — Signature — Ratification — Application — Treaty between the Russian Federation and the Republic of Crimea on the Accession of the Republic of Crimea to the Russian Federation and on Forming New Constituent Entities within the Russian Federation, 2014 — Compatibility with Constitution of Russian Federation — Constitutional review of Treaty prerequisite for ratification — Article 128(3) of Constitution — Federal Constitutional Law on the Constitutional Court of the Russian Federation — Federal Constitutional Law on Accession to the Russian Federation and Establishment of a New Constituent Entity within the Russian Federation — Whether Treaty can be applied before entry into force — Vienna Convention on the Law of Treaties, 1969 — Procedure for signature, conclusion and enactment of Crimea Accession Treaty — Treaty provision content — Whether compatible with Constitution of Russian Federation — Effect of legal acts in new constituent territories — Integration of Russian legal systemTerritory — Acquisition — Accession — Accession of Republic of Crimea to Russian Federation — New constituent territories — Republic of Crimea — Federal city of Sevastopol — Treaties — Treaty between Russian Federation and Republic of Crimea on the Accession of the Republic of Crimea to the Russian Federation and on Forming New Constituent Entities within the Russian Federation, 2014 — Whether accession carried out in accordance with Constitution of Russian Federation — Whether accession carried out in accordance with Treaty — Whether accession carried out in accordance with federal constitutional laws — Whether 375Treaty compatible with Constitution — Procedure for future accessions — Legal status of constituent territories — Regulation of State border — Integrity and inviolability of Russian territory — Constitutional values — Citizenship — Transition period — Military service — Elections — Effect of legal acts in new constituent territoriesNationality — Citizenship — Stateless persons — Crimea acceding to Russian Federation — New constituent territories of Russian Federation — Republic of Crimea — Federal city of Sevastopol — Ukrainian citizens and resident stateless persons at time of accession — Automatic Russian citizenship — Option to retain existing citizenship — Article 5 of Treaty between Russian Federation and Republic of Crimea on the Accession of the Republic of Crimea to the Russian Federation and on Forming New Constituent Entities within the Russian Federation, 2014 — Whether compatible with Constitution of Russian Federation — The law of the Russian Federation

scholarly journals TRANSPARENCY OF PUBLIC AUTHORITIES OF THE REPUBLIC OF CRIMEA IN THE CONDITIONS OF THE INFORMATION-ORIENTED SOCIETY

2020 ◽  
pp. 57-74
Author(s):  
Vladimir T. Kabyshev ◽  
◽  
Tamara V. Zametina ◽  
Elena V. Kombarova ◽  
◽  
...  
Keyword(s):  
Information And Communication Technologies ◽  
Russian Federation ◽  
Local Governments ◽  
Liberal Arts ◽  
Legal Regulation ◽  
Public Authorities ◽  
The Public ◽  
The Russian Federation ◽  
The Republic ◽  
State And Local

The problems of transparency as an economic, social, political and legal phenomenon attract the attention of scientists in various fields of liberal arts - economics, sociology, political science, and jurisprudence. In this article, the authors are primarily interested in legal and political aspects of this phenomenon, since the current Constitution of the country pays considerable attention to the issues of democratic organization of power and the institutions of participation of citizens in the management of state affairs. Describing the real state of transparency in the public authorities of the Republic of Crimea, both static (institutional, organizational) and dynamic (functional, procedural) aspects of this phenomenon are taken into account. The current Constitution of the Russian Federation 1993 does not have the concept of "transparency". The analysis of Russian legislation shows that the principle of transparency, even without being enshrined at the highest constitutional level, has been adequately reflected in federal laws and other regulations. Legislatively enshrined transparency, openness, publicity, accessibility of information together create a regime of transparency of the activities of the three branches of state and local government, ensure the access of citizens to information and determine the forms of interaction and cooperation of citizens and power institutions in this area. The authors emphasize that the principle of transparency plays an important role in the system of principles of the organization and functioning of the public authorities of the modern democratic state. Its further legislative development will promote the confidence of citizens in public authorities, establish the dialogue between the state and civil society, and strengthen anti-corruption measures. Legal regulation of openness, publicity, accessibility of information about the activities of public authorities is carried out within the framework of several legislative acts ("On the media," "On ensuring access to information on the activities of state and local governments" and others). It seems appropriate not only to generalize these norms but also to include other ones developing this institution within the framework of a single federal law on the transparency of state authorities in the Russian Federation. The authors believe that we need the measures to improve the effectiveness of the institu-tion of transparency, including, for example, the consolidation of criteria (indicators) of trans-parency of public authorities The study of the principle of transparency of public authorities in the Republic of Crimea shows that the new subjects of the Federation have created legal and organizational conditions for the implementation of the principle of transparency. Though, there are some problems including the lack of developed and accessible telecommunication infrastructure, the orienta-tion of the Crimean providers to Ukraine, formalism in the consideration of citizens' appeals, not always prompt and objective information about the activities of the authorities of the new subjects of the Russian Federation, the need to ensure information security, the development of cooperation between Crimean and foreign organizations in the field of information and communication technologies.

scholarly journals The laffer curve and the debt-growth link in low-income Sub-Saharan African economies

2015 ◽  
Vol 42 (5) ◽  
pp. 878-892 ◽  
Author(s):  
Kelbesa Abdisa Megersa
Keyword(s):  
Economic Growth ◽  
Low Income ◽  
Public Debt ◽  
Sub Saharan Africa ◽  
Low Income Countries ◽  
Positive Contribution ◽  
Content Type ◽  
Laffer Curve ◽  
Negative Effect ◽  
Sub Saharan

Purpose – The study of the link between debt and growth has been full of debates, both in theory and empirics. However, there is a growing consensus that the relationship is sensitive to the level of debt. The purpose of this paper is to address the question of non-linearity in the long-term relationship between public debt and economic growth. Specifically, the author set out to test if there exists an established “laffer curve” type relationship, where debt contributes to economic growth up to a certain point (maximal threshold) and then starts to have a negative effect on growth afterwards. Design/methodology/approach – To carry out the tests, the author has used a methodology that delivers a superior test of inverse U-shapes (Lind and Mehlum, 2010), in addition to the traditional test based on a regression with a quadratic specification. Findings – The results in the paper present evidence of a bell-shaped relationship between economic growth and total public debt in a panel of low-income Sub-Saharan African economies. This supports the hypothesis that debt has some positive contribution to economic growth in low-income countries, albeit up to a point. Practical implications – The overall result supports the claim that public debt may start to be a drag on economic growth if it goes on increasing beyond the level where it would be sustainable. Originality/value – This paper leads the way by implementing a robust test of non-linearity (“inverse-U” test) to the analyses the debt-growth nexus and the laffer curve in Sub-Saharan Africa.

scholarly journals DETERMINANTS OF PUBLIC DEBT IN LOWER MIDDLE INCOME COUNTRIES

2018 ◽  
Vol 34 (3) ◽  
Author(s):  
Vu Duc Thuan
Keyword(s):  
Interest Rates ◽  
Low Income ◽  
Public Debt ◽  
Financial Stability ◽  
Trade Openness ◽  
Low Income Countries ◽  
Macroeconomic Factors ◽  
Middle Income ◽  
The Public ◽  
Middle Income Countries

The ever increasing of public debt has been affecting the financial stability of both high and low income countries for years and is a considerable subject to various author all around the world. The aim of this study is to understand which all factors influence the public debt in lower middle-income countries using DGMM regression method. With the dataset of 40 countries during the 1996-2015, the study provides empirical evidences on the role of macroeconomic factors on changes of public debt in lower middle-income countries, including trade openness, interest rates, budget surplus, inflation, economic growth, foreign direct investment, infrastructure, scale of the financial system. However, the unemployment rate does not have any impact whatsoever on debt to GDP ratios of these countries for over the period.

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