Ermakova E.A.Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation eae13@mail.ru
Semernina Yu.V.Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ysemernina@yandex.ru
Shcherbakov A.A.Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation chcherbakov@yandex.ru
Subject At present, there is little consideration of issues related to the analysis of the structure of the Russian sub-federal bond market in the domestic specialized financial and economic literature. In addition, very often, analysts review the domestic sub-federal bond market together with the municipal bond market, and we believe this is not quite correct. Objectives The aim is to identify major development trends in the domestic sub-federal bond market based on its structural and dynamic changes over 2004-2014. Methods In the study, we applied graphical and tabular methods, analysis of structural changes, and analysis of average values in relation to the indicators that are traditionally used in this segment of the financial market. Results We performed a structural and dynamic analysis of the sub-federal bond market from 2004 to 2014. It enabled to obtain more accurate and reliable results of changes in the reviewed segment of the financial market during the analyzed period, to identify major development trends, and to create a reliable platform for the most realistic forecast of the market development. Conclusions We conclude that the nominal value of bond issues (excluding amortization) gives a more accurate picture of the dynamics and structure of the reviewed segment of the Russian debt securities market. The market developed intensively, its volume increased. The market structure underwent significant changes: the total number of issuers of circulating bonds increased from 25 to 35. The analyzed market segment was characterized by a very high level of concentration.
Keywords: bond issue, securities, sub-federal bonds, constituent entity
References:
Shcherbakov A.A. Spetsificheskie osobennosti subfederal'nykh obligatsii kak finansovykh instrumentov [Specific features of regional bonds as financial instruments]. Vestnik Saratovskogo gosudarstvennogo sotsial'no-ekonomicheskogo universiteta = Vestnik of Saratov State Socio-Economic University, 2014, no. 5, pp. 133–137.
Ermakova E.A. Osnovy gosudarstvennogo finansovogo menedzhmenta v Rossii [Fundamentals of State financial management in Russia]. Saratov, SSSEU Publ., 2008, 287 p.
Koltonyuk K.A., Istomina N.A. Transformatsiya mekhanizma mezhbyudzhetnykh otnoshenii v sub"ekte Federatsii [Transformation of the mechanism of intergovernmental relations in the constituent entity]. Izvestiya Ural'skogo gosudarstvennogo ekonomicheskogo universiteta = Journal of Ural State University of Economics, 2010, no. 6, pp. 86–90.
Zelenskii Yu.B. Struktura regional'nogo gosdolga: kak ne okazat'sya v tupike? [The structure of regional government debt: how to avoid the deadlock?]. Den'gi i kredit = Money and Credit, 2012, no. 5, pp. 12–41.
Fabozzi F.J. Rynok obligatsii: analiz i strategii [Bond Markets: Analysis and Strategies]. Moscow, Al'pina Biznes Buks Publ., 2007, 949 p.
Akintoye A., Beck M. Policy, Finance, Management for Public-Private Partnerships. Cambridge, The Royal Institute of Chartered Surveyor and Wiley-Blackwell, 2009, 504 p.
Delikouras S., Dittmar R.F., Li H. Do Dollar-Denominated Emerging Market Corporate Bonds Insure Foreign Exchange Risk? Available at: Link.
Nini G., Smith D.C., Sufi A. Creditor Control Rights, Corporate Governance, and Firm Value. Review of Financial Studies, 2012, no. 25, pp. 1713–1761.
Rossiiskaya ekonomika v 2013 godu. Tendentsii i perspektivy [The Russian economy in 2013. Trends and prospects]. Moscow, Gaidar Institute Publ., 2014, 540 p.
Belomyttseva O.S. Subfederal'nye i munitsipal'nye obligatsii: tendentsii razvitiya rynka i elementy upravleniya dolgom [Regional and municipal bonds: market development trends and elements of debt management]. Vestnik Tomskogo gosudarstvennogo universiteta = Tomsk State University Journal, 2006, no. 292(II), pp. 288–293.
Glazkov S.L. “Detskaya bolezn'” krivizny rynka subfederal'nykh i munitsipal'nykh obligatsii Rossiiskoi Federatsii [The infantile sickness of curvature of the market of sub-federal and municipal bonds of the Russian Federation]. Rynok tsennykh bumag = Securities Market, 2005, no. 9, pp. 61–64.
Glazkov S.L. Rynok subfederal'nykh i munitsipal'nykh obligatsii RF: vremya peremen [The sub-federal and municipal bond market of the Russian Federation: the period of change]. Rynok tsennykh bumag = Securities Market, 2007, no. 13, pp. 59–70.
Ermak A. Rynok subfederal'nykh obligatsii: osnovnye itogi 2013 goda i perspektivy [Sub-federal bond market: the main results of 2013 and prospects]. Rynok tsennykh bumag = Securities Market, 2014, no. 2, pp. 62–68.
Andreeva D., Tabakh A. Epopeya na rynke subfederal'nogo dolga: prodolzhenie sleduet [The sub-federal debt market saga: to be continued]. Available at: Link. (In Russ.)
Penyugalova A.V., Pyshnograi A.P. [Developing the Russian municipal securities market during market reforms]. Upravlenie Ekonomicheskimi Sistemami, 2010, no. 23. (In Russ.) Available at: Link.
