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Economic Analysis: Theory and Practice
 

Identifying the critical areas in the public finance of territorial entities of different levels from the perspective of the national security of the Russian Federation

Vol. 15, Iss. 7, JULY 2016

PDF  Article PDF Version

Received: 26 April 2016

Received in revised form: 13 May 2016

Accepted: 31 May 2016

Available online: 27 July 2016

Subject Heading: FINANCIAL STABILITY AND SOLVENCY

JEL Classification: H61, H63

Pages: 142-152

Ivanov P.A. Institute of Social and Economic Research of Ufa Scientific Center of RAS, Ufa, Republic of Bashkortostan, Russian Federation
cjufa84@rambler.ru

Importance The financial instability in both external and domestic financial markets necessitates improving the balance, debt sustainability of the Russian budgetary system through strengthening the financial security as one of the most important element of the overall national security.
Objectives The study aims to review the financial performance and budget targets of the national security, and their thresholds enabling to assess the budgets of constituent entities of the Russian Federation and local budgets from the perspective of their balance and debt sustainability and identify critical areas in public finance.
Methods Using the statistical and econometric methods, I calculated indicators of balance and debt sustainability, compared actual data with threshold values, and classified debt sustainability indicators by four zones (normal, pre-crisis 1 (initial), pre-crisis 2 (developing), critical).
Results The paper reveals greater differentiation in the analyzed indicators at the regional level as compared to the municipal one, shows critical zones in public finance in terms of annual amount of debt repayment and service (over half of Russian subjects and about 1/3 of municipalities are in the critical zone) and leverage, including loans from the budget (14 subjects are in the critical zone). The analysis of consolidated budget deficit of the RF subjects for 20142015 shows the balance improvement in most regions.
Conclusions It is crucial to officially approve threshold values of indicators measuring the national security in the effective National Security Strategy, increase the transparency of analytical information on the results of State monitoring of the national security.

Keywords: budget system, territory, strategy, national security, debt sustainability

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