Importance The article discusses the issues of debt policies of the Orenburg oblast. Objectives The research forecasts the public debt of the Orenburg oblast. Methods The research employs general research methods, i.e. analysis, synthesis of existing publications on debt policies, and statistical data of the Ministry of Finance of the Orenburg oblast. The public debt of the Orenburg oblast was forecasted through such economic and statistical methods as a trend analysis and analytical alignment of time series. Results I found confidence limits of the forecasted public debt of the Orenburg oblast for 2018–2019. The forecast is based on an analysis of trends and structure of the public debt of the Orenburg oblast, identification of its origination and regular increase reasons, and determining a source of borrowings. Conclusions and Relevance I conclude on ever increasing public debt of the Orenburg oblast, and the need to outline activities for keeping the public debt at the economically tolerable level. The findings can be used to formulate the main areas of debt policies in the Orenburg oblast, project the region's public debt, form the budget, and improve public debt management algorithms. The findings can be also used for educational purposes.
Keywords: public debt, deficit, budget, forecasting, Orenburg oblast
References:
Poliduts S.A. Ekonomicheskoe soderzhanie kategorii “gosudarstvennyi dolg” [The economic substance of the sovereign debt concept]. Vestnik Chelyabinskogo gosudarstvennogo universiteta = Bulletin of Chelyabinsk State University, 2012, no. 10, pp. 32–36.
Babich I.V. Metody upravleniya gosudarstvennym dolgom [National debt management methods]. Vestnik Saratovskogogosudarstvennogosotsial'no-ekonomicheskogo universiteta = Vestnik of Saratov State Socio-Economic University, 2011, no. 5, pp. 120–122.
Babich I.V. Neobkhodimost' effektivnoi regional'noi dolgovoi politiki kak osnova kachestva sistemy upravleniya [A need in effective regional debt policies as the basis for the management system quality]. Vestnik Saratovskogogosudarstvennogosotsial'no-ekonomicheskogo universiteta = Vestnik of Saratov State Socio-Economic University, 2012, no. 3, pp. 86–89.
Futagami К., Iwaisako Т. Debt Policy Rule, Productive Government Spending, and Multiple Growth Paths. Macroeconomic Dynamics, 2008, vol. 12, no. 4, pp. 445–462.
Richardson G., Lanis R., Leung S.C.-M. Corporate Tax Aggressiveness, Outside Directors, and Debt Policy: An Empirical Analysis. Journal of Corporate Finance, 2014, vol. 25, pp. 107–121.
Preston P., Eusepi S. Debt, Policy Uncertainty, and Expectations Stabilization. Journal of the European Economic Association, 2012, vol. 10, no. 4, pp. 860–886.
Collignon S. Fiscal Policy Rules and Sustainability of Public Debt in Europe. International Economic Review, 2012, vol. 53, no. 2, pp. 539–567.
Borck R., Fossen F., Freier R., Martin T. Race to the Debt Trap? Spatial Econometric Evidence on Debt in German Municipalities. Regional Science and Urban Economics, 2015, vol. 53, pp. 20–37.
Konstantakis K.N., Michaelides P.G. Transmission of the Debt Crisis: From EU15 to USA or vice-versa? A GVAR Approach. Journal of Economics and Business, 2014, vol. 76, pp. 115–132.
Gokhale J. The Government Debt Iceberg. London, Institute of Economic Affairs, 2014, 150 p.
Bespalova T.N. Mezhdunarodnyi opyt upravleniya regional'nym dolgom [International experience in regional debt management]. Vestnik Mezhdunarodnogo instituta ekonomiki i prava = Bulletin of International Institute of Economics and Law, 2011, no. 2, pp. 71–78.
Ostapchenko L.A., Khlestov V.V., Trubkin N.V. Problema gosudarstvennogo dolga v razvitykh stranakh [The national debt issue in developed economies]. Innovatsionnaya nauka = Innovative Science, 2015, no. 6-1, pp. 128–131.
Massa М., Zhang L. Monetary Policy and Regional Availability of Debt Financing. Journal of Monetary Economics, 2013, vol. 60, no. 4, pp. 439–458.
Il'in V.A., Povarova A.I. Problemy regional'nogo razvitiya kak otrazhenie effektivnosti gosudarstvennogo upravleniya [Issues of regional development as reflection of the public administration efficiency]. Ekonomika regiona = The Region's Economy, 2014, no. 3, pp. 48–61.
Povarova A.I. Ispolnenie territorial'nykh byudzhetov v 2014 godu: napryazhenie ne spadaet [Execution of local budgets in 2014: tension is not decreasing]. Ekonomicheskie i sotsial'nye peremeny: fakty, tendentsii, prognoz =Economic and Social Changes: Facts, Trends, Forecast, 2015, no. 2, pp. 187–210.
Duplinskaya E.B., Lysenko A.O. Grozit li defolt regionam Rossii [Is there any threat of default to the regions of Russia?]. Novyi universitet. Seriya Ekonomika i pravo = New University. Economics & Law, 2013, no. 11, pp. 22–34.
Shcherbakov A.A. Spetsificheskie osobennosti subfederal'nykh obligatsii kak finansovykh instrumentov [Specifics of subfederal bonds as financial instruments]. Vestnik Saratovskogogosudarstvennogosotsial'no-ekonomicheskogo universiteta = Vestnik of Saratov State Socio-Economic University, 2014, no. 5, pp. 133–137.
Tolmacheva O.V. Problemy uregulirovaniya gosudarstvennogo dolga Sverdlovskoi oblasti [Issues of public debt settlement of the Sverdlovsk oblast]. Fundamental'nye issledovaniya = Fundamental Research, 2015, no. 5-3, pp. 670–674.
Yartseva I.Yu. Effektivnoe upravlenie dolgom: real'nost' ili neobkhodimost' [Effective debt management: reality or necessity]. Problemy ucheta i finansov = Problems of Accounting and Finance, 2014, no. 4, pp. 3–6.
Pushkova N.E. K voprosu ob upravlenii gosudarstvennym dolgom regiona [On the issue of the region's public debt management]. Problemy razvitiya territorii = Problems of Territory's Development, 2012, no. 5. pp. 53–61.