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Potential for consolidation and coordination of government-sponsored enterprises' financial transactions by the Russian Federal Treasury

Vol. 26, Iss. 4, APRIL 2020

Received: 3 March 2020

Received in revised form: 17 March 2020

Accepted: 1 April 2020

Available online: 28 April 2020

Subject Heading: MONETARY ACCOMMODATION

JEL Classification: H63, H83, G32

Pages: 835–855

https://doi.org/10.24891/fc.26.4.835

Anureev S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation
anureev@bk.ru

https://orcid.org/0000-0003-4506-6305

Subject. This article explores the opportunities of a single cash pool and coordination of financial assets and liabilities of the enlarged government sector, which includes State-owned enterprises (SOEs) and government-sponsored enterprises (GSEs).
Objectives. The article aims to justify the need to consolidate and coordinate financial assets and liabilities of the enlarged government sector to reduce net interest expenses and quasi-sovereign debt.
Methods. The article analyzes and compares the powers of the HM Treasury, U.S. Treasury, and the Russian Federal Treasury within their relations with SOEs in compiling consolidated financial statements.
Results. The article justifies the necessity to empower the Russian Federal Treasury additionally to consolidate and coordinate short-term financial assets and liabilities of SOEs and GSEs using the running corporate governance mechanisms.
Conclusions. Significant reductions in interest costs and quasi-sovereign debt will improve the resilience of the enlarged government sector to potential shocks and free up financial resources for the development of the Russian economy.

Keywords: single treasury account, cash pool, sub-sovereign debt, currency reserves, financial crisis, financial sanctions

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