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Finance and Credit
 

Debt-based economy of modern Russia

Vol. 30, Iss. 1, JANUARY 2024

Received: 24 July 2023

Received in revised form: 21 September 2023

Accepted: 5 October 2023

Available online: 30 January 2024

Subject Heading: MONETARY ACCOMMODATION

JEL Classification: Е19, Е62, H87

Pages: 103–123

https://doi.org/10.24891/fc.30.1.103

Valerii V. SMIRNOV I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation
v2v3s4@mail.ru

https://orcid.org/0000-0002-6198-3157

Subject. The article considers the debt economy of modern Russia.
Objectives. The purpose is to describe Russia’s debt-laden economy.
Methods. The study rests on systems approach, using the method of statistical analysis.
Results. The study identified necessary links in the Russian economy, i.e. international investment position, balance of payments, external debt, debt of the non-financial sector and households on bank loans and issued debt securities, contracts for the purchase of dollars and yuan with tomorrow next settlements in rubles, volume of government bonds of the Russian Federation. The paper establishes active growth of the international investment position of the Russian Federation, with increasing frequency of its negative growth rates, in the context of a decrease in the growth rate of the balance of payments in the dynamics of the activation of compensatory mechanisms aimed at combating its reduction. The paper also reveals an increase in the dynamics of the debt of the non-financial sector and households on bank loans and issued debt securities at average values of their growth rates. The main methods of securitization of Russian assets are the weakening of ruble exchange rate and support for State corporations.
Conclusions. The debt-based economy of modern Russia specifies opportunities for monetary authorities to replace foreign debt obligations and ensure the growth of the international investment position in a situation of declining balance of payments.

Keywords: debt economy, international investment position, balance of payments, asset securitization, securities

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