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
References:
Chuvakhina L.G., Kupriyanova L.M. [Debt policy in modern conditions of the world economy development]. Mir novoi ekonomiki = World of New Economy, 2022, vol. 16, no. 3, pp. 85–95. URL: Link (In Russ.)
Knyazev Yu.K. [Economic reasons and social consequences of indebted life]. Sotsial'naya politika i sotsial'noe partnerstvo = Social Policy and Social Partnership, 2023, no. 3, pp. 149‒156. (In Russ.)
Vernikov A.V., Kurysheva A.A. [Household debt: An institutional perspective and empirical assessment]. Voprosy ekonomiki, 2022, no. 10, pp. 138‒156. (In Russ.) URL: Link
Kostyaeva V.N. [Russian and foreign experience in managing external debt under sanctions restrictions]. Ekonomicheskie issledovaniya i razrabotki = Economic Development Research, 2023, no. 1, pp. 97‒106. (In Russ.)
Magomedova Z.G., Adiguzelova G.N., Misrikhanova A.A.N., Agaverdieva Ts.N. [Modern policy of the Russian Federation in the field of State borrowings]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2022, no. 1, pp. 153‒156. (In Russ.)
Kravchenko Yu.B. [Current state and prospects for solving the problem of Russia's state external debt]. Mezhdunarodnaya ekonomika = International Economics, 2022, no. 4, pp. 272‒284. (In Russ.)
Zhuravleva T.A., Zubanova A.E., Sorokvashina Yu.S., Grevtseva Yu.I. [Household debt load in Russia: A study of the problem and related factors]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2023, vol. 19, no. 1, pp. 44‒70. (In Russ.) URL: Link
Zoidov K.Kh., Urunov A.A., Askari S., Morozova I.M. [Transmission mechanism of monetary policy and the regulatory function of the Central Bank as a tool of the monetary policy of the State]. Regional'nye problemy preobrazovaniya ekonomiki = Regional Problems of Transformation of the Economy, 2022, no. 3, pp. 145‒154. URL: Link (In Russ.)
Hartley T., Kallis G. Interest-bearing loans and unpayable debts in slow-growing economies: Insights from ten historical cases. Ecological Economics, 2021, vol. 188, 107132. URL: Link
Kasal S. What are the effects of financial stress on economic activity and government debt? An empirical examination in an emerging economy. Borsa Istanbul Review, 2023, vol. 23, iss. 1, pp. 254‒267. URL: Link
Shkodinskii S.V., Romantsova T.V. [Russian public debt management system: modern trends, problems, institutional features]. Vestnik evraziiskoi nauki, 2023, vol. 15, no. 1. (In Russ.) URL: Link
Mirgorodskaya M.G., Kapustina N.V., Anichkina O.A. et al. [External public debt of the Russian Federation: risk assessment and improvement of the management system]. Otkhody i resursy, 2023, vol. 10, no. 1. (In Russ.) URL: Link
Slavina D.D. [Impact of external borrowings on the Russian economy]. Upravlencheskii uchet = Management Accounting, 2022, no. 5-2, pp. 390‒396. URL: Link (In Russ.)
Shipunova V.V., Klimashina Yu.S., Ivanova E.V. [Methodological basis for the analysis of household credit risk in the modern economy]. Upravlencheskii uchet = Management Accounting, 2022, no. 10, pp. 433‒444. URL (In Russ.) URL: Link
Guseva M. [Estimating the equilibrium loan structure for Russia]. Den'gi i kredit = Russian Journal of Money and Finance, 2022, vol. 81, no. 4, pp. 34‒51. URL: Link (In Russ.)
Boriev I.Z., Ababkov R.I. [Assessment of factors influencing the scale of government borrowing in the Russian Federation]. Samoupravlenie, 2022, no. 3, pp. 196‒200. (In Russ.)
Teplova T.V., Rodina V.A. The reinvestment risk premium in the valuation of British and Russian government bonds. Research in International Business and Finance, 2021, vol. 55, 101319. URL: Link
