Sources of Fiscal Risks and their Role in Shaping the Debt Load of the Russian Regions

Abstract

To reveal the budgetary risks of the Russian regions caused by increase in debt loading and to offer the measures directed on elimination of an imbalance in economic development of subjects of federation. For the task solution applied methods of system approach to the study of fiscal risks, economic statistics (comparison, ranking, parallel rows). Sources of the budgetary risks of regions are revealed, the rating of appeal of debt tools is created, the most effective measures for decrease in debt loading of the Russian regions are defined. It is proved that in an unstable modern economic situation it is necessary to treat with bigger care increase in volume of debt obligations as the unreasoned debt policy stimulates inflationary processes, decrease in investment activity and by that makes negative impact on a level of development of real sector of economy (as at the national, and regional level) and by that to call into question GDP growth prospects with all from here the following adverse effects for economy of Russia.

DOI: 10.5901/mjss.2015.v6n5p249