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Debt Policy for the Sustainable Development of Russian Regions and Megacities

Author

Listed:
  • Vladimir V. Klimanov

    (Centre for Regional Policy, Institute of Applied Economic Research, RANEPA, Moscow, Russia)

  • Sofia M. Kazakova

    (Centre for Regional Policy, Institute of Applied Economic Research, RANEPA, Moscow, Russia)

Abstract

Relevance. In recent years, the role of ESG (Environmental, Social and Governance) bonds has been rapidly growing in the world. ESGs are used to raise funds for programs for sustainable development of territories. Research objectives. The paper studies the cases of Russian regions using green bonds and considers the prospects of this tool in the Russian context. Data and methods. The analysis focuses on the debt indicators of Russian regions and related budgetary indicators based on open source data from the Ministry of Finance, the Treasury, and independent rating agencies. The methods of comparative and retrospective analysis are used to identify the state and features of regional debt policy. Results. Our analysis of the debt policy of Russian regions and megacities shows a low level of their activity in the stock market as issuers of bonds. This can be explained by the complexity of the system of subnational finances and the role of the Federation in preventing default situations, and therefore the priority use of budget loans. The city of Moscow was a pioneer in this matter in Russia. This determines the uniqueness of Moscow's experience in implementing debt policy. Conclusions. The expansion of the green bond practice will allow Russia to move forward in achieving the goals of ESG agenda, which, despite the large-scale sanctions imposed on Russia at the moment, still remains relevant.

Suggested Citation

  • Vladimir V. Klimanov & Sofia M. Kazakova, 2022. "Debt Policy for the Sustainable Development of Russian Regions and Megacities," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 8(4), pages 327-339.
    • Handle: RePEc:aiy:journl:v:8:y:2022:i:4:p:327-339
    DOI: https://doi.org/10.15826/recon.2022.8.4.025
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    Cited by:

    1. Vladimir V. Klimanov & Anna A. Mikhaylova & Zoya I. Egorsheva, 2023. "Moscow Budget Policy: Opportunities for Responding to the Challenges of the New Reality," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 79-93, October.

    More about this item

    Keywords

    Russia; regions; megacities; regional budget; regional debt; green bonds; sustainable development; ESG policy;
    All these keywords.

    JEL classification:

    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies

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