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Attraction of Borrowed Resources to the Budgetary System. Evolution of Scientific Views and Features of Practical Implementation

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  • Mariya A. Pechenskaya-Polishchuk

    (Vologda Research Center of the Russian Academy of Sciences, Vologda 160014, Russian Federation)

Abstract

The paper carries systematization of a step-by-step evolutionary change in theoretical views on debt financing of public expenditures. A comprehensive analysis of the most important characteristics of the state debt of the constituent entities of the Russian Federation since 2006 has been carried out. Seven situations of varying degree of emergency calling for government support have been identified. These periods are determined by identifying the prerequisites for the emergence, quantitative characteristics, structural deformations of debt and instruments of state regulation. Based on the results of the analysis, it was concluded that the attraction of borrowed budget resources to the regions of the Russian Federation was mainly a forced and spontaneous process, subject to time changes and carried out mainly to make up for the lack of the region’s own budget revenues. The research proves that attracting budgetary resources to the region requires a systematic approach and consideration of two factors: how the region’s own budgetary potential affects the borrowed budgetary resources and how they in turn can affect the region’s own budgetary capacity of current and / or future periods. There are scenarios about impact of borrowed budgetary resources on the territory's own budgetary capacity.

Suggested Citation

  • Mariya A. Pechenskaya-Polishchuk, 2022. "Attraction of Borrowed Resources to the Budgetary System. Evolution of Scientific Views and Features of Practical Implementation," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 26-42, April.
    • Handle: RePEc:fru:finjrn:220202:p:26-42
    DOI: 10.31107/2075-1990-2022-2-26-42
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    References listed on IDEAS

    as
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    4. Puente-Ajovín, Miguel & Sanso-Navarro, Marcos, 2015. "Granger causality between debt and growth: Evidence from OECD countries," International Review of Economics & Finance, Elsevier, vol. 35(C), pages 66-77.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    public debt; budgetary capacity; budget system; attraction of resources; borrowed resources; economic theory; credit;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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