THE IMPACT OF BUDGET LENDING OF THE CONSTITUENT ENTITIES OF THE RUSSIAN FEDERATION ON THE FORMATION OF REGIONAL DEBT POLICY

The relevance of the study is explained by the need to identify and assess changes in the content of the debt policy pursued by the constituent entities of the Russian Federation. Based on the analysis of the dynamics of the composition and structure of government debt obligations of the constituent entities of the Russian Federation, the article determines the place of budget loans among other forms of debt obligations. At the same time, a tendency to reduce the size of the allocation of budget loans of a non-investment nature by the federal center was revealed. This forces a number of constituent entities of the Russian Federation, which are completely dependent on federal budget lending and are basing their debt policy on this, to plan in the near future to attract more expensive market borrowings. The conclusion is made about the growth of the burdensomeness of the state regional debt policy pursued by the subjects of the Russian Federation in the near future.