Municipal borrowings as a form of public credit: financial and legal nature, forms and limits of implementation

The article examines the financial and legal nature of municipal borrowings as an form of public credit. The study analyzes the place of municipal borrowings in the system of public debt of the Russian Federation and examines the forms and limits of their implementation. The provisions of the Budget Code of the Russian Federation regulating municipal securities, budget loans, and bank loans are analyzed. The author concludes that municipal borrowings represent a strictly regulated mechanism of public credit under centralized budgetary regulation. It is established that the financial autonomy of municipalities in debt policy is limited and derivative in nature.