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Government loans. State loan State loan is attracted for a certain period

Any state participates in economic relations, quite often it is it that is the basis of its economic system. But here is more about how this process goes, most people do not know, limiting themselves to determining the taxes that are levied on residents of the country. But many people either have not heard about the essence of such a state economic instrument as a state loan, or have a poor idea of ​​what it is.

State - borrower

In general, state credit exists on the same principles as any other credit relationship. It is based on the principles:

  • repayment (the loan amount must be returned under certain conditions);
  • urgency (the term for full and phased refund of funds is stipulated in the text of the agreement);
  • paid (transactions are carried out in cash and have a paid nature).

A government loan is a certain relationship between a lender and a borrower, when one of these parties is the state. The concept of public credit implies the existence of three probabilities:

  • the state acts as a borrower in relation to individuals or legal entities, and the latter may include other states;
  • the state acts as a creditor in relation to individuals or legal entities;
  • the state assumes the functions of a guarantor during the conclusion of a loan agreement.

Most often, when talking about a government loan, we think about situations in which the government acts as a borrower. As a rule, the state borrows if it needs funds to cover its expenses. Such situations happen if, for a number of reasons, there is not enough cash in the country's budget, but the state does not want to increase the amount of money issued in the country in order to prevent the acceleration of inflation. For example, in the context of the recent global financial crisis, a number of countries took the opportunity to take government loans from other countries or from international financial organizations.

At the same time, the presence of a loan from the state does not necessarily indicate problems in economic life country. The state can become a borrower for legal entities and individuals in cases where the funds that they have for some reason are withdrawn from the economy. To return these monetary resources back to the economic system and ensure development state economy through active development social programs, the state can resort to state credit.

Features of the state loan

Despite the fact that government credit has all the features of ordinary commercial lending, there are still some differences. If you have to resort to a commercial loan in the event of an uneven change in the cost of goods and services, then the fact of a state loan most often determines the budget deficit.

A bank loan is a tool for increasing the share of cash in the open economic system, and state credit always serves the idea of ​​their reduction, a certain part money supply the loan is used to serve the needs of the state itself. Most often, bank lending has a targeted nature, one of the conditions of the transaction in the bank is the definition of the purpose of the loan; if the borrower is the state, the terms of the transaction do not indicate the specific purpose of the loan, the state is given full carte blanche to dispose of the funds received.

Functions of the state loan

Being financial transaction, the state loan is intended to perform two functions:

  1. Fiscal function. State credit is an additional source of formation of the state monetary fund (the first source is taxation). It is used to cover government expenses.
  2. Regulatory function. State credit is an effective tool for regulating traffic cash flows in the economic system. By borrowing money from individuals, the state reduces the amount of money that is in direct circulation, and acting as a borrower from legal entities, it contributes to an increase in the money supply. With the help of loans, the state can influence the cost of lending: the higher the demand presented to them, the higher the level of interest on loans, and, therefore, the more expensive this loan for legal entities.

The state manages public credit through the following mechanisms:

  • the ability to regulate the government lending market;
  • the ability of the state to change the procedure, conditions and forms of offered loans;
  • service and full repayment of public debt;
  • issue of bonded loans and their placement on the market;
  • availability of debt obligations on the market.

State loan- aggregate economic relations between the state represented by its authorities and administration, on the one hand, and legal entities and individuals, on the other hand, in which the state acts as a borrower, lender and guarantor.

When performing the function of a borrower, the state issues state valuable papers(in particular bonds), thereby attracting funds from individuals and legal entities.

Acting as a creditor, the state, through the Central Bank of the Russian Federation, lends to commercial banks, which in turn lend to individuals and legal entities.

The state, as a guarantor, acts in transactions as a third party, guaranteeing the fulfillment of an obligation to the creditor in case of default by the borrower.

State loan as a link financial system RF serves the formation and use of centralized monetary funds of the state: budget and extrabudgetary funds... Acting as a borrower, the state provides additional funds to finance their expenses (mainly to finance the budget deficit). By entering into credit relations, the state, willingly or unwillingly, influences the state of monetary circulation, the level interest rates on the market of money and capital, on production and employment. The state can pursue financial policy using state credit as a tool for regulating the economy.

- one of the directions financial policy the state associated with its activities as a borrower, lender and guarantor. Government credit management includes a set of actions related to preparation for the issue and placement of government debt, regulation of the government securities market, servicing and repayment of government debt, provision of loans and guarantees. Public authorities determine the total volume budget deficit and the amount of loans required to finance it, the main directions and goals of impact on money turnover, credit, production, employment.

In the process of managing state credit, the following tasks are solved:

1) minimization of the cost of debt for the borrower;

2) prevention of overflow of the market with debt obligations of the state and sharp fluctuations in their exchange rate;

3) effective use of mobilized funds and control over the targeted use of allocated loans;

A state loan is a set of economic relations in which, on the one hand, the Russian Federation, a constituent entity of the Russian Federation, a municipality acts as a creditor, a borrower of a guarantor, and on the other, legal entities or individuals, foreign states, international organizations and their individuals and legal entities.

State credit, as an economic category, stands at the junction of 2 types of monetary relations (finance and credit). As an element of the financial system, state credit participates in the formation and use of centralized monetary funds of the state, namely, the budget and off-budget funds. At the same time, the very process of formation and management of funds is carried out on a reimbursable temporary and repayable basis.

The connection between state credit and finance, which is, first of all, distribution relations, relations of secondary distribution of GDP. Secondly, the state is certainly one of the participants in these relations. Thirdly, the purpose of these relations is to attract additional financial resources by the state. Differences between the state loan: it has a returnable and reimbursable character; it assumes a two-way movement of funds, as opposed to taxes; is voluntary; limited in terms of time (30 years); is situational and selective. The Russian Federation, like most states, acts as a borrower. The guarantor is the one who guarantees the lender a timely and full repayment of the funds by the borrower.

Functions of the state loan :

    fiscal (distribution).

    regulatory.

    control.

Through the fiscal function, the formation of centralized monetary funds of the state is carried out, acting as a borrower through the issuance and placement of government securities, the state provides itself with additional funds to finance its expenses. This happens when there is a budget deficit. Thus, the state increases the revenue side of the budget and pays off the deficit, the positive effect of the state credit is that with its help the tax burden is more even over time. Taxes that are levied during the period of financing expenditures through government loans do not increase, which would have to be done without using government loans. But then, when the loan taken must be repaid, taxes are levied both to pay and to pay off the interest on it. Around the world, the refinancing procedure is widely used to pay off debts on a government loan (this is the issue and placement of new government loans to pay off debts already issued).

State credit is one of the most effective tools for regulating the economy in the hands of the state, and by entering into credit relations, the state actively influences the state of monetary circulation, the size of the money supply, and the level of interest rates in the loan capital market. Consciously using government loans, the state can pursue one or another financial policy. By placing its securities among individuals and legal entities, the state reduces their available funds, thus reducing the money supply. Usually the government does this when it wants to reduce effective demand and thus reduce inflation. When the state wants to increase the amount of money in circulation, it buys up its own securities. In addition to the money supply, the state takes free financial resources from the loan capital market. Market loan capital includes part of the securities market and part of the banking system. When the state acts in the market of loan capital, it decreases or increases the demand for credit and thus affects the price of credit. The more funds from this market are diverted for government needs, the less they remain to meet other needs, and therefore the more expensive the loan becomes. When there are signs of inflation, the state tends to restrict itself (decrease, contraction of credit). At the expense of funds received through the placement of government loans, the state can create new jobs. The state can provide loans to those enterprises in whose activities it is interested.

The control function of public credit is related to the control function of finance, and it follows from both the nature of credit and the functions of the state. The control function of public credit is closely related to the activities of the state and the state of its centralized fund of funds. This function controls the movement of value bilaterally, since government credit is based on the principle of repayment. In addition to financial structures, credit is also included in the control mechanism, but if they talk about what exactly is controlled, then there are 3 points :

    targeted use of funds.

    observance of the terms of return.

    fulfillment of payment discipline (timely payment of interest).

Depending on who is the second party, a distinction is made between internal and external government credit. Domestic government credit exists in the following forms:

1) Issuing loans, this form is characterized by the fact that temporarily free funds of individuals and legal entities are attracted to finance public needs (to cover the budget deficit, by issuing and selling government securities). All government securities are of a debt nature. The main form of government securities is bonds, they can be classified according to many criteria:

    Term (short: up to 1 year, medium: 1 to 5 years, long: 5 to 30 years)

    By the method of payment of income (interest - coupon, discount - sale at a discount from the item, and return by item, winning - not every owner receives income, but only some)

    By the method of placement (voluntary, compulsory - salary is issued by loans).

2) The circulation of part of the deposits into government loans is implemented through the Sberbank system. Most often it is implemented in a totalitarian state, where the state controls the banks. The state receives a loan from part of the deposits without the knowledge of the population.

3) Borrowing funds from the national loan fund. This is a form in which the central bank transfers part of the credit funds directly (without accompanying this operation with the purchase of government securities). This form exists in a totalitarian state.

All 3 forms are united by the fact that the state acts as a borrower.

4) Budget loans are a form in which the state acts as a creditor. This is a form of state aid to legal entities based on the principle of repayment, urgency, and payment. The total amount of funds allocated to the budget is limited. Only those in whose activities the state is interested can count on a loan. Budget loans do not have a commercial purpose, but are a means of supporting the most important enterprises for the economy. When the budget is considered, the goals, conditions and limits of the budget loan are approved.

5) The state acts as a guarantor. The government guarantees loans issued by subordinate authorities and administrations, as well as individual enterprises that the government wants to support. The law for the next year establishes the upper limits of state guarantees in the currency of the Russian Federation and in foreign currency. The amount of guarantees issued earlier by the RF is called the state debt.

Modern external loans are aimed at providing food aid. Most often, these loans are provided by international financial institutions. When the state acts, as a borrower is formed state debt... Public debt is distinguished into current and capital. Capital - the amount of issued and outstanding debt, including accrued interest. Current - expenses for the payment of accrued interest and the repayment of those obligations that are due in the next year. Public debt, by definition, is the amount of budget deficits accumulated over a certain period of time minus the positive value of the balance.

The heaviest debts are short-term. The buildup of internal debt is always less dangerous than external debt. It is easier for the state to negotiate refinancing with its own individuals and legal entities. When the external debt is being repaid, ND “flows away” to another country.

The budget deficit and public debt are closely related. First, by definition, public debt is made up of budget deficits. Government loans are the most important sources of covering the budget deficit, because they condition each other. The size and dynamics of public debt affect the degree of danger of a budget deficit. Unpleasant consequences from the growth of domestic public debt:

    consumption, savings decreases.

    the growth of domestic debt increases interest payments on it; all payments on the public debt increase budgetary expenditures.

    interest payments on public debt increase income inequality.

Debt repayment comes from budget funds, and budget funds are formed by collecting taxes, and taxes are paid by everyone. If interest is paid by raising tax rates, then this undermines the effect of economic incentives for the development of production, reduces the interest in investing in production. Debt repayment through new loans in the capital market increases the interest rates on the loan. If payments on external public debt account for more than 20% -30% of receipts from foreign economic activity, then the country becomes a chronic debtor.

Debts can also be repaid at the expense of gold - foreign exchange reserves. In relation to external debt, consolidation is used - the transfer of short and medium-term debts into long-term ones. If the state does it easily with the internal debt, then it is necessary to negotiate with the external one. Another way to reduce external debt, by making it long-term foreign investment. The creditor receives real estate in the country - the debtor - participation in the capital, in this case, the interested firms issue from their state or bank the debtor's promissory note and, on account of this obligation, acquires property in the debtor's country.


For the convenience of studying the material, the article is divided into topics:

A government loan is different from other types of loans. So, if when providing a bank loan, specific values ​​usually act as collateral - goods in a warehouse, work in progress, then when borrowing funds by the state, all property in its ownership, the property of a given territorial unit or any of its income serves as collateral. Another distinguishing feature of bank credit is its productive use as capital, creating conditions for the repayment and payment of interest on it by increasing the value of the surplus product produced. The source of repayment of the state loan, as noted, is mainly budget funds.

Like any other borrower, the state attracts funds in advance a certain period: up to 1 year, from 1 to 5 years, from 5 to 30 years. So, the Budget Code Russian Federation No. 145FZ stipulates that any debt obligations of the Russian Federation are repaid within the timeframes that are determined by the specific terms of the loan, but cannot exceed 30 years.

Through the distribution function of state credit, the formation of centralized monetary funds of the state and their use on the principles of urgency, payment and repayment are carried out. Acting as a borrower, the state provides additional funds to finance its expenses - this is one side of state credit relations. Their other side is financial ties due to the return and payment of additional mobilized funds. At the same time, the payment of income to creditors is provided at the expense of budget receipts, and the circle of taxpayers does not coincide with the circle of holders of government securities, as well as the amount of taxes paid to the budget by each owner of securities - with the amount of income he receives from government lending operations. This means that the second side of state credit relations has a redistributive character.

In modern conditions, receipts from government loans have become the second method of financing budget expenditures after taxes. The latter is explained by the faster growth rate of expenditures compared to the increase in tax revenues.

Financing of capital expenditures at the expense of borrowed funds within certain limits has a positive value. Stretching funding sources over time by issuing loans for an appropriate period allows you to shift payments on the main loan and interest on it to all subsequent reinforcements that will use the services of facilities built by the current generation.

Thus, the positive effect of the distributive function of public credit is that it distributes the tax burden more evenly over time. The taxes that are levied during the period of financing of expenditures from the state loan do not increase (which would have to be done otherwise). But then, when the loans are repaid, taxes are levied not only to pay them, but also to pay off the interest on the debt.

Taxes are the main, but not the only source of financing the costs associated with servicing and repaying public debt. The sources of funding for these costs depend on the direction in which the funds are used. In the case of a productive investment of mobilized capital, the constructed object, after its entry into operation, begins to bring profit, at the expense of which the loan is repaid. There is no increase in tax revenues in this case.

With the unproductive use of the capital mobilized as a result of government loans, for example, financing from them at the expense of military or social expenditures, taxes or new loans become the only source of their repayment. The placement of new government loans to pay off debt already issued is called government debt.

The increase in tax revenues caused by government borrowings depends on their maturity and the interest on the loan paid to the borrower. The higher the profitability of a government loan for an investor, the more taxes the government has to send to pay them off. The larger the amount of debt, the higher the share of funds allocated for servicing it, all other things being equal.

By entering into credit relations, the state, willingly or unwillingly, influences the state of money circulation, the level of interest rates on capital and production, and employment. Consciously using state loans as a tool for regulating the economy, the state can carry out one or another.

The state regulates money circulation by placing loans among various groups of investors. By mobilizing funds from individuals, it reduces effective demand. If production costs, such as investments, are financed with a loan, there will be an absolute reduction in the available money supply in circulation. In the case of financing the costs of wages, for example, teachers and doctors, the amount of cash in circulation will remain unchanged, although the structure of effective demand may change.

Operations for the purchase and sale of government securities or the issuance of loans secured by them, carried out The central bank RF are an important regulatory instrument in the country. Loans secured by highly liquid government securities began to be provided by the Central Bank of the Russian Federation.

5. According to the security of debt obligations - mortgages and without mortgages. Mortgage bonds are secured by specific collateral, such as a specific property. Most often they are issued by local authorities. All property of the state or a given municipality serves as security without mortgage bonds. Central governments usually issue mortgage-free bonds. Their reliability is extremely high, and therefore investors do not need any additional guarantees.

6. According to the nature of the income paid, government loans are divided into winning, interest, with a zero coupon. The payout on winning bonds is based on the number of winnings. These bonds are not in high demand. Investors strive to receive a stable income, rather than relying on chance. Therefore, the main type is interest-bearing bonds, the yield on which is paid one, two or four times a year on a coupon basis. Most investors give preference to such debt obligations.

The government's short-term debt instruments do not have coupons. They are sold at a discount from face value, and are redeemed at face value. Also, some long-term debt obligations do not have coupons. All income on them is paid along with the amount of the principal debt. Like short-term ones, they are sold at a discount from face value and redeemed at face value. These bonds are called zero coupon bonds.

7. According to the method of determining the income, government debt obligations are with fixed or floating income. In some cases fixed rate for securities is the reason for the growth of government spending on interest payments, while in others it can scare away investors who are expecting an increase in interest.

To cover the budget deficit, it is necessary to place loans at a relatively inflated level of interest rates.

Having established a similar percentage on its debt obligations for the entire term of the loan, which can be 20-30 years, the state will attribute the additional costs to taxpayers. There are two options to avoid this situation:

Covering the need for funds at the expense of a short-term or medium-term loan and issuance (when the interest rate falls) long-term. However, in this case, the borrower incurs additional costs associated with the issue, placement and repayment of another loan. It is possible that investors will not show interest in the second loan in anticipation of an increase in interest rates;

Systematic revision of the interest paid on securities. The rate on interbank loans to the country is usually used as a base. Such loans have a big drawback - the debtor is not able to plan his expenses. But this option solves all these problems.

8. Depending on the obligation of the borrower to adhere to the maturity of the loan, established at its issue, borrowed instruments are divided into obligations: with the right early repayment and without the right to early repayment.

The issue of early repayment of debt obligations becomes relevant only when financial market significant changes are taking place. For example, a borrower issued bonds with an annual fixed income of 12%, and a year later the rate dropped to 6%. In this case, he suffers significant losses, while the investor receives significant gains. If the bonds were issued with an early redemption option, the investor can reduce his losses by issuing and placing a new loan and paying off the old one.

There are two options for debt repayment: in a lump sum and in installments. If the loan is repaid in installments, depending on the distribution of the amount of debt by maturity, there are three options: the loan is repaid in equal installments over a certain period, for example, four years. So, if the loan amount is 100 million rubles, 25 million rubles will be paid annually; increasing shares. For example, in the first year 10 million rubles are extinguished, in the second - 20, in the third - 30, in the fourth - 40 million rubles. Such a system is convenient for increasing the borrower's income. For example, in connection with the rise in business activity, an increase in tax revenues is expected or an object for the construction of which borrowed funds were attracted is gradually gaining capacity and begins to bring ever greater profits; decreasing shares. For example, in the first year the debt is repaid by 40 million rubles, in the second - by 30 million rubles. etc. This system is preferable when a fall in the borrower's income or an increase in his expenses is expected.

9. According to the methods of placement, loans are divided into voluntary, subscription and compulsory. Each method has its own implementation method. Basically, bonds are placed on voluntary basis, are freely sold and bought by banking institutions.

10. Government loans can be bonded and non-bonded. Bond loans are accompanied by government securities. No bond

formalized by the signing of agreements, contracts, as well as by entries in debt books and the issuance of special certificates. Currently, non-bonded loans are used at the intergovernmental level.

State internal and external debt of the Russian Federation

The functioning of public credit leads to the formation of public debt. Capital government debt represents the entire amount of government debt issued and outstanding, including the accrued interest that must be paid on these obligations; the current public debt is the cost of paying income to creditors on all debt obligations of the state and on the repayment of obligations that are due.

The state, making extensive use of its opportunities to attract additional financial resources, is gradually accumulating debt, both domestic and foreign creditors, which leads to an increase in public debt, both internal and external.

The state's activity as a borrower serves as an indicator of the state of its finances. The greater the volume of borrowings, the worse the situation with the state budget. The higher the share of public debt in GDP, the deeper the financial crisis. Russia's huge public debt, both internal and external, testifies to financial crisis in the country.

In accordance with The Budget Code RF public debt means debt obligations of the RF Government to legal entities and individuals, foreign states, international organizations and other subjects. Thus, it is necessary to distinguish not only the state internal and external debt, but also the national debt, which includes the debt not only of the Government of the Russian Federation, but also of the governing bodies of the lower levels that are part of the state.

The state debt of Russia is fully and unconditionally secured by all federal property that makes up the state treasury. Debt obligations of the Russian Federation may be in the form of loans received by the Government, government loans or other debt obligations guaranteed by it.

The public internal debt consists of the debt of the previous years and the newly arisen debt. The Russian Federation is not responsible for the debt obligations of the national territorial entities of the Russian Federation, if they were not guaranteed by the Government of the Russian Federation. The form of debt obligations of the national-state and administrative-territorial entities of the Russian Federation and the conditions for their issue are determined independently at the local level.

As noted, depending on the place of placement, loans are divided into two groups: internal and external, which differ in the types of borrowed instruments, terms of placement, the composition of creditors, and the currency of the loan.

The lenders for internal loans are legal entities and individuals who are residents of a given state. Loans are usually provided in local currency. To raise funds, securities are issued that are in demand on the national stock market. Various tax incentives are used to further encourage investors.

Foreign loans are placed on foreign stock markets in the currency of other states. When placing them, the specific interests of investors in the country of placement are taken into account.

Debt obligations of the Russian Federation are repaid within the terms that are determined by the specific terms of the loan and cannot exceed 30 years. Changes in the conditions of a state loan issued in the country, including the timing of payment and the amount of interest payments, as well as the circulation period, are not allowed.

In recent years, the borrowing activity of the Government of the Russian Federation in the securities market has rapidly intensified, which is explained by the refusal to use loans from the Central Bank of the Russian Federation to cover the budget deficit. At the same time, to raise funds, highly profitable securities were issued, as a result a paradoxical situation arose: the most reliable government securities are simultaneously the most profitable, and, therefore, the most popular. As a result, the bulk of the funds of investors involved in securities transactions go not to production, but to finance federal spending and service the domestic government debt. Thus, government credit begins to have a negative impact on economic development country. The rapid increase in the cost of servicing the state debt indicates that the growth of the state debt of the Russian Federation has become a self-reproducing process. In general expenses federal budget the costs associated with servicing the public debt account for almost 30%, while they accounted for, although also a lot, but half as much.

The expenditures for servicing the state debt in the state federal budget are provided in the amount of 220.1 billion rubles, including 63.3 billion rubles for servicing the state internal debt. and public external debt - 156.8 billion rubles.

In accordance with the Budget Code of the Russian Federation, the federal law on the federal budget for the next financial year establishes the maximum volumes of the state internal and external debt, the limits of external borrowing of the Russian Federation, broken down by debt forms. The maximum volume of state external borrowings of the Russian Federation should not exceed the annual volume of payments for servicing and repayment of the state external debt of the Russian Federation.

The Government of the Russian Federation has the right to carry out external and internal borrowing in excess of the limit established by the federal law on the federal budget for the next financial year of the maximum volume of state external and domestic borrowing if, at the same time, it reduces the cost of servicing them within the established maximum volume of public debt.

State Duma together with the project federal law on the federal budget for the next financial year, it also considers the Program of state external borrowings of the Russian Federation and state loans provided to the Russian Federation, which contains a list of external borrowings of the federal budget for the next financial year, indicating the goals, sources, repayment periods, total borrowings, the amount of funds used for the loan before the start of the financial year and the amount of borrowings in that financial year. This Program without fail includes agreements on loans concluded in previous years, if such have not become invalid in the prescribed manner. In recent years, especially in the 90s, the national debt of our country has increased tenfold, reaching by mid-2009, as noted, more than 700 billion rubles. (internal debt). The external public debt by this period exceeded $ 150 billion. The maturing payments on the external debt reached $ 17.5 billion in 2009 (the budget provides for about $ 5 billion). Since the end of 2008 and in 2009, the Government of the Russian Federation held negotiations with creditors on restructuring payments, i.e. on revising the terms and procedure for payment external debt... According to the Ministry of Finance of the Russian Federation, external debts consist of loans from members of the Paris Club ($ 40 billion), the London Club, which unites about 600 banks (about $ 35 billion), supplier firms (about $ 7 billion), countries outside the Paris Club (about $ 30 billion), the IMF and the IBRD (about $ 30 billion).

The current unfavorable financial and economic situation in the country requires the adoption of decisive measures to limit the rate of increase in public debt. This is usually achieved by increasing tax revenues and reducing budget expenditures, and most importantly, by increasing the volume and pace of development. real sector economy. The measures taken by the Government of the Russian Federation to maintain and protect domestic production, strengthen the financial and credit system and monetary circulation in the country will contribute to this.

The state debt state is also significantly influenced by the improvement of state credit management - the procedure and conditions for obtaining new loans, the amount of repayment and interest paid on them.

Government credit management

Government credit management can be viewed in a narrow and broad sense. Public credit management in a broad sense is understood as the formation of one of the directions of the financial policy of the state related to its activities as a borrower, lender and guarantor. Management of public credit in a broad sense as one of the directions of financial policy is in the hands of the authorities and government. It is they who determine the total volume of the budget deficit and, consequently, the amount of loans required to finance it, the main directions and goals of influencing money circulation, credit, production, employment, and the feasibility of implementing nationwide programs to support small businesses in certain regions of the country.

Public credit management in the narrow sense is understood as a set of actions related to the preparation for the issuance and placement of government debt, regulation of the government securities market, servicing and repayment of government debt, and the provision of loans and guarantees.

In the process of managing state credit, the following tasks are solved:

Minimizing the cost of debt for the borrower;

Avoiding the overflow of the market with debt obligations of the state and sharp fluctuations in their exchange rate;

Effective use of mobilized funds and control over the targeted use of allocated loans;

Ensuring timely repayment of loans;

Maximum solution of tasks defined by financial policy.

The main share of expenses on the state credit system is the payment of winnings, annual interest, and loan repayment amounts. Expenses also include the costs of manufacturing, shipping and sale of state securities, drawing of winnings and circulation of redemption, and some other costs.

Loans are repaid by drawing winnings (when the face value of the bonds is paid along with the winnings), as well as maturities on winning and interest-bearing loans, or by repurchasing government securities from creditors. The payment of income on a loan is made by drawing winnings, annual payment of coupons by banks or transferring the amount of income by bank transfer to the accounts of enterprises and organizations.

A safe level of public debt service is considered to be 25%. In our country, the external debt service ratio exceeds the permissible limits.

Measures such as conversion, consolidation, regressive exchange of bonds, deferral of repayment and cancellation of loans are aimed at achieving efficiency of public credit.

Conversion usually refers to the change in the yield on loans. Most often, the government reduces the amount of interest paid on loans in order to reduce the cost of public debt management. The consolidation of public debt is understood to mean the extension of the term of already issued loans by changing the terms of loans related to their terms. The reverse operation is also possible - reducing the term of government loans. So, in 2000, the term of functioning of treasury bonds was reduced from 15 to 8 years. It is also possible to combine consolidation with conversion.

Usually, government loans are unified together with consolidation. Loan unification refers to the consolidation of several loans into one, when bonds of previously issued loans are exchanged for bonds of a new loan.

In exceptional cases, the government can exchange bonds at a regressive ratio, that is, when several previously issued bonds are equated to one new bond. Such an exchange was carried out, for example, in the post-war period in order to withdraw wartime loans from bonds.

The deferral of loan repayment occurs during periods when the government issued too many loans and the terms of their issue were not effective enough for the government. A deferred loan repayment differs from a consolidation in that a deferral not only pushes back the maturity, but also stops the payment of income.

In the face of a significant increase in government debt and growing budgetary difficulties, as is the case at present, the government may resort to refinancing government debt. Refinancing refers to the repayment of old government debt by issuing new loans. Refinancing is actively used in the payment of interest and repayment of the external part of the public debt.

At the same time, an indispensable condition for the provision of new loans is the high reputation of the debtor's country in the international financial market, its economic and political stability.

Conversion, consolidation, unification of government loans and exchange of bonds are usually carried out only in relation to domestic loans. Deferred payments are applied to both internal and external debt. The deferral of repayment of external loans is carried out, as a rule, in agreement with the lenders.

An important area of ​​public debt management is the determination of the conditions for issuing new loans. In this case, the important circumstances are the level of return on securities for lenders, the term of loans, the method of payment of income. When issuing loans, it is also taken into account not only the achievement of maximum financial efficiency of loans, but also the real situation in the financial market. The success of new loans depends on the correct accounting of the state of the economy, money circulation, the level of profitability and terms of existing loans, provided benefits and many other factors.

The production, storage and distribution of government loan bonds are carried out by the relevant departments of the Ministry of Finance, and the sale of securities - banking system... External bond loans in foreign money markets are placed on behalf of the borrower's state, as a rule, by banking consortia. They charge a commission for this service. Intergovernmental loans are usually without bonded loans, and all their conditions (interest rate, currency of granting and repayment of the loan, etc.) are fixed in special agreements.





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When does the state act as a creditor?

Government loan is a rather specific link public finance... It has neither a separate financial fund (the funds that are mobilized with its help pass, as a rule, through the budget), nor a separate governing body. At the same time, it characterizes a special form of financial relations of the state and therefore stands out as a separate link. State loan for its economic essence- a set of economic relations between the state represented by the authorities and management, on the one hand, and individuals and legal entities from the other, in which the state is the borrower, creditor and guarantor. The main classical form of credit relations, when the state acts as a borrower of funds. As a creditor, the state, at the expense of the budget, provides loans on a paid basis, subject to the obligatory return of loans to legal and natural persons am. The volume of such transactions is significantly less than in the previous form. In cases where the state assumes responsibility for repaying loans or fulfilling other obligations assumed by individuals or legal entities, it is the guarantor (conditional government loan). Since government guarantees, as a rule, apply to insufficiently reliable borrowers, they lead to an increase in costs from centralized funds. In the field of international economic relations, the state can act both as a borrower and a lender. As an economic category, state credit combines financial and credit ratio... As a branch of the financial system, it serves the formation and use of the centralized monetary funds of the state. The state loan is reverse, urgent and paid. At the same time, there are significant differences between state and bank loans, as a classic form of credit relations. The bank loan fund is used for lending to enterprises in order to ensure the smoothness of the extended replication process and increase its efficiency. Individuals can also receive loans. A distinctive feature of bank lending to business entities is the productive use of the loan fund (or for the purpose of developing the social infrastructure of production teams). The use of credit resources as capital creates conditions for loan repayment and interest payments by increasing the cost of an additional product. When it comes to a state loan, the funds received through a state loan are placed at the disposal of the state authorities, turning them into additional financial resources. They are used, as a rule, to cover the budget deficit. The source of repayment of state loans and interest payments for them are budget funds.

Government credit is a ratio of the secondary distribution of the value of the gross domestic product. Part of the profits and monetary funds formed at the stage of primary distribution enter the sphere of state-credit relations. Usually they have temporarily free funds of the population and enterprises, however, under certain conditions, the population and labor collectives can deliberately limit consumption. In these cases, the source of government credit is funds intended for current consumption or financing the necessary production or social costs of enterprises. In the conditions of a totalitarian system, such a limitation of current needs can also come from the coercion of the state.

The formation of additional financial resources of the state by mobilizing temporarily free funds from the population, enterprises and organizations is one side of state credit relations. Their other side is financial ties due to the return and payment of funds additionally mobilized by the state. The payment of profits to creditors is ensured by erasing important budgetary receipts. At the same time, the circle of taxpayers does not coincide with the number of holders of government securities. Even if we assume the impossibility that the contingent of taxpayers coincides with the contingent of securities holders, then in this case there will be structural discrepancies: the amount of taxes that each owner of securities pays to the budget does not coincide with the amount of profits he receives from government credit operations. This means that the other side of state-credit relations has a redistributive character.

The objective need to use state credit to meet the needs of society is due to the constant disagreement between the magnitude of these needs and the state's ability to meet them at the expense of budget funds. The regulation of the economy, the social policy of the state, the performance of its functions in relation to the country's defense and management require a constant increase in budgetary expenditures. The international activity of the state also needs considerable funds. However, income state budget are always limited. Therefore, in the presence of free cash resources from the population, enterprises and organizations, the authorities resort to state loans.

The feasibility of using a state loan to generate additional financial resources of the state and cover the budget deficit is determined by significantly smaller negative consequences for public finances and the country's monetary circulation compared to foreign exchange techniques (for example, issuing money), balancing government revenues and expenditures. This is achieved by shifting demand from individuals and legal entities to government structures without increasing aggregate demand and the amount of money in circulation. The purpose of the state credit is, first of all, in the fact that it is a means of mobilizing additional financial resources by the state. In the event of a deficit of the state budget, additionally mobilized financial resources are used to cover the difference between budget expenditures and income. In the case of a positive budget balance, funds raised with the help of a public loan are used directly to finance economic and social programs. This means that the state loan, being a means of increasing the financial capabilities of the state, can become an important factor in accelerating the socio-economic development of the state. State credit is also: a source of increasing profits for redeemers of securities, which is achieved through the payment of interest and winnings for government loans... State credit as a financial category performs three functions: distribution, regulatory and control.

Through the distributive function of state credit, the formation of centralized monetary funds of the state or their use on the principles of stringency, payment and return is ensured. As a borrower, the state mobilizes additional funds to finance its expenses. In industrial developed countries government loans are the main source of financing the budget deficit and occupy the second place (after taxes) in the formation of budget revenues.

The essence of the regulatory function of state credit is that, entering into a credit relationship, the state influences the state of monetary circulation, the level of interest rates in the money and capital market, production and employment. The state regulates money circulation by placing government bonds among different groups of investors. By mobilizing funds from individuals, the state reduces their effective demand. Then, if the loan financed production costs for example investments, there will be an absolute reduction in the cash money supply in circulation. In the case of financing the costs of payment wages, for example, teachers, doctors, the amount of cash in circulation will remain unchanged, although a possible change in the structure of effective demand. Acting on the financial market as a borrower, the state increases the demand for loan resources and thereby contributes to an increase in the price of loans. The higher the demand for free funds on the part of the state, the higher will be, other things being equal, the level of loan interest, the more expensive it will be for entrepreneurs Bank loan... The high cost of loan funds forces businessmen to reduce investments in production, at the same time it stimulates accumulation in the form of purchasing government securities. As a creditor and guarantor, the state can positively influence production and employment. In industrialized countries, there is a widespread system of support for small business, export of products or production in certain areas where there is a decline, through the state guaranteeing the repayment of loans provided by banks in accordance with government programs... Support for small businesses provides that the state undertakes to repay debts to banks for loans provided to small businesses in the event of their bankruptcy. Most industrialized countries have state or semi-state Insurance companies, which at low rates insure the risk of non-payment to exporters of national goods. This encourages the development of new markets for national products. Of great importance in stimulating the development of production and employment are loans that are provided by the state at the expense of budgets or extra-budgetary funds. With their help, the accelerated development of the corresponding regions or the necessary areas of the economy in one or another territory is ensured. The control function of government credit is organically intertwined with the control function of finance. However, it has its own specific characteristics, born of the characteristics of this category:

  • 1) this function is closely related to the activities of the state and the state of the centralized fund of funds;
  • 2) covers the movement of value in a bilateral manner, since it provides for the return and refund of the funds received;
  • 3) is carried out not only by financial structures, but also by credit institutions.

Control extends both to the attraction of borrowed funds and to their repayment. Basically, the targeted use of funds, the timing of their return and the timeliness of interest payments are controlled.

State credit can be internal and external. Domestic government credit is in the following forms: government loans, the transformation of part of the population's deposits into government loans, borrowing from the state loan fund, treasury loans, guaranteed loans. Government loans as the main form of domestic government credit are characterized by the fact that temporarily free funds of the population, enterprises and organizations are attracted to finance public needs through the issuance and sale of bonds, treasury bonds and other types of government securities. Bonds are the most common type of government securities. It symbolizes a government debt obligation and entitles its owner, after a certain period of time, to receive back the amount of debt and interest. By selling a bond, the state undertakes to return the amount of the debt within a certain period with interest or pay interest throughout the term of using the borrowed funds, and after the expiration of this period, return the amount of the debt. The state sets the face value (par price) of bonds. Face value is recorded on bonds and expresses the amount of money provided by the owner of the bond to the state for temporary use. It is this amount that is paid to the owner of the bond at the time of maturity and interest is charged on it. However, the real profitability of bonds for their owners may be higher or lower than the established nominal interest rate. This is due to the fact that bonds are sold at a market price that is rejected from the face value. Deviations are called exchange rate differences, and they depend on a number of factors. These numbers, in particular, include the value of the nominal interest per bond, the saturation of the market with government securities, the state of the economic environment, the level of public confidence in the government. By its very nature, government bonds are a special form of fictitious capital. Indeed, if the source of income for the securities of enterprises is the newly formed value, then the interest for government securities paid from budget revenues, since funds received for government loans, as a rule, are not invested in production, but go to finance the budget deficit. Investors in government securities become owners of a portion of the future tax and non-tax revenues to the state budget. This is the specificity of state fictitious capital, which ultimately leads to an increase in the tax burden. Therefore, the essence of a government loan can be defined as a tax taken deliberately. Treasury bonds (promissory notes) have the character of a debt obligation aimed only at covering the budget deficit. The payment of income is carried out in the form of interest. Treasury obligations, as a rule, are issued for short-term loans (sometimes medium-term - treasury notes). In close connection with government loans is the second form of government credit, the functioning of which is mediated by the system of savings institutions. Unlike the first form of public credit, when a physical and legal entity buy securities at the expense of their own temporarily available funds, savings institutions provide loans to the state at the expense of borrowed funds. The presence of an intermediary between the state and the population in the person of savings institutions and the provision of loans by the latter to the state at the expense of borrowed funds without the knowledge of their real owner (the population) makes it possible to single out these relations as a special form of state credit. The transformation of a part of the population's contributions to the state intended for the needs of the state is carried out through the purchase of special securities (for example, treasury savings certificates) or market securities (bonds, treasury bonds), as well as through the registration of non-bond loans. In our country, this is achieved at once through the acquisition of government securities by Sberbank. The use by the state of the funds of the loan fund as a form of state credit is characterized by the fact that state credit institutions directly (without limiting these operations to the purchase of government securities) transfer part of the credit resources to cover government expenses. This form of government credit functions in a totalitarian society. It promotes the development of inflationary processes, which are especially dangerous in the context of strict control over the issue of banknotes by democratically elected bodies. Therefore, the complete normalization of relations between the state and credit system lies in the path of recognizing the impossibility of direct borrowing of loan funds to cover the budget deficit and reimbursement state bank debt that has formed over previous years.

Treasury loans as a form of government credit express the relationship of the provision of financial assistance to enterprises and organizations by public authorities and management at the expense of budgetary funds on the terms of urgency, payment and rotation. In our country, this form of state credit is not yet used very actively. The relationship on the line of treasury loans is not an analogue of bank lending, since, in contrast to self-supporting banking structures public authorities and administrations provide financial assistance on different conditions and for other purposes. Treasury loans are issued on concessional terms that relate to the terms and rates of interest. They are possible in the event of financial difficulties of enterprises and economic organizations through them a special position on the market or deterioration economic situation in the country. Treasury loans have no commercial purpose, but are a means of maintaining vital economic structures for the national economy. In some cases, the government can guarantee unconditional repayment of loans issued by the government and management of the lowest order or individual business organizations, as well as the payment of interest on it. In these cases, we are talking about a conditional government loan - guaranteed loans. For guaranteed loans, the government is actually financially responsible only in the event of the payer's insolvency. In our country, the conditions have been created for the revival of guaranteed loans in connection with the granting of local authorities, as well as individual economic structures, the right to conduct operations regarding the conclusion of loans.

International public credit is a set of relations in which the state acts in the global financial market as a borrower or lender. These relations take the form of government external loans. As well as domestic loans, they are provided on the terms of rotation, urgency and payment. The amount of external loans received with accrued interest is included in the national debt of the country. Countries that endure significant economic and financial difficulties, external loans can be given on concessional terms. The main purpose of government foreign loans is to help strengthen economic potential, overcome the financial difficulties of the recipient country, and provide food aid.