Debt burden of Russian regions: dynamics and factors determining its level

The current economic instability in Russia increases the importance of studying the effectiveness of regional policy in the context of managing public borrowing. Ensuring the stability and sustainability of regional budgets is an indicator of the effectiveness of public financial management. However, in the context of growing budget expenditures, there is a need for public loans, the problem of which is not the actual availability of borrowings, but the optimality of their volume – without a threat to the regional budget. The study analyzes the dynamics of the debt burden of the constituent entities of the Russian Federation, identifying the factors that determine its level in the current conditions of instability and uncertainty. The relevance of the study is determined by the continuing problem of ensuring the effectiveness of regional debt policy in the context of the need to ensure economic growth and development both at the level of the constituent entities of the Russian Federation and at the national (state) level as a whole.