Problem aspects of public regulation of loans of territorial subjects of the Russian Federation

In article features of a public debt of territorial subjects of the Russian Federation as component of a public debt of the Russian Federation are considered. The role of the state (municipal) securities as kinds of the bases of emergence of debt obligations is analysed. It is revealed and proved that transition to securitization of tax income of the subject is premature at this stage, though can be considered as one of the prospects of development of subfederal securities market.