REGIONAL GOVERNMENT DEBT: MEASUREMENT PROBLEMS

EDN: DDFGWY

DOI: https://doi.org/10.65891/2949-1983-2025-21-4-5-8

Authors:

BIKMETOVA Zulfiya Masnavievna (Ufa University of Science and Technology)

Abstract.

This article analyzes the dynamics and structure of the public debt of three regions of the Volga Federal District (VFD) – the Republic of Bashkortostan, the Republic of Tatarstan, and the Orenburg Region – for the period 2022–2024, with the aim of supplementing existing methods for measuring the debt burden and conducting a comparative analysis of the debt situation in the regions, assessing its impact on the financial stability of the constituent entities of the Russian Federation. The study examines the dynamics of the total regional government debt; the structure of debt (government securities, loans from credit institutions, budget loans, and government guarantees); and the relative indicators of debt burden: the share of the region's public debt in the total debt of the Russian Federation and the Volga Federal District, the level of debt per capita, and trends in changes in the debt burden in the context of the economic situation (including the consequences of the pandemic and economic instability). The study revealed a multidirectional pattern in the dynamics of public debt: an increase at the beginning of the period, followed by a decrease or stabilization in 2024. The study also noted differences in the structure of regional debt, such as the high dependence of the Orenburg Region on budget loans, the increasing share of external loans in Tatarstan, and the emergence of debt under government guarantees in Bashkortostan. The study analyzed the debt burden per capita, identified the regions with the highest levels of debt (Tatarstan), and examined the dynamics of their changes. The study also assessed the relative significance of regional debt burden within the Russian Federation and the Volga Federal District.

Keywords:

national debt, regional debt burden; national debt per capita; share of national debt; management of national debt; budget deficit; relative indicators of debt burden

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