Sorokina N.Yu. Regions Issuers of Sub-Federal Bonds in Socio-Economic Space of the Russian Federation

Natalia Yu.  Sorokina
Institute of Economics of the Russian Academy of Sciences, Moscow, Russian Federation

Abstract. The relevance of the study is determined by the fact that the issue of sub-federal securities acts not only as a tool for financing regional budget deficits but also as a means of investment attractiveness growth of federal entities of the Russian Federation. The purpose of the study is to analyze the spatial distribution of issuing regions and their economic specializations as factors determining the behavior of issuing regions of sub-federal bonds. The analysis of current data from the Moscow Stock Exchange showed that less than a third of Russian regions exercise their right to issue government securities. It is shown that the issuing regions are not evenly distributed in the Russian Federation. The largest number of them is located in the Central and Volga Federal Districts; the largest issuers are Moscow and St. Petersburg. The analysis of the economic specializations of the issuing regions showed that the regions actively using the potential of securities issuance as a tool for financing the regional budget deficit are characterized by a diversified economy with a developed service sector. It is shown that among the issuing regions of sub-federal bonds, whose basis of regional economies is formed by the industries of material production, a special group consists of the old industrial regions. It was revealed that among the regions of this group, the most active as issuers of sub-federal bonds are multisectoral regions, whose economies are characterized by a significant number of industries of economic specialization. It is proved that the factors reducing the activity of old industrial regions as issuers of sub-federal bonds are as follows: significant amounts of transfers received from the federal budget; active use of budget loans as sources of infrastructure development and financing of regional budget deficits; prevalence of partial write-off budget loans. High ranks in national ratings increase the activity of regions as issuers of sub-federal securities.
Key words: sub-federal bonds, spatial development, economic specialization, rating, old industrial region, interregional differentiation.
Citation. Sorokina N.Yu., 2025. Regions Issuers of Sub-Federal Bonds in Socio-Economic Space of the Russian Federation. Regionalnaya ekonomika. Yug Rossii [Regional Economy. South of Russia], vol. 13, no. 1, pp. 63-71. (in Russian). DOI: https://doi.org/10.15688/re.volsu.2025.1.6

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