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Legal Bases of Functioning of the State Credit


In article the author considered legal aspects of a public debt of the Russian Federation, the complexity and variety of the relations of a public debt, their close interrelation with various factors of economic, political and social character and described the specifics of essence of a public debt as supremacy of the state in the debt relations in spite of the fact that it is a debtor, but not the creditor. In this context there such its specific signs: state domineering character as the state acts as an obligatory subject of the debt relations; use of an imperative method of legal regulation of the debt relations; recoverability as a source of repayment of a debt are financial resources of the state budget; security of repayment of a debt all property of the state. The author noted that, legal regulation of a public debt in Russia has no direct fixing in the Constitution. However the Civil code of the Russian Federation fixed the basic rules concerning the contract of the state loan, and the Budgetary code of the Russian Federation regulates the general order and the principles of implementation of the state loans, repayment and service of a public debt as budgetary powers of the Russian Federation. In article the author revealed the maintenance of the concept «public debt», «state credit», «the debt relations»; the main signs and specifics of legal regulation of these relations in Russia. The author paid main attention to characteristic of a public debt in two aspects – as source of financing of deficits of budgets and as type of an expense of the budget, considered the legal aspects of the state debt relations regulated by the Civil Code of the Russian Federation, the Budgetary code of the Russian Federation, besides, emergence of obligations under the state security, the placement of the security regulated by the Federal law of April 22, 1996 № 39-FL «About securities market» and also, the procedure of placement of the state securities, according to standards of the civil legislation of the Russian Federation, in particular Chapter 5, 9, 30, 42 of Civil Code of the Russian Federation and the Federal law of July 29, 1998 № 136-FL «About features of issue and the circulation of the state and municipal securities».


Public debt, external debt, internal debt, state credit, debt policy, budget deficit, budget expenses

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1. Grazhdanskij kodeks Rossijskoj Federatsii (chast' vtoraya): Federal'nyj zakon № 14-FZ ot 26.01.1996 (red. ot 29.07.2018) [Civil code of the Russian Federation (Part two): Federal law № 14-FL of 26.01.1996 (edition of 29.07.2018)] // Dostup iz sprav.-pravovoj sistemy «Konsul'tantPlyus» 2. Ob osobennostyakh emissii i obrashcheniya gosudarstvennykh i munitsipal'nykh tsennykh bumag: Federal'nyj zakon ot 29.07.1998 № 136-FZ (red. ot 14.06.2012) [About features of issue and the circulation of the state and municipal securities: Federal law of 29.07.1998 № 136-FL (edition of 14.06.2012)] // Dostup iz sprav.-pravovoj sistemy «Konsul'tantPlyus» 3. O rynke tsennykh bumag: Federal'nyj zakon ot 22.04.1996 № 39-FZ (red. ot 03.08.2018) [About securities market: Federal law of 22.04.1996 № 39-FL (edition of 03.08.2018)] // Dostup iz sprav.-pravovoj sistemy «Konsul'tantPlyus» 4. Byudzhetnyj kodeks Rossijskoj Federatsii: Federal'nyj zakon ot 31.07.1998 № 145-FZ (red. ot 03.08.2018, s izm. ot 11.10.2018) [Budgetary code of the Russian Federation: The federal law of 31.07.1998 № 145-FL (an edition of 03.08.2018, with amendments of 11.10.2018)] // Dostup iz sprav.-pravovoj sistemy «Konsul'tantPlyus» 5. Spravochno-pravovaya sistema «Konsul'tant Plyus» [Legal-reference system «Consultant Plus»]. URL:

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Regional economy development

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