Theoretical and Legal Framework of State Debt of the Russian Federation: Essence, Content and Functions

Abstract

The article considers the content of the public debt of the Russian Federation in the context of legal analysis of the budget legislation. It is noted that in comparison with other foreign countries, legal regulation of state debt in Russia has no direct consolidation in the Constitution. The institution of the state debt of the Russian Federation in the federal structure of the budget is fixed and regulated by legal acts in two ways: as a source of financing of the budget deficit and as a form of budget expenditures. The analysis of the budgetary legislation and scientific literature indicates the specific features of the Russian Federation government debt: authoritative character, mandatory nature, repayment rate and security of repayment of borrowed funds. Theoretical understanding of the public debt allows the authors to conclude that the functions of this institution are similar to the state credit functions, the main ones being fiscal, distributing, regulating, controlling and stimulating. It is these features that characterize the feasibility of the functioning of government debt in the financial system of any state.