THE REGIONAL DEBT POLICY OF RUSSIA UNDER THE CONDITIONS OF THE BUDGETARY TENSION

In the article the objective and subjective factors of budget tension in the federal and subfederal levels of Russia are noted. Attempts to assess the level of fi nancial vi- ability of Russian regions through the dynamics of the number of regions-donors. Founded on the thesis about the impact of the fi nancial viability of the subject of the RF on the nature of borrowing activities and regional debt policy. Highlighted the reasons for the intensifying borrow activity and debt policy of the Russian regions. Held the analysis of emission activity and debt structure of subjects of the RF. Concludes nonoptimality and ineffi ciency of the debt structure of subjects of the RF. Predicted effects of building the state “reference” structure of the public debt of the subject of the RF