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Macroeconomic Stability and Microprudential Regulation of Russia’s Foreign Corporate Debt

Sergey A. Perekhod ()
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Sergey A. Perekhod: Finam, Moscow 127006, Russian Federation; National Research University Higher School of Economics, Moscow 101000, Russian Federation

Finansovyj žhurnal — Financial Journal, 2020, issue 3, 102-113

Abstract: The article is devoted to the study of the risks of external corporate debt and instruments for leveling current shocks (sanctions, global recession due to the COVID-19 pandemic and low oil prices) for macroeconomic stability. A detailed decomposition has been carried out, and an analysis of probable vulnerabilities has been performed; a conclusion is drawn about the most important aspects, namely the redistribution of obligations on public finances. Based on a sample of debt dynamics for 2006–2019 (56 observations), a more active increase in borrowing by state-owned companies is revealed (compared with the private sector), and the concept of “state support option” is introduced. The definition of financial stability in the context of debt sustainability is clarified. The strategy is based on issues related to threats to countries. The micro- and macroprudential approaches are compared with the features of their application in an open economy.

Keywords: external corporate debt; macroprudential policy; financial stability; risk managem (search for similar items in EconPapers)
JEL-codes: F34 H63 G32 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.31107/2075-1990-2020-3-102-113

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Handle: RePEc:fru:finjrn:200307:p:102-113