The evaluation of the domestic public debt of russia in the securities

At the present stage of development of the Russian economy one of its main tasks is to transit to an innovative development model (Akhmetshina & Mustafin, n. d). The innovative development model depends on the state budget formation, which is impossible without borrowing. In the world practice, securities are one of the most actively used instruments for attracting the required financial resources to the state budget.The features of debt borrowings and their impact on the economy have been the subject of consideration by the individual researchers. In particular, such authors as Baum A., Checherita-Westphal C., Rother P. studied the specific emission activity of the individual Eurozone countries and the impact of this policy on the economies of these countries (Baum & Checherita, 2013). The subject of scientific research Mario Coccia becamethe evolution of public debts and of government deficits/surplus across European countries within and outside the monetary unification (Mario, 2017). Vladimir K.Teles, CaioCesar Mussolini proposed a theoretical model of endogenous growth that demonstrates that the level of the public debt-to-gross domestic product (GDP) ratio should negatively impact the effect of fiscal policy on growth (Vladimir & CaioCesar, 2014).Bharath S.T., Sunder J., Sunder S.V. investigated features of the market of private and public loans and found that the cost of public debt is harder than the market of private debt (Bharath, Sunder & Sunder S, 2008). Giovanna Bua, Juan Pradelli, Andrea F. Presbitero characterized the recent trends regarding Low-Income Countries' domestic public debt and they explored the relevance of different arguments put forward on the benefits and costs of government borrowing in local public debt markets (Giovanna, Pradelli & Andrea, 2014).According to the norms of the Budget Code of the Russian Federation, the loan currency should expressed in roubles for the public debt attribution to the domestic one (The Budget Code of the Russian Federation, 1998). As the domestic public debt is linked to roubles, the external factors should not have a significant impact on the government's debt policy in conducting its issuing activity (Federal Law, 1998).In this article, the authors assessed the current state and structure of the domestic public debt, expressed in securities. The research identified the factors that had an impact on the domestic public debt of Russia. The economic-mathematical model constructed in the article showed the direct impact of the state's emission activity on the country's economy on the stock market. Based on the analysis results, the authors offered recommendations for improving the public debt policy.