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