Russian sub-national debt: The content, sources, foreign experience, and perspectives
<b>Subject</b> Sub-federal and municipal borrowings are the subject of the study. <b>Objectives</b> The aim of the work is to develop scientific-methodological and practical recommendations for the development of a regional debt market. <b>Methods</b> We used the methods of system analysis, comparisons and clustering. To develop recommendations for the Russian market of regional securities, we have evaluated the possibility of using the international experience. <b>Results</b> The article analyzes the municipal securities markets of the Russian Federation and the United States. The paper presents certain elements of scientific novelty: sub-federal and municipal borrowings should be considered as part of a region's comprehensive management system; weaknesses of various types of borrowings; a generalized and supplemented classification of regional borrowings; a comparative analysis of Russian and foreign practices of regional borrowing. <b>Conclusions</b><b>and</b><b>Relevance</b> In our opinion, attention should be paid to the diversity of American municipal securities issued. A similar experience can be applied in the Russian conditions.