Moscow is allowing Russian regions to write off up to 2/3 of their debt. While the official goal of the program is to enable more investment in housing, in reality it is fueling regional war spending.
Does this refer to balance sheet nominal debt transfer from region to federal centre or does it affect repayment income flows. Indeed is this question even relevant.
It is relevant to two directions of research: 1.) how does Russia organize its war effort domestically, how are region-center relations evolving and 2.) how can we measure Russian military spending. But it doesn't affect the financial sustainability of the state and its ability to pay for the war in general.
When the regions write down their federal debt obligations under this program, is the federal budget correspondingly removing these loans from the asset side of their balance sheet? if so, what is the total material impact of this?
Does this refer to balance sheet nominal debt transfer from region to federal centre or does it affect repayment income flows. Indeed is this question even relevant.
It is relevant to two directions of research: 1.) how does Russia organize its war effort domestically, how are region-center relations evolving and 2.) how can we measure Russian military spending. But it doesn't affect the financial sustainability of the state and its ability to pay for the war in general.
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When the regions write down their federal debt obligations under this program, is the federal budget correspondingly removing these loans from the asset side of their balance sheet? if so, what is the total material impact of this?