ROLE OF SUBFEDERAL BONDS IN SECURING BALANCING OF REGIONAL BUDGETS
The paper studies the problems of debt burden of the subjects of the Russian Federation and tools of their debt policy in view of their financial efficiency and attractiveness. The authors conclude that priority should be given to the use of bond financing of expenditures of the subjects of the Russian Federation at the present stage of development of inter-budgetary relations. Structural and regional peculiarities of the use of sub-federal bonds to finance budget deficits of the subjects of the Russian Federation are analyzed. The authors present an original definition of sub-federal bonds, as well as highlight factors of sub-federal bonds attractiveness for regional debt policy.