«Public Administration Issues» Journal,

Post. address:
National Research University
Higher School of Economics
20 Myasnitskaya Str., Moscow 101000, Russian Federation
Location address:
of. 307, 4/2, Slavyanskaya sq., Moscow 109074, Russian Federation

Tel./fax: 7 (495) 772-95-90, ext. 12631

E-mail: vgmu@hse.ru 


Major Indexing

Research and educational journal
Published quarterly since 2007
ISSN 1999-5431
E-ISSN 2409-5095

Maxim Fomin1, Yulia Lakhno2, Alexander Pyshnograi3
  • 1 PhD (in Policy), Senior Researcher of the Department of Geourbanistics and Spatial Development, Institute for Socio-Political Studies of Russian Academy of Sciences, 6/1 Fotievoi Str., 119333 Moscow, Russian Federation.
  • 2 PhD (in Economics), Associate Professor of the Department of Financial Monitoring and Financial Markets, Rostov State University of Economics, RINH, 69 Bolshaya Sadovaya Str., 344002 Rostov-on-Don, Russian Federation.
  • 3 PhD (in Economics), Associate Professor of the Department of Economic Analysis, Statistics and Finance, Faculty of Economics, KubSU, 149 Stavropolskaya Str., Office 206H, 350040 Krasnodar, Russian Federation.


2019. No. 2. P. 185–210 [issue contents]
The study explores financing of infrastructure projects using municipal bonds. The problems of the municipal infrastructure deficit (taking into account the territorial conditions of Russia – first of all, its expanse and spatial disproportionality) – are of particular importance. Only low-category repair of road networks and infra-objects was carried out in this area, which did not at all contribute to the improvement of the living environment. The coordinated and progressive development of the municipal infrastructure not only contributes to the retention of the local population, but also increases the investment and migration attractiveness of the territories. To this end, the article describes a set of measures designed to enhance the process of attracting investments in infrastructure at the municipal level using bonds. Parameters of securities issues of concessionaires were studied, experience in managing municipalities with securities as an element of debt policy was analyzed. Three types of municipal infrastructure bonds are presented, with options for their release schemes, as well as the scheme for accumulating and redistributing revenues from issuing bonds of an infrastructure municipal project (through the case study of application of life cycle contract by the Infrastructure Development Bank). A project for the launch and implementation of the investment mechanism has been developed.

Citation: Fomin, M.V., Lakhno, Yu.V. & Pyshnograi, A.P. (2019). Munitsipalnye obligatsii kak instryment razvitiya infrastruktury [Municipal Bonds as a Tool for Development of Infrastructure]. Public Administration Issues, no 2, pp. 185–210 (in Russian).
ISSN 1999-5431
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