«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

Aleksandra Morozkina1
  • 1 PhD, Head of the Structural Reforms Division, Economic Expert Group; Junior Researcher, National Financial Research Institute, 15/13, b. 5, Petrovka Str., 107031 Moscow, Russian Federation.


2019. No. 3. P. 175–192 [issue contents]
The article is aimed at analysing budget risks related to activities of development institutions and ways of reducing such risks. The paper looks at financing models of development institutions in Russia, including the following models: budget fi nancing, public guarantees, capital contributions and concessional deposits. The analysis of the Russian development institutions shows that, although, in general all measures of the government support are in place, in a number of key organizations there is a mismatch between market liabilities and non-market assets, which create budget risks. The list of such organizations includes Vnesheconombank, Russian Agricultural Bank and DOM.RF (Russian Agency for Housing Mortgage Lending). The article further analyses the case of budget support for the Vnesheconombank in 2015–2018, which is the largest case of public support for the development institution in Russia. The authors come to the conclusion that the main source of risk is political interference in the activities of the development bank and absence of compensation for financing of low-return projects. Based on the analysis of international best practices the recommendations are given on reduction of budget risks related to development institutions, including such policies as provision of public guarantee, loan portfolio breakdown into subsidized and non-subsidized loans; regular budget transfers and concessional deposits. The article concludes that in order to reduce budget risks related to development institutions in Russia the Government needs to develop a transparent framework of compensation evaluation and establishment of mechanism of regular compensation for their activities.

Citation: Morozkina, A. K. (2019). Natsionalnye instituty razvitiya i biudzhetnye riski: Mezhdunarodnaya i rossiyskaya praktika [National Development Institutions and Budget Risks: International and Russian Practice]. Public Administration Issues, no 3, pp. 175–192 (in Russian).
ISSN 1999-5431
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