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0,90

1,25

0,81

0,34

Demand loans from federalbudget

0,07

0,23

0,66

0,05

-0,09

Subfederal (municipal)bonds

..

0,16

0,22

0,08

-0,01

Other borrowing

0,31

0,48

0,55

0,58

0,43

Decrease in fiscal accountbalance

0,03

-0,18

0,09**

0,02

Deficit financing less demand loansfrom higher-level budget

0,31

0,67

0,57

0,76

0,43

Deficit financing less demand loans from higher-level budget andchange in balance of budget funds on bank deposits

0,31

0,64

0,75

0,67

0,41

*Estimates by the Institute for the Economyin Transition based on RF Ministry of Finance data

**January-August 1998

Over the first eight months of 1998, theshare of loans received from higher-ranking budget in the overall volume of theborrowing used to finance the local fiscal deficits fell 6.5 times (from 46.2per cent to 7 per cent), and the share of net revenues from the issue ofregional and municipal bonds decreased by one-quarter (from 15.2 to 11.8 percent). The share of "other borrowing" (mainly bank loans) in deficit financingalmost doubled, rising from 38.6 per cent to 81.3 per cent. Commercial banksbecame the principal lenders for regional and local administrations (Table1.22).

Table 1.22

The borrowing structure of consolidated
budgets of RF constituent members

1995

1996

1997

1998

1998

January-December

January-December

January-December

January-August

January-December

in blns of Rbs

per cent of total

in blns of Rbs

per cent of total

in blns of Rbs

per cent of total

in millions of Rbs

per cent of total

in millions of Rbs

per cent of total

1.Subfederal and municipalsecurities

..

..

3564,4

18,5

5602,3

15,2

1371,6

11,8

-364,2

-4,1

2.Budgetaryloans received from higher-level budget

1058,5

17,8

5154,9

26,8

17016,8

46,2

808,7

7,0

-2434,7

-27,1

3.Otherdomestic borrowing

4894,2

82,2

10544,2

54,7

14208,6

38,6

9449,8

81,3

11770,9

131,2

4.Total

5952,7

100,0

19263,5

100,0

36827,7

100,0

11630,1

100,0

8971,9

100,0

Source: Estimates by the Institute for theEconomy in Transition based on RF Ministry of Finance data

Between January 1997 and August 1998, thedebt of the RF constituent members and local authorities to commercial banksrose, in real terms, more than 6.6 times (from Rb2.8 billion to Rb24.5 billionin current prices).

Table 1.23

Financing of regional and local authoritiesby commercial banks (in millions of Rbs)

Date

Commercial bank claims on localauthorities*

Commercial bank deposits bylocal authorities

Balance of claims and deposits

01.01.97

2790,4

4210,6

-1420,2

01.04.97

3232,6

6602,9

-3370,3

01.07.97

4876,0

10790,4

-5914,4

01.09.97

9594,9

12491,8

-2896,9

01.12.97

12073,8

12765,2

-691,4

01.01.98

12514,5

8467,1

4047,4

01.02.98

20086,4

11010,0

9076,4

01.04.98

23039,6

10015,8

13023,8

01.07.98

24002,0

9401,8

14600,2

01.09.98

24506,0

8459,7

16046,3

01.10.98

25225,2

8987,9

16237,3

01.11.98.

23799,5

10641,7

13151,8

01.12.98.

24603,4

11647,7

12955,7

01.01.99.

24172,4

10145,9

14026,5

*The government authorities of the RFconstituent members and local governments

Source: Estimates by the Institute for theEconomy in Transition based on RF Central Bank data

While in January through November 1997, theratio of deposits held by municipal and regional authorities at commercialbanks, on the one hand, to the volume of borrowing from the banking system, onthe other, was consistently positive, beginning in December 1997, commercialbanks were already net lenders to local authorities. By early September 1998,commercial banks' claims on regional and municipal authorities exceeded thevalue of deposits by Rb16.0 billion (Table 1.23).

Due to the tighter budget restrictionscaused by the collapse of investor confidence in the solvency of most localauthorities and the inflationary growth of incomes after the August crisis, forthe first time since mid-1995 the local budgets were executed with a primarysurplus, which in September-December reached Rb3.699 billion.

Table 1.24

Financing of consolidated budget deficits ofRF constituent members in 1998 (in millions of Rbs)

January-August

January-December

.2-.1

.1

.2

Deficit (surplus)

13084,4

9385,4

-3699

1.Change in bank acccountbalances of budget funds (by January)

1454,4

413,4

-1041

2.Subfederal and municipal securities

1371,6

-364,2

-1735,8

- borrowing

8970,6

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