Research On Russian's Foreign Loan

The dissertation consists of five parts: The first part is introduction, including problem's putting forward and the structure of the related theories. The problem of foreign loan has always been a cosmopolitan topic. It emerged with the development of international trade, and expanded through colonial war, and boomed in the course of world economy's integration, being a kind of special means by which the developed countries export capital and the developing countries fulfill the original accumulation. In recent years, continually exasperate loan crisis of Latin America and the increasingly heavy loan burden of burgeoning market countries raised the alarm of developing countries' foreign loan problem again. China and Russian, as two of the biggest economic transition countries, both have accumulated substantive foreign loans and are facing the common topic that how to efficiently make use of foreign loans to accelerate the transition, so there must be something common in their foreign loans practice. As a result, by studying Russian foreign loan, especially its substantive foreign loans' cause of formation and the solution, the dissertation will produce positive consulting meaning for healthy development of China's foreign loans business. The theoretical frame that Russian foreign loan research need consists of the following four parts: the core definition of foreign loan, the theory of foreign loan's necessity, and the theory of foreign loan's managing strategy and the theory of foreign loan's discharge and reorganization, which constitutes the theoretical foundation of Russian foreign loan research.The second part, Russian foreign loan's scale and the structure analysis. Despite the fact that Russian foreign loan surplus amount has descended for three years since 2000, its loan scale is still as large as 119 billion US dollars, and each index measuring foreign loan's safety status is always above international alarm line too, and the refunding pressure is still heavy. The reason why Russian foreign loan's scale is so large includes two aspects: firstly, after Russian's autonomy, as Soviet Union's main inheriting country, Russia burdened all the foreign loan of 103 billion US dollars; secondly, Russian economy has declined for rather a long time since its transition, and its deficit is vast, which compelled it to loan on a large scale for tiding over difficulty, as a result, the scale of Russian foreign loan expanded rapidly. After many years of loan practice, Russian loan structure is getting reasonable gradually. Seeing from the financing origin, the proportion of foreign currency government bond financing kept on rising, and Russia increased the marketization level of the interest rate of debt, assuring the stabilization of foreign loan's liquidity; Seeing from the debt term, Russia controlled the proportion of short-term within a low level of 10%, and intercross the pay-off date, and avoided the repaying risk; Seeing from the currency structure, Russia tried to exploit multi-currency channel, and chose the currency that relates with domestic variable according to Russian foreign trade pattern and creditor nations structure to minimize the external price's variation risk that Russian foreign loan endures.The third part, analysis of cause of formation of Russian foreign loans and its economic influence. Russian foreign loans emerged in the Soviet Russian time when the economic system reform was being carried out, and formed in the course of economic transition whose core is shock therapeutics, and deteriorated in financial crisis of year 1998. It can be said that many reasons result in Russian loan problem's ultimate formation, such as deficient domestic savings, limited foreign investment, huge budget deficit, and being lack of repaying capability etc practical difficulty. For a long time, the theoreticians of our country hold critical attitude toward Russian foreign loan's function, considering foreign loans bring Russian economy heavy burden. In fact, because of foreign loans' du...