Fitch2010年俄罗斯制度框架分析.pdf

International Public Finance  Russia  Institutional Framework for Special Report  Russian Subnationals  Analysts  Summary  Konstantin Anglichanov The Russian Federation’s (RF) institutional framework for local and regional +7 495 956 9901 governments (LRGs) has a shorter track record of stable development than many of konstantin.anglichanov@ its international peers, and the credit ratings of most Russian subnationals are thus Vladimir Redkin constrained by the evolving nature of the framework. Major limitations in the RF’s +7 495 956 9901 vladimir.redkin@ institutional framework (compared with international peers’) include the following. Victoria Semerkhanova The system of intergovernmental relations between federal, regional and local +7 495 956 9901 governments that was initiated in the RF in the early 2000s is still under victoria.semerkhanova@  development. In recent years, it has been affected by frequent changes in tax‐ sharing arrangements, transfer allocations and expenditure allocation among Related Research the various tiers of government in the country. The comparative instability of Tax‐Supported Rating Criteria this system imposes certain limitations on LRGs’ medium‐ and long‐term (December 2009) budgeting, investment and debt planning. International Local and Regional Governments Rating Criteria (Marc