Template-Type: ReDIF-Article 1.0
Author-Name: Antonina S. Kovalevskaya 
Author-Email: ankoval@nifi.ru
Author-Workplace-Name: Financial Research Institute, Moscow 127006, Russia
Author-Name: Svetlana I. Nikulina 
Author-Email: snikulina@nifi.ru
Author-Workplace-Name: Financial Research Institute, Moscow 127006, Russia
Title: Government Guarantees as an Instrument for Investment Risk Allocation
Abstract: Government guarantees for investment projects are important as a risk allocation instrument encouraging investors to finance socially significant projects. In spite of many advantages, it involves considerable risks for a guarantor and financial stability of a country. Therefore, issues of managing risks connected with government guarantees provision are relevant for many countries especially for the Russian Federation, where existing mechanism of government support by means of guarantees needs changes. The article describes the experience of Brazil and India in government guarantees management in relation to the investment projects. Their practices are especially important for Russia as both countries are its BRICS partners and considered as the most attractive destinations for overseas investment allocation. It is useful for Russia as an investment guarantor in terms of its security improvement and risk management of investment projects during making decisions about guarantees provision. Analysis covers organizational and management specifics of government guarantees in the area of public-private partnership. The study is carried out on such elements of the management system as a creation of guarantee funds to protect investors from investment risks and evaluation of infrastructure projects effectiveness. Based on the analysis, the authors give recommendations on how
to improve the government guarantees instruments in Russia.
Classification-JEL: E62, H54
Keywords: government guarantees, infrastructure investments, infrastructure projects risks, guarantee funds, guarantee support mechanism, contingent liabilities, budget stability
Journal: Finansovyj žhurnal — Financial Journal
Pages: 23-33
Issue: 5
Year: 2018
Month: October
DOI: 10.31107/2075-1990-2018-5-23-33
File-URL: http://www.nifi.ru/images/FILES/Journal/Archive/2018/5/statii/fm_2018_5_02.pdf
File-Format: Application/pdf
Handle: RePEc:fru:finjrn:180502:p:23-33