Template-Type: ReDIF-Article 1.0
Author-Name: Dmitry N. Ershov
Author-Email: ershov@nifi.ru
Author-Workplace-Name:  Financial Research Institute, Moscow 127006, Russia
Title: Using State Guarantees in Risk Management of Investment Projects
Abstract: The provision of state guarantees in the planning and implementation of investments is a common instrument of state support and attraction of additional financial sources to large infrastructure projects. On the other hand, risks resulting from government guarantees may adversely affect the sustainability of the budget system. In order to neutralize such risks, a system of investment risk management arising from government support of investments is applied. In recent years to minimize the risks with regard to the budget, many countries undertake legislative and procedural changes related to the provision of state guarantees. The article is devoted to the modern practice of state guarantees provision, while planning and implementing large investment infrastructure projects on the example of Germany and France. Among the considered issues are the legal framework, procedures and conditions for the provision of state guarantees. Certain elements of state guarantees system of Germany and France could be examples for possible introduction in Russia.
Classification-JEL: H54, H81
Keywords: state guarantees, investment projects, infrastructure development, risk management, public investment, contingent liabilities, budget sustainability, public-private partnership
Journal: Finansovyj žhurnal — Financial Journal
Pages: 34-43
Issue: 1
Year: 2019
Month: February
DOI: 10.31107/2075-1990-2019-1-34-43
File-URL: http://www.nifi.ru/images/FILES/Journal/Archive/2019/1/statii/fm_2019_1_03.pdf
File-Format: Application/pdf 
Handle: RePEc:fru:finjrn:190103:p:34-43