The aim of this study is to cluster the most widely used public debt management tools peculiar to the EECCA (Eastern Europe, Caucasus, and Central Asia) markets. Overall, the results show that the volume of EECCA countries’ public debt relative to GDP declined from 2000 to 2015. However, as their public debt enhanced after 2016 and until 2020, inclusive, the need to choose proper tools for its management intensified. The main cause of public debt in most EECCA countries is the state budget deficit (Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Uzbekistan). The second place was taken by the balance of payments deficit (Armenia, Belarus). The only unique country was Azerbaijan, since it is likely to use public debt to finance economic and infrastructure development projects. No less interesting is that not all EECCA member states generate internal public debt. Kyrgyzstan, Moldova, and Uzbekistan have external public debt exclusively due to the lack of free resources that can be attracted from within the economy. In general, the investigation revealed that the main tool for managing internal public debt in EECCA countries is public bonds issued in national and foreign currencies. As for external public debt management, the top position is taken by external public bonds and international loans. The study has only two limitations: methodological and implementation. Other macroeconomic indicators of economic development were not considered, even though they may change the assessment of the effectiveness of the selected tools of public debt management. Meanwhile, the results can only be applied to those countries whose financial market is already formed and who have access to international financial markets. Otherwise, the tools of public debt management are limited.
We have been conducting research to determine the impact of the structure of the regional labour market on regional development. We have studied the entities of the Central Federal District in general and the Bryansk region in particular. We have limited our labour market study to the research and development sector. We have used statistical analysis to test our hypothesis that there is no statistically significant correlation between regional enterprise expenditure and the movement of regional gross product. We have found that the structure of the regional labour market in the field of research and development is characterized by a steady downward trend of personnel engaged in research and development. The Pearson coefficient obtained for the analysis of the correlation between research and development expenditure and the gross regional product of companies in the Central Federal District does not suggest a significant correlation between the indicators. In general, we do not believe that it is possible to assert a stable trend in innovative development of the regions of the Central Federal District. What can be said with confidence is the inconsistency of the statistical information that served as the basis for the study, which in turn led to rather contradictory analyzes.
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