Mobilization nature of the economy. Economic tools mobilization and redistribution of financial resources, their interaction. "SP": - Are people ready to endure inconvenience

"Vedomosti", the Ministry of Finance offers 10% from 2016 to reduce costs state budget. Similar to this is the weakening of the ruble, the fall in prices for oil and Western sanctions. But as an alternative, some experts offer to go to the model of the mobilization economy. What it is? What sacrifice and costs will require? Is the country in general to send the economy to new rails? Let's figure it out.

Budget for 2015-17 Survo, based on the estimated average oil price of $ 100 per barrel. Now oil costs $ 85, and no one knows how long she cheaper in the near future. The following year, the treasury deficit is planned to be covered from the Reserve Fund, but it is not bottomless, and in 2016 it will have to significantly revise the expenditure part of the budget.

For a long time, with high stands in our country, they are talking about the need to "get off the oil needle" and modernize the industry. We can not boast about real successes in this direction. The exacerbation of relations with the West deprives us and access to high technologies. Now you will have to independently do scientific discoveries and work experience in introducing innovation. At the same time, the West showed the vulnerability of other areas from agriculture to payment systems.

There were many examples in history when one or another country, being in complex situation, did a sharp jump. Singapore, Malaysia, China, post-war Japan ... can also be remembered about domestic history: years of NEP, industrialization, post-war recovery. But in all cases a colossal concentration of efforts was required for the achievement of a common goal. And this, in turn, forced the population to abandon many familiar things. And a lot to work much.

However, the story also knows other examples of exiting from a predicament. Let's say Iceland to exit the crisis of 2008-09. In an absolutely market housekeeper, the government's government went to unprecedented measures and frozen the accounts of legal entities, and state assistance sent not to the banking sector, but to citizens. That is, the focus was made to an increase in domestic demand. At the same time, investments outside the country were banned. Thanks to the measures taken, the economy has restored.

In Russia, as in the United States and in many European countries, they were accepted otherwise: they stopped the growth of wages, reduced social spending and sent funds to commercial banks. The results did not pay anyone. But maybe now our authorities will take a more reasonable decision?

Doctor of Economic Sciences, Professor of the Department international financial MGIMO Valentin Katasonov It believes that Russia will not be able to avoid harsh methods:

- Mobilization economy helps any country that leads war or preparing for her, win or at least lose. Russia in this regard is a special country, against it throughout the 20th century, "hot" or "cold" wars. Russia as a state as civilization can exist only in the mobilization economy. This is as they say, "Medical Fact". All attempts to translate the economy on the rails of market relations are simply attempts to destroy our state.

"SP": - What is the mobilization economy?

- First of all, the high rate of accumulation, that is, the volume of investments in the extension of fixed capital (real production). Countries that at different times demonstrated an economic miracle as Germany or Japan after the war increased the rate of accumulation. It reached them up to 30-35% and sometimes 40% of GDP. In the USSR, after the Great Patriotic War, the rate of accumulation was at the level of 25%, and during industrialization, according to experts, - 50-60%.

In addition to statistical indicators, it is important to keep in mind and qualitative characteristics. Mobilization economy implies maximum protection against external factors. The first group of such factors - changes in the foreign market, somehow fall in prices for oil, world financial crises. The second group is targeted efforts to undermine the economy, for example, a trade war. To protect the economy from external factors, spontaneous and targeted, it is necessary to have a monopoly on foreign trade and currency operations.

There must be centralized management, the maximum state intervention in the economy, the increase in the share of state-owned enterprises, especially in the production of production means.

Naturally, there must be planning. And not short-term, as we have now. In essence, we do not have planning at all, but forecasting. And the medium and long-term planning is necessary.

When planning, it is necessary to use mainly natural indicators, not value. Reform Kosyigina-Lieberman It has shown that as soon as the main indicators of enterprises and industries have become cost, so the economy began to develop not in the other direction.

"SP": - What changes public Life suggests a mobilization economy?

- Such an economy implies, above all, the mobilization of people. It is strange to ask the question whether the people of warm toilets will lose and the opportunity to attend restaurants, if they go to war. And in this regard, the economic front does not differ from the combat front.

People think that you can win wars without reducing consumption, but it is not. But how to mobilize people, no longer economic task, but ideological, spiritual. And in the future it is possible to raise the standard of living.

I can give an example of the first Stalin five-year plan. Then people did not fully understand why industrialization is needed. In the first five years there was a place to be an element of coercion, especially since the level of well-being decreased. The income and consumption of the most basic goods have decreased, even per capita system. But in the second five-year plan, all the indicators went up. The main thing, earned not only material, but also moral labor incentives.

We emphasize, go to the mobilization economy - the task is not simple. It is impossible to solve it immediately, without having prepared a person without explaining to him why such an economy needs. It is necessary to express people that the choice between the warm toilet, comfortable furniture and the existence itself - you, your family and your country.

"SP": - How much does such a choice cost to Russian society today?

- It is quite obvious to me that such a dilemma exists. I was born right after the war, I lived in Soviet times, I studied a lot of the history of our country. My experience and my knowledge say that the choice of people will have to do very hard.

Another thing, the country's leadership does not formulate such an alternative. Moreover, trying to combine incompatible. It is very disturbing me.

I understand that our country is controlled by the West. But in Soviet times, on the eve of industrialization, Russia's dependence on foreign powers was large. But we managed to overcome this dependence. I think that mobilization consciousness should come to people.

"SP": - Do I share the Icelandic experience of exiting the crisis for us, in particular when money is sent to people, not banks? Then the super passions do not need.

- "Duck" of Icelandic experience has been launched into a massive consciousness for quite a long time. This is a pretty tricky reception. I wrote several articles on it. If you wish, "Crave" Iceland could be in 24 hours. But the country was the first in the long chain of possible defaults of European countries. Yes, Iceland avoided default due to non-standard solutions, but these non-standard decisions were initiated by the people of Iceland, but by the global financial intermenimal who saved Europe.

Some of our patriots like Icelandic experience. But, in my opinion, it is impossible for Russia.

Doctor of Economic Sciences, Professor Alexander Buzgalin The main problem of salvation of our economy sees that the state does not want to affect the interests of the most well-stroke layers:

- The transition to the mobilization economy by the government and scientists is understood in different ways. From the point of view of the government, the transition to such an economy means that we will live in the same market conditions, will increase the degree of social differentiation, the oligarchs will be enriched, but at the same time sharply reduce the costs of social goals, education, health care, long-term development programs.

There are notions about the mobilization economy in the "Soviet-nostalgic" style. As systems built by the type of policy planning, tight orders from above, supported by authoritarian authorities.

Finally, there is a third option when under the mobilization economy means the concentration of resources in key areas, supporting their institutional and ideologically.

The Ministry of Finance speaks of the first version when nothing changes, but the budget is significantly reduced by reducing the support of the poorest layers, the costs of education and the protection of nature. This principle was laid in the formation of the current budget, the same will be in perspective. The reduction in expenditures by 10% will lead to large losses in the social sphere, in the development of high-tech industries.

I believe that there is an alternative to this path. Budget revenues can be increased not only due to rising prices for oil and gas, but also due to development modern production, introduction of progressive scale income taxSupport for investment projects.

Alas, no one wants to do this. So there will be a repetition of the model of the 1990s, that is, the attack on the rights of the least protected citizens.

I also enjoy the accession of the Crimea. But it is impossible to live only at the expense of this joy without solving systemic problems in the economy. Crimea joined, but negative social policy continues.

"SP": - can you go to the mobilization economy so as not to work without weekends?

- The power of pre-warning now has a big temptation to use the situation to say "you do not want to develop events as in Ukraine. Therefore, work more, and the oligarchs will be richer even more. "

I believe that mobilization can be not a market, and not Stalin. Can be used public investment, reduce social differentiation. Then there will be some decline in the standard of living, but then serious growth. Unfortunately, the government does not go on this path. As in Stalinsky.

- I believe that the need to move to the mobilization economy is breaking up, but the ability to do this is a great doubt. Yes, and make serious measures without the support of citizens it is impossible, - says head of the Department economic theory Moscow State University, Doctor of Economics Andrey Kalganov.

"SP": - Power prepares people to a new format economic Life?

- While I do not see signs that our power wants to move to the mobilization economy measures. Until recently, the power to this concept itself was rather negative than positively.

In general, there is nothing good in the mobilization economy. It is only needed in an extreme situation. But everything indicates that these circumstances are now being addressed. However, so far we have no social and economic mechanisms for mobilizing resources, and they will not fall from the sky.

"SP": - Mobilization economy implies full waste from market mechanisms?

- Completely optional. Of course, in your extreme forms, the mobilization economy can fully suppress the market. But the historical experience of military economies of a number of countries shows that you can combine the mobilization economy with market relations. Of course, market mechanisms will be dumped. You can recall the US economy during the Second World War. There was an control of the prices, measures were applied there in the field of the use of strategic resources. At the same time, market mechanisms continued there.

As long as I do not consider the situation, we have so hard that the mechanisms of the mobilization economy should be included. But I have concerns that such a need to appear. And to this you have to be ready. We must know that we can do, and what results it will lead. If the fire starts, it will be too late to deal with extinguishing methods.

- imposed sanctions against us - this is only the first stage of the financial war, "believes head of the Department of Philosophy Policy of the Institute of Philosophy of the Russian Academy of Sciences, Doctor of Philosophy Vladimir Shevchenko. - Economic removal will act more than all other threats and blackmail against Russia.

Our economy is very open to external influence. I was recently in China and saw the Chinese make a lot to protect their yuan. And therefore the US is afraid of the PRC. We also have a completely outdated housekeeper model. The financial flow within the country is not closed, but aimed at the United States and Europe. So, in this area we are helpless and cannot withstand the financial war against Russia.

Therefore, we need to take emergency measures to create a national independent financial system. In the meantime, we entered the WTO, and our GDP growth fell, some plants closed, suffering agriculture.

No need to scare people with the word "mobilization". This means just the closure of "holes", through which our money goes abroad.

"SP": - Are people ready to endure inconvenience?

- Mobilization economy means turning policies towards creating a real sector, new industrialization. It is necessary to overlap the channel of export of capital from the country. I do not think that there will be a fall in life level.

In my opinion, discontent can be only in three cities: Moscow, St. Petersburg and Yekaterinburg. They, in a sense, the outposts of the Western lifestyle. All the rest of Russia lives poorly, with a large proportion of naturalization of personal economy.

Photo: Safron Golikov / Kommersant

Introduction

1. Essence and function of finance

1.1 Essence of Finance

1.2 Methods for organizing a cash turnover

1.3 Functions Finally

2. Economic tools mobilization and redistribution of finance

2.1 Capital Market as a mechanism for the redistribution of financial resources

2.2 Taxes as a tool for redistribution of income and ensuring the mobilization of financial resources

2.3 Credit as a tool for the redistribution of financial resources

3. Application of economic instruments mobilization and redistribution of finance on the example of JSC "Turbaslin Broilers"

3.1 Short description of the economy

3.2 Application of economic instruments in the enterprise

4. Events to increase financial resources

Conclusion

Bibliographic list

Applications

Introduction

The state fulfillment of functions and tasks provided by the legislation requires relevant resources. Mobilization of these resources and their distribution is associated with the occurrence financial relations Between the state, taxpayers and budgets.

The nature of the organization of these relationship is determined by the state by the state financial and budget policy.

Thus, financial and budget policy is a combination legal norms, actions and activities conducted by state authorities and local governments In the field of financial relations to solve their tasks and functions.

Financial and budget policy implies the definition of the purpose and objectives in the field of finance, the development of mobilization mechanisms money, definition of priorities in the use of budget funds, managing finance through financial and budgetary instruments for regulating economic and social processes. This causes the relevance of the chosen topic.

The aim of the work is to study the application of economic instruments for mobilization and redistribution of finance, their interaction on the basis of theoretical and practical approaches.

The setpoint causes a number of tasks solved during its execution:

Consider the essence and function of finance;

Describe the use of economic instruments in mobilization and redistribution of finance based on the studied literature;

Conduct research on the use of economic instruments in mobilization and redistribution of finance on the example of an enterprise of the real sector of the economy;

Make conclusions and develop proposals for the efficient use of resources.

As an object for research, Turbaslin Broilers will be considered, the main activity of which is the production of poultry meat.

Information base for work served financial statements and primary documentation of the Planning and Economic Department, as well as training and periodicals on this topic.

1. Essence and function of finance

1.1 Essence of Finance

The term "FINANCIA" appeared in the XIII - XV centuries. In the shopping cities of Italy and first indicated any cash payment. In the future, the term received international distribution and began to be used as a concept associated with the system of monetary relations between the population and the state about the education of state funds of funds.

The essence of finance, the patterns of their development, the scope of commodity-money relations covered by them and the role in the process of public reproduction are determined by the economic structure of society, the nature and functions of the state.

Finance is a system of economic (monetary) relations with which funds funds are created and spent.

Finance - a set of objectively determined economic relationshaving a distribution character, the monetary form of expressions and materialized in cash income and accumulations formed in the hands of the states and business entities for the purposes of expanded reproduction, material incentives for working, satisfying social and other needs.

Finance as economic category There is a set of relationships. These relationships are characterized by certain features. Relationships exist between the subjects of the reproduction process. They arise at all stages and levels of life of society. It is like a totality of certain relationships that they form the economic category.

At the stages of production and consumption of the cost of value, it does not occur, so they are not a place for the occurrence of finance.

At the third stage of the distribution process, the distribution acquires the form of movement of goods. The mercy of the goods is mediated by the movement of funds and the cost is not alienated, but changes its form. At this phase, the economic category is determined and at this stage there is a price distribution.

In the second phase of the reproduction process, the distribution of VP. This distribution is characterized by the fact that it acquires the form of cash flow moving from one hands to others and there is an alienation of the cost in its monetary terms. Money movement occurs apart from the movement of goods. At the distribution stage, specific monetary relations are carried out.

This specificity is expressed in relations expressing the one-sided movement of the cost. Cash relations receive public formation forms. And thus, they are expressed in certain economic categories: wages; price; credit; finance.

At the third stage of the reproduction process, cash relations have other specifics: oncoming motion of material and cash forms of value. Monetary relations are expressed in different forms of settlements: acceptance, letter of credit, etc., and here are mainly two categories: money and price. In the process of transfusion of value forms between business entities, financial resources are formed.

The need for finance in terms of commodity relations is due to the fact that finances are necessary for the cost distribution public Product. Only with the help of the finance category is carried out this process.

Finance is engaged in the distribution of the created value in monetary terms. Depending on how we distribute, the process of reproduction will depend. Specific proportions are needed, and the main proportion depends on how we share the national income.

Finance as a system for the first time appears in the second stage of reproduction - at the distribution stage. The distribution of the product occurs between the owner of this product and those who produced it.

SOP \u003d C + V + M

where the SOP is a cumulative social product

C - fixed capital

V - Salary

M - Profit.

1.2 Methods for organizing a cash turnover

financial Income Capital Credit

The modern economy of any state is a widely extensive network of complex relations of millions of economic entities of each other, as well as with external agents from other countries. The basis of these relationships is calculations and payments, in the course of which mutual requirements and obligations are satisfied.

With the help of a flow of money in cash and cashless forms - a cash turnover as a set of all payments that have mediated the movement of the cost in monetary form Between financial and non-financial agents in the internal and external economic circulation of the country for a certain period - the sale of gross product is ensured, use national income And all subsequent redistribution processes in the economy.

The main components of the monetary turnover: cash and cash and non-cash turns. The main part of his payment turnover, in which money is functioning as a means of payment, are used to repay debt obligations. It is made both in cash and non-cash forms. The entire cashless turnover is a payment for it implies a gap in the time of the goods in various types of its varieties and money, i.e. Functioning of money as a means of payment. Cashless payable turnover, being the predominant (up to 90% of the total money turnover) is carried out in the form of records on the accounts and recipients of funds in credit institutions, by offsetting mutual requirements and transfer of working capital documents (bills, warrants, etc.). Respectively economic processes The folk economy is mediated mainly by non-cash payment turnover.

The bank's account is the core of its relationship with the client, and the increase in the amount of funds in the account is often considered as the main indicator of the enterprise. Types of accounts used for settlement operations are the most diverse, among them allocated accounts to demand for servicing the current (main) activity, called the characteristics of each country, for example, in France - the current, in the US - check, in Germany - goshos, Russia is estimated. Operations on a settlement account of the enterprise show changes in its debt requirements and liabilities and within the company reflect the distribution and redistribution of GNP and ND. This comes here: revenue from the sale of products (performed works rendered), including part of the export revenue from non-residents as a result of the mandatory sale in the domestic currency market, etc. From the current account, debt obligations to pay wages working, tax deductions to budget, contributions in extrabudgetary funds, insurance payments, payment of raw materials, materials, fuels, energy, components to relevant suppliers, repayment of loans, bills and other financial and credit tools. In general, the banking system acts as the initial point of the circle of cash and non-cash payments, and the creation of payment facilities, which is its most important function, is closely related to the credit operations carried out by this system. Cash on settlement and other similar accounts in banks are reflected through the recording of residues, revolutions facial accounts Due to non-cash payments. The main source of these funds is the bank loans for the well-known Loans Make Deposits formula - loans create deposits. When the bank provides credit to the client, he opens his account to demand in the liabilities of his balance on the sum of the loan issued. At the same time, the assets of the bank increase on this amount of the debt requirement to the client and at the same time increases the liabilities, where the loan comes. Since enterprises, individuals in the process of settlement and cash maintenance are directly related to banks, the prerogative of the latter is the transformation of debt requirements for its customers in the means. Opening them to demand accounts, banks thus increase the money supply. The deposits are then mobilized by customers through checks or instructions for transfers in the process of non-cash payments. The connection of the latter with credit relations is obvious: first, due to the fact that during their conduct of money they perform the function of the payment tool (debt repayment); Secondly, the rupture in time between the beginning and the end of payment gives the last credit nature, and the payment operation carried out is essentially credit, mediating credit relations with organizations that provide payment services are usually banks. For example, the transfer of funds from the account according to the instruction of the payer means a decrease in the debt on the part banking system and an increase in the recipient of funds.

Thus, the monetary mass is the result of the interaction of two streams. One stream is a release of money that means the distribution of payments through banks among economic agents experiencing the need for money: the other is the return of money by debtors, having a place with a decrease in debt demands in the assets of banks due to debt payment. Due to the fact that the release of payment tools occurs more actively than the return, the money mass tends to increase. Derivatives of money circulation - the money supply and volume of loans - along with the exchange rate, serve as the main objects of monetary policy. In the management of these objects, a significant role is played by the study of their initial principles - monetary and credit flows (revolutions) by accounting and analyzing all operations (transactions) carried out through money and loan. Such flows can be divided into major types of transactions, divisions and sectors of the economy, regions, up to flows in each primary link of social production - the enterprise, extensive experience in the development of flow accounting accumulated in the United States, where such reporting on the initiative of the Board of Governors of the Federal Reserve system is regular. In the process of reforming the Russian economy, only the first steps in the art are made to deepen the analysis of monetary policy, which is largely due to the payment crisis in the national economy, which necessitated its "commodity-moneyless character" and led to the destruction of payment and settlement relations between enterprises , banks and state. Due to the lack of normal payment turnover in the country, it often dealt with the study of only private issues of payment turnover. The Bank of Russia periodically conduct studies of individual elements of the payment turnover according to their divisions. One-time regional expectations of the payment turnover are carried out by a number of major departments of the Bank of Russia, especially in Moscow, St. Petersburg, Novosibirsk.

1.3 Functions Finally

Finance functions in the following:

Distribution (distributes the created product; funds are created using this function);

Redistribution (redistribution of the created product, i.e. secondary distribution between members of society);

Regulatory (finance can, as stimulate production, so and inhibition of it);

Control (Thanks to Finance, the Company has the opportunity to observe all financial flows in the state in order to influence this or that goods in time).

Another interpretation (on the textbook of Rodionova) lies in the fact that the function of finance is the following: distribution and control, and the rest are derived from the distribution function.

Distribution function. Distribution Studia begins with the distribution of new cost and ends with the formation of primary income (salary, profit). The redistribution stage is a multistage stage, which forms national funds: state budget, extrabudgetary funds, insurance, banking funds and funds of enterprises. The distribution function is an objective property of a category of finance to distribute the cost of the created product in monetary terms.

The redistribution stage differs from the distribution to the fact that previously created income is redistributed at this stage.

Control function. The implementation of proportions in the distribution process is carried out by the test function of finance. The proportions for different industries are different and fold under different conditions and, therefore, they are objective. The control object is the distribution process. The main controlled proportion is the proportion between the accumulation and consumption funds.

There were new moments in finance theory. One of them is the stimulating function of finance.

Signs of finance:

1) Finance is monetary, however, there are situations where natural goods are revisible in the financial system.

2) Financial relations are distributed.

3) financial relations are always associated with the formation cash income and accumulations that take the form of financial resources.

Financial Source\u003e Financial Resources\u003e Financial Funds.

2. Economic tools mobilization and redistribution of finance

2.1 Capital Market as a mechanism for the redistribution of financial resources

Mobilization Economy: Who, how and what to mobilize?

That's where the expression "Mobilization Economics" is heard here - and not in the abuse, and not in the historical sense, but in the very matter of being relevant. As quite possible and almost the desired future. In general, in a threat we are responsible for the threat of mobilization economy. Such is "our answer Chamberlain."

What it is - Mobilization economy?

Apparently, the economy of friendly labor for the common benefit to create self-sufficient national economy In the face of external threats. And how it will look like it will look - there is no clarity. What is this: second series of socialism? Many of the nationalization of the extractive industries were recovered ... It would be quite logical. But what about continuing privatization - with it, how? Mobilization economy is not imagined without a national economic plan - and who will plan? And How? What place will it take small and medium in this picture? Will the state act right in the first person? Is the mobilization economy today and how can it look like? First of all, what is it?

Necessary, but not sufficient

They say it is the economy of war or preparation for it. This is frequent, but still a special case. Mobilization economy is economy achievement goal. And, accordingly, the concentration of resources on this purpose. Often, this purpose is to prepare for a big war, a quick technological jerk. So it was in the 30s when the task of forced industrialization was set. If we have a task today new industrialization - without a mobilization economy can not do. Market funds, monetarist receivers, like a subsidized loan for the development of this and this, as well as the course of things, the participation of foreign investors - what is there still taken from us to be naked? - So all these measures have no new industrialization can not be achieved.

The course of things and the invisible hand of the market produced only the devastation and the transformation of the country in the raw materials appendage of advanced economies. One hundred years ago she went on this road - on the road of the raw material appendage. Actually, socialism was once built precisely as a way to avoid the role of capitalist periphery and stand on the road of independent development. This should be fully understood: the Soviet political and economic system was sharpened, which is called, "for the task", and has fulfilled its task. Another thing is that the system did not take care timely to upgrade and set up to new tasks - because she collapsed. Mobilization economy is always a task economy.

What is our task today? Today, and yesterday, the day before yesterday, tomorrow and the day after tomorrow the task of Russia is alone - to stand in the global, geopolitical, and because of the eternal confrontation with the West. The current stage of confrontation is the struggle for the scooter resources of our ball. Well, for our capacious market, which we during the "restructuring and acceleration" were given to global competitors.

ConfrontingIt is understandable, it happens peaceful and non-smile. Nehir - here it is, already at our borders. So - in the broadest sense of the word - now very by the way. Moreover, it is inevitable if we want to preserve as an independent people. Since our global tasks are traditional - estimate - and its achievements of its achievements are known: the construction of an independent industry, military primarily, independent agriculture - for the folk proceeding. What is necessary for this - today is widely discussed.

First of all, you need to create the necessary conditions. What are they? Actually, they are known to everyone, but it is incredibly difficult. Everything is difficult: to return large enterprises to their homeland from offshore, restore the monopoly of foreign trade and stop the free walking of money across the border. To make the rich pay more than the poor, and at the same time not to see what citizens we have podnators. Move the focus on taxation to visible objects that are difficult to hide - real estate first of all, well, and the luxury of various kinds.

All these measures themselves are difficult. But worse than others: they are only necessary, but not a sufficient condition of the mobilization economy. Without these measures - do not do, but this is still not the mobilization economy itself. And not new industrialization. All this is still necessary.

Where to take money?

A couple of years ago, the most valuable material was published in the magazine "However" - an interview Grigory Khanina about the modern economic situation. Once, infinitely for a long time, in 1987, in the restructuring, the Khanin overnight became popularly popular, thanks to the joint article with the journalist "Judging Figure"Printed in the "New World": there was a Soviet economy not in costs, but in natural indicators: tons of grain, coal, tissue meters, kilowatts of energy, pieces of tractors and combines. It took more than twenty years, and the old economist makes exactly the same thing: it is outlifting the shuffling numbers and studies the Russian economy as it is. I was always fascinated by people who honestly fulfill their duty to decades without fussing and not exploring in the spirit of time. That, as it seems to me, economist Khanin.

Conclusions (two years ago) are such.

P.Dorokhin called on the President of the Russian Federation to switch to mobilization forms of economic development

More detailed and a variety of information about the events occurring in Russia in Ukraine and in other countries of our beautiful planet can be obtained on Internet conferences, permanently held on the website "Keys of Knowledge". All conferences are open and completely non-payable. We invite everyone interested. All conferences are broadcast on Internet radio "Revival" ...

There are two concepts of the credit system distinguish:

a combination of credit relations, forms and lending methods;

a combination of credit and financial institutions that create accumulating and providing cash.

At the beginning of its development, the credit system was represented only by banks, the primitives of which appeared in a slave-owned society, where the storage functions were performed by temples, and the exchange is changed offices. Institutions having some features of banks appeared in the Middle Ages in the cities of Italy, and then in the shopping centers of the Netherlands and Germany. The emergence of most non-bank credit and financial institutions relates to a later period, their broad development is currently being developed.

The credit system as a set of credit and financial institutions accumulates free funds, incomes and savings of various classes of society and provides them with enterprises, government and individuals in a loan.

The loan is called a system of monetary relations, through which the mobilization of temporarily free cash of farms, budget and the population and the use of them on the terms of refund and urgency for extended reproduction is carried out. The need for a loan is due to the patterns of circulation of commodity resources and cash in the process of public reproduction, the rational use of resources, inconsistency between cash in enterprises at the moment and their needs.

As an economic category of credit expresses relations between society, labor collectives and employees who are developing in the formation and use of a loan fund, i.e. When accumulating and transferring funds to temporary use on conditions of urgency, return and paying interest. These relations include banking relations with state, enterprises, workers, other countries.

The credit relationship is entering the lender and the borrower. In the literal translation, credit means "trust". In the practice of credit relationships confidence (in economic sense) plays an important role. The lender, providing a loan, is guided by the economic calculation, on the basis of which it is determined by its confidence in the client - the ability to return to them due to the loan issued. The purpose of the loan is to extract income. The lender hopes to get a percentage of its capital, taking into account the degree of risk, i.e. The possibility of non-payment by the borrower of the amount of debt and percent on it. The borrower hopes that as a result of use borrowed money He will be able to extract the income that will be sufficient to pay the interest to the creditor and extracting certain income for itself. Sources of the loan are temporarily free funds of enterprises, institutions, organizations; savings of workers; The funds of the state budget as a result of the incomprehension of the timing of their receipt and use.

What principles are lending? The loan is direct and target; issued for a certain period, after which it must be returned; must comply with real costs; It is paid (percentage payment); Approach to lending is differentiated.

The essence of the loan is expressed in the functions performed by them:

providing a credit system necessary for lending to cash;

redistribution of temporarily free cash by lending;

replacement of money in circulation;

control the ruble in the lending process.

The first function is associated primarily with the most complete mobilization of temporarily free cash. For these purposes, enterprises and organizations keep their money in banks. For storage of funds, a wide network of savings and commercial banks is used. In addition, banks have their own lending tools. Banks are planning loan capital, carry out activities to attract free funds.

The second credit function is that the redistribution of funds, as well as their mobilization, is carried out in a planned manner. In the process of redistribution using a loan, partial formation of both fixed assets and working capital enterprises occurs. Given the duration of their circle, the source of formation of fixed assets is a long-term loan, and working capital - short-term.

The third function is characteristic of the fact that in the process of focusing enterprises in the bank, the calculations between them are carried out not in cash, but by non-cash with the help of credit operations, which causes savings of monetary signs and increases bank credit resources.

The fourth function is manifested in the process of lending to the enterprise improve their final results. The loan is issued in accordance with the actual need.

Credit plays an important role in the development of a market economy.

With the help of a loan, mobilization of temporarily free funds is achieved and on this basis the security of enterprises with cash. There is an optimal combination of their own and borrowed funds in their turnover and as a result of their more efficient use.

The use of the loan by enterprises improves their final results.

Credit speeds up the circuit of funds and material values, reduces product sales process.

The loan contributes to the acceleration of scientific and technological progress, the rapid introduction of its results into production.

With the help of a loan, cash between regions, industries, enterprises are redistributed.

The loan contributes to the solution of the social problems of the development of society by providing the timeliness of the payment of wages, participation in the sources of funds for the construction of residential and cultural and household facilities.

With the help of the loan, money circulation is regulated, both in cash and non-cash turnover, which causes cash savings.

The role of the loan increases with the improvement of the loan mechanism, i.e. Loan management systems associated with the organization of interaction of credit relations.

With the help of a credit mechanism, the functions of the loan are implemented. In the first place there is a loan organization mechanism, including credit principles, principles and procedure for planning a loan, interest policy, optimization of bank costs. The mechanism of issuing and repayment of the loan includes the principles and boundaries of short-term and long-term lending, the procedure for issuing certain types of loans, the use of loan enterprises, repayment of certain types of loan.

The loan acts in two basic forms: commercial and banking. They differ from each other with the composition of the participants, objects of loans, the size of the percentage, the scope of application.

A commercial loan takes place when selling goods with a deferred payment. Its object is funds in a commodity form. The purpose of such a loan is to accelerate the sale of goods. A credit document in the implementation of a transaction in the form of a commercial loan is a bill, i.e. Written debt obligationcompiled according to the law established by law. It provides the owner (bill holder) the undisputed right after the expiration of the deadline to demand from the debtor (drawer) indicated in the bill of exchange.

In the practice of calculations, there is a record of bills of exchanges, the essence of which is that the holder of the bill may have to present it to the bank and get the amount marked in the bill minus accounting percentage.

Bank loan Entrepreneurs and other borrowers are provided with banks in the form of cash loans. The object of a bank loan is money. Their transfer is separated from the sale of purchase and sale. Borrowers can act physical and legal entities: entrepreneurs, state, citizens. The creditor is the bank. Bank loan is more elastic than commercial, since it is not limited to the sums of credit transactions, their direction and timing. This loan serves not only the circulation of goods, but also the production process. Use in circulation bank bill Instead of commercial expands the scale of the bill turnover, makes a loan secure, as banks provide guarantees of the creditworthiness of borrowers. Credit transactions are usually carried out in writing and are accompanied by a creditor from the debtor of special obligations, which are credit documents. The latter includes bills, banknotes, checks, coupons, credit cards, mortgage sheets of mortgage banks, shares, bonds.

When moving to market relations, all other forms of the loan are obtained. Credit Mortgage - provision of cash loans secured by real estate (land, buildings, etc.).

The state loan is when the borrower acts as a state, and the lender is individuals and legal entities. It includes accommodation among the population of state winning bond loans with an increased income percentage, state treasury commitments, targeted loans to ensure their consumer goods and others.

Consumer loan is expanding, i.e. Providing loans to citizens by banks and other organizations on the cost of building housing, acquisition and construction garden Domikov, landscaping of garden sites, when installment payments for goods, etc.

Internal credit is in the form of loans provided to enterprises (associations, organizations) from reserve ministries and departments to provide financial assistance.

International loan is associated with the implementation of economic relations between states. At the same time, any state can act as a lender and the borrower. -

Perspective in relations with developed countries is a loan on a compensation basis, the essence of which is not to repay debt not money (currency), but the supply of products of enterprises worked out due to loans.

Banks - Institutions accumulating money and accumulations that provide credit that carry out cash payments, accounting bills, emissions of money and securities, operations with gold, foreign currency and performing other functions,

The first bank of the modern type arose at the beginning of the XV century. In Genoa. It was a bank of St. George. In the XVI-XVII centuries. Merchant Guilds of North-Italian and a number of German cities create special fathers who carried out non-cash payments between its regular customers. Modern banks make up an integral exchange line of the cash economy, their activities are closely related to the needs of reproduction. Being in the center of economic life, serving the interests of manufacturers, banks mediate the relationship between industry and trade, agriculture and the population. The scope of banks does not have borders, they possess colossal money power, significant cash capital, have enormous power all over the world.

Starting with money exchange different countries, storing savings and providing loans, banks gradually expanded the range of their services, helping primarily the development of trade. In modern society, banks are engaged in the most diverse types of operations. They organize monetary turnover and credit relations, carry out the financing of the national economy, insurance operations, buy-selling securities, and in some cases - intermediary operations and property management.

Modern credit banking systems have a complex multi-part structure. If the classification is based on the nature of the services that the institutions financial Sector Provide to their customers, you can select three most important elements of the modern banking system:

central (emission) bank;

commercial banks;

specialized banking institutions.

The Central Bank is the Bank of Banks. It does not conduct operations with business firms or population. His clientele - commercial banks and others credit institutions, as well as government organizations to which it provides a variety of services. Commercial banks play the role of the baseline of the country's credit system and conduct a wide range of operations: servicing firms, enterprises, population; accept and pay bank checks; Provide loans.

Various auxiliary functions perform numerous special credit and financial institutions: investment, insurance companies, trustful trust funds, financial corporations, stock exchanges, etc. Their activities, complementing the operations of commercial banks, applies to such lending areas that are disadvantageous or risky for private banks (agriculture, housing, small entrepreneurship, foreign trade).

The credit system also includes non-bank institutions (insurance, financial, investment companies, pension funds) that carry out bank operationsrelated to financing firms, the provision of long-term loans to enterprises.

A special place in the credit system is occupied by the stock exchanges, the main goal of which is to ensure an effective market for the sale and purchase of securities, the creation of capital for industry.

At the economic sign of banks can be classified on industrial, trade, agricultural (with a varied combination of industries), foreign trade. By the nature of property, banks may be: state, joint-stock, cooperative, private, municipal, mixed. By territorial sign, banks are divided into local (regional) and serving needs of a number of regions, the countries as a whole, international. Of course, in practice it is difficult to meet one or another bank in its pure form.

In modern cash economy, it is rather possible to find a combination of transactions performed by the Bank while maintaining, however, the main direction of their activities, which actually allows individual types to be distinguished.

Special purpose banks are specialized credit institutions of various types, for example: mortgage bankswho specialize in issuing loans secured by real estate; Banks consumer creditFunctioning mainly at the expense of loans received in commercial banks, and issuing short-term and medium-term loans for the purchase of long-term goods, etc. Innovative banks specialize in financing and lending to innovative projects, i.e. various scientific and technical innovations, development, ranging from design, creating a prototype to mass implementation.

Savings banks work with individual clients (this is their main feature). Such banks are available to everyone minimum amount The contribution is small.

Banks perform various functions: accumulation of temporarily free cash; short-term lending to form working capital; financing and lending to capital investments related to the construction, technical reconstruction, expansion of existing enterprises; Organization and implementation of non-cash settlements; organization of monetary circulation in the country and the implementation of cash transactions (the prerogative of the Central Bank of the country); The implementation of currency and credit operations between enterprises within the country and abroad.

The Central Bank, as already emphasized, is the Bank of Banks, its role and responsibility in the credit and banking system is very high. He takes over the exclusive right to issue cash and control over credit emissions. It provides sustainability of the total monetary unit; Conducts one state policy in the area of \u200b\u200bloan, money circulation, calculations and currency relations; Protects the interests of creditors and depositors of banks based on the definition of common areas for all republics of regulating the activities of commercial banks and control over their observance; promotes the development of the economy, creating a single market and its integration into the world economy.

Central Bank carries out maintenance public debt, operations with securities and freely convertible currency. In his competence there is regulation of the activities of commercial banks.

The overall concept of regulating the activities of these banks in inflation is to reduce the mass of money, in circulation and strengthen the incentives for the effective use of credit resources. At the same time, it uses the following mechanisms.

Changing the volume of loans of commercial banks, lending them on the interbank multi-purpose loan. The function of the latter is the strengthening of commercial banks and regulating the overall amount of credit resources and cash in cash and non-cash settlements. Moreover, interest rate On loans of the Central Bank affects the bid of commercial banks and increases the requirements of the efficiency of borrowed funds.

Purchase and sale of securities and foreign currency. Through these operations on the open market, the monetary mass is also regulated. To saturate the banking system reserves central bank Buys treasury tickets.

Changing the norm of mandatory reserves of commercial banks that are necessarily in accounts in central Bank. Their appointment is to create for customers commercial banks guaranteeing the return of their deposits, and most importantly - to regulate the amount of credit resources. The norm of mandatory reserves in our country is tougher. An increase in reserve resources by 1% leads to a decrease in credit resources by 4%. In turn, the reduction of credit resources causes a chain reaction - the interest rate on the loan is increasing, weakened investment policyWhat leads to the decline of production and an increase in unemployment.

The establishment of the marginal margin (the difference between the fact that the bank receives on loans and pays for deposits).

The Central Bank regulates the activities of commercial banks and on other channels: establishes the size of the authorized capital, the ratio of its own resources of banks and its assets; limits the volume of credit investments of banks; determines the limit rates on active and passive operations.

All the diverse activities of banks find a concentrated reflection in two most important financial documents - balance and income and loss accounts. Balance shows assets, liabilities and clean cost. Assets are what the bank owns, and liabilities are obligations and debts. Net value (Own capital) is the difference between assets and liabilities. Passive operations are operations to mobilize funds (attracting loans, deposits, receiving loans from other banks). The funds obtained in this way are the basis of the direct activities of banks. Active operations Banks are transactions for issuing (placement) of loans, which differ in terms of short-term (less than a year), medium-term - from 1 to 6-8 years and long-term, issued under (security deposit. The difference between interest on active and. Passive operations forms Profit Bank.

The financial market occupies a leading place in the providing financial system of the state. Separate sectors - stock, credit, insurance, etc. - allow you to coordinate the activities with the help of market mechanisms financial system, carrying out the flow of funds in the process of distribution and redistribution of the cumulative social product, as well as the formation and use of cash funds of the main subjects of financial relations. Together with other types of markets (labor market, real goods), the financial market is the most important attribute of the market economy.

Subjects financial market Officer subjects, state, households, financial and credit institutions and various financial intermediaries.

Financial intermediaries provide direct links between the main subjects of financial relations, providing them with assistance in the formation and effective use cash funds. The main financial intermediaries include commercial and savings banks, credit unions, investment funds and companies, pension funds, insurance companies, stock exchanges. Being between creditors and borrowers, financial intermediaries, if necessary, combine the funds of several creditors to meet the significant needs of borrowers, and also take on probable risks (liquidity risk, credit risk, interest risk), receiving a commission for services.

The main purpose of the financial market is to ensure the effective distribution between the finite consumers of financial resources. This should take into account different, sometimes diametrically opposite interests of the participants of the financial market, large risks of fulfillment of financial obligations, etc.

In the literature, there are different approaches to the definition of the concept of "financial market". From an economic point of view, it is a system of economic relations associated with acts of issuing securities, their placement, as well as acts of the purchase and sale of financial instruments (financial market goods). From an organizational point of view, the financial market can be viewed as a set of financial institutions, economic Subjectscarrying out emissions, buy and sell financial instruments.

For Russia, an important goal is to create a financial market that performs a number of essential functions in the mechanism of the market economy of Russia.

1. Ensuring payments in the economy with minimal transactional costs for participants in transactions.

2. Attracting temporarily free funds and ensuring a sufficient level of lending in the economy with minimal costs for creditors and borrowers.

3. Risk diversification between creditors, borrowers and financial intermediaries.

4. Ensuring overflow of capital.

5. The possibility of an adequate assessment of the state of individual companies and the economies in general in terms of financial market indicators.

6. The ability to influence the level of inflation and economic activity.

Financial Market - an organized or informal system of trading in financial instruments. In this market, money is exchanged, the provision of credit and capital mobilization. The main role here is played by financial institutions that guide cash flows from owners to borrowers. Goods are actually money and securities.

It is customary to allocate several major types of financial markets: the foreign exchange market, the gold market and capital market. The latter is sometimes divided into the securities market and the loan capital market. The securities market, in turn, is divided into primary and secondary, stock and over-the-counter. The primary securities market is a market that serves release (emissions) and the primary placement of securities. It is in this market that the company receives the necessary financial resources by selling securities. The secondary market is designed to appeal previously issued securities. The secondary market of the company does not receive financial resources directly, but this market makes it possible to investors, if necessary, to obtain back funds invested in securities, as well as get income from operations with them. The possibility of resale securities is based on the fact that the initial investor is free in his right to own and dispose of securities and can resell them to another investor.

In the stock market, securities passed listing, that is, received admission to official trade on the stock exchange. Since the conditions for obtaining stock exchange quotes are established by the stock exchange and can be quite complex for some issuers, there is an over-the-counter market on which securities are applied that are not quoted on stock exchanges. The over-the-counter market can be quite voluminous - up to 2/3 of the total turnover of the securities market. For example, in the UK there are over 40 over-the-counter markets, which sell securities more than 150 companies.

The capital market is the main type of financial market, with which companies seek sources of financing their activities:

Placement on the securities market and receiving investors;

Investing received financial resources in fixed assets and current assets;

Generating cash flow as a result of successful activities;

Payment of taxes provided for by law;

Payment of investors and lenders of the remaining profits;

Direction to the capital market of profits in the form of financial investments (Appendix 1)

Redistribution of capital in modern market economy It can occur at various levels.

1. WORLD (MEDRANA) and INTERNAND PERIBILE OF CAPITAL. To determine the ability of the country to be a donor and an acceptor of investment in the global market, it is necessary to take into account many factors, considering the situation of a particular national economy in the international division of labor. At the same time economic Development Often it cannot serve as a criterion for assessing the country's ability to exercise or attract investments (which is relevant to Russia). At the same time, although we are important to us, first of all, the aspect of overflow of capital in the Russian economy, I would like to note the fact that in general the global movement of real and financial investments has a significant impact on the dynamics of intrarange processes of overflow of capital.

2. Overflow of capital between the manufacturing and non-production sectors of the economy. The interaction between the two sectors (real and financial) is largely due to historical and national features. So, conventionally allocate American, German and mixed models stock market. The main sign of such division is the importance of commercial banks and the securities market in ensuring the activities of production units. Accordingly, they speak or about banking, or on a market-oriented financial system. The role of banks and the securities market here, ultimately, is determined by the accepted model of corporate governance.

In well organized market system The financial and manufacturing sector interact effectively, providing close to the optimal redistribution of the Company's resources, regardless of the adopted model of such interaction. In a young or unbalanced market economy, such interaction can be completely abnormal or even conflict. For the purposes of this work, an understanding of the nature of the interaction of the Russian financial and production sectors is very important.

Redistribution of capital within the production and inside the non-manufacturing sectors of the economy. IN this case There are a number of a wide variety of forms of this process.

The capital market consists of two main segments: a credit system and stock market (securities market).

The state budget is not a market mechanism, but has a huge impact on the functioning of the capital market, as has already been noted, in the policy economy, the budget mechanism of moving financial resources is fully replaced by the latter. Therefore, it is appropriate for the consideration of the state budget both at the level of the capital market segments and as a possible alternative to this market.

Let us dwell on each of the listed mechanisms for the redistribution of financial resources.

1. State budget.

The state budget is the main link of the country's financial system and represents centralized funds that the state disposes. The state budget is a complete and clear plan of the state's income and expenses for a certain period in accordance with the available capabilities and tasks. The state budget consists of several levels and can be organized different ways (Hard centralization, federal budget system).

The formation of the revenue part of the state budget is carried out from various kinds budget revenues: taxes, duties, payments in the treasury, fees. In addition, budget revenues include income from the commercial use of state ownership. The expenditure part of the budget includes costs of social and cultural events, support for enterprises of various industries, management, defense and foreign economic activity.

We note that about the ratio of the concepts of the "stock market" and the "securities market" there are various positions. So, Zagalova Z.A. It believes that under the "Stock Market" it is necessary to understand the securities market, the basis of which the real stock values \u200b\u200bserved (that is, the stock market and corporate bonds), while the "securities market" is a broader concept, which includes an additional market for bills, State securities, derivatives of securities, etc., which do not have the basis of concrete stock values. The content of government and health care institutions) and development costs (the introduction of scientific and technical achievements and long-term capital investments in the economy). Support for enterprises is carried out in the form of government loans or gratuitous subsidies allocated on various conditions.

Varing the sectoral structure of tax fees, as well as the sectoral structure of government loans and subsidies, allows us to implement a certain policy of intersectoral overflow of financial resources across the national economy. The impact on overflow processes can be indirect - through a change in the profitability of investments in various spheres, and directly through budget redistribution of funds. The effectiveness of such a policy directly depends on the participation of the state in the economic life of the country: on the level of budget revenues; from the structure of budget expenditures; On the degree of freedom of the actions of state authorities in the context of intertwining the economic and political interests of various groups operating in the country.

The degree of participation of the state budget in a market economy is quite much different from the country to the country (there is a largest participation in Sweden, Denmark, the smallest in the USA, England). In addition, during the periods of economic crisis (especially not a cyclical, and structural crisis), the role of the state budget may also differ much from the periods of stable development (US economy during the "Great Depression", the economy of post-war France).

2. Banking capital market.

The banking capital market is the market for the purchase and sale of a specific product - loan (banking) capital, which is a cash capital provided for a certain fee (percentage). Banks are the main intermediaries in this market and form the banking system of any market economy.

The modern banking system has a two-level organization and includes a central bank and a network of commercial banks related to each other correspondent relationships. Such an organization allows the state to control the behavior of commercial banks, exercise developed monetary policy (Promoting lending to sectors of the economy, regulation of interest rate, etc.)

Balance of anyone commercial Bank consists of passive and active parts. The formation of the passive part of the balance is carried out from own capital Bank and obligations of the Bank to their customers (mainly funds in various accounts). The liabilities reflect the amount of funds attracted by the Bank from financially redundant sectors of the economy and the amount of population savings. The active part of the balance includes mostly different investment investments banks, both in the form of loans to enterprises and in the form of buying securities. Thus, assets show directions to the use of attracted resources.

Overflow of capital here is carried out by attracting funds from investment and excessive sectors of the economy, followed by the transfer of accumulated resources in the sectors experiencing financial deficit. The effectiveness of the functioning of such a transfusion mechanism depends on the level of development of the banking system and its tightness with the real sector of the economy.

Recently, there is a process of consolidation (consolidation) of banking capital around the world against the background of enhancing competition for the financial resources attracted by the developing securities markets. In such circumstances, banks are forced to improve work methods, offer customers a wide range of services that meet the requirements of time.

3. The securities market.

The securities market is the market for buying and selling special goods - securities. Security paper is an attribute of property and confirmation of the fact of possessing capital to which the owner can dispose of at its discretion. The accumulation and redistribution of financial resources through the stock market is carried out by emissions and placement among investors of various types of securities (state, corporate and municipal). Emissions can be placed both in the domestic market and in international financial markets. In the second case, the Issuer gets access to a much larger number of potential investors, which has certain advantages over internal issues. Also, the principal torque is the type of paper produced - share (shares) or debt (bonds and bills), as each type has its advantages and disadvantages.

Accumulation of free funds through the securities market is carried out on the primary market. It was when initial accommodation among investors that only emitated securities occurs, an initial assessment of the prospects for investments based on a variety of criteria is: nominal value, course or price of primary subscription (or placement), subscription rates, the average volume of the acquired securities package, etc. That is, it is on the primary market that the capital overflows between the various sectors of the economy, depending on the preferences of investors.

On the secondary market there is only a change in the owners of issued securities under the influence of factors of supply and demand. The secondary market is important in that it turns securities into the flexible form of capital placing, since it provides their liquidity. At the same time, maintaining the secondary market (market mekerness) with specialized financial institutions, providing issuers liquidity already issued by these securities, to a certain extent guarantees the placement of subsequent emissions, as the quotes of the securities traded in the secondary market serve as a guide for investors in the decision-making process Investing in new issues of the same issuers.

Currently, the securities market is one of the most important mechanisms for organizing overflow of capital in a market economy. It is well known that the main functions of the stock market are: accumulative, redistributive, information, display of property structure. The significance of these functions differs in the past and present economies. different countriesAt the same time, the accumulating role of the stock market in the combination of capital for the industrialization of the economies of a number of countries is difficult to overestimate.

Nevertheless, in the modern economy, the importance of the accumulative function of the stock market is less significant than the importance of its redistribution and information functions (this is particularly clearly manifested by the example of the economies of developed countries). Moreover, the bond market in terms of capital involvement plays a much larger role, rather than the stock market, according to some authors.

However, equity financing continues to be important in the sense of the formation of the progressive structure of the economy, which is clearly visible on the example of IPO12 and venture business. The IPO is often used by high-tech companies to attract the necessary capital on more profitable rather than debt financing, conditions. In the venture business of a high-tech company investment CreditAs a rule, partially provided by buying out some shares of its shares.

The information function of the market is manifested in the differences in the dynamics of shares by industry and between companies of one industry affiliation, which allows investors to determine optimal option Investments of financial resources.

In the context of globalization of the global economy, the national financial market of developed countries becomes part of the global financial market. At the same time, there are very significant differences between the existing financial institutions in the West and their Russian counterparts. This also applies to financial markets, their main participants - banks, the largest companies, institutional investors ( pension funds, insurance companies, investment funds), population and state. In contrast to Russia, the leading role in the modern financial markets of the West is played by the so-called institutional investors, which include insurance companies, pension funds and collective investment institutions (investment and functions and etc.).

Until now, it was not possible to form a consensus on the model of these institutions. All theoretical constructions are associated with the detection of a general dominant financing model within two main models of financial markets: banking (continental-European) and stock (American).

In the banking (continental-European) model, the main financial intermediaries are deposit institutes (commercial and savings banks, credit unions), which concentrate savings flows and based on their funding in the economy.

In the stock (American) model of the financial market, there is a more direct connection between primary owners of capital (savings) and enterprises implemented through capital markets. At the same time, financial intermediaries are usually represented by insurance companies, pension and mutual funds. For Russia, the role and place of banking and stock financing of economic development remains relevant.

The system of financial institutions and markets in our country was created almost anew and the features of its formation imposed a print imprint russian economy. The closure of savings of the real sector of the economy in the export commissions leads to the expansion of capital in combination with its steady deficit in manufacturing industries and the financial market does not ensure capital flow into these production.

The basis of dividing the financial market to the cash markets and capital markets is the term of appealing relevant financial instruments. In the practice of developed countries, it is believed that if the instrument's time is less than 1 year, then this is a money market tool. Long-term tools (over 5 years) belong to the capital market.

Strictly speaking, there is a "border area" from 1 year to 5 years, when they talk about medium-term instruments and markets. In general, they also belong to the capital market.

In Russia, division into short-term and long-term tools is somewhat different. The latter often includes tools with a period of circulation for more than six months.

That the domestic financial market has not yet become a full-fledged investment tool indicates the fact that russian companies They carry out major borrowings and long-term accommodation in foreign sites. In general, by February 2006, the capitalization of the Russian stock market increased to 79% of GDP and reached 604 billion dollars.

The priority areas of development of the Russian financial market for the medium term are stimulating the growth of capitalization, enterprises' exit to the domestic stock market.

During recent years In the Russian financial market, general negative trends were reflected, including those associated with the mortgage crisis in the global market.

The stock market is still characterized by a small number of liquid financial instruments, a substantial share of market capitalization (64.3%) accounts for the company of the oil and gas sector.

The domestic market of corporate bonds, though it is a rapidly developing segment russian market securities, but can not provide sufficient volume long-term investments. In 2004-2005 russian enterprises When issuing bonds, 66% of funds were attracted in the Eurobond market and only 34% in the domestic bond market. In addition to financial aspects (the relative cheapness of borrowing abroad), the durability of infrastructure and significant administrative barriers affect the ratio of the internal and external segment.

Serious obstacles to attracting investment resources (both internal and external) are the lack of development of the financial market, the imperfection of corporate governance, insufficient transparency of the activities of companies (primarily in relation to the finance and ownership structure). Weak banking system, insurance services market, founded MarketThe market of non-state pension provision reduces the possibilities of using various financial instruments and mechanisms necessary for the normal functioning of the economy in the context of world competition.

In order to improve the financial market regulation system, an increase in the effectiveness of interdepartmental interaction and the development of uniform approaches to the development and regulation of all sectors of the financial market is needed, including the unification of the requirements for market participants, issuers and institutional investors, the development of self-regulation in the financial market, interaction self-regulatory organizations with state authorities.

It is necessary to consider the possibility of combining functions for regulating all segments of the financial market (stock, insurance, banking activities, the activities of non-state pension funds) and the creation of a megaregulator, as well as the possibility of combining oversight of various financial market institutions in one federal body.

It is necessary to ensure the use of clear and clear procedures for conducting oversight of financial institutions. To this end, it is necessary:

Improving risk management system professional participants financial market;

Strengthening the role of arbitration courts in the consideration of disputes in the financial market and increasing the competence of the judiciary ( arbitration Court) in disputes in the financial market, including through the introduction of specialization of judges on financial legislation issues;

Optimization of reporting requirements financial organizations, the introduction of public disclosure standards by professional participants in the financial market information about their activities;

Ensuring disclosure of information on the results of managing pension savings based on uniform standards, allowing to compare the results of the management of the specified means;

Improving the requirements for the placement of funds, the composition and structure of assets of financial institutions engaged in investment activities in the financial market, as well as the introduction of uniform requirements for managing relevant assets.

It is necessary to expand the spectrum of financial instruments through the creation of legal conditions for the development of the market of emission securities, including commercial securities issued without state registration of the issue, Russian depositary receipts.

To make a legislation Russian Federation Changes aimed at expanding the possibility of applying financial instruments and mechanisms used to redistribute risks, including derivatives of financial instruments with various basic assets, securities manufactured in the sequinization process financial assets, double and simple warehous evidence.

For the development of collective investment institutions, it is necessary to improve the taxation of closed mutual investment funds, in particular, solving the problem of determining the taxpayer for real estate tax and value added tax on the acquisition of real estate on behalf of a closed mutual investment fund.

An important task is to create equal competitive and comfortable conditions for the activities of the participants of the financial market, the reduction of administrative barriers and costs. For this purpose, it is required:

Reducing the transaction costs of issuers of all emission securities, including when conducting primary public placement of shares (IPO);

Clarification of currency regulation legislation and currency control regarding securities, operations with which are carried out with participation foreign capital, in terms of softening and simplifying existing norms;

Expanding the availability of information for issuers and investors;

Suppression of manipulation in the financial market and trade using insider information;

The introduction of the concepts of a qualified and unskilled investor;

Amendments to the legislation of the Russian Federation in terms of expanding the compositions of offenses in order to take into account the specifics of financial markets, tightening sentences;

Creating a compensation system to citizens (including the system of compensation funds) at the individual sectors of the financial market, as well as the system of insurance for the responsibility of professional participants in the securities market.

It is necessary to improve the taxation of the financial market, including the settlement of issues of law enforcement of tax legislation in relation to financial instruments and institutions. There should be equal terms of taxation for various financial instruments as part of a gradual decline in tax rates for financial instruments.

In terms of improving the activities of state financial institutions of development, as well as the procedure for the participation of the Russian Federation, the constituent entities of the Russian Federation and municipalities in authorized capital Financial organizations required:

Develop a strategy for the activities of state financial institutions of development, providing for the use of new mechanisms and various forms of financing projects implemented by the Government of the Russian Federation;

To introduce a ban on the participation of the Russian Federation, the constituent entities of the Russian Federation and municipalities in the authorized capital of financial institutions, except in cases of state participation in the capital of financial organizations (including government financial institutions of development), whose activities have strategic importance for solving the objectives of the country's socio-economic development .

For the development of the financial market infrastructure, improving its reliability and capitalization, it is necessary to improve the legislation of the Russian Federation in terms of regulation of clearing, accounting for rights to securities, including the creation of the Central Depository, the activities of the organizers of exchange trade.

In order to solve these tasks, it is necessary to make changes to the strategy for the development of the financial market of the Russian Federation for the medium term, as well as the action plan for its implementation.

Facebook.

Twitter.

In contact with

Odnoklassniki.

Google+