No state can exist without the development of the capital market. Even those countries where government sector accounts for a larger share of the gross national product than in Russia, for example France needs a dynamic capital market that provides an opportunity to finance the private sector of the economy.
Most of the Russian economy has been privatized. Russians own assets: for example, Russia ranks first in the world in terms of the proportion of privately owned housing. Many Russians have significant savings. However, institutions and structures that can turn the wheels of the capitalist economy and ensure the productive use of existing wealth hardly exist.
Political uncertainty and economic instability taught the Russians to care at best about tomorrow, but nothing more. Investments that can benefit the country's economy are seen at best as too risky, and at worst as "thrown to the wind." As a result, tens of billions of dollars, deposited in the accounts of foreign banks or under mattresses in the homes of Russians, finance the development of any economy - the United States, Europe or Cyprus, but not the Russian economy.
There is a lack of a clear, coherent and agreed strategy for the development of the capital market, according to which it would be possible to prioritize and plan actions, as well as determine the degree of progress. The voices of politicians, economists and market participants continue to be heard calling for a strategy to attract capital to the real sector, but among them there is no one who would have a clear idea of how to develop and apply such a strategy.
A complex, burdensome, and unfair tax system, inappropriate accounting system, and bureaucracy combine to create a strong aversion among businesses to disclosing any information about themselves. Lack of transparency reinforces corruption, which can be easily masked.
Weak enforcement of laws and arbitrary, non-uniform application of them is explained partly by flaws in lawmaking, partly by a lack of accountability, and partly by the weak level of development of regulatory and judicial bodies, whose resources are insufficient to ensure their effective work maintaining independence and competence.
Lack of real banking system, which consists in the implementation of settlement and payment functions and the provision of loans, not only hinders the attraction of short-term savings, but also, along with shortcomings tax system, perpetuates the practice of non-monetary mutual settlements and lending between enterprises.
In Russia, the decade of the formation of a civilized capital market took place in difficult conditions. The historically strong state, which previously intervened in all manifestations of economic activity, liberalized the capital market dramatically, and then began to reap the bitter fruits of liberalization. This trend was determined by the holding in 1992-1993. unprepared reforms in the monetary sphere, reduced to government directives regarding the "liberalization" of prices, the actual chaos in the monetary sphere, the hasty exchange of the depreciated mass of old money for new ones.
The reformist excitement, mainly in the monetary sphere, was practically reduced to the launch of a mechanism for the withdrawal of national capital in its various forms for decades, not only from the reproductive sphere, but also from the national economy as a whole. As a result, a start was given to the development of trends that contradict the conditions of a developed market and economic interests countries. One of the consequences of this was the peculiarities of state regulation that have remained to this day. Russian market capital.
The first of these features is that the priority direction of state regulation of the capital market is the regulation of its monetary, loan segment. This is important to recognize, since for a decade monetary policy has been oriented towards the implementation of the monetary rate in the mode of following the guidelines for underdeveloped countries, despite the clearly negative macroeconomic consequences.
The second feature of state regulation of the capital market in Russia is the growing dependence of financial and monetary policy on the current situation and trends in the real sector. In the approved Concept national security it is stated that "without large investments in the strategic spheres of the economy, the economic revival of Russia is impossible."
Another national feature of state regulation of the capital market is dependence on external financial obligations. This dependency, coupled with a frustrated domestic borrowing relationship, has given rise to a "syndrome of doom" of financial and monetary policy to make decisions and actions based on the scale of debt financial obligations and the low level of investment potential.
The fourth feature public policy in the capital market is the lack of coordination in the development of interdependent sectors and the continuity of changes. The special susceptibility of the monetary sphere to changes in the economy - the endless "restructuring" and periodic "liberalization" with the constant reform of the credit and financial system - contributed to the growth of the multiplier effect, uncertainty, and unpredictability in all areas of the economy.
Insufficient development of really operating domestic markets capital and the inability to mobilize public savings limit the government's ability to manage the economy effectively and leave the financial system to the mercy of unsustainable foreign investment activity.
The first and most important principle for dealing with problems in the capital market in Russia is that at the government level it is necessary to recognize the following:
In order to improve people's lives, everything possible should be done to stimulate the development of viable enterprises that can operate independently and pay their bills without the favors and subsidies from the state, which are currently hurting the budget;
These enterprises cannot start working effectively, paying exorbitant taxes and experiencing the arbitrariness of the authorities: it is necessary to develop high-quality legislation, as well as a fair taxation system;
These enterprises will have to attract money for their own development, and if the latter are not attracted on the Russian market, then they will be attracted abroad, and foreigners will receive profits, which will not contribute to the speedy recovery of Russia;
Organizations with savings will not participate in the financing of enterprises if they consider that they may become victims of tyranny or a heavy tax burden: the rights of investors should be protected, and tax incentives;
Citizens and organizations that have the means and trust financial system will invest money through long-term investment institutions, which, in turn, will be able to reduce the budget deficit problem by purchasing government securities;
Money cannot work effectively and reliably if there are no functioning capital markets in Russia. Markets are not capable of surviving in conditions of arbitrariness.
The second principle is that a comprehensive program of measures must be adopted to promote the development of capital markets. Applying one part of the measures and ignoring the other will not lead to success.
The third principle is that capital markets do not appear by decree. The government can only create the right climate for markets to develop and then step back to allow businesses and market participants to complete the process.
The purpose of the course work is to consider the features of the development of the capital market in Russia.
For this it is necessary: to consider alternative interpretations of capital; reveal the essence and structure of the capital market, its place in the system of markets; analyze the main theoretical models of the capital market and evaluate state of the art capital market in Russia; show the features of the economic behavior of the main subjects of the capital market and the state impact on the capital market and its structure.
To define the concept of "capital market" in the course work, it is necessary, first of all, to reveal the essence of the category "capital", to highlight the various approaches to the definition of this category. This will be helped by reference to the following literary sources: Blaug M. Economic thought in retrospect. S.679; Theory and practice of entrepreneurship / Ed. V.D. Kamaev. Ch. 9, 11; Economic theory (political economy): Proc. / Ed. IN AND. Vedyapina, G.P. Zhuravleva. Ch. eleven.
Note that the essence of capital is revealed through its properties:
1) he acts like limited resource,
2) has the ability to accumulate;
3) has a certain liquidity;
4) being in motion is constantly changing own forms;
5) acts as a self-increasing value.
Due to the ambiguity of the interpretation of the category "capital", there is also the problem of defining the concept of "capital market". Depending on what is the object of the relationship between sellers and buyers in the market, there are various interpretations of this concept. In one case, the capital market is a part of the market for factors of production, and then capital is understood as physical capital, and the main subjects of the market are the sphere of business (entrepreneurship) and the sphere of household (households). In the second case, capital in the financial market is understood as money capital, so the capital market is one of the constituent parts of the loan capital market.
The essence of the capital market is manifested in its economic functions:
- pricing consists in setting a price (percentage) for capital;
- balancing consists in establishing a balance between two types of markets: commodity, where the company acts as a supplier selling its goods and markets for other factors of production (land and labor), in which the company acts as a carrier of demand;
- stimulating consists in encouraging entrepreneurs to invest the most profitable way;
- informational allows market participants to receive information about supply and demand, market conditions, the phase of change through constantly changing prices, interest rates, stock quotes business cycle, investment climate.
Possible options development of the capital market of any country can be reduced to a range of models according to the degree of state intervention. In classical political economy, the state has nothing to do with the flow of capital, the investment process, the value loan interest because these processes are regulated by the market.
In the Keynesian model, state regulation of the capital market is aimed at stimulating demand.
Monetarists and proponents of the supply theory demand from the state actions aimed at mobilizing the market potential of the economy, maintaining the system of free enterprise.
Considering the evolution of views on the processes of formation and development of the capital market and on the role government intervention into the economy to stimulate economic growth, it should be noted that no system of beliefs, as Galbraith argued, is able to give an exhaustively "true" explanation of how the modern economy. Ensure success and provide insight into the functioning of modern economic system only a creative synthesis of the elements contained in various schools and trends is capable of. Economic relations that develop between the subjects of the capital market are realized through economic behavior. Therefore, in this work it is advisable to highlight the features of the economic behavior of the main subjects of the capital market in Russia: market institutional investors ( commercial banks, pension funds, investment companies etc.), households, enterprises and the state.
In particular, the peculiarity of the behavior of market institutional investors in Russia on present stage is that they are focused on the fuel and energy complex, metallurgy and telecommunications. Many of them are part of FIGs and serve the enterprises that are part of them.
In the final part of the work, it is necessary to dwell on the priority areas for improving the efficiency of state regulation of the capital market in Russia: reducing inflation and the rate of interest; increase in deposit rates on deposits of the population in savings institutions and organizations; stimulating the inflow of foreign capital into the sectors of the real sector of the economy and limiting its activities in sectors related to the implementation of the national-state interest (exploitation, national natural resources, radio, television, satellite communications, military-industrial complex).
Sample Plan
Introduction.
1. The essence of capital: different approaches.
2. Capital market: concept, functions, structure.
3. Basic theoretical models of the capital market and assessment of the current state of the capital market in Russia.
4. State regulation capital market in Russia.
Conclusion.
Main literature
1. Agapova T. A., Seregina S. F. Macroeconomics. 9th ed. [Text] - M. Market DS. 2009.
2. Blaug M. Economic thought in retrospect: M., 1994.
3. Gryaznova A. G., Dumnaya N. N. Macroeconomics. Theory and Russian practice. [Text] - M. Knoruss. 2011.
4. Economic theory on the threshold of the XXI century - 5: Neoeconomics / Ed. Yu.M. Osipova, V.G. Belolipetsky, E.S. Zotova. [Text]. M., 2001.
additional literature
5. Dvoretskaya, A. Capital market resources as a source of financing for the real sector of the economy [Text]// Questions of economics. - 2007. - No. 11.
6. Ivanchenko V. On a new historical stage in the transformation of capitalism [Text] // The Economist. - 2011.-№6.
7. Rusanova E.G. Theory of capital structure: from the origins to Modigliani and Miller [Text] // Finance and credit. - 2010.-№42.
8. Sayfieva S.N. Taxation and capital in Russian economy: incentive problems investment activity[Text] // ECO. - 2010.-№5.
9. Feldman A.B. [Text] Paradoxes of value in the capital market [Text] // Finance and credit. - 2009.-№6.
10. Chernikova L. Russian capital: modern transformations [Text] // Problems of theory and practice of management. - 2009.-№11.
The transition from a command-administrative economy to a market economy necessitated the creation of Russian Federation loan capital market to serve the needs of the economy. However, the true development of the loan capital market is possible only if the following markets are available: means of production; consumer goods; work force; real estate; earth. All these markets need Money ah, which the market for loan capital should provide them. This is the basic principle of the formation of the loan capital market.
As is known, within the framework of the command-administrative economy, an independent loan fund operated, which consisted of the credit resources of three banks, the income of state insurance institutions (Gosstrakh and Ingosstrakh) and the system of savings banks. In essence, it replaced the loan capital market. The transition to building a market economy in the early 90s. called for the formation of a loan capital market in accordance with the Western model, which provides for the presence of two main tiers.
Separate elements of such a market existed in the country: the credit system (in a rather truncated form, presented banking), state insurance institutions, as well as the market valuable papers in the form of limited issuance of winning government loans.
The creation of cooperatives, the development of individual labor activity, giving economic and financial independence to enterprises in the late 80s. contributed to the transition from the loan fund to the loan capital market. In the future, the conditions for the formation of the capital market became more favorable: in 1988-1989. an active process of creating commercial banks began as the central mechanism of the banking and credit sectors, the first independent Insurance companies, the issue of shares of individual large enterprises(for example, KamAZ, AvtoVAZ), the issuance of government securities expanded due to the issuance of 5% bonds. Subsequently, the issuance of securities and the emergence of new credit institutions, mainly trading in money, necessitated the creation of stock departments. trading exchanges and organizations as legal entities in 1991 of a number of stock exchanges in Moscow, St. Petersburg, Nizhny Novgorod.
However, in that period (meaning the end of the 1980s and 1991-1992), it was too early to talk about the creation of a full-blooded loan capital market in the Russian Federation. We can assume that at that time only some of its elements were created and strengthened, which include the formation of a two-tier banking system, the gradual development of specialized credit institutions and the functioning of the securities market in the form of a number of stock exchanges.
However, this was not enough to bring the market of the Russian Federation closer to the markets of Western countries. The lag was explained primarily by the absence of a full-fledged market for the means of production and the real estate market, the existence of which is possible only on the basis of widespread privatization, corporatization of a large part of state property. In addition, we need a labor market and its mobile migration, as well as a land market. All these are necessary conditions for the expansion of the securities market, and, consequently, the further development of new financial institutions, the strengthening of the two links of the loan capital market, and the provision of supply and demand for money capital.
Therefore, the main directions in the formation of the loan capital market should be a high rate of savings (both in the production and in the personal sector), extensive privatization associated with the organization of the securities market, and the creation on its basis of an extensive network of specialized financial institutions.
Although the process of formation of the loan capital market developed rather contradictory and with great difficulties, it should, however, be noted that by the mid-90s. such a market was created in the Russian Federation. This happened due to the deepening of market reforms aimed at the transition to market economy. In this regard, the following should be emphasized: there was a further expansion credit system both by increasing the number of commercial and other types of banks (savings, investment), as well as expanding the range of specialized non-bank credit and financial institutions (insurance companies, investment funds).
In addition, by the mid-1990s in the Russian Federation, a securities market has been formed in the face of primary, secondary (stock exchanges) and over-the-counter street market. Along with this, in 1993-1995. extensive privatization of property was carried out, which allowed the creation of a large number of joint-stock companies and enterprises in various sectors of the Russian economy, which allowed them to determine the real needs for loan capital for their potential development in the near future. In the same period, a real estate and housing market arose, and a labor market was determined. The formation of the loan capital market in the country was also facilitated by a clearer monetary policy of the central bank compared to the early 1990s. and legislative and legal support of the government and parliament of Russia. Since 1993, the state began issuing government bonds to cover the deficit federal budget. Thus, by the mid-1990s there was a demand for loan capital from various sectors of the market economy, there were also proposals, but from the side of financial institutions in the form of the possibility of providing loans and various investors in the person of legal and individuals, as well as foreign clients as potential buyers of shares, private and government bonds.
At the same time, it should be noted that the creation of the capital market in the Russian Federation took place in rather specific conditions, which were characterized by hyperinflation in 1993-1995, an increase in the mutual debt of enterprises, a decline in production, shocks in the banking sector (the beginning of bankruptcies of commercial banks since 1995), fraud and construction financial pyramids in the credit sector, an increase in the budget deficit, an increase public debt. These factors determined the uncertainty of the development of the loan capital market in terms of satisfying potential consumers in the capital of a market economy that is experiencing enormous difficulties. This was expressed primarily in the fact that for several years the country's credit system has been working mainly with short-term loans. Highly liquid government securities enjoy the highest demand on the securities market
With the transition to a market economy in Belarus, the Soviet model of a super-centralized planned economy was dismantled, in which there was no capital market, and the distribution of resources (fixed assets, investments, etc.) was carried out through funding and centralized logistics in the system of Gosplan and Gossnab former USSR. And if the dismantling does not require much effort, then the creative work on the formation of new market institutions for the movement of capital in the country is extremely difficult. Almost the entire 20th century The rapid development of the capitalist system took place not only without the participation of the USSR and its union republics, but also in the tough ideological struggle of the countries of the socialist camp with this system. And the transition to a market, a market economy could not rely on any institutional, organizational, personnel and other traditions, experience. Everything started almost from scratch. Therefore, the formation of market institutions, including the capital market, was and is based on the experience of highly developed Western countries, its comprehensive and in-depth study and adaptation to the specifics of Belarus and its economy.
The category "capital" has acquired a multi-valued character over many centuries of the functioning and development of a market economy. Depending on the system of relations, goals, functions, this fundamental concept is considered - in reproductive process(production, distribution, exchange, consumption), in the “commodity-money-commodity” movement, in the market coordinates of purchase and sale, and so on, capital has various definitions. AT economic theory the capital market is an organic part of the market for factors of production. And when it comes to capital as a factor of production, they mean real (physical) capital, including man-made resources used to produce goods and services, or means of production, investment goods that do not directly satisfy human needs.
When it comes to the capital market, they mean the financial capital market, primarily the credit market.
The economic content and functions of real capital are revealed in its movement through the phases of market circulation, turnover and reproduction. Passing through three stages: circulation (in the sphere of circulation, the firm buys the means of production and labor power it needs with money), production (in this sphere, the means of production and labor create the product and its value) and circulation again (here the product is transformed from commodity into monetary form), the capital of the company passes from one functional form to another - monetary, productive, commodity, up to the return to the monetary form. Thus, the circulation of capital is carried out and its entry into the market both in the form of real capital and in the form of money.
Capital in the form of means of production cannot physically flow from one industry to another, and without such an inter-industry overflow, the market economy cannot function. And this process is usually carried out in the form of the movement of money capital. The contradiction between the need for the free transfer of capital from one branch of production to another and the fixation of production capital in a certain natural (physical) form is resolved in the movement of money capital provided for loans. The transformation of money capital into loan capital is provided by credit. With its help, free cash capital and income of business entities, the household sector and the state are accumulated, turning into loan capital, which is transferred for a fee for temporary use. Therefore, credit in a market economy is needed primarily as an elastic mechanism for moving capital from one sector to another and managing the rate of profit.
Credit is the oldest form economic relations that generates income in the form of interest on loans, trade credits, deposits, etc. And loan capital is money capital that is loaned out on a repayment basis for a fee in the form of interest.
Traffic financial flows between lenders and borrowers, owners and their firms forms the movement of capital.
Capital flows, including international ones, are divided into a number of forms. First of all, according to the functional purpose, the movements of loan capital (in the form of a loan) and entrepreneurial capital (in the form of investments) are distinguished; according to ownership, private and state capital are allocated, according to the intended purpose - private and state, direct and portfolio investments; in terms of movement - short-, medium- and long-term capital.
Short term capital- capital mobilized for a short period in order to cover additional
demand for money. Accordingly, the market for short-term loan capital, or money market, is a market for transactions in short-term securities with low level risk (commercial bills, banker's acceptances, transferable certificates of deposit). This is a market for stock dealers who buy and sell reliable short-term securities.
Securities- payment documents (checks, bills of exchange, letters of credit, etc.) and stock values (shares, bonds, etc.) in national and foreign currencies. A security acts as a document that determines the share of ownership in the issuing company and creditor relations with the issuer in the face of companies, municipalities or the state, as well as indicating other ownership rights.
Stocks and bods market-- part of the loan capital market, where the emission, purchase and sale of securities and rights to them are carried out.
Loan capital market- this is a market of medium-term (from ] year to 5 years) and long-term (over 5 years) loans, mediating the connection of the supply of medium- and long-term cash savings of the non-financial sector and the demand for medium- and long-term loans necessary for financing (investment) purposes. It is often referred to as the capital market.
Money market includes everything financial institutions, which are engaged in the purchase, sale and transfer of short-term (up to 1 year) credit obligations and bills, as well as the international dealer market for short-term financial obligations issued by the state, firms and financial organizations.
The main money market securities are treasury bills, commercial paper, banker's acceptances and freely tradable certificates of deposit.
The money market usually includes several segments, the most important of which today is the so-called interbank market, or the interbank market. bank deposits. Short-term interbank transactions play an important role in any national market, and in the international market they account for the vast majority of credit resources (several trillion dollars). The interbank market is the most effective tool for the short-term redistribution of bank liquidity, ensures the rational use of the total resources of banks, and also allows you to make a profit, manage currency and interest rate risks, etc.
capital market- a long-term segment of the loan capital market, including primarily the issue of bonds and shares and their secondary markets. The historical basis of the capital market is the stock exchange. In Great Britain, for example, the stock exchange was organized in 1773 (before that, securities were traded in London coffee houses), and in the USA - in 1792 as a result of an agreement between brokers. At present, the capital market is not limited to stock exchanges, since in many countries "over-the-counter" and "near-exchange" markets have developed and their importance is constantly growing.
The loan capital market has a "wholesale" character, i.e. includes mainly fairly large operations. The most important economic function of the loan capital market is the formation of the price of loan capital (interest) based on supply and demand. Any loan capital market exists in the unity of the primary and secondary markets. If the primary market clearly serves to redistribute capital (there are creditors and borrowers), then in the secondary market there is only a change of owners of debt obligations (securities), i.e. the size of the resources of the original borrower does not change. The secondary market makes it possible to objectively assess the current value of an asset, guarantees the investor the opportunity to sell it, and creates the prerequisites for extending credit terms.
The structure of interest rates includes "wholesale", or market, and "retail" rates. The first refers to rates on large transactions between financial institutions, and the second refers to rates on transactions with customers.
The rate structure of any money market is usually based on the official discount rate (fixed) or the current rates on central bank operations. Because accounting transactions central bank commercial bills carry virtually no risk, banks can traditionally be refinanced in central bank. Second essential element rate structures - rates on treasury bills; the third is the rates of the certificates of deposit market.
In the international capital market, the most widely used rate is LIBOR (London interbank offered rate - LIBOR), as well as LIBID and LIMIN. There is always a small difference between international and national interest rates. This is explained, according to most economists:
Restrictions on the flow of capital;
Different tax regimes for international and domestic transactions;
Reserve requirements for banks in the domestic market;
difference in transaction costs for similar operations;
The presence of costs when transferring, for example, from dollars to euros;
Incomplete correspondence of instruments on the international and national markets loan capital.
As globalization processes unfold, the integration of national and international markets will intensify.
AT last years the loan capital market has received a powerful development, its scale has grown rapidly, its structure has changed, new market segments, new instruments and operations have appeared, the process of financial innovation has accelerated, trends towards securitization, an increase in the role of off-balance sheet operations, and convergence of national markets have intensified. Currency and interest rate swaps, which today are associated with the majority of bond issues, currency and interest rate risk insurance schemes (see subparagraph 5.4.4), have become extremely widespread in the international market.
Swaps primarily use the difference in interest rates on different segments international market loan capital, in different national markets and allow one or another borrower on the best terms to get access to the market or currency he needs. Interest rate swaps are off-balance sheet transactions, currency swaps are on-balance sheet, but economic entity they have one - the union of various segments of the loan capital market.
Futures (exchange futures) and option transactions with financial instruments or, as they are also called, derivative financial assets.
Forward, futures, option markets and the swap market form a futures market, the subject of which is the supply of an asset (stocks, bonds, bills, bank deposits, currency, goods) in the future, as well as the futures contracts themselves. (Transactions aimed at the immediate delivery of an asset are called cash or spot transactions.)
The main reason for the active participation in the derivatives market of a wide range of organizations and individuals, and in the first place manufacturing enterprises, lies in the fact that, according to its functional design, it is intended to serve as a mechanism for insuring price risks in conditions of unstable economic conditions. In this regard, the presence of this market allows business entities to eliminate or reduce financial risks. The attractiveness of the derivatives market also lies in the fact that its instruments are highly profitable investment objects for free financial resources. It has especially importance in a portfolio approach to investment.
The reproductive basis of the capital market is investment, since the national economy of any country constantly requires a certain amount investment resources(all types of property, financial and intellectual values).
From the economic point of view, pure (respectively, freed from the material reproduction process) money and capital markets are called financial markets. (The financial market system usually includes stock market, money market, capital market and foreign exchange market.) These financial markets can be subdivided into:
To markets for the exchange of money (among them, first of all, it is necessary to single out markets for currency trading and transactions with bills, or currency markets);
credit markets;
Markets for insurance;
Markets with equity participation capital, among which it is necessary to single out exchanges for the purchase and sale of securities (stock exchanges);
Markets for the exchange credit conditions(using the difference between exchange rate and percentage).
Transactions in the financial markets are carried out mainly by specialized financial institutions, i.e. banks and insurance companies that act as partners financial market face-to-face with enterprises.
Thus, from the point of view of the economy as a whole, the market in which industry and trade, the state and local governments mobilize long-term capital, and forms the capital market. The money comes from private investors, insurance companies, pension funds and banks and, as a rule, are redistributed by issuing houses and commercial banks. Emission House - financial institution, usually a trading (commercial) bank that specializes in placing securities of private companies on the stock exchange. Stock exchanges are also part of the capital market, where they form the market for stocks and bonds, which, when issued, represent capital. It is the presence and development of capital markets that distinguish industrial the developed countries from developing countries and countries with transition economy in which the possibilities of mobilizing industrial and commercial capital are either absent or very limited.
The described architecture and mechanism of functioning of the main segments of the capital market in highly developed countries, their most important features in the course of the transition to a market economy are used in Belarus. Already in 1992-1994. legislative and regulations on the functioning of the foreign exchange mechanism on market principles, on the movement of capital in commodity and monetary forms. In January 1994, the National Bank of the Republic of Belarus adopted the “Regulations on the procedure for conducting foreign exchange transactions related to the movement of capital”. Thus, a mandatory (legal) regime was created for the entire set of foreign exchange transactions in the capital market (investments, export-import operations, loans and deposits, etc.).
Multifaceted relations with the loan capital market are formed by the government and National Bank Belarus in the framework of conducting monetary policy, optimizing the ratio of regulation and deregulation of foreign exchange and credit markets, and implementing investment programs.
General regulation the capital market and the so-called "reasonable supervision" are also implemented through the adoption of legislative acts on the activities of banks and the issuance of securities. Through National Bank, the Ministry of Finance and other institutions, the state establishes detailed rules for issuance and secondary turnover, permits new instruments and transactions, issues licenses to participate in certain transactions, authorizes the opening of exchanges and other markets, establishes reporting forms and operating standards.
The regulation of the loan capital market (or the relaxation of restrictions and prohibitions) is associated with the desire of the state to influence macroeconomic processes, maintain the competitiveness of the national credit system, stimulate the development of competition, and bring national practices in line with international ones.
The functioning of the loan capital market is based on a special institutional mechanism. The technical and organizational basis is the National Bank, commercial banks, brokers and other institutions that are intermediaries in the movement of loan capital. At present, the institutional mechanism also includes stock exchanges, clearing centers, electronic operating systems, etc.
The capital market in the form of trade in industrial and technical products has been developing in the country since the late 1980s. XX century., Gradually develops the stock trade, or the circulation of equity capital, as corporatization and privatization. Of course, ten years is a short period for the maturation of such complex economic structures, which in the West took shape over several centuries. Nevertheless, the formation took place. In the last four years, trading and clearing, settlement, depositary and technical infrastructures have been created to serve the currency and stock markets.
The most important problem at the present stage of development of the capital market - the backlog of its volume and dynamics from the dynamics of growth Belarusian economy, from the need to form domestic investment resources and their redistribution to the real sector of the economy. In order to create conditions for economic growth, market instruments should not only serve mainly speculative transactions, but rather ensure the transformation of savings into investments, while performing their main macroeconomic function. This will make it possible to create an effective investment and innovation development model in Belarus.
The transition to building a market economy in the early 90s. called for the formation of a loan capital market in the Russian Federation in accordance with the Western model, which provides for two main tiers.
In the transition from a loan fund to the formation of a loan capital market, there were separate elements of the latter: a credit system, state insurance institutions, and a securities market in the form of a limited issue of winning government loans.
However, it is too early to talk about the creation of a full-blooded loan capital market in the Russian Federation. So far, we are talking about the presence and strengthening of a number of market elements, which include the formation of a two-tier banking system, the gradual development of specialized credit institutions and the functioning of the securities market in the form of a number of stock exchanges.
But this is not enough to bring the market of the Russian Federation closer to the markets of Western countries. The lag is explained primarily by the absence of a full-fledged market for the means of production and a real estate market, the existence of which is possible only on the basis of widespread privatization and corporatization of a large part of state property. In addition, a labor market and its mobile migration are needed, as well as a land market. All these are the necessary conditions for the expansion of the securities market, and, consequently, the further development of new financial institutions, the strengthening of the two links of the loan capital market, and ensuring the supply and demand for money capital. All these markets need money, which is provided by the loan capital market.
Therefore, the main directions in the formation of the Russian loan capital market should be:
– high savings rate in the country;
– wide-scale privatization associated with the organization of the corporate securities market;
– creation and worldwide guarantee of the government securities market
- liquidation of the monopoly of Sberbank as practically the only bank dealing with the population's money;
– creation of an effective parabanking system in the country;
- Adoption of a law on private ownership of land and the inclusion of land in the financial circulation.
Essence, functions and forms of credit
Credit is the movement of loan capital, i.e. money capital, which is loaned out on terms of repayment for a certain percentage.
Everything that relates to the functioning of the loan capital market also applies to credit. In scientific terms, it can be emphasized that theorists more often understand by credit the relations that arise between economic entities regarding the provision of funds for a loan (for temporary use), in in practical terms a loan is primarily a highly profitable asset formed by a bank by providing funds to a borrower on the basis of a loan agreement.
At any national economy credit performs the following functions:
- distributive;
- emission;
- control.
distribution function- distribution of funds on a returnable basis. It is implemented in the process of providing funds to enterprises and organizations on the terms of repayment and payment.
The emission function is the creation of credit means of circulation and replacement of cash. It manifests itself in the fact that means of payment are created in the process of lending, i.e. Along with cash, non-cash money is included in circulation.
Control function - performance monitoring economic entities. Manifested in comprehensive control economic activity entity receiving the loan.
Bank lending legal entities is carried out with strict observance of the principles of lending, which are the basis, main element credit systems. The principles of lending reflect the essence and content of the loan, as well as the requirements of the basic laws in the field of credit relations.
There are five basic principles of lending:
- urgency;
- return;
- payment;
- differentiation;
- security of loans.
Lending urgency means that the loan must be repaid within a strictly defined period. The urgency of lending is a necessary condition for the repayment of the loan. The loan period specified in the agreement is the maximum time for the borrower to hold funds. Violation of the term distorts the essence of the loan, it loses its true purpose.
recurrence means that after the end of the loan period, the funds must be returned. Credit as economic category differs from other categories of commodity-money relations in that the movement of money here occurs on the terms of repayment.
Loan payment means that the borrower must pay the bank a certain fee for the temporary use of funds borrowed from the bank. In practice, this principle is implemented using the mechanism bank interest.
Bank interest is the payment received by the lender from the borrower for the use of borrowed funds.
The interest rate depends on the following factors:
– demand for a loan from legal entities and individuals;
- the rate paid by the bank to its customers on deposit accounts of various types;
– the term of the loan, i.e. the higher the term of the loan, the higher the risk, and consequently, the amount of the loan interest;
- the degree of security of the loan, i.e. the lower the security of the loan, the higher the interest rate;
- the level of inflation in the country and the stability of monetary circulation.
The real value of the loan interest is established in practice, taking into account the totality of all the above factors.
Lending differentiation means that banks should not have the same approach to resolving the issue of issuing a loan to customers applying for it. Based on the preliminary work carried out to assess the creditworthiness of prospective borrowers, the bank selects the most reliable from among them and only with them carries out further work on concluding a loan agreement.
security loans as a principle of lending means that the borrower's property, valuables and guarantees allow the lender to be sure that the return of the funds issued will be carried out on time. To ensure the timely repayment of the loan, creditors under the agreement appoint a pledge, surety or bank guarantee, as well as obligations in other forms provided by law.
Loan security is one of the most reliable ways to reduce the risk of loan default.
There are two types of loans: secured and unsecured.
Unsecured (blank) loans are issued to first-class borrowers (ie, well-established) and, contrary to popular belief, the largest loans are provided by banks without collateral. Collateral does not guarantee repayment of the loan, does not reduce the risk, because. in the event of liquidation of the enterprise, the bank becomes a preferred creditor. AT loan agreement the method of ensuring the repayment of the loan must be indicated.
A wide variety of assets and documents can be used as collateral for a loan and can be easily traded: real estate, warehouse receipts, accounts receivable, buildings and equipment, bills of lading with endorsements, oil shipments, corporate shares, etc.
In a broad sense, credit money already means credit relations. In a market economy, they are constantly developing both vertically, by improving state loan, and horizontally - through commercial, banking and other forms of credit.
Basic forms of loan security
Loan classification is carried out according to such basic features as the nature of the loaned value, the categories of creditors and borrowers, the form of provision, and the directions of borrowers' needs.
There are two main forms of credit on the market: commercial and banking. They differ from each other in the composition of participants, the object of loans, the dynamics, the amount of interest and the scope of operation.
commercial loan means that the creditor is not credit organisation, and the loan is provided in the course of a trade transaction, which is why it is also called trading. A loan can be provided by any entity that has temporarily free cash at its disposal.
Commercial credit is one of the first forms of credit relations in the economy, which gave rise to bill circulation and thereby actively contributed to the development of non-cash cash flow, finding a practical expression of financial and economic relations between legal entities in the form of sales of products or services by deferred payment. The main purpose of this form of credit is to accelerate the process of selling goods and, consequently, extracting the profit embedded in them.
The commercial loan instrument is traditionally bill of exchange expressing financial obligations borrower to lender. Two forms of a bill of exchange are most widely used - a simple bill containing a direct obligation of the borrower to pay a fixed amount directly to the creditor, and a transferable (draft), representing a written order to the borrower from the lender to pay the fixed amount to a third party or to the bearer of the bill. In modern conditions, the function of a bill is often assumed by a standard agreement between the supplier and the consumer, which regulates the procedure for paying for products sold on the terms of a commercial loan. A commercial loan is fundamentally different from a bank loan:
The role of the creditor is not specialized financial institutions, but any legal entities associated with the production or sale of goods or services;
Provided exclusively in commodity form;
Loan capital is integrated with industrial or commercial capital, which in modern conditions has found practical expression in the creation financial companies, holdings and other similar structures, including enterprises of various specializations and activities;
average cost a commercial loan is always below the average bank interest rate for a given period of time;
At legal registration transaction between the lender and the borrower, the fee for this loan is included in the price of the goods, and is not determined specifically, for example, through a fixed percentage of the base amount.
The interest on a commercial loan, which is included in the price of the goods and the amount of the bill, is usually lower than on a bank loan. The size of a commercial loan is limited by the amount of reserve capital available to industrial and trading companies. The boundaries of a commercial loan are determined by the goals, directions of its use, terms of provision, size.
In foreign practice, commercial credit is extremely widespread. For example, in Italy, up to 85% of the amount of transactions in wholesale trade is carried out on the terms of a commercial loan, and the average period for it is about 60 days, which significantly exceeds the period of actual sale of goods to direct consumers. In Russia, this form of lending has until recently been limited to the scope of circulation. In other sectors, such factors as high inflation rates, the crisis of non-payments, unreliable partnerships, and shortcomings in specific law objectively impeded its spread.
In modern conditions, in practice, there are mainly three types of commercial loans:
A loan with a fixed repayment period;
A loan with a return only after the actual sale by the borrower of the goods delivered in installments;
Lending by open account when the delivery of the next batch of goods on the terms of a commercial loan is carried out until the debt on the previous delivery is paid off.
Bank loan provided by banks and other financial institutions licensed by the Central Bank of the Russian Federation to conduct this type of operations. legal entities(industrial, transport, trading companies), population, state, foreign clients in the form of cash loans.
The banking form of the loan has the following features:
The bank, as a rule, operates not so much with its own capital as with attracted resources;
The bank lends idle capital;
The bank lends not just cash, but money as capital.
The price for using bank loans is loan interest, determined on a mutually beneficial basis between the subjects of credit relations and fixed in the loan agreement.
A bank loan exceeds the boundaries of a commercial loan in terms of direction, timing, and size. It has a wider scope. A significant replacement of a commercial bill with a bank one makes this credit more elastic, expands its scope, and increases security. The dynamics of bank and commercial loans is also different. Thus, the volume of commercial credit depends on the growth and decline of production and trade. The demand for a bank loan is mainly determined by the state of debts in various sectors of the economy. A bank loan has a dual character: it can act as a loan of capital for functioning enterprises, or as a means of payment for the payment of debts.
A bank loan is classified according to a number of criteria:
1. Delivery method
a) cash, non-cash,
b) refinancing,
c) remodeling
d) bill of exchange.
2 Loan currency(in national, in the currency of the creditor, in the currency of third countries).
3. Number of participants(bilateral, multilateral transactions).
4. Special purpose bank loan :
a) to increase the capital stock,
b) for temporary replenishment of negotiable transactions,
c) on a consumer basis, including mortgage loans.
5. Giving technique:
a) one-time (provided in one amount),
b) limited (overdraft and credit line). The credit line involves the use of borrowed funds within the established limit. Overdraft - crediting the client's current account from the bank's funds (usually up to 20-30% of the average monthly turnover on the client's current account) to eliminate a temporary shortage of working capital for the company to make current payments.
6. Security criterion secured, unsecured. Collateral - any liquid property, more often - the borrower's real estate. If he violates the terms of the loan, the collateral is withdrawn to pay off debts.
7. Maturity. Short-term (no more than 1 year), medium-term (from 1 to 3 years) and long-term (more than 3 years).
8. Repayment methods.
a) in one amount at the end of the term,
b) in installments
c) in unequal shares, as a rule, during the term of the loan.
9. By type of interest rate- fixed and floating.
10. Methods of charging interest.
a) % is paid at the time of total repayment (in a market economy),
b) equal installments of the borrower during the entire period,
c) % is withheld at the time of the immediate issuance of a loan to the borrower.
As the credit system develops and expands, the growth rate of bank credit increases.
Currently, there are several forms of bank loans.
