IN general System Innovation can be allocated financial innovation, i.e., innovation that operates in the financial sphere.
Financial innovation has the following distinctive features:
- 1. The obligation to sell a new financial product in the financial innovation market.
- 2. The obligation to implement the financial transaction in the market or within the economic entity.
- 3. Functional dependence of financial innovation from time.
- 4. The feature of the financial product itself, which is expressed, firstly, in the presence of single and mass demand, secondly, in the functioning of a limited and unlimited product, thirdly, in the existence of a product in the form of property and in the form of property rights.
The economic essence of financial innovation is expressed in the following.
Financial innovation is a finite result of innovation activities in the financial sector implemented in the form of a new financial product or surgery.
The financial product is the material part of the financial institution's license. The financial product has a type of thing (i.e. tangible form), intended for sale in the financial market. The financial product includes valuable stock PaperCoins from precious metals, plastic settlement or credit card, bank account agreement, pension policy, real estate object, etc.
The new financial product happens:
- 1) Mass is a product without sharply pronounced individuality. It includes bonds of the state domestic loan of all kinds, bank deposit account, pension policy, insurance certificate, etc.;
- 2) A single financial product is an individual product. As a thing he has characteristic, only to him inherent in the features that allocate it among other products. For example, a concrete coin of a particular precious metal, a specific real estate, an action, a bond of a particular economic entity. This product has a clearly defined circle of its buyers. Therefore, it is produced in the calculation of specific consumers (numismates, investors).
- 3) Limited financial product is a product, the volume or amount of which is strictly quoted. This volume is installed when the product is released. The size of the volume (quantity) of the product is determined by many factors: the size of the authorized capital of the economic entity, the demand of buyers, the presence of a unit of the product itself (real estate objects), etc. The limited financial products include promotions, bonds, types of credit agreements, real estate objects and some other products.
- 4) An unlimited financial product is a product, the volume (number) of which is not limited to any quotas. This product is manufactured in the potential buyer. The number of buyers is the magnitude of the uncertain. Therefore, the volume of the release of the unlimited financial product is not limited to any norms and conditions, except for the customer demand factor. Non-unimagised financial products include: coins from drag. Metals, plastic cards, bank accounts, insurance certificates, pension policy, etc.
- 5) in the form of property. Property is a thing, that is, it material object property rights. Eg, money, gold bars, coins, precious stones, securities, land plot, etc.
- 6) Property Law, which means the right to own, dispose of and use certain property. The financial product in the form of property rights includes documents: a bank account agreement, a loan agreement, pension policy, and so paragraph.
Financial Operation (Lat. Operatio - action) means a procedure for action aimed at solving a certain financial management task.
Financial operations include forms of control and accounting of money and securities (money substitutes), methods of financial indicators planning, methodology for compiling financial plans of different types (balance of income and expenses, cash flow plan, budgeting, operational financial plans, etc.), Receivers financial Analysis.
Financial operations as actions have an intangible form, that is, they cannot be touched as a thing and therefore it is impossible to sell at a fixed price. To be sold, the financial operation must be materialized in the form of a thing. The form of materialization of financial transactions are instructions, rules, methodical instructions, Formulas, graphs, i.e. some particular document. This document is already a financial product, and therefore the object of sale in the financial market.
The duration of the functioning of innovation on the market is determined by the time of its life cycle.
With duration in time, any new phenomenon becomes massive, traditional, i.e. the usual phenomenon. Financial innovation is a time function.
financial innovation currency
where and is financial innovation;
t - time, i.e., the duration of the life cycle of financial innovation;
f-- Function sign.
Thus, the concept of "financial innovation" is valid only within the time of time, which is established by the initial and ending point of the life cycle of this financial innovation. In this regard, it cannot be considered a financial innovation financial product or an operation that are new only for this financial institution, but which have long been implemented in other financial institutions.
Financial Innovation - This is the end result of the innovative process in the financial sector implemented in the financial market in the form of a new or improved financial product, as well as in the form of new financial operations (ie, actions). TO Financial operations New forms of control and accounting, planning methods, analysis techniques, forms financial work In a business entity, actions to seize new financial markets, etc. Operation has an intangible (intangible) form, i.e. It can not be touched.
Financial product It is a material part of the executed financial service or the operation of a financial institution (bank, insurance company, stock exchange, investment fund, etc.).
Product - This is a document that has a tangible form. The financial product is presented in the form of a payment card, contract, security (documentary forms), instructions, etc.
The composition of financial innovations is presented in Fig. 16.1.
New as a new product manifests itself only if it is selling it in the market. As a matter of fact, the functioning of the financial market and the relationship of buyers to the product is determined whether this product is new or is not, what is the demand for him, what groups of people acquire it?
If the product that appears in the market is in demand, it is well implemented, it means that there are consumers of this product, and, therefore, it really
new, the necessary financial product.
Any new phenomenon over time turns into a normal, traditional mass phenomenon.
Therefore, the product or operation cannot be considered financial innovation, which are new only for a specific financial institution, but which are already implemented in other Russian financial institutions.
Financial innovation, like any other innovation, is closely connected with time and in this regard, innovation can be considered a function of time. Financial innovation has its own life time and often rather short. The life term of financial innovation, as well as any other product (goods, services, tourist product, etc.), is expressed by the concept of "life cycle". The cycle (Greek Kyklos is a circle) is a combination of interrelated phenomena, processes, works that form a complete development range for a certain period of time.
Fig. 16.1. Composition of financial innovations
Financial innovation life cycle - Time during which this innovation becomes a massive phenomenon. For example, the life cycle of a new loan type is determined by the time interval from the date of development of it by this Bank to the date of sale by other banks.
Financial innovations include:
· A new financial product that first appeared only in the Russian financial market;
· A new financial product that appeared in the Russian financial market, but has long been implemented in the financial markets of other countries;
· New financial operations (actions).
Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.
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ESSAY
on the topic: "Financial innovations"
2. Financial innovation as a market goods
3. Characteristics of certain types of innovation
4. Currency risk hedging operations
In the general system of innovation, it is possible to allocate financial innovation, i.e., innovation that functions in the financial sector.
Financial innovation has the following distinctive features:
1. The obligation to sell a new financial product in the financial innovation market.
2. The obligation to implement the financial transaction in the market or within the economic entity.
3. Functional dependence of financial innovation from time.
4. The feature of the financial product itself, which is expressed, firstly, in the presence of single and mass demand, secondly, in the functioning of a limited and unlimited product, thirdly, in the existence of a product in the form of property and in the form of property rights.
The economic essence of financial innovation is expressed in the following.
Financial innovation is a finite result of innovation activities in the financial sector implemented in the form of a new financial product or surgery.
The financial product is the material part of the financial institution's license. The financial product has a type of thing (i.e. tangible form), intended for sale in the financial market. The financial product includes valuable stock papers, coins made of precious metals, plastic settlement or credit card, bank account agreement, pension policy, real estate object, etc.
The new financial product happens:
1) Mass is a product without sharply pronounced individuality. It includes bonds of the state domestic loan of all kinds, bank deposit account, pension policy, insurance certificate, etc.;
2) A single financial product is an individual product. As a thing he has characteristic, only to him inherent in the features that allocate it among other products. For example, a concrete coin of a particular precious metal, a specific real estate, an action, a bond of a particular economic entity. This product has a clearly defined circle of its buyers. Therefore, it is produced in the calculation of specific consumers (numismates, investors).
3) Limited financial product is a product, the volume or amount of which is strictly quoted. This volume is installed when the product is released. The size of the volume (quantity) of the product is determined by many factors: the size of the authorized capital of the economic entity, the demand of buyers, the presence of a unit of the product itself (real estate objects), etc. The limited financial products include promotions, bonds, types of credit agreements, real estate objects and some other products.
4) An unlimited financial product is a product, the volume (number) of which is not limited to any quotas. This product is manufactured in the potential buyer. The number of buyers is the magnitude of the uncertain. Therefore, the volume of the release of the unlimited financial product is not limited to any norms and conditions, except for the customer demand factor. Non-unimagised financial products include: coins from drag. Metals, Plastic Cards, Bank Accounts, Insurance Certificates, Pension Policy, etc.
5) in the form of property. Property is a thing, that is, this is a material object of ownership. Eg, money, gold bars, coins, precious stones, securities, land plot, etc.
6) Property Law, which means the right to own, dispose of and use certain property. The financial product in the form of property rights includes documents: a bank account agreement, a loan agreement, pension policy, and so paragraph.
Financial Operation (Lat. Operatio - action) means a procedure for action aimed at solving a certain financial management task.
Financial operations include forms of control and accounting of money and securities (money substitutes), methods of financial indicators planning, methodology for compiling financial plans of different types (balance of income and expenses, cash flow plan, budgeting, operational financial plans, etc.), Financial analysis techniques.
Financial operations as actions have an intangible form, that is, they cannot be touched as a thing and therefore it is impossible to sell at a fixed price. To be sold, the financial operation must be materialized in the form of a thing. The formula for the materialization of the financial operation is instructions, rules, methodical instructions, formulas, graphs, i.e. some particular document. This document is already a financial product, and therefore the object of sale in the financial market.
The duration of the functioning of innovation on the market is determined by the time of its life cycle.
With duration in time, any new phenomenon becomes massive, traditional, i.e. the usual phenomenon. Financial innovation is a time function.
financial innovation currency
where and is financial innovation;
t - time, i.e., the duration of the life cycle of financial innovation;
f-- Function sign.
Thus, the concept of "financial innovation" is valid only within the time of time, which is established by the initial and ending point of the life cycle of this financial innovation. In this regard, it cannot be considered a financial innovation financial product or an operation that are new only for this financial institution, but which have long been implemented in other financial institutions.
2. Financeinnovations as a market goods
Financial innovations are sold in the financial market, which is created by financial institutions: banks, stock exchanges, funds.
An integral part of the financial market is financial innovation. Without financial innovation, as without competition, the financial market cannot exist.
The financial innovation market has an inseparable connection with all financial assets. Financial Market As a complex system includes a currency market, the market of precious metals and precious stones, the securities market, the money market, the credit market, the insurance market, the real estate market, the debt market.
The financial innovation market has clear specifics, which manifests itself in:
Monopolization of the market caused by monopolization of innovations (innovations);
The rapid pace of development of the financial innovation market;
Features of the main laws of the financial market;
Riskiness of investment in financial innovations, i.e., the presence of a venture (risky) capital investment into a new sphere of activity.
3. Characterpack of some types of innovation
1. Currency percentage swap. Swap (English Swap, SWOP - exchange, change) is a currency exchange transaction between entities with obligations or assets.
Currency swap is a purchase and simultaneous forward sale of currency (depart) or, on the contrary, selling and simultaneous forward purchase currency (report).
Interest swap is the exchange of interest rates on borrowed funds.
The combination of these two swaps leads to a completely new financial operation: a currency percentage, which is an exchange of both currencies and percentages, i.e. acquires the financing form. This type of swap can be between several participants.
2. Swap with zero coupon. Zero coupon means lack coupon income. At the same time, income on the valuable paper is formed not at the expense of interest accrued on the nominal value of the security, but at the expense of the discount (discount) from the nominal value of the security and redeeming the valuable paper at par. Swap with zero coupon is used for oscillation bonds, such as government short-term oscillation bonds (GKO), etc.
The essence of the zero coupon swap is that the issuer of an infectious bond can be exchanged for a fixed income to income at a floating interest rate by simultaneous percentage and reverse annual payments.
3. Storage of swaps (English Warehousing of Swaps) (Conducts a bank) - This is the conclusion of the Treaty on the Switch with the Bank and its insurance (usually futures) until the bank encompass the second side of the reduction agreement. Transactions are on demand, and the presence of the second party at the time of the conclusion is not necessary.
4. Arbitration "Cash-end-curry" (English Cash and Carry - cash payment and sale) is the simultaneous purchase of securities on the conditions of swap and sale of futures contracts. The content of the "Cas-end Curry" arbitration may be, for example, buying bonds for cash and simultaneously conclusion of a futures contract for the sale of this bond. If on the day of closing futures, the price of selling bonds will exceed the purchase price of the bond, then the arbitrator will receive a profit. The sale price of bonds includes the value of the nominal value of the bond and the amount of interest income.
5. Matching (from English. Match - equivalent, complying) means neutralizing losses from changes in currency exchange rates (currency neutralization).
Matching is a coincidence of payment currency and price currency in a foreign economic contract. In other words, Matching is a situation where the exporter disclaims the invoice to pay the goods being exported to them and accordingly receives payments in the same currency in which it bears the cost of manufacturing and implementing the exported goods. Thus, the Matching is one of the examples of currency risk management using price policy. In order to neutralize the impact of changes in the courses of different currencies on their financial activities, the exporter must occupy the corresponding neutral position on the market. If the exporter does not want to receive payments in the currency of the importer's country, then the payment is made in the currency of the country exporter or one of the reserve currencies (US dollar, euro, Japanese yen).
For example, if the firm in Germany buys the goods from the company from the USA, the payment currency in the contract is usually established in euros. If the firm in Mexico buys the goods from France, the payment currency in the contract is indicated in the reserve currency (usually in US dollars).
6. FRA (English. Future / Forward Rate Agreement - a future interest rate agreement), as a financial instrument is a contract (i.e., a mutual agreement) of the two parties to establish a certain amount of the rate for a certain period of time in the future for a certain amount of the contribution .
Frame actions can be submitted to the following scheme:
Fig. 2.1. Frame action scheme
Fig. 2.1 shows that one part of the investment (0 - a) will be financed, and the other part (A - B) is not. Since it will have an open position for the entire period of the FRU's Treaty.
Frame buyer insures itself from unnecessary interest payments with an increase in the interest rate. Under the Frassment Agreement, the interest rate is appointed for the period shifted in time in the future, so both participants in the contract bear the same risks (currency risks) when fluctuating demand and cash supply. The marginal interest rate, which the investor is able to attract money to finance its investments without a loss is called Forward-Forward bid.
7. The content of the operation on a combination of a concentrate with overdraft is to be combined with cash payments, especially with currency calculations. When the cash (including currency) arrive at the expense of the owner before the date of payment for concluded contracts, they are credited to a contract account. If the payment period comes ahead of the date of receipt of money, then the investor uses the bank overdraft. The return of the loan to the bank in Overdraft and interest on it will be made at the time of the receipt of money at the expense of the owner.
4 . Currency risk hedging operations
Hedging (eng. Hedging - fencing) is insurance of currency risks from unfavorable changes in the currency rate in the future. Hedging is made on currency and / or futures exchanges through contracts called "Hedge" (English. HEDGE - fence, fence). An entrepreneur who performs hedging is called Hedger.
There are two hedging operations:
1. Also-called, called the Hedging of the purchase, is an exchange operation for buying urgent contracts (forward contract or option), when it is necessary to insure from a possible increase in the currency in the future. It allows you to install a currency purchase rate in the forward contract or option, which will be purchased by this currency. Hedger buys an urgent contract, giving him the right to buy a currency through a period of course established in the contract.
2. Heading for a decrease, or sale hedge, is an exchange operation with sales of urgent contracts applies when it is necessary to insure from a possible decrease in the currency rate in the future. It allows you to install the currency sales rate in the forward contract or option much earlier than it will be sold. Hadger sells a contract that gives him the right to sell currency through a period of course, in the course established in the contract. The currency exchanges also make a purchase and sale of option spreads. Spread (English Spread - gap, jump) means the difference in changes in currency or security course. The spread transaction means the purchase of one option and selling another option of this type (or on the purchase of currency, or on the sale of currency), but with other characteristics, i.e., with another strike-price or from another expiration date of the option.
Such a strategy allows the spread to make a profit from the expected change in the currency exchange rate and reduce the initial value of the option. The spread buyer seeks to reduce the risk due to the refusal of a potentially unlimited income.
5. A task
The constant costs of the release of new products and products made using the new technology amounted to 11,088.48 thousand rubles, the variables are 5463.4 thousand rubles. The planned rate of profit is 20%. Analyze the ability of an enterprise to introduce new products.
The total cost of new products and products produced using the new technology is the amount of permanent and variable costs:
C \u003d 11088,48 + 5463,4 \u003d 16551.88 thousand rubles.
Revenue from the sale of this product:
BP NP \u003d 16551.88 + (16551.88 * 0,2) \u003d 19862.26 thousand rubles.
Analysis of the coefficient of introduction of new products is possible by the formula:
Conclusion: Because Not given in the condition of the task, the overall revenue solving the problem is not possible.
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Introduction .............................................................................. 3.
- Financial innovations: Essence and Prerequisites .................. .... 5
- Backgrounds of the emergence of financial innovations .........5
- The concept of financial innovation .................................... 8
- Financial innovations as a market goods ................... fourteen
- Influence of financial innovations on the country's economy ............ .. 18
- Economic analysis of financial innovation ............... 18
2.2. The impact of financial innovations on the economy of the country ...... 20
Conclusion ........................................................................ 21
References ............................................................... 23
Appendix ........................................................................ 24.
Introduction
Financial innovations - new financial products, technologies and institutions - in last years Have an increasing impact on economic activities around the world.
In recent years, there has been a sharp increase in attention in Russia, which is associated with finance in the broad sense of this term: financial activities enterprises I. joint stock companies, securities, operation of banks, stock exchanges, insurance companies, pension funds, etc. Increased interest in obtaining economic and, especially financial and banking education. The work on the translation and publication in Russian foreign financial literature has sharply activated. There are works and domestic authors in the area under consideration.
Despite the significantly increased flow of financial information (in printed and in electronic format) for the Russian user, it is much less than the "ocean" world economic informationwhich enters the disposal of specialists, teachers and students in foreign countries. But one important area is presented completely insufficient. This area is financial innovation.
Therefore, financial innovations are today an urgent topic that requires detailed study, development, analysis and further applications in practice to improve the financial sector of the economy.
The task of the abstract is the consideration of financial innovation as an independent economic category operating in the financial market with all its peculiarities.
Objectives: First, to disclose the concept of financial innovation, their essence and prerequisites, secondly, to bring an economic analysis to financial innovation, identify the influence of the phenomenon under consideration on the country's economy.
The object of research is financial innovation. The subject of the study is the market of financial innovation as an independent sector of the general financial market.
The abstract presents two chapters: Financial Innovations: Essence and Prerequisites and the Impact of Financial Innovations on the Country Economy. The first chapter presents the main points and concepts characterizing this phenomenon. The second chapter discloses the consequences of innovations, leads an economic analysis to innovation.
The content of this work is both theoretical basis and practical. Examples that allow the phenomenon considered to be more clearly understood as a practical basis. Theoretical Foundation Presented by educational and periodic literature, as well as information from the Internet. The application includes tables and schemes that allow you to clearly trace the essence and importance of financial innovation.
- Financial Innovation: Essence and Prerequisites
- Financial Innovation Backgrounds
Financial innovation is called new financial instruments (new methods of work in the financial market).
25 years ago a large number of financial instruments that are now considered to be granted, simply did not exist. For example, current accounts (such as NOW \u003d NEGOTIABLE ORDER OF WITHDRAWAL (Agreement Order (order) of withdrawal), the current account with interest and write-off on non-cash calculations) were not available until 1972. Today, the number of financial instruments available to people with different amounts for investing has increased dramatically. The number of new financial institutions also increased.
An example is the situation that has begun during the crisis of 1979 in the United States; which was largely caused by the appearance of innovation. She was suggested by the blizzards that themselves were relatively new financial institute. They equated to a single dollar, thereby allowing to invest on any amount (in other securities it was possible only in the amount, multiple nominal). Pynes also offered to issue credit cards. Of course, all this was extremely tempting, and could not not cause a large tributary of customers. As a result, the rapid development of mutual effects. This led to the replication of the financial market (no one did deposits in Sberbank) and the terrible financial crisis ( lux Saving Associations), which lasted 4 years. For its elimination, a special association was created and even the segmentation of the banking sector was canceled. One of therapeutic measures was also the creation of now.
At the current account, interest was equal to zero, but it was possible to produce a plastic card. In parallel and interrelated with it, the R / C NOW was on some amount. Thus, opening the score, the client received a card with the ability to pay on it; At the same time, forming a negative balance at the current account. Instantly, the required amount was listed with now and restored the zero balance. So banks returned their customers, actually offering the same services as mutual mutual. In the end, segmentation was again introduced in 1986.
What explains these revolutionary changes in the financial system and the dissemination of new financial productswho have become available to consumers?
As in other sectors of the economy, the main goal of the financial industry is to receive profits by selling its products. If, for example, the soapy company will see the need for a detergent for laundries on the market; It will develop this product to meet this needs. Also financial institutions are developing new products for both their own goals and their customers. Innovations in this sector of the economy are mainly caused by the same factors as in other industries.
But we must not forget about another important reason for the emergence of new financial instruments: the desire to avoid more stringent restrictions than those faced by firms from other areas of the economy.
On the example of credit cards, consider the main factors affecting the development of financial innovation.
The most important factor is technology. The use of credit cards has become possible only as a result of creating telephone and computer networks, as well as other, more complex telecommunication systems, technical equipment and software for information processing. However, in order for credit cards to become an important part of a modern financial system, firms offering financial services and in constant search for new opportunities for profit should be prepared to use this advanced technology. Households and firms were to be ready to acquire these cards.
In the history of innovation, it often happens that the firm that is a pioneer in developing any potentially economically favorable idea does not receive the greatest benefits. This is true and in relation to credit cards. The first company, who proposed the use of banknotes on international trips was Diners Club, based immediately after the end of World War II. The success of this company prompted two other companies, American Express and Carte Blanche, to offer such credit card use programs.
Firms offering services for the use of credit cards (as a rule, a certain percentage of the purchase price), as well as in the form of interest, which are paid for using the loan by the owners of these cards (by the balance on the account). The greatest expenses of such firms are the costs of operations, losses due to theft of cards and the inability of their owners to repay their obligations.
When in 50 commercial banks for the first time tried to work with credit cards, it was found that they were not competing as a result of their too high operating costs with firms providing such services. However, at the end of the 60s, these costs decreased significantly due to the development of computer technologies and banks could already make serious competition to such firms. Nowadays, the leaders in the market of services using credit cards are two large banking systems: Visa and Master Card, and the share of Diners Club and Carte Blanche firms significantly reduced.
The current need for innovation is caused by the presence of a crisis of an economic or other process and the need to immediately eliminate this crisis at the expense of innovations.
Such an innovation is crisis Innovation. The main feature that determines the crisis innovation is to solve the problem of selling goods (work, services) due to the fall in demand for this product and a decrease in its sale, as well as a solution to a more complex problem - the problem of the survival of the economic entity in the market in a fierce competition. Crisis innovation is aimed at eliminating the organizational, industrial, economic or financial crisis of a given business entity.
Strategic need is a need for innovation to the future. It is caused by promising forecasts of economic activity, such as forecasts for the loss of competitiveness of goods, the fall in the image of the economic entity, possible by its bankruptcy, etc. The purpose of innovation here is to increase the competitiveness of the product and the entire business entity in the future. Such innovation is innovation of development.
The classification of innovation is shown in Fig. 1. (see arr.). The classification scheme of innovation includes the form and form of innovation.
The type of innovation is a combination of individual innovations reduced into a single group for certain signs (signs), which allows to distinguish this group of innovation from other groups. For example, in innovations allocated on targeted feature, types of innovation are crisis innovation and innovation of development; In innovations allocated on an external attribute, the types of innovation are the product and operation, etc.
The type of innovation includes different forms of innovation. The form of innovation is a group of innovation united by a single way of existence or a uniform essence of any innovation. This is a new technique, a new product, a new insurance product, a new tourist product (tour, cruise, tourist route, etc.), new product production technology, etc.
For example, in 1997, Petrovsky Bank (St. Petersburg) together with the department Pension Fund In St. Petersburg, the city center for the appointment and payment of pensions and benefits, the management of the federal postal service introduced for pensioners a new type of loan, the so-called microcredit. This microcredit is issued a pensioner to the nearest pension charge or a benefit under a rather low interest rate.
What is the essence of financial innovation?
1.2. The concept of financial innovation
In the general system of innovation, you can allocate financial innovation, i.e. Innovation that functions in the financial sector. Financial innovation, as well as any other innovation, is divided into crisis innovation and innovation of development; on a new financial product and new financial operation (see the classification scheme of the innovation shown in Figure 1 in the ad.).
1. The obligation to sell a new financial product in the financial innovation market.
2. The obligation to implement the financial transaction in the market or within the economic entity.
3. Functional dependence of financial innovation from time.
4. The peculiarity of the financial product itself, which is expressed, firstly, in the presence of single and mass demand, secondly, in the functioning of a limited and unlimited product, thirdly, in the existence of a product in the form of property and in the form of property rights (see Ad., Fig. 2.).
The obligation to sell a new financial product or operation means that if the product or operation is not implemented, then they are not new. They are simply not.
The dependence of financial innovation on time means that each innovation has its own life cycle.
The economic essence of financial innovation is expressed in the following.
Financial innovation is a finite result of innovation activities in the financial sector implemented in the form of a new financial product or surgery.
The financial product is the material part of the financial institution's license. The financial product has a type of thing (i.e. tangible form), intended for sale in the financial market. The financial product includes valuable stock papers, coins made of precious metals, plastic settlement or credit card, bank account agreement, pension policy, real estate object, etc.
1) mass;
2) unit.
A single financial product is an individual product. As a thing he has characteristic, only to him inherent in the features that allocate it among other products. In other words, a single financial product is a kind of any financial asset or product. For example, a specific coin of a particular precious metal, amber, a specific real estate, a share of the issuer - a specific economic entity, the bond of the issuer - a specific economic entity.
A single financial product has a clearly defined range of its buyers. Therefore, it is produced in the calculation of specific consumers (numismates, thesologists, investors).
Mass financial product is a product without sharply pronounced individuality. He has no special characteristic features. The mass financial product differs only by type of product or financial asset. It includes bonds of the state internal loan of all kinds, bank deposit account, pension policy, insurance certificate, option contract, futures, etc. The mass financial product is based on investors and ordinary citizens.
The new financial product happens:
1) limited;
2) unlimited.
The limited financial product is a product, a volume or amount of which is strictly quoted. This volume is installed when the product is released. The size of the volume (quantity) of the product is determined by many factors: the size of the authorized capital of the business entity, the demand of buyers, the presence of a unit of the product itself (real estate objects), etc.
Limited financial products include shares, bonds, types of credit agreements, real estate objects and some other products.
The unlimited financial product is a product, the volume (number) of which is not limited to any quotas. This product is manufactured in the potential buyer. The number of buyers is the magnitude of the uncertain. Therefore, the volume of the release of the unlimited financial product is not limited to any norms and conditions, except for the customer demand factor.
Non-unimited financial products include: coins made of precious metals, plastic cards, bank accounts, insurance certificates, pension policy, etc.
The new financial product may also be in the form:
1) property;
2) property law.
Property is a thing, that is, this is a material object of ownership. For example, money, measuring gold bars; Coins, precious stones, securities, land plot, etc.
Property law means the right to own, dispose of and use certain property. The financial product in the form of property rights includes documents: a bank account agreement, a loan agreement, pension policy, and so paragraph.
Financial operation (lat. Operatic - action) means a procedure for action aimed at solving a certain financial management task. Financial operations include forms of control and accounting of money and securities (money substitutes), methods of financial indicators planning, methodology for compiling financial plans of different types (balance of income and expenses, cash flow plan, budgeting, operational financial plans, etc.), Receptions of financial analysis, forms of financial work in the business entity, interactive and other similar investment of capital, Merger and other actions related to an attempt to capture an economic entity (for example, the actions of "investors-vultures"), actions to seize new financial markets.
Financial operations as actions have an intangible form, that is, they cannot be touched as a thing and therefore it is impossible to sell at a fixed price. To be sold, the financial operation must be materialized in the form of a thing. The formula for the materialization of the financial operation is instructions, rules, methodical instructions, formulas, graphs, i.e. some particular document. This document is already a financial product, and therefore the object of sale in the financial market.
Innovation means literally something new. This new as a product manifests itself only in the process of selling it in the financial market or when implementing within the economic entity.
The demand for the buyer to the financial product or operation determines the novelty of these types of innovations.
If a new Productthat appeared in the financial market is in demand and sold, it means that there are consumers of this product. The level of demand for a new product determines the level of its utility, and therefore the degree of its novelty.
Any new phenomenon is associated with the category "Time".
Time is an important stimulus of market development and a victory factor in competitive. Ahead of time - it means to get ahead of competitors. The economic entity, which was the first to come out with his financial innovation and seized his segment ("niche") of the market, quickly creates an image and a competitor with him is very difficult to fight.
The duration of the functioning of innovation on the market is determined by the time of its life cycle.
With duration in time, any new phenomenon becomes mass, traditional, i.e. ordinary phenomenon. Financial innovation is a time function.
where and is financial innovation;
t - time, i.e., the duration of the life cycle of financial innovation;
f-sign function.
Thus, the concept of "financial innovation" is valid only within the time of time, which is established by the initial and final point of the life cycle of this financial innovation. In this regard, it cannot be considered a financial innovation financial product or an operation that are new only for this financial institution, but which have long been implemented in other financial institutions.
Financial innovations also cannot also include minor changes that wear private order and do not change the content and essence of the financial product or surgery. For example, change interest rates by bank accounts, Time bank deposits and etc.
For example, it is not an innovation to establish a Sberbank of Russia from July 15, 1999. New interest rates on the contribution " Savings Sberbank Russia "for a period of 1 month and 1 day, 2 months and 1 day, 3 months and 1 day in the amount of 26, 27, 28% per annum, respectively; At the contribution of "Urgent Pension Sberbank of Russia" for a period of 3 months and 1 day in the amount of 28% per annum; Establishment from August 16, 1999 interest rates on the contribution of "Pension Sberbank of Russia" in the amount of 18% per annum, according to the "School" contribution - 2% per annum.
Thus, financial innovation in its content includes:
a) a new financial product that first appeared only in the Russian financial market, i.e., only in one financial institution;
6) a new foreign financial product for Russia, i.e., a new financial product that appeared in the Russian financial market, but has long been implemented abroad in the financial markets of other countries in accordance with their specific conditions and regulatory and legislative acts (jurisdiction);
c) new financial transactions.
1.3. Financial innovation as a market goods
Financial innovations are sold in the financial market.
The financial market is a complex system. Its complexity is determined by the inhomogeneity of the components of the elements, the variety of links between them, the structural variety of elements. This causes diversity and difference of system elements, multiplicity of their criteria. The dynamism of the financial market as the system is due to the fact that it is in the constantly changing composition of financial assets and their magnitude, in fluctuations in supply and supply for them, etc. This ensures an increase and deepening of the relations of the financial market as a system with an external environment and complicates the management process Financial assets. The financial market is open systemSince it exchanges information with the external environment.
The financial market is created by financial institutions: banks, stock exchanges, funds.
An integral part of the financial market is financial innovation. Without financial innovation, as without competition, the financial market cannot exist.
The innovative possibilities of the financial market are presented in Table 1. (see arr.).
Table material. 1 shows that each of the seven financial markets of the Russian Federation has great potential for the development of new financial products and new financial transactions.
In the Russian Federation, on the basis of the decisions of the Government of the Russian Federation of January 6, 1998 No. 6 "On the Federal Debt Center under the Government of the Russian Federation" and dated April 23, 1999 No. 459 "On the implementation of confiscated and arrested property" created and gradually develops a new financial market - debt market. The task of this market is the implementation of property (property rights) of economic entities - debtors, confiscated and / or arrested judicial bodies, including those who are abroad.
As an independent sector of the general financial market, you can allocate financial innovation market. This independency is due to the role that financial innovations play in the economic process, and the special place of the financial innovation market in the overall financial market system.
The financial innovation market is integral. Integrality of the financial innovation market means its inextricable communication with all financial assets, i.e. Its inseparable from all types of financial markets in their common system. Financial Market As a complex system includes a currency market, the market of precious metals and precious stones, the securities market, the money market, the credit market, the insurance market, the real estate market, the debt market. The financial innovation market includes the same complex system of financial market, thereby forming a single whole.
The location of the financial innovation market in the general financial market is also determined by the fact that it deals with new products, i.e. with new financial products and new financial transactions. Consequently, the financial innovation market is always the primary financial market.
As an independent sector of the general financial market, the financial innovation market has clear specifics, which manifests itself in:
Monopolization of the market caused by monopolization of innovations (innovations);
The rapid pace of development of the financial innovation market;
Features of the main laws of the financial market;
Riskiness of investment in financial innovations, i.e., the presence of venture capital investment in a new sphere of activity.
The features of the financial innovation market are due to the following moments.
On the financial innovation market there are transactions with new financial products and with new financial transactions, i.e. with certain types of innovations (innovations).
Feature of innovation as a market goods is relatively small duration of the life cycle of this innovation. After the expiration of a certain period, the innovation turns into a normal, i.e., "old", traditional, phenomenon and loses its uniqueness of the new product. The interest of the buyer to this product is already disappeared. Throughout the life cycle of financial innovation, the discount or investor-seller objectively has the exclusive right to this new financial product.
Financial product as a new product is sold mainly only once on the primary financial market.
In most cases, a new financial product is inseparable from the buyer, as it is produced for a particular investor-buyer and is often named. A new financial transaction developed and implemented by producer cannot be patented. But it is the know-how of this producer and therefore requires monopolistic rights to her. The loss of monopoly on this financial operation means for the producer and the loss of its money, profits, and maybe the entire business. All this objectively causes the financial institution as a financial innovation producer to be a monopolist in the financial innovation market.
Therefore, the monopoly of financial innovation is an objective phenomenon. The market of financial innovation without its monopolization does not exist.
The second line of the financial innovation market is his stormy development. The growth rates of the implementation of financial innovation is always ahead of the growth rate of the implementation of the financial asset of the corresponding financial market link. This is caused by the action of two factors.<:>
1) a stimulating role of financial innovation in the economic process;
2) the action of competition in the financial market.
Financial innovation serves as an important source of attraction of additional funds and income profit to the economic process. This is an incentive of development of both the entire economic process and the creation and implementation of new financial products and new operations.
On the other hand, the action of competitors makes the financial institution to take care of the high competitiveness of their products and conduct marketing research of the financial market and constantly create and sell the new financial product and operation.
2. Influence of financial innovation for the country's economy
2.1. Economic analysis of financial innovation
Financing innovation is always associated with risk, i.e. With the unknown, will the inclination of capital bring profit or will it be unprofitable? The crucial importance in innovation has selective risks (from lat. Selektio - choice, selection). Selective risks are the risks of improper choice of the type of investment investment in comparison with other types of investment.
Risk investment is venture capital (English. Venture is to venture, risk). Venture capital is valid under the capital diversification scheme. It is invested in non-related projects based on the rapid payback of invested funds and the high rate of capital profits (usually at least 50%). Payback of capital means that the magnitude of the inflow of money from capital investment becomes equal value Invested capital. It is measured by the payback period of capital, i.e. shows the period of time required to compensate for the initial costs of capital. The rate of arrived on the attached capital is the profit received from one ruble of the invested capital.
Any economic analysis explaining innovation should draw their attention to incentives that led to the emergence of new financial instruments. Economists argue that this is caused by the desire to maximize profits. In other words, to make (stay) rich.
This opinion leads to simple conclusion: changes in the economic situation stimulate the search for profitable innovation.
Starting from 1960, participants financial relations Faced radical changes in the economic environment. The inflation rate and interest rate increased significantly, and they were difficult to predict; What changed the parameters of demand in the financial markets. A rapidly developing computer technology also changed the proposal parameters. In addition, financial constraints have become even more stringent. Financial Market Agents understood that the old business methods have ceased to profit. Financial products and services they offered to their customers, no one bought. Lots of financial intermediaries He recognized that they could no longer acquire funds using old financial instruments. To survive in new economic conditionsFinancial institutions had to invent and develop new products and services that would be necessary to buyers and prove their profitability. This process is called financial engineering. Thus, the need was a mother innovation.
Even owners of companies that have not affected by the financial revolution, realized; That these changes in the economic environment can be used to increase their well-being. They began to search for new profitable financial products and services. Their efforts made a large number of multimillionaires and marked the development of many financial innovations known to us now.
There are 3 main types of innovation: caused by changes in the demand parameters, supply parameters, and also caused by the desire to avoid restrictions on the market. Consider financial innovations caused by changes in the demand parameters.
The most significant change in the economic environment in recent years, which has changed the demand for financial products, was an increase in the impermanence of interest rates. For example, in the 50s, interest rates on three-month treasury bills were fluctuated from 1% to 3.5%; In the 70s same from 4% to 11.5%. This impermanence has become even more sharply pronounced in the 80s., When the scatter was 5-15%. Large changes in interest rates are either significant gains or capital losses; as well as an increase in investment uncertainty. That is, there is always a risk of not getting back spent amounts of money ( risk of interest rates). And those oscillations that we saw in the 70s and 80s. lead to a higher risk level of interest rates. With increasing risk, we will expect an increase in demand for financial products and services that can reduce it. This change in economic conditions, thus stimulates the search for profitable innovations that satisfy new demand; And also speeds up the creation of new tools that reduce the risk of interest rates. There are many cases confirming this. For example, appeared in the 70s. futures market and options market; as well as the development of loans with an adjustable interest rate.
2.2. Influence of financial innovation for the country's economy
Thus, financial innovations can have both a positive impact on the economy of the country (development innovation) and negative (crisis innovation). What to expect from innovation? - This question is interested in many economists and financiers. The answer to it and requires economic analysis of financial innovation. But the problem consists not only in this. The innovation requires funds, investment. Venture investments are most often for anything, just not in high-tech business. According to experts, only about 1% venture investment In Russia goes to development high technologies. Venture investors prefer more relaxed applications of capital. The unwillingness to support Russian innovations in principle is understandable. Some explain these by technologyalism of foreign venture funds, their fear, that Russian innovations can challenge Western industrial leaders in separate regional markets. Alleged projects in the "traditional" industries are focused mainly on the domestic market, and High Tech projects are most effective only in case of export to international markets. Such thoughts are definitely growing for the patriot of Russian science.
It is also known that the Russians still love "iron people", prefer the traditions of innovation, unity of pluralism, solutions to the authorities of a personal choice.
Conclusion
Summing up the above, it should be noted that within the framework of this work it is in fact possible to cover all the provisions and problems associated with financial innovations.
Financial innovations are not planned by any centralized bodies, but arise as a result of actions of individual entrepreneurs and firms. The main economic motives stimulating the emergence of innovation in the financial sector, in essence, are no different from the motives acting in any other areas of human activity. As Adam Smith noted, "each individual seeks to use his capital so that it brings the greatest profit. In his intention, as a rule, he does not include serving public interest, he usually does not even know how much contributes to their satisfaction. It takes only his own security and profits. But the individual, aspiring exclusively to his own gain, is sent by the invisible hand (Invisible hand) to the result, which was not included in his intention. Following our own interests, he often contributes to the development of society much more efficiently than if he really intended to do it. "
The fact that, thanks to the introduction of credit cards, international travel has become much more convenient and cheaper, no one has doubts. Their invention and distribution brought benefits to millions of people and contributed to the "democratization of" finance.
How did it happen? The abstract gives an answer to this question in the first chapter, disclosing the prerequisites for financial innovation. The paper presents examples that help not only better assimilate this topic, but also clearly realize the importance and necessity of financial innovation.
Credit cards are just one example of a huge amount of financial products developed in the last 30 years, radically changing the nature of the actions of people in the economic sphere. In the aggregate, all these innovations significantly increased the possibilities to find an effective balance between risk and profitability, properly dispose of personal investments, as well as more accurately correct their individual needs throughout their life, including the accumulation of funds during the working age and the use of them after retirement.
The paper showed that financial innovation is an independent economic category, which affects the financial sector of the economy, which is the task of the abstract.
Objectives given at the beginning of work are also implemented: firstly, the concept of financial innovation, their essence and prerequisites, and secondly, is given an economic analysis of financial innovation, the influence of the phenomenon under consideration on the country's economy has been revealed.
For the development of financial innovation, their use to fully improve general economic and financial education in Russia, improving the qualitative level of scientific research and the effectiveness of the functioning of the financial and credit system, which require an increase in the issuance of scientific and educational literature, in which at a high professional level, But at the same time, foreign experiences of scientific research, education and financial institutions would be highlighted.
Bibliography
- Balabanov I.T. and others. Money and financial institutions. - SPB.: Publishing house "Peter", 2000.
- Balabanov I.T. Innovative management. - St. Petersburg: Publishing House "Peter", 2001.
- Melnikova T.I. Financial management: Reader. - Novosibirsk: Sibugs, 2001.
- Financial Innovations: Foreign Experience / M.V. Lychagin, B. Scott-Queen, V.I. Suslov. - Novosibirsk: Science, 1997.
- E. Jamai. Problems of Optimization of R & D Resource Provision in Modern Economic Conditions // Director Consultant, No. 5 (137), 2001.
- Russian newspaper. 1998, January 15th.
- Russian newspaper. 1999, April 29th.
- Financial innovations /
- "Stable Russia - only mask" Washington Times, 2003 /
ATTACHMENT
Table 1.
Innovative Characteristics of the Financial Market
Russian Federation
Market financial assets | Existing on the market | Possible financial innovations |
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financial products | financial operations | new financial products | new financial operations |
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1. Monetary market |
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Securities in currency | 1. Reserve currency: English pound sterling, US dollar, German brand, Swiss franc, Japanese yen 2. Remain Freely Convertible Currency: Australian Dollar, Austrian Shilling, Belgian Frank, Dutch Gulden, Danish Crown, Spanish Props, Italian Lira, Canadian Dollar, Kuwaiti Dinar, Lebanese Pound, Norwegian Crown, Singapore Dollar, French Frank, Finland Mark, Swedish Crohn, Egyptian Pound, Portuguese Escudo, Greek Drachma, Irish Pound, Iceland Croon, Turkish Lira, Czechoslovatskaya Crown, SDR, Euro 3. Travel checks: American express | 1. Sugar report 2. Avaluate depart 3. Currency arbitration 4. Associate arbitration 5. Heading 6. Currency accounting loan 7. Factoring in currency 9. Fingering 10. Open Account Credit 11. Acceptance credit 12. Acceptable Ramburse Credit 13. Financial loan for currency | The new kind Reserve currency new type of freely convertible currency new types of securities in currency: currency bonds for the population | Currency percentage swap Swap with zero coupon Slow operations Warehousing of swaps Operations under the FRA agreement |
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DINERS CLUB INTERNATIONAL, etc. 4. Evrochie Credit Institutions of Great Britain, Italy, Netherlands, France, Germany, Austria, Andorra, Belgium, Denmark, Spain, Luxembourg, Norway, Portugal, Finland, Sweden, Switzerland 5. Currency actions, bonds, bills, options, futures 6. Contract on the currency swap 7. Forward contract for currency 8. Credit contract (agreement) for currency | |||||||||||||||
2. The market of precious metals and precious stones |
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2. Silver; 3.Platin; 4. Metals of the platinum group: palladium, iridium, rhodium, ruthenium, osmium; 7. Domestic; 8. Sapphire 9.Alexandrite; 10.Gemchug: Oriental, river, river round mass more than 0.25 carats; 11. Yantar | Standard gold bars Standard silver bars Standard platinum bars Measuring gold bars weighing 10, 20, 50, 100, 500 and 1000 g of coins made of precious metals Natural precious stones Gold swap contract Unique amber education Unique nuggets precious | Metallic account operations Secure operations Svopling with gold | 1. New coins made of precious metals 2. New commemorative medals from precious metals | 1. Operations with natural precious stones |
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metals Unique nuggets of precious valuables | |||||||||||||||
3. Securities Market |
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Fund Securities: Promotion, Bond, Warranta, Option, Futures Other types of securities: Certificate of the Bank, the treasury commitment of the state, bill, bill of exchange Commercial Securities: Check, Accremen, Payment Order | Promotion: ordinary, privileged, "golden", type "a", like "b", convertible VARRANT, certificate per share or bond, double warehouse certificate (consists of 2 parts) Deposit Certificate of Bank Savings certificate Treasury obligations of the state; Bill of lading; Bonds: International (external) loan, state domestic loan of the RSFSR 1991, state short-term oscillation bonds, federal loan, gold federal loan 1992, municipal bonds, bonds of economic entities (banks, joint-stock companies, etc.), convertible Contract for the Bond, Check, letter of credit, payment order | Arbitration deal Loan secured by securities Lombard Credit Transmission of bills, check, cavias with an endorsement Protest bill Domicyllation bill Outcasting bills Aval Vacks, Check Acceptance bill, check swinding | Shares of new joint-stock companies State non-market coupon bonds | Electronic transactions with stock securities on the principle "Client-Service" (Interactive Investment) Rent interest income on bond Novation for state oscillations Novation on bonds of federal loans with permanent and variable income Swap with zero coupon (on bonds) Arbitration "Cashend Curry" |
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4. Monetary market |
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Bank Account Treaty Deposit Treaty Contract for swap for "short" money Treaty trust management property Bank settlement map Varieties of cards: credit card; Debit card; Smart Map. Discount card | Purchase and sale of money at auction Trust operations (trust management) | Contract New types of bank accounts | New types of bank deposits Operations on the combination of overdraft constant Company incorporation |
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5. Credit market |
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Credit resources (borrowed capital) in rubles) | Credit Agreement (agreement) Mortgage Pledge certificate Loan agreement Bank credit card | Financial Credit: Urgent Contractor, Onchool, Mortgage Commercial loan: branded, bill (accounting), factoring, overdraft | New types of loan agreement New types of loan agreements | Microcredit for pensioners Credit for the future receipt of goods or money |
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6. Insurance market |
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1.Shild certificate (Policy) 2.Strakhova medical Policy 3.Pensional policy | 1. Insurance certificate (or insurance policy) 2. Individual contract of additional pension 3.Strapho Medical Policy (Individual) | 1. Insurance: Personal, Property, Responsibility 2. Credit for insurance | 1. Required liability of motor vehicle owners 2. The system of new |
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responsibility of borrowers for improper loans | 1.Stricate policies of foreign insurance companies 2.Shildren group of mutual insurance | types of responsibility 3.Shism title 4. Insurance of the walls of the building (i.e., the buildings of the apartment) from the destruction 5. Enthanate insurance of enterprises on the principle of preferred risk (ie mutual risk insurance) |
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7. Real Estate Market |
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1.Teneral plot 2. Supplies subsoil 3. Required water bodies 4. In the sea 5. Forest Foundation 7. Software 8.Inprior 9. Apartment 10.The class state registration Air and sea vessels, internal dressing vessels 11.Semical objects | 1.Vides real estate 2. Tax property estimates 3. Westernity about ownership | 1. Section of real estate 2.Kupil-selling real estate 3.Rend real estate | 1.Name types of real estate (plot of the moon, land and plots of subsoil in Antarctica, etc.) | 1. NEW TYPES OF RENT (Rent of the Sea section, Caves, Mountains, etc.) Real estate operations of debtors and with confiscated real estate (these are the objects of the new one who has just begun to develop in Russia of the financial market of debts |
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Financial innovations
Financial innovations
methods applied by firms in order to implement transactions with new types of financial assets or in new operations with existing assets, allowing more efficient to use financial resources companies.
Raisberg BA, Lozovsky L.Sh., Starodubtseva E.B.. Modern Economic Dictionary. - 2nd ed., Act. M.: Infra-m. 479 p.. 1999 .
Economic Dictionary. 2000 .
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Books
- Innovation in Russia. System-institutional analysis, S. I. Agabekov, D. I. Kokurin, K. N. Nazin. For modern Russia, the issue of increasing innovation activity is a matter of the country's place in the world arena in the next 20-25 years. And it costs not less acute than 10-15 years ago, ...
- Problem innovations. Risks of mankind. Economic, social and ethical aspects, A. E. Warsaw. In the monograph based on an interdisciplinary approach, innovations created in the face of the complication of new knowledge in order to implement changes in human life and society are considered. ...
