The main purpose of financial resources is to finance the costs of the socio-economic development of the territories.

In view of different approaches to the definition of the concept of "financial resources of the region", many scientists differ in their views on the sources of their formation.

In a generalized sense, the financial resources of the region according to the sources of origin are divided by scientists into financial resources of internal and external origin.

Financial resources of internal origin, first of all, include funds from local budgets, extra-budgetary funds, enterprises and institutions of the region of any form of ownership and field of activity, as well as money of the population, that is, funds that are of internal origin for a certain territory.

Financial resources of external origin include subsidies and subventions from the state budget, funds that are borrowed or attracted by business entities and the population from sources external to a given territory, and international assistance.

According to N. Kolesnikova, the financial resources of the region include the following elements: own funds of business entities that carry out commercial activities in the production and non-production spheres; funds of credit and financial regional institutions, their branches in the region, funds of local budgets of cities, districts and settlements.

Due to the high level of the shadow national economy, according to T. Klimenko, shadow capitals are also included in the financial resources of the region and should be taken into account in the formation of its financial potential, since this is real money that could be used to restructure the economy, develop social sphere of the region, but do not take part in these processes, that is, they are potential investment resources.

Despite the discrepancies in the conclusions of experts regarding the definition of the level of the shadow economy of a state or a separate region, it should be noted that the funds that circulate in this area, given the appropriate conditions, can turn into significant investment resources.

Changes in the economic environment lead to the emergence of new elements in the structure of the financial potential of the region. With the development of foreign economic activity, it is advisable to include such a group of financial resources of external origin as investments in free economic zones and priority development areas, loans from the International Monetary Fund, the European Bank for Reconstruction and Development, borrowing in international financial markets, technical assistance into the region's possible financial resources. international financial institutions. Funds from these sources can be received by economic entities of the region, as well as local governments for the solution of socio-economic programs.

A special role in the investment opportunities of a particular region, which is due to the presence of a sufficient amount of unused financial resources, according to S. Yaroshenko's conclusions, is assigned to the credit potential of the local banking system, since the borrowed capital of the banking system determines the amount by which the system of commercial banks can increase the amount of money in circulation by providing new loans to individuals and businesses.

However, it should be noted that without the appropriate property or other security of the loan from the borrowers, the funds of the credit and financial system, including banking institutions in the region, will remain as a potential source of financial resources or withdrawn from the region.

The sources of financial resources of internal origin 3. Gerasimchuk, L. Kovalskaya include depreciation deductions from enterprises and organizations.

However, most scientists are of the opinion, including us, that the region's financial resources include:

Resources of budgets of all levels (used for current financing of the regional economy, social sphere, financing of the most important development projects of the respective territories);

Investments;

Extrabudgetary funds;

Resources of business entities allocated for the socio-economic development of the territory;

Credit resources of commercial banks and other financial structures (used for urgent and repayable financing of working capital and capital investments).

Figure 2 shows the composition of the region's financial resources.

The main source of the formation of the region's financial resources is budgetary funds. They form the basis of the financial system of the state, strengthen the economic independence of regional authorities, expand the economic potential of the region, identify and use the reserves of financial resources, which in turn affects the development of the administrative-territorial unit and the state as a whole. Therefore, it is important to study the process and problems of the formation and execution of the revenue and expenditure side of the budget at the regional level.

Figure 2 - The composition of the region's financial resources

The composition and structure of local budget revenues are largely determined by the financial policy of the state. Depending on the macroeconomic indicators and geopolitical events, the specifics of the territory, its location, socio-economic development and other factors, there is a differentiation of the channels of profitability - some of them become the main ones, others are secondary, and the third ones cease to give a return altogether.

In this regard, the essence of the operational management of the territory is the constant analysis of the channels of profitability, the impact on them by direct and indirect means, their restructuring depending on the current situation.

An analysis of the formation of budget revenues in various countries shows that, despite the variety of specific types of payments, there are three main channels of budget revenues:

1) mandatory payments of individuals and legal entities levied in the form of taxes and fees;

2) non-tax income and mandatory payments;

3) gratuitous receipts.

In the context of the transition to a market economy, as noted above, the share of tax revenues in the budget revenues of the Republic of Belarus increases significantly and makes up about 90% of the revenue side of the consolidated local budgets. The development of market relations is accompanied by an increase in the role of regional budgets, the economic essence of which is to provide financial support for the activities of local government and self-government bodies.

The structure of tax revenues includes the following types of revenues levied in the budget and classified depending on the object of taxation or in accordance with the source of tax liabilities: direct taxes on income and profit; property taxes; taxes on goods (works, services); other taxes, fees and duties.

The structure of non-tax revenues and obligatory payments includes payments and other receipts classified by the nature of their receipts to the budget and including compensated transactions from the direct provision of services by the state and the sale of goods (income from state property and entrepreneurial activity, receipts from non-commercial and related sales of goods, net profit or interest received from the National Bank and monetary authorities in the form of share premium), as well as some gratuitous payments in the form of fines, sanctions, confiscations, all voluntary current receipts from non-state sources (from individuals and legal entities), etc.

This group of income is divided into four types: income from state property and business activities, administrative fees and payments, receipts from fines and sanctions, other current non-tax income and mandatory payments.

The category "Gratuitous receipts" is classified by sources of income and represents voluntary and optional current or capital transfers received from foreign states, from other levels of government (from the budgets of one level to another) and from countries participating in international organizations and agreements. Budget revenues may include gratuitous receipts in the form of grants, subventions, as well as loans (credits) provided from a higher-level budget to a lower-level budget.

In accordance with the classification of budget revenues, the received gratuitous receipts are divided into two groups - current and capital.

The group "Current gratuitous receipts" includes types of income: current gratuitous receipts from abroad and from other levels of government; current gratuitous receipts from countries participating in international organizations and agreements and are intended for the implementation of current expenditures in the field of public administration.

The group "Capital gratuitous receipts" includes receipts that are intended for the implementation of capital expenditures in the field of public administration. This group includes two types of income: capital gratuitous receipts from abroad and from other levels of government, as well as capital gratuitous receipts from countries participating in international organizations and agreements.

Taxes are an important economic category historically associated with the existence and functioning of the state. The main purpose of taxes is to ensure the material conditions for the existence of the state and the performance by it of the functions of managing the economy and society.

By their form, they can be defined as mandatory cash payments withdrawn to the budget. If we consider the material content of taxes, then they represent that part of the national income that is collected from business entities and the population for national needs. With the withdrawal of taxes between the state and taxpayers, monetary relations arise that affect the essential interests of participants in the creation and distribution of national income. The interest of the state lies in the withdrawal of a part of the national income for general state needs, in the mobilization and redistribution of these funds through the budget. The owners of the national income created or received for the work or services performed during the withdrawal of taxes affect the primary economic interests, since their real incomes decrease, which in turn entails a reduction in resources for the expansion and improvement of production. The expropriation process has a one-way movement of value from the taxpayer to the state without a direct equivalent exchange.

There are many factors that can negatively affect the state of local budgets. One of the problems in the formation of the revenue side is the high subsidization of regional budgets. Low self-sufficiency can cause a number of negative consequences: high dependence on the will of higher authorities, generation of dependent sentiments of local self-government bodies in the formation of budget revenues and a decrease in their responsibility for budget execution, mobilization of additional revenues, inflexibility in the use of financial resources and fulfillment of obligations to the population ... In addition, in recent years, there has been a decrease in the number of local taxes and fees, which leads to a reduction in the sources of filling local budgets.

Consequently, in order to ensure the independence of the region, it is necessary to search for new sources of financing for its resource base.

The sources of the formation of financial resources in the region are also: resources of business entities, extra-budgetary funds of budgetary organizations, investments, credit resources of commercial banks.

Investments are the second largest source of formation of the region's financial resources.

Investments - long-term capital investments with the aim of making a profit. The availability of investments and their competent use allows ensuring competitiveness, the formation of the future profitability of the enterprise and an increase in its price. Investments are a key element of financing innovations, the dynamic development of an enterprise undergoing constant transformation.

The availability of investments and their competent use allows ensuring competitiveness, the formation of the future profitability of the enterprise and an increase in its price. Refusal to attract investments today means refusal of future profits and is tantamount to disinvestment.

Implementation of investment activities and attraction of foreign investment will increase the region's revenues through the proceeds of value added tax, income and profit tax, and income tax.

Extra-budgetary funds are another source of the formation of the region's financial resources.

Extra-budgetary funds - funds at the disposal of institutions and organizations, allocated not from the local or republican budget, but formed from other sources.

They can form when:

Checking estimates for design work and estimate documentation for objects;

Attracting funds from individuals and organizations for the construction of social facilities and landscaping;

Provision of paid services;

Concert activities of musical groups and festive and anniversary events;

Attraction of sponsorship funds, etc. ...

Funds of business entities are directed to the development of industrial and social infrastructures. The main source of funds for these purposes is the profit of business entities. Trust funds are formed from the profit that remains at the disposal of business entities. At the expense of this fund, the collectives of employees of economic entities have the opportunity to meet the needs for housing, social, cultural and consumer services.

A significant amount of financial resources of business entities is directed to the maintenance of housing and communal and cultural and domestic facilities under their jurisdiction.

Recently, the method of shared participation of enterprises in the creation of infrastructure facilities has been used locally, that is, there is a cooperation of financial resources of departments and regional authorities. This makes it possible to use financial resources more efficiently, and to realize their recoupment faster.

The financial resources of the regions are reflected in the consolidated financial plan. This document determines the amount of funds that are created and received in the region, as well as the directions for the use of funds on its territory.

In conditions of low purchasing power of the population, a deficit of regional budgets, bank loans are one of the sources of financial resources for enterprises and institutions. Banking and insurance funds, as well as funds of mutual investment funds, are the most mobile, since they are constantly in circulation.

The banking system is a powerful mechanism for the concentration and investment of financial capital, the creation of additional financial resources in the region and the state as a whole with the help of a banking multiplier.

However, according to the conclusions of experts, at the present stage of development, the national banking system has insufficient capitalization, which is a general problem of financial stability and autonomy of the banking system, and, consequently, the problem of proper servicing by banks of their monetary obligations.

The reliability of the entire economic system and the dynamics of further development depend on the quality of the banking system, because it also performs the function of ensuring the circulation of financial resources in the state.

Thus, in modern conditions, when, along with the state, private business and the population act as economic entities, the financial resources of the region are not limited only by budget funds. The variety of subjects of a market economy determines a significant number of sources for the formation of financial resources, their relative isolation, chaotic movement and interaction. As a result, there is a transformation of the static concept of "financial resources" into a dynamic concept - "financial potential", the formation and rational use of which involves planning the movement of financial resources of any origin, including those whose private owners are interested in maximizing profits with minimal risks.

The formation of the financial resources of a region depends on its financial potential, therefore, we will study methodological approaches to its assessment.

The regional financial market is a relatively isolated sphere of relations regarding the purchase, sale, placement of financial and credit resources, ensuring their reproduction in the region and the regulation of the flow of these resources in accordance with changes in supply and demand. The regional financial and credit market is a rather complex formation, consisting of closely interconnected and interacting segments.

According to the principle of servicing the movement of fixed and working capital, the regional market for short-term loans (money market) and the regional market for medium-term and long-term loans (capital market) are distinguished. According to the principle of formalizing relations between the subjects of the regional financial market, the market for bank loans and the securities market are distinguished.

The formation and development of the regional market of bank loans presupposes the fulfillment of the following conditions: the availability of temporarily free funds, the need for funds for the development of economic activities of entities, the presence of a system of financial and credit institutions in the region.

The demand in the regional market for bank loans is determined, first of all, by the degree of business activity in the region, the availability of favorable opportunities for the development of production, the development of new market structures, support for entrepreneurial activity, and regional investment policy.

A relatively independent subsystem of the regional financial market is the regional securities market. The specifics of supply and demand in the regional securities market are determined by the action of socio-economic factors:

The scale of privatization in the region and the formation of new joint stock companies,

Emission activity of regional authorities,

Development of companies in the region focused on attracting funds from the population to the securities market,

Other factors.

The following sectors can be distinguished on the regional securities market: government securities, shares of privatized enterprises, bank shares, municipal bonds, corporate bonds.

The formation of the regional financial market presupposes the presence in the region of a developed network of commercial banks, insurance companies, investment funds and other financial and credit institutions, the main purpose of which is to ensure the flow of capital, both at the intersectoral and interregional levels.

The aim of the course work is to study the functioning of the regional financial market.

To achieve this goal, it is necessary to solve a number of important tasks:

1. Study the necessity and essence of the financial market;

2. Describe the specifics of the market;

3. Conduct an analysis of the regional financial market.

The methods of writing a term paper are the study of literature and grouping.

The object of the research is the financial market.

The subject of the research is the financial market of the Omsk region.

In the preparation of the course work, textbooks, teaching aids, and periodicals were used.

1. The essence and significance of the financial market

1.1 The concept and structure of the financial market

The financial market is an organized or informal system for trading financial instruments. In this market, money is exchanged, loans are provided and capital mobilized. Financial institutions play the main role here, directing cash flows from owners to borrowers.

The commodity itself is money and securities. The financial market, therefore, is designed to establish direct contacts between buyers and sellers of financial resources.

The differences are determined by the purpose of the borrowed funds. The money market serves the sphere of circulation, capital functions on it as a means of circulation and payment, which determines the types of financial instruments in this market. The capital market serves the process of expanded reproduction: capital functions as a self-increasing value.

The process of accumulating money capital is preceded by the stage of its production. When money-capital is created and is still in the sphere of production, it is net money-capital. Its transfer to other spheres of the economy means that it takes the form of loan capital. The loan market (as part of the capital market) is capable of pooling small, scattered funds that by themselves cannot act as money capital. Combining them into large amounts allows the market to play a large role in the processes of concentration and centralization of production and capital.

The role of the loan capital market in the economy is manifested in three main directions:

1) provision of loan capital to the private sector, the state and the population, as well as foreign borrowers;

2) accumulation of free money capital and money savings of the population;

3) accumulation and concentration of fictitious capital.

Fictitious capital is understood as the accumulation and mobilization of money capital in the form of various securities (the second part of the capital market), which, unlike real capital (in the form of money, equipment), is not a value, but only the right to receive income.

Securities are monetary documents certifying the ownership or loan rights of the owner of the document in relation to the person who issued such a document (issuer) and bears obligations under it. The independent movement of fictitious capital in the market leads to a sharp gap between the market value of securities and the book value, which further exacerbates the gap between real tangible assets and their relative financed value presented in securities.

Thus, the national financial market consists of three segments:

1) the money market (circulating cash and other short-term means of payment - bills of exchange, checks, etc.);

2) the market for loan capital in the form of short-term and long-term loans provided to borrowers by financial and credit institutions;

3) the securities market, which is divided into the over-the-counter (primary) and exchange sectors, as well as the "street" sector.

The main function of the securities market is the distribution of funds, the flow of capital from one industry to another through market instruments (securities). Through the mechanism of issuing, placing, buying and selling securities, the necessary investment sources are formed for the modernization and expansion of all spheres of social reproduction. Securities are issued primarily with the aim of mobilizing and more rational use of financial resources of enterprises and savings of the population.

With a prolonged imbalance in the supply and demand for capital as a result of fluctuations in the economic environment, loan capital begins to be invested where it is possible to receive income in the form of interest and dividends.

The depersonalization of the loan capital market is manifested in the fact that its development and movement is carried out through the securities market (in order to receive income not lower than the average rate of loan interest).

Consequently, the holder of securities has the ability to turn fictitious capital (securities) into real, money. Therefore, the securities market is an integral part of the national capital market.

The functioning of the securities market is largely speculative. The state participates in the redistribution of capital, acting through its credit institutions both as a seller and a buyer of securities. Banks, insurance companies, investment and pension funds, carrying out operations with securities, are already accumulating real capital, subsidizing the state, enterprises and the population.

Since not all securities are derived from money capital, the securities market cannot be fully attributed to the financial market. In the part in which the securities market is based on money as capital, it is called the stock market (as an integral part of the financial market).

The stock market forms the majority of the securities market. In Russia, however, the legal space and infrastructure of the stock market has not yet been completed.

Often the concepts of the securities market and the stock market are considered synonymous. Stock market securities include commodity and currency futures, exchange options, etc.

The securities market has a number of functions that can be divided into general market (inherent in each market) and specific (distinguishing this market from others).

The general market functions of the securities market include:

1) commercial (making a profit);

2) price (formation of market prices);

3) informational (bringing the necessary information to the participants);

4) regulatory (creation of rules for trade and participation in it).

The specific functions of the securities market include:

1) redistribution function, which can be divided into three sub-functions:

Redistribution of funds between industries and areas of market activity;

Transfer of savings (of the population) from unproductive to productive form;

Financing the state budget deficit on a non-inflationary basis, i.e. without issuing additional funds into circulation;

2) the function of insurance of price and financial risks (hedging).

Considering the scale of economic transformations to be done in Russia in the process of structural restructuring, colossal financial resources are needed, which neither the budget system nor the internal sources of financing existing at enterprises can provide. In this regard, the role and importance of the financial market in the development of the economy can hardly be overestimated.

1.2 Place, role and features of the functioning of banks in the transition period

In the general set of financial relations, three large interconnected areas are distinguished: finance of economic entities (enterprises, organizations, institutions), insurance, and public finance. Together, they form the financial system of the state.

The finances of business entities are the main element of the financial system and represent monetary relations associated with the formation and distribution of financial resources. The formation of financial resources is carried out at the expense of the following sources:

Own funds (for example, share capital, profit from operating activities, earmarked receipts, etc.);

Funds mobilized in the financial market;

Funds received in the order of redistribution (for example, budget subsidies, subventions, etc.).

Insurance is a legal relationship based on an insurance contract and the law regarding the creation of a targeted insurance fund intended to compensate for possible damage in connection with the consequences of actually occurring insured events.

State finances form federal, regional and local budgets, as well as state extra-budgetary funds, the main of which are the Pension Fund, the Social Insurance Fund, the Employment Fund, and the Federal Mandatory Health Insurance Fund.

The interaction between the highlighted links of the financial system is carried out, as a rule, through the mediation of the institutions of the banking system.

Banks, thus, form one of the central links in the system of market relations, and the development of their activities is a necessary condition for creating a real market mechanism.

The modern banking system in Russia is a transitional system. As a market model, it can be divided into two tiers.

The first tier covers the institutions of the Central Bank of the Russian Federation that issue money into circulation (issue). Its main task is to ensure the stability of the ruble as a national currency, as well as to supervise and control the activities of commercial banks.

The second tier covers various commercial banks, whose task is to serve clients (enterprises, organizations, the population), provide them with a variety of services through the implementation of credit, settlement, deposit, cash, foreign exchange and other operations.

The development of banks is historically inextricably linked with the development of commodity production and the sphere of circulation. Making monetary settlements, lending to enterprises, acting as an intermediary in the redistribution of capital, banks significantly affect business activity and the overall efficiency of the economy.

The activities of banks are closely related to the needs of reproduction. Satisfying the interests of producers, they are intermediaries in relations between industry and trade, agriculture and the population. Banks have significant financial strength and significant cash capital.

In the economy, the banking system occupies a special position, which is determined by the fact that banks are the embodiment of both the borrower and the lender in one person. Banking plays a very important role in the movement of capital and at the same time carries with it the danger of increased socio-economic risk. Therefore, in all countries with developed market economies, banking is regulated by special legislation.

The banking system in a market economy thus plays three main roles.

1. The developed structure of commercial banks manages a payment system that ensures that enterprises and individuals fulfill their obligations to each other.

2. Banks, along with other financial intermediaries, channel the savings of the population to firms and commercial enterprises. The efficiency of the process of investing funds largely depends on the ability of the banking system to provide loans to precisely those borrowers who find ways to use them optimally.

3. Commercial banks, acting in accordance with the monetary policy of the Central Bank of the Russian Federation, regulate the amount of money in circulation. Stable and moderate growth in the money supply with a corresponding increase in the volume of production ensures the constancy of the price level. The task of monetary policy is also reduced to ensuring, if possible, full employment and growth in real output.

The activities of banks operating in the Russian market today, in contrast to banks in countries with developed market economies, are focused mainly on making a profit. The participation of credit resources in the real investment process is limited, since capital investment in production is associated with a significant decrease in the turnover of funds and high credit risks. Therefore, due to limited investments, the modern two-tier structure of the Russian banking system does not fully meet the needs of today. The weakness of productive capital deprives the entire set of economic relations of a reliable foundation and gives no reason to call capital a really dominant category of the modern Russian economy.

Banks, being independent financial and credit institutions, carry out their activities taking into account a number of external and internal factors.

External factors include:

Instability of the political situation;

Economic conditions;

The legislative framework;

Interbank competition;

Banking infrastructure, etc.

Internal factors include:

Availability of resources;

The structure of available funds;

Bank liquidity;

Bank specialization;

Availability of specially trained personnel.

The increase in entrepreneurial activity of credit investors and their borrowers is associated with the development of interbank loans. In a developed market economy, the interbank loan sector is one of the most important sectors of the financial market.

As world practice shows, due to credit operations in the interbank market, a significant part of the net profit is formed, which is deducted to reserve funds and goes to pay dividends to the bank's shareholders. An interbank loan allows you to solve the problem of ensuring the current liquidity of the bank and reducing the cost of maintaining the required level of liquidity.

Interbank loans are most often in the form of loans with a fixed rate, issued for a period of up to one year, or rollover loans, issued for a period of more than one year, but with periodic revision of the rate (once a month, quarterly, half a year or a year). For the most reliable clients, an account overdraft can be used.

The interbank credit market is dominated by loans for a period of one to seven days. The interest rate on interbank loans is determined in the loan agreement and depends on the market interest rate, loan term, type of interbank loan, currency.

Since 1994, the auction market for centralized bank loans, organized by the Central Bank of Russia, has been developing. The size of the loan intended for one borrower is limited (no more than 25% of the exposed resources). The auction loan must be secured by a pledge of the bank's assets.

The state of the interbank credit market in Russia has been unstable in recent years. The transition of the interbank settlements system from payments through correspondent accounts to interbank clearing had some stabilizing effect on the interbank credit market.

Clearing is a system of regulated non-cash settlements based on offsetting mutual claims and obligations of legal entities and individuals for goods (services) and securities.

The use of the clearing system reduced the bank's need for funds and simplified the exchange of payments. With a large volume of payments between banks, clearing and settlement of interbank settlements began to be carried out on the basis of bilateral agreements.

The acceleration of payments and settlements was facilitated by the creation of clearing centers, which are joint-stock companies of banks in the region and act as a special clearing bank. Banks participating in the clearing system create an insurance fund in the clearing center for continuous mutual settlements. On the basis of offsetting the credited and debited turnovers, the clearing center makes the appropriate changes to the balance sheet of each member bank on a daily basis.

The interbank credit market, from the point of view of the Central Bank, is the area that is influenced by the fastest and most adequate reaction of economic agents and which is the transmitting link of the Central Bank's regulatory measures to the entire credit sphere and the economy as a whole.

The monetary policy of the Central Bank is aimed at maintaining the stability of the banking system. It is based on the mechanism of refinancing of commercial banks. The concept of refinancing includes, as a rule, the provision of targeted loans to commercial banks in the form of the purchase of bills of exchange (rediscount loan), in the form of a loan of money against securities (lombard loan), seasonal, auxiliary or other loans, allowing to satisfy needs of various nature and urgency. banks in liquidity.

The degree of participation of the Central Bank in interbank settlements depends on the existing system of refinancing of commercial banks, in particular, on the solution of the issue of providing ultra-short (intraday) loans intended to complete interbank settlements and payments.

The provision of intraday loans by the Central Bank in many countries is seen as a guarantee of the safe functioning of national payment systems.

As one of the sectors of the money market, the interbank credit market and the problems of its development have a significant impact on the development of the entire money market.

The negative socio-economic consequences of the sharp inflationary surge that followed in 1998 after the threefold devaluation of the ruble, as well as the domestic and foreign debt crisis, remain important factors affecting the banking system at present.

Operations that predetermined relatively more favorable financial results of the banking system in comparison with other sectors of the Russian economy for a long time, including the intensive use of the opportunities of government securities markets, international credit resources, as well as household funds, had a devastating effect on the financial condition of the overwhelming majority during the crisis. banks.

In addition to the main direct losses, expressed in massive delays in making client payments and a significant reduction in liquidity, the banking system suffered losses due to the forced liquidation of assets to meet the rush demand for cash, the growth of the dollar during the execution of fixed-term contracts with non-residents, and a shortfall in income from government securities. , a sharp decline in the possibility of using government securities as collateral, and the curtailment of credit lines of Western banks.

The stability of the banking system is extremely important for the effective implementation of monetary policy. The banking system is the channel through which the impulses of monetary regulation are transmitted to the entire economy.

To overcome the consequences of the financial difficulties of banks that manifested themselves during the crisis, the Central Bank of the Russian Federation continues to implement a comprehensive program of restructuring the banking system, aimed at meeting the needs of society.

To improve the reliability of the banking system, a number of important tasks must be solved.

One of the most important is the task of legal support. Banking legislation in Russia remains incomplete and does not cover the entire range of problems associated with the activities of commercial banks. Some legislative acts are not consistent, and sometimes they are simply mutually exclusive. A number of laws have been drafted and are awaiting adoption.

Another problem is the efficiency of the functioning of commercial banks. The external aspect of this problem is the underdevelopment of both the banking system itself and its traditional elements - a developed and liquid market for government securities, the market for such financial instruments as futures, options, etc. commercial banks, especially in matters of liquidity management, profitability of operations, risk control, etc. Commercial banks should pay special attention to solving both these and their other problems.

All the variety of financial systems existing in the world according to the principles of their relationship with the real sector can be conditionally divided into two types: market and banking.

The first type of financial systems is characterized by an orientation towards a market external model of corporate control, deep and all-encompassing contractual relations, and the absence of stable long-term relationships between companies and banks.

The second (banking) type is characterized by the dominance in the financial system of large universal banks that maintain long-term relationships with companies, often of a closed (internal) nature. The long-term and stable relations of companies with banks allow us to solve the problems of informing lenders about the activities of borrowers and, on this basis, reduce the risks of non-fulfillment of contractual obligations.

The crisis of the financial system in Russia has exacerbated disputes over the choice of the optimal model for its further development. The bankruptcy of many banks has become a powerful argument in favor of removing banks from active participation in corporate governance. However, when deciding strategically important issues of the fate of the national financial system and the role of banks in it, one should proceed primarily from the interests of the real sector of the economy, the needs of its development and the tasks of integration into the world economic system.

The structure of the financial system in which the dominant role in the financing of the economy would be played by large banks participating in corporate governance and control is most consistent with the conditions of the Russian economy in transition.

It is this type of financial system, which is fully consistent with the Russian historical traditions of its development, that it is necessary to focus on when improving the legislation regulating the financial sphere, and when developing long-term programs to overcome the consequences of the financial crisis.

1.3Structure and types of the securities market

Securities are monetary documents certifying the ownership or loan of the owner of the document in relation to the person who issued such a document and bears obligations under it.

Securities are rights to resources that meet the following requirements: negotiability, accessibility for civil circulation, standard and serial production, documentation, regulation and recognition by the state, marketability, liquidity, risk.

The following types of securities are used in Russian practice.

1. Shares of joint stock companies - any securities certifying the right of their owner to a share in the joint stock company's own funds, to receive income from its activities and, as a rule, to participate in the management of this company.

2. Bonds - any securities certifying the relationship between their owner (creditor) and the person who issued the document (debtor). A special type of bonds - housing certificates - securities with an indexed par value, certifying the right of their owner to purchase housing, subject to the purchase of a package of housing certificates or the investment of other terms of issue.

3. Government debt obligations - any securities certifying a loan relationship in which the debtor is the state, government or government bodies (government short-term bonds, domestic bonds, etc.).

4. Derivative securities - any securities certifying the right of their owner to buy or sell shares, bonds and government bonds (financial futures, warrants, etc.), including stock options (bonds) - the right to buy shares on preferential terms ...

5. Certificates of shares - securities, which are evidence of the ownership of a named person in a certain number of shares.

6. Bill of exchange - an unconditional written promissory note issued by one party (drawer) to the other party (drawer), drawn up in accordance with the statutory form, including commercial paper - short-term financial promissory notes issued for short-term fundraising into the issuer's circulation.

7. Shares of enterprises - securities certifying the contribution of funds for the development of the enterprise, which do not give the right to participate in the management of the enterprise, implying the payment of a dividend to its owner.

8. Shares of the labor collective - securities certifying the contribution of funds by members of the labor collective to the development of the enterprise, which do not give the right to participate in the management of the enterprise, implying the payment of a dividend to its owner.

9. Banks' certificates of deposit are documents, the right of claim under which may be assigned by one person to another, which are the bank's obligation to pay the deposits placed with it.

10. Savings certificates of banks - documents, the right of claim under which may be assigned by one person to another, which are the obligation of the bank to pay off the savings deposits placed with it.

11. Checks - an unconditional written order of the drawer to the bank (payer) to make payment to the check holder of the amount indicated on the check.

12. Commodity futures or options contract - has content similar to derivative securities, with the fact that the object of the transaction is the delivery of a standard batch of goods of a certain quality.

13. Currency option or futures - has a content similar to derivative securities, with the fact that the object of the transaction is the delivery of currency values.

14. Other securities - other financial instruments that the Ministry of Finance of the Russian Federation is entitled to qualify as new types of securities (bills of lading, etc.).

Not recognized as securities under Russian law:

Documents confirming the receipt of a bank loan;

Documents confirming that the amount has been deposited with banks (except for certificates of deposit and savings certificates);

IOUs;

Wills;

Insurance policies;

Lottery tickets;

Securities surrogates ("check cards", commercial certificates, tickets of joint stock companies, etc.).

Any commercial enterprise has the right to have in its assets (long-term and short-term) securities of various issuers (borrowers of financial resources), including its own shares. By forming a portfolio of securities and regulating its composition and structure, enterprises implement a strategy of profitability, risk and liquidity.

The main purpose of the securities market is to provide a link between buyers and sellers to help them exchange securities for money or other securities. The securities market assists investors in mobilizing and lending money for capital investments.

In order for the securities market to provide a return on capital, it must meet the following requirements:

1) it is necessary to have a legal basis for the purchase and sale of securities;

2) an appropriate market infrastructure must be created to ensure efficiency and fairness of transactions, legal protection of its participants;

3) sufficient capacity and structure of the market are required to satisfy various requests in terms of time and volume of transactions.

The securities market consists of the following components:

Market entities (participants in the securities market);

The market itself (exchange, over-the-counter);

Bodies of state regulation and supervision;

Self-regulatory organizations (associations of professional securities participants that perform certain regulatory functions);

Market infrastructure:

a) legal;

b) informational (financial press, system of stock indicators, etc.);

c) depository and settlement and clearing network (for government and private securities, there are often separate depository and settlement and clearing systems);

d) registration network.

Subjects (participants) of the securities market are individuals or organizations who buy or sell securities or service their turnover and settlements on them, entering into certain economic relations with each other regarding the circulation of securities.

Subjects of the securities market are divided into three categories:

1) issuers - borrowers of financial resources: legal entities, state bodies, local administration bodies that issue securities, bearing obligations on securities to their owners on their behalf;

2) investors - the owners of temporarily free funds who want to invest them to generate additional income: individuals, business entities, professional investors (insurance companies, pension funds, banks, etc.);

3) professional participants in the securities market (stock intermediaries) - banks and investment organizations, legal entities and individuals engaged in activities recognized as professional in the securities market (brokerage, dealer activities, etc.).

Types of the securities market are characterized not by one or another type of basic securities, but by the way of trading in this market:

Primary and secondary;

Organized and unorganized;

Exchange and OTC;

Traditional and computerized;

Cash register and urgent.

The primary market is a market in which securities are purchased by their first owners in accordance with certain rules and requirements.

The secondary market is the market in which previously issued securities are traded.

The division of the securities market into organized and unorganized refers to the secondary market.

An organized market is a market in which securities are traded based on statutory rules between licensed professional intermediaries.

An unorganized market is a market in which securities are circulated without observing the same rules for all market participants.

In the exchange market, securities are traded on stock exchanges. It is always an organized market.

In the over-the-counter market, securities are traded without going through the stock exchange. It can be organized and disorganized.

A computerized market is a market in which trading is carried out through computer networks that link relevant stock intermediaries into a single computerized market.

Cash market ("cash" market, or "spot" market) - a market with immediate execution of transactions within 1-2 business days.

Derivatives market is a market in which transactions of various types are concluded with execution times exceeding two business days (for example, three months).

In addition, securities markets are sometimes classified according to other criteria:

On a territorial basis (international, national and regional markets);

By types of securities (stock market, bonds, etc.);

By issuers (corporate securities market, government securities market, etc.);

By the volume of circulating values;

By industry and other criteria.

There are three stock market models depending on the banking or non-banking nature of the financial intermediary:

1) non-banking model (USA) - non-bank securities companies act as intermediaries;

2) banking model (Germany) - banks act as intermediaries;

3) mixed model (Japan) - both banks and non-bank companies are intermediaries.

A mixed model of the stock market has developed in Russia, in which there are both commercial banks, which have all the rights to operations with securities, and non-bank investment institutions.

Thus, the financial market is an organized or informal system of trading in financial instruments. In this market, money is exchanged, loans are provided and capital mobilized. Financial institutions play the main role here, directing cash flows from owners to borrowers.

The financial market is divided into the money market and the capital market. In the money market, operations are carried out to provide and borrow free funds of enterprises and the population for a short period. In the capital market, funds are borrowed for a long time.

The securities market serves both the money market and the capital market, and securities cover only part of the movement of financial resources.

2. Development and functioning of the regional financial market

2.1 Analysis of the financial market of the Omsk region

1. Banking services

According to the assignment, the assessment of the state of the competitive environment in the banking services market was carried out within the administrative boundaries of the Omsk region in the following product boundaries:

Bank services for raising funds;

Bank services for the provision of loans.

When assessing the state of the competitive environment in the banking services market, the data of the Main Directorate of the Central Bank of the Russian Federation in the Omsk Region were used, as well as data from credit institutions.

As a result of the analysis of the state of the competitive environment in the banking services market, the following were determined:

The composition of the participants and the composition of consumers;

Shares of market participants;

To assess the concentration level of each segment of the banking services market, the market concentration coefficient (CR-3) and the Herfindahl-Hirschman market concentration index (HHI) were used by the share of large market participants.

The banking services market for deposits was considered by client groups:

Deposits and other funds raised from individuals;

Deposits and other attracted funds of enterprises and organizations;

Deposits and other attracted funds from state bodies, local governments, extra-budgetary funds.

The analysis of the market for deposits and other funds raised by the largest credit institutions in the Omsk region is shown in Table 1.

Table 1

Conclusion: The market is highly concentrated with a tendency to increase in volumes and an increase in the level of concentration. The increase in the level of market concentration in attracting deposits and other funds in the Omsk region is due to an increase in the volume of credit institutions occupying a dominant position and a decrease in the volume of other market participants.

With regard to deposits and other attracted funds of individuals, due to an increase in the share of credit institutions occupying a dominant position, there is a tendency to an increase in the level of market concentration, and an increase in the volume of attracted funds.

The market for deposits and other attracted funds of enterprises and organizations is moderately concentrated, the tendency for an increase in the level of concentration occurs due to an increase in the share of credit institutions occupying a dominant position, while the volume of attracted funds has decreased.

In the reporting period, deposits and other borrowed funds from state bodies, local governments, extra-budgetary funds were attracted by one credit institution - the Omsk branch of Sobinbank OJSC (3,500 thousand rubles).

Compared to 2007, the composition of market participants with the largest market share in terms of deposits and other borrowed funds of enterprises and organizations has changed, the Omsk branch of JSCB "ROSBANK" gave way to the Omsk branch of JSB "Gazprombank". The share of the Omsk branch of JSB Gazprombank increased from 8.30% to 16.83%, while the share of Omsk-Bank OJSC decreased from 23.59 to 14.51%.

The market of banking services for loans was considered by client groups:

Loans provided to individuals and individual entrepreneurs;

Loans provided to enterprises and organizations;

Loans provided to government agencies, local governments, extra-budgetary funds.

An analysis of the market for loans provided by the largest credit institutions in the Omsk region is shown in Table 2.

Conclusion: The market is moderately concentrated with a downward trend in volumes and a decrease in the level of concentration. The decrease in the level of market concentration in the provision of loans in the Omsk region is due to a decrease in the volume of services of credit institutions occupying a dominant position.

By groups of clients, the tendency towards a decrease in market concentration occurs due to a decrease in the share in the market for providing loans to individuals and individual entrepreneurs, enterprises and organizations, as well as state bodies, local governments, extra-budgetary funds.

The number of market participants increased from 36 credit institutions in 2007 to 39 in 2008.

2. Leasing services

As the initial information about the participants in the leasing services market, we used the information obtained from the information received from the Interregional Directorate of Rosfinmonitoring in the Siberian Federal District, directly from financial organizations, from the media, as well as advertisements distributed on the territory of the Omsk Region.

When assessing the state of the competitive environment in the leasing market, data from leasing organizations were used.

As a result of the analysis of the state of the competitive environment in the leasing services market, the following were determined:

The composition of the market participants;

Types of property leased;

The total cost of all valid lease agreements;

Shares of market participants;

Dominance of market participants.

Compared to the data as of 01.01.2008, the total number of market participants was replenished by three organizations (LLC Yuson Leasing, LLC LC Omsk Leasing, LLC AVK-Leasing), which did not affect the distribution of shares in the total volume of services provided.

As a result of the analysis of the leasing services market as of 01.07.2008, it was established:

The dominant position is occupied by the Deltalizing CJSC Representative Office in Omsk - 99.4%. The share of LLC IT FINANCE decreased from 10.5% to 0.2% and CJSC PromStroyLizing from 7.3% to 0.2%.

The concentration coefficient (CR-3) was 99.7% (as of 01.01.2006 - 87%);

The Herfindahl-Hirschman Market Concentration Index (HHI) was - 4770 (as of 01.01.2008 - 5068).

Conclusion: the market is highly concentrated with a tendency to increase in concentration.

3. Non-state pension services

Information obtained from the media and from a State institution - the Office of the Pension Fund of the Russian Federation in the Omsk region was used as the initial information about the participants in the market for services for non-state pension provision.

In 2007, on the territory of Omsk, the following activities were carried out:

Omsk regional branch of the Non-State Pension Fund of the Electric Power Industry;

Non-state pension fund "Civil Support";

Omsk branch of the Non-State Pension Fund "Promregionsvyaz".

In 2008 (as of July 1, 2008) the composition of the participants in the market of non-state pension provision did not change.

4. Brokerage market

As the initial information about the participants in the brokerage services market, we used information received from the Regional Office of the Federal Financial Markets Service of Russia in the Siberian Federal District, from the media, as well as from advertising distributed on the territory of the Omsk Region.

The composition of participants in the brokerage services market has not changed compared to the previous reporting period.

In assessing the state of the competitive environment in the brokerage market, data from brokerage organizations were used.

As a result of the analysis of the state of the competitive environment in the brokerage services market, the following were determined:

The composition of the market participants;

Shares of market participants;

Turnover in transactions made in pursuance of brokerage agreements;

Dominance of market participants.

Compared to the data for 2007, in the reporting period, the turnover on transactions made pursuant to brokerage agreements at the Omsk branch of LLC “Company BrokerCreditService” increased by 23,680,727 thousand rubles. and its share amounted to 47.26% (in the previous reporting period the share was 13%). ZAO Oktan-Broker, which occupied the leading position in the last reporting period, had its share in the brokerage services market decreased from 45.08% to 41.12%.

Conclusion: the market is highly concentrated.

5. Market for securities management services

As the initial information on potential participants in the securities management services market, we used information received from the Regional Office of the Federal Financial Markets Service of Russia in the Siberian Federal District.

From the responses received from organizations licensed to manage securities, it follows that this type of activity as of 01.07. 2008 was carried out by four organizations, therefore, the total number of participants in the market for securities management services in comparison with the previous reporting period was replenished by two organizations (LLC Financial Company "Finex" with the largest share among market participants - 39.45% and CJSC "Oktan-Broker" with the smallest share in this market - 16.41%).

The share of the former market participant OFBU "Omskpromstroybank-universal" decreased from 32.3% to 25.29%, the share of JSC "Zemlya" decreased from 67.3% to 18.85%.

2.2 Analysis of the competitive environment in the financial services market of the Omsk region

The Omsk OFAS Russia analyzed the competitive environment in the financial services market within the administrative boundaries of the Omsk region as of 01.01.2009.

From the analysis it follows that in the deposit market for the period under study, banking services were provided by 7 credit institutions registered in the Omsk region and 47 branches of nonresident credit institutions.

In general, the market for deposits and other attracted funds is highly concentrated, the distribution of the participants' shares in the market is uneven. The largest share belongs to the branch of AK SB RF "West Siberian Bank" (OJSC) - 50.06%.

An increase in volumes is observed in all the considered segments of the deposit market.

The credit market for the study period is represented by the following credit institutions: 7 credit institutions registered in the Omsk region and 54 branches of nonresident credit institutions.

The market for all issued loans is moderately concentrated, the distribution of shares is uneven. The largest share belongs to the branch of AK SB RF "West Siberian Bank" (OJSC) - 28.07%. An increase in volumes is observed in all the considered segments of the credit market.

An assessment was also made of the state of the competitive environment in the leasing market within the administrative boundaries of the Omsk region by segment, depending on the type of property being leased.

Leasing market participants are represented by 32 leasing organizations, including 16 leasing organizations registered in the Omsk region.

In terms of the total value of leased property, the leading position is taken by the Omsk branch of URALSIB Leasing Company LLC, whose share was 45.53%, and Regional Leasing Company LLC, with a 24.25% share. The market is highly concentrated, the distribution of shares is uneven.

Leasing services by type of property - buildings, engineering structures - were provided by 7 leasing organizations registered in the Omsk region, and 2 branches of nonresident leasing organizations. The largest share of 92.81% in this segment is occupied by the Omsk branch of Regional Leasing Company LLC. The market is highly concentrated, the distribution of shares is uneven.

Leasing services by type of property - machinery, equipment, inventory - were provided by 31 market participants: 15 leasing organizations registered in the Omsk region, and 16 branches of out-of-town leasing organizations. The Omsk branch of URALSIB Leasing Company has the largest share in this segment, 59.77%. The market is highly concentrated, the distribution of shares is uneven.

The market of services for non-state pension provision is represented by 11 participants, including one participant registered in the Omsk region.

The consumers of the services are contributors (individuals and legal entities) who have entered into a pension agreement for the transfer of pension contributions to non-state pension funds and payments by non-state pension funds to contributors of non-state pensions.

In terms of the total amount of pension contributions under agreements with depositors, the largest share of 57.49% is taken by the non-profit organization NPF Transneft. The second major market participant is the Representative Office of the West Siberian branch of the non-profit organization NPF Blagosostoyanie in Omsk with a share of 31.52%. The market is highly concentrated. The distribution of market participants' shares is uneven.

The brokerage services market was considered in 2008 by groups of clients (consumers): individuals and legal entities.

In terms of the total turnover in all transactions, the leading position is occupied by ZAO Oktan-Broker with a 58.3% share and the Omsk branch of Kompaniya Broker-Creditservice LLC with a 36.7% share. The market is highly concentrated.

For the group of clients - individuals, the largest share belongs to LLC “Company Brokercreditservice” -62.7% and CJSC “Oktan-Broker” -29%. The market is highly concentrated. The concentration ratio is 96%.

For the group of clients - legal entities, Octan-Broker CJSC has the largest share in this segment - 98%. The market is highly concentrated, the concentration index is 9606. The concentration coefficient is close to 100%.

The market for securities management services as of 01.01.2009 was considered by groups of clients (consumers): individuals and legal entities.

In terms of the total value of the property held in trust, the largest share is occupied by LLC Financial Company Finex with a share of 60.9%.

The market is highly concentrated, the concentration ratio is 100%. In terms of the group of clients - individuals, the largest share is occupied by LLC Financial Company Finex with a share of 91.5%. The market is highly concentrated, the concentration ratio is 100%. Services to legal entities were provided by one participant - JSC "Zemlya".

In accordance with the order of the FAS Russia dated 02.08.2005 No. AK / 11091, the state of the competitive environment in the financial services market within the administrative boundaries of the Omsk Region was assessed as of 01.01.2010.

In the deposit market for the period under study, banking services were provided by 6 credit institutions registered in the Omsk region, and 50 nonresident credit institutions.

In general, the market for deposits and other attracted funds is highly concentrated, the distribution of the participants' shares in the market is uneven. The largest share belongs to the branch of AK SB RF "West Siberian Bank" (OJSC) - 49.96%.

The market is highly concentrated for deposits and other attracted funds of individuals, while for deposits and other attracted funds of enterprises and organizations, the market is moderately concentrated. In these market segments, there is an increase in volumes compared to the previous reporting period.

The credit market for the study period is represented by 6 credit institutions registered in the Omsk region and 55 nonresident credit institutions.

The market for all issued loans is moderately concentrated, the distribution of shares is uneven. There is a decrease in volumes compared to the previous reporting period. The largest share of all issued loans belongs to the branch of AK SB RF "West Siberian Bank" (OJSC) - 33.84%.

For the group of clients - individuals, individual entrepreneurs and enterprises, organizations, the credit market is moderately concentrated. There is a decrease in market volumes in these segments compared to the previous period. For the group of clients - state bodies, local self-government bodies, off-budget funds, the credit market is highly concentrated. There is a significant increase in the market volume in this segment.

The assessment of the state of the competitive environment in the leasing market was carried out within the administrative boundaries of the Omsk region as of 01.01.2010 by segments, depending on the type of property being leased.

Leasing market participants are represented by thirty-one leasing organizations. As a result of the study of the leasing services market, two groups of persons were identified.

In terms of the total value of leased property, the leading position is taken by the Omsk branch of URALSIB Leasing Company LLC, whose share was 31.61%. The market is moderately concentrated.

By type of property - buildings, engineering structures, the largest share is occupied by the Omsk branch of South Siberian Leasing Company LLC - 54.64%. The market is highly concentrated, the distribution of shares between market participants is uneven. Services in this segment were provided by nine participants.

Leasing services by type of property - machinery, equipment, inventory were provided by 27 market participants. The Omsk branch of URALSIB Leasing Company has the largest share in this segment, 36.77%. The market is moderately concentrated, the distribution of shares is uneven.

The analysis of the market of services for non-state pension provision was carried out within the geographical boundaries of the Omsk region as of 01.01.2010, and during the study period it was represented by eleven participants. The consumers of the services are contributors (individuals and legal entities) who have entered into a pension agreement for the transfer of pension contributions to non-state pension funds and payments by non-state pension funds to contributors of non-state pensions.

The largest share of 60.6% belongs to the non-profit organization NPF Transneft. The second major market participant is the West Siberian branch of the non-profit organization NPF Blagosostoyanie in Omsk with a share of 36.83%. The market is highly concentrated.

The brokerage services market in 2009 in the Omsk region was represented by six participants and was considered by groups of clients (consumers): individuals and legal entities.

In terms of the total turnover for all transactions for the period under study, the leading position is occupied by ZAO Oktan-Broker with a share of 49.5% and the Omsk branch of LLC Company Brokercreditservice with a share of 38.2%. The market is highly concentrated.

According to the group of clients - individuals, the largest share is occupied by LLC “Company Brokercreditservice” - 57.2% and CJSC “Oktan-Broker” - 24.3%. The market is highly concentrated.

For the group of clients - legal entities, Octan-Broker CJSC has the largest share - 99.4%. The market is highly concentrated.

Thus, the analysis of the securities management services market was carried out as of 01.01.2010 and was considered by groups of clients (consumers): individuals and legal entities.

Regional markets can exist both under an administrative command system and under a market economy. In the first case, markets develop and function in accordance with the logic of command and control. Thus, the volume of trade and the corresponding commodity supply for each territorial-administrative entity is established by directive plans.

With the transition to market economic relations, the role and importance of the market in the regional reproduction process are changing. The proportions of the reproduction process are formed through the influence of market regulation instruments: prices, taxes, interest on loans, etc.

A developed regional market can function effectively with a scientifically grounded system for studying demand, trends and its development patterns:

The total volume of demand and the volume of demand for certain groups and types of goods;

Demand structures for goods of the same name of various enterprises;

Seasonal fluctuations in demand for individual goods;

Buyers' requirements for the quality of goods.

The study of demand provides information that makes it possible to predict the capacity and structure of the market, as well as the expected shifts in improving the geography of production and consumption of goods and services.

Regional markets are heterogeneous. So, according to the territorial organization of the sphere of circulation, one can distinguish settlement markets in rural settlements, urban, regional, republican, interregional, inter-republican and interregional.

Each type of market has a corresponding infrastructure with specific features of location, development and functioning, market capacity, channels and commodity formation schemes.

All markets are interconnected with each other, they are served by the corresponding components of the market infrastructure.

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Introduction

1. Theoretical and methodological aspects of financial market research 15

1.1. The financial market as an object of research 15

1.2. The role of the financial market in the reproduction process 31

1.3. Financial market trends in the Russian economy 46

2. Factors of development of the regional financial market 62

2.1. Features of the regional financial market and factors determining its development 62

2.2. Analysis of the factors of development of the regional financial market of the Krasnodar Territory 78

2.3. Identification of the development strategy of the financial market of the Krasnodar Territory 100

3. Principles for the development of the regional financial market 113

3.1. The relationship between the reproductive orientation of the regional financial market and the principles of its development 113

3.2. Justification of the principles of development of the regional financial market 126

Conclusion 141

List of used literature 157

Appendix

Introduction to work

Relevance of the research topic. Significant changes that have taken place in the last decade of the XX century in the economic system of Russia have led to the emergence and development of the financial market. The processes of denationalization and privatization, the recognition of the diversity of forms of ownership, the elimination of the state monopoly on banking and insurance initiated the formation of independent economic entities that present market demand for financial resources and determine their supply, the emergence of a network of financial intermediaries, and the turnover of financial resources and instruments.

The financial market has always been an integral part of the market economic system that ensures the functioning and growth of the public economy, the concentration and centralization of financial resources in promising areas of economic development, the balance of social reproduction, civilized financing of the state budget deficit. During the XX century, the importance of the financial market in the economies of developed countries has increased significantly, its stable functioning has become a prerequisite for economic progress, political and social balance in society. With the development of the processes of financial globalization, the financial market has become the dominant factor in the development of the economic system, affecting all its structural levels.

The modern financial market in Russia is still in the stage of formation. Its main problem is the inability to ensure the effective redistribution of financial resources necessary to solve the problems of modernizing the domestic economy and imparting an innovative impetus to reproduction processes. This is largely due to the unevenness of the spatial

dynamics of financial capital in the course of market reforms, heterogeneity of the country's economic and financial space, fundamental asymmetry between regions in terms of the scale of financial potential, localization of financial institutional infrastructure, and the degree of investment attractiveness.

The development of regional financial markets is a key condition for attracting investment, more effective redistribution of property, stimulating the growth of not only regional economic complexes, but also the national economy as a whole. This necessitates the establishment of factors and substantiation of the basic principles of the development of the regional financial market in relation to the conditions of the current stage of the market reform of the Russian economy.

The degree of elaboration of the problem. In foreign and domestic scientific literature, a significant number of works have been published that are devoted to the study of the development of financial markets.

The main methodological approaches to the study of financial relations and the fundamental provisions of the theory of the financial market were developed in the classical works of A. Gershenkron, R. Hilferding, R. Goldsmith, H. Patrick, J. M. Keynes, K. Marx, A. Marshall, M. Miller , F. Modigliani, H. Minsky, F. Mishkin, A. Ligu, L. Ray, J. Stiglitz, J. Tobin, C. Wahlen, M. Friedman, J. Schumpeter, etc.

The problems of the influence of the level of development of the financial market on the intensity of the investment process and economic growth are reflected in the works of Western researchers L. Zingales, L. Levin, R. Lucas, V. Petersen, R. Ryan, S. Tadesse, M. Taylor, S. Fazzari, G. Hubbard, as well as domestic scientists L. Abalkina, V. Barda, E. Gurvich, L. Igonina, L. Grigorieva, A. Dadashev, Y. Melekhina, Y. Osipov, A. Savatyugin, Y. Sergienko, D. Chernika and others.

Various aspects of the formation of financial market institutions in the modern economy are studied in the works of O. Belokrylova, D. Blackwell, B. Greenvald, Y. Danilov, D. Kidwell, S. de Kusserg, J. Matouk, D. North, O. Williamson, F. . Fabozzi and others.

The specifics of the formation of the financial market in the context of market transformations of the Russian economy is disclosed in the works of I. Balabanov, L. Belykh, I. Blank, A. Bulatov, N. Voevodskaya, A. Gryaznova, V. Deynega, S. Zakharov, J. Mirkin, D. Mikhailov, A. Stolyarova, E. Chekmareva, V. Rusinov, V. Senchagov, A. Simanovsky, V. Usoskin, etc.

The peculiarities of the formation of regional financial markets are only becoming the object of scientific research. Certain aspects of this problem are reflected in the works of L. Andreeva, T. Berdnikova, V. Evstigneev, L. Lykova, etc. However, for all the value of the research carried out, many important issues of the development of regional financial markets in the current stage of development of the domestic economy remain insufficiently developed. An analysis of the works presented in the economic literature shows that such issues include, first of all, the study of factors affecting the development of the regional financial market, as well as the principles that should be used as the basis for this development. The theoretical and practical significance of the problem of factors and principles of the development of the regional financial market, the degree of its scientific development predetermined the choice of the topic, the goal and objectives of the dissertation research.

The purpose and objectives of the study. The purpose of the dissertation research is to determine the main factors affecting the development of the regional financial market and substantiate the basic principles of its development in the conditions of the current stage of market transformation of the Russian economy on the basis of the use of systemic and reproduction approaches.

6 The stated goal of the study necessitated the solution of a set of interrelated tasks:

clarify the economic content and functions of the financial market;

to reveal the role of the financial market in the reproduction process;

identify trends in the development of the financial market in the modern Russian economy;

determine the characteristics of regional financial markets and establish the factors affecting this development;

identify the development strategy for the regional financial market of the Krasnodar Territory;

to establish the relationship between the reproductive orientation of the regional financial market and the principles of its development;

Justify the basic principles of the development of regional financial
market.

Object and subject of research. The object of the research is the regional financial market that is emerging in the modern Russian economy. The subject of the research is the main factors that determine the features of economic relations that develop in the development of the regional financial market, as well as the basic principles underlying this development. Research area according to specialty passport 08.00.10: 1. Theory and methodology of finance: 1.2. Theoretical and methodological foundations of financial concepts for the regulation of reproduction processes. 1.6. Development of the regional financial system, its distinctive features, problems of integration into the national and international financial systems.

Theoretical and methodological basis of the research the fundamental concepts of the financial market, presented in the classical and modern studies of foreign and domestic scientists, who implement the systemic and reproductive approaches to the study of the patterns of formation and development of financial systems, are presented. V

the research process used the conceptual provisions of the theory of economic systems, reproduction, transitional economy, financial markets, financial intermediation, institutionalism.

Instrumental and methodological apparatus of work. The study of the problem posed is based on a systematic approach in the unity of its consistent aspects (system-component, system-structural, system-integrative, system-functional) and reproductive approach. In the course of solving stage problems, the methods of institutional, situational, comparative, strategic, financial and economic-mathematical analysis, statistical research, sociological survey were used.

Information and regulatory framework for the study compiled the works of Russian and foreign scientists on the problems of the functioning and development of the financial market; laws of the Russian Federation, decrees of the President and decrees of the Government of the Russian Federation; materials of scientific conferences; data from the Ministry of Finance of the Russian Federation; statistical data of federal and regional statistical bodies, FFMS; information, analytical materials and expert assessments of Russian and foreign information-statistical and analytical agencies, Internet resources.

Working hypothesis of dissertation research proceeds from the characteristics of the regional financial market as a relatively independent economic system that provides a regional reproduction process and is interconnected with other economic systems due to the integration of the regional economy and finance into the system of economic relations between the national and world economy and the corresponding financial markets. The financial market of the region is characterized by general essential features that make up its economic content as a financial market, and special features associated with the spatial limitation of the region's territory.

The main factors influencing the development of the regional financial market can be established on the basis of an analysis of the interaction of the financial market with economic systems and subsystems of various levels. The principles of the development of the regional financial market are set by its reproductive orientation.

The main provisions of the work submitted to the defense.

The financial market is a specific system of economic relations that develop in the process of market circulation of financial resources and financial instruments, and is, in turn, a subsystem of the national economic system, the global financial market, other more complex economic systems, which determines its target orientation, quality and functional characteristics. The financial market performs functions inherent in all types of markets (taking into account the special forms of their manifestation in the financial market), functions inherent in it as a specific system of economic relations, as well as functions due to the interaction of the financial market with external economic systems.

The role of the financial market in the social reproduction process is expressed in the results of the implementation of its inherent fundamental functions. With the development of the financial market, new functional forms of manifestation of financial relations are formed, which modifies the nature of its impact on the economic system. In a post-industrial society, the deployment of globalization, information technology and financial innovation, the financial market becomes the core of the modern reproduction process, ensuring its innovative nature.

The Russian financial market is in the process of its formation. Along with the positive trend that has emerged in recent years to increase the functional role of the domestic financial

the market in the country's economy, significant problems of its development remain, among which it is possible to highlight: lagging behind the national infrastructure of the financial market; undercapitalization of banking and non-banking institutions; inadequacy of the budgetary, monetary and foreign exchange policy of the state to investment goals; lack of formation of the mechanism for the protection of property rights; mismatch between the interests of business and government; asymmetry in the development of regional financial markets, expressed in a decrease in the share of regional financial institutions and their assets in the total number of institutions and total assets of the financial system, as well as an outflow of financial resources to the financial center of the country.

The financial market of the region has general constitutive properties that make up its economic content as a financial market, and special characteristics arising from its spatial localization by the territory of the region and focus on resource provision of the regional reproduction process. When determining the factors of development of the regional financial market, one should proceed from the fact that it, being a relatively independent economic system, is at the same time an element of economic systems of a higher order. The belonging of these factors to the economic system of one level or another underlies their classification into global, macroeconomic and mesoeconomic factors.

The main factors determining the development of the regional financial market of the Krasnodar Territory include: in the group of global factors - the dynamics of world prices for the main imported and exported goods and services, the state of world financial markets, the volume of foreign economic activity and its share in the gross regional product, volume and structure foreign investment, penetration of foreign companies and financial institutions into

regional markets; in the group of macroeconomic factors, the general economic situation, the state of the national financial market, the direction of the state's economic policy, the formation and implementation of development programs, the participation of federal structures in the development of regional economic complexes and financial institutions; in the group of mesoeconomic factors - the scale, structure and nature of the development of the economic complex, the economic policy pursued by regional authorities in order to influence the formation of the institutional environment, the development of competition, investment support, the level of development of the infrastructure of the regional financial market. The essential characteristics of the emerging regional financial market are: dynamism, the complication of the structure due to the emergence of new sectors, the predominant development of the banking sector in comparison with the insurance and stock segments, the dominance of foreign regional financial institutions, the continuing outflow of resources to the financial center of the country.

6. Development strategy of the financial market of the Krasnodar Territory
identified based on the establishment of basic instruments,
used in the development of the regional stock market,
identifying the strategic goals of the financial market development process and
determining the relationship between these instruments and strategic
goals, while taking into account the priorities of economic policy,
functional characteristics and performance results
financial market, their impact on the development of regional
economic complex.

7. Reproductive orientation of regional development
the financial market is expressed in the nature of the interaction of the financial and
productive capital, the proportionality of their movement, bearing
cyclical. Financial market development is objective
focused on sustainable expanded reproduction of the entire

11 the economic system of the region; innovations in the process of reproduction of financial instruments are embodied in the renewal of resource factors of reproduction in the real sector, which in turn initiates financial innovations; profitability and liquidity of financial instruments are based on the results of reproduction of productive capital and serve as a condition for their achievement.

8. Justification of the principles of development of the regional financial market at the present stage of development of the Russian economy involves a systematic account of the specifics and functional content of the regional financial market, its role in the economic complex of the region, given by the reproductive orientation of the development of the regional financial market, as well as the main factors of this process.

Scientific novelty of dissertation research consists in substantiating the systemic and reproduction approaches to the study of the regional financial market, establishing the main factors and substantiating the principles of its development in the conditions of the current stage of the market transformation of the Russian economy. The specific increment of scientific knowledge obtained by the applicant is represented by the following elements:

The essence of the financial market as a special subsystem of economic relations developing between suppliers and buyers of financial resources and financial instruments in the process of their market circulation, which ensures the efficient distribution of financial resources in the economy based on overcoming the uncertainty of the investment result, is disclosed on the basis of a combination of methodological resources of the systemic and reproduction approaches. reducing the risk of investments, increasing the number of alternative types of financial instruments and substantiated the role of the modern financial market as a key factor in the social reproduction process that determines the innovative orientation of the latter;

The functions of the financial market have been clarified and structured:
general market (taking into account the special forms of their manifestation in the financial market)
- income generating, pricing, informational, regulatory;
functions inherent in the financial market as a specific system
economic relations, - fund-forming, redistributive,
investment, transaction, insurance; functions due
the interaction of the financial market with external economic
systems - resource, innovative, stimulating, constitutive;

Based on the identification of general and specific features of the regional
the financial market revealed its specificity as a relative
an independent economic system, the purpose of the functioning of which
is the financial and investment support for the development of regional
reproductive process, and features of interaction with
economic systems and subsystems of various levels;

Based on the attribute of belonging to the levels of economic
system, the classification of the main factors of development
regional financial market (global, macroeconomic and
mesoeconomic) and an assessment of the factors affecting
the emerging financial market of the Krasnodar Territory;

Based on a systematic account of the specifics and functional content
regional financial market, given by the reproductive
the orientation of its development, and the main factors of this process
substantiated the basic principles of the development of the regional financial market:
efficiency as a mechanism for attracting internal and external
savings and their use for investment in regional
economic complex; competitiveness and sustainability;
the adequacy of the methods and forms of development of the regional financial market
strategic goals of the development of the reproductive complex of the region;
resource filling, intensive flow and innovative orientation
the reproductive process in the region; dynamic matching

economic interests of the main subjects of the regional financial market; and a mechanism has been developed to ensure the implementation of these principles by creating a regional financial corporation, which will allow concentrating financial resources on significant investment projects presented by enterprises in the region, through the formation of a pool of investment projects, the use of syndicated bank loans and the issue of consolidated bonds with high liquidity.

The theoretical significance of the study lies in the fact that the provisions and conclusions obtained in it develop and supplement a number of significant aspects of the theory of finance, the theory of the financial market, the reproduction theory, can serve as a theoretical basis for the development of concepts and strategies for the development of the national and regional financial markets in Russia.

The practical significance of the work consists in the fact that the main conclusions and recommendations contained in it can be applied in the development of federal and regional programs for the development of the financial market in Russia, in the formation of specific strategies for the development of the regional financial market, and also used to improve the structure, content and teaching methods of a number of training courses higher education: "Theory of Finance", "Investments", "Securities Market" and special courses on the financial market.

Approbation of research results. The main provisions, conclusions and practical recommendations obtained in the course of the study were tested in reports, speeches of the applicant at international, interregional and university scientific and practical conferences in the cities of Voronezh, Krasnodar, Rostov-on-Don, Sochi in 2005-2006.

A number of thesis provisions were used in the development of a regional program for the development of the financial market in the Krasnodar Territory, as well as in the teaching of training courses "Theory of Finance", "Investments" and "Market

securities "at the Institute of Economics, Law and Humanities (Krasnodar).

Publication of research results. The main results of the dissertation research were reflected in 9 scientific publications of the applicant in a total volume 3,1 n. l.

The structure of the thesis. The research consists of an introduction, three chapters, including eight paragraphs, a conclusion, a list of sources used (174 titles). The work contains 15 tables and 7 figures.

Financial market as an object of research

The formation of a holistic view of the financial market, which is a complex and multifaceted phenomenon, presupposes the study of its qualitative specificity, structural characteristics, functional content and role in social reproduction. Such a comprehensive theoretical understanding requires the use of a methodological approach that is adequate to the complex and dynamic nature of the financial market as an object of research. To the greatest extent, this correspondence is achieved, in our opinion, when using a combination of methodological resources of the systemic and reproductive approaches.

The systems approach began to be applied in economic research as a methodological application of elements of systems theory and was used to emphasize the need to study an object from different angles, in order to get a more accurate idea of ​​it, discover new properties, and determine the object's relationship with the external environment. At present, the enrichment of the research potential of the systems approach is associated with the dissemination of ideas of synergetics, the development of reproductive, institutional and evolutionary theory, the possibilities of using other research approaches within the framework of the systems approach.

The systems approach has rightfully taken the most important place among the methodological principles of the study of economic processes. Its central concept is an object, which is considered as a complex holistic formation with integrative systemic properties and qualitative characteristics. The necessary components of the system are its constituent structural elements, connecting their relationships and systemic quality. In accordance with the considered approach, the economy is presented in the form of an evolutionary open complex system that is constantly influenced by the external environment, while any economic phenomenon reflects the impact of an infinite number of cultural, political and other factors.

The set of interconnected systems, generating its systemic quality, is a system of a higher order, where this system plays the role of an element, a subsystem. In turn, each of the elements of this system can also represent a system, but of a lower order, - a subsystem of a more complex system.

The systems approach is aimed at studying phenomena and processes in various aspects. So, the system-component aspect involves the identification of the components (elements) of the system, the system-structural aspect - the consideration of the relationship between the elements that make up the system, as well as between the elements and the system as a whole. From the application of these aspects, the systemic-integrative aspect necessarily follows, that is, "the study of systemic quality and its manifestations in the functioning of both the entire system and each of its elements. This aspect reflects the integrity of the system, directly represented in its integral quality, that is, in those properties, the preservation of which is ensured in statics, in the function that it performs (in functional dynamics) and in those characteristics to which the dynamics of its development is directed. consideration in the system-functional aspect, that is, in its interaction with other subsystems and with the entire more complex system.The system-functional approach allows us to consider any complex subsystem as an independent object of study, taking into account its place, purpose, tasks, functional purpose, to highlight it elements that (as a subsystem themes) have a specific purpose and perform specific functions (or roles) to meet the corresponding needs of the system. Thus, various aspects of the systems approach contribute to the study of an object in all its complexity, multiplicity of properties, qualities and their interrelationships.

The methodology of the systems approach is objectively consistent with the reproductive concept, which proceeds from the allocation of a fundamental, sustainable cycle of movement, both of the system and its elements, disclosing the internal structure of the system, the functional purpose of structural elements. The combination of research resources of the systemic and reproductive approaches turns out to be the desired methodology that is capable of providing a specific meaningfulness in the study of the financial market as a complex multifactorial dynamic system.

The financial market as a system is represented by a set of interacting elements (objects, market entities, the system of prices-interest rates, rates of return, market demand and supply / financial infrastructure, etc.). This system interacts with other subsystems and systems of a higher order (environment) through connections that characterize both the influence of the environment on the system and the effect of the system on the environment. This interaction is due to the place and target function of the financial market in the economic system of the market economy.

As a subsystem of social reproduction, the financial market, in turn, includes a set of local subsystems that form its structure (credit, stock, currency, insurance markets). It is a complex and multifaceted phenomenon, which largely explains the variety of approaches to its definition.

Features of the regional financial market and factors determining its development

The analysis of approaches to the study of regional financial markets presented in the economic literature allows us to establish two main positions.

Representatives of one of these positions note that the financial markets in Russia as a whole are much more integrated into the all-Russian market than the actual commodity markets, as a result, two relatively independent segments of the financial markets can be identified: the all-Russian market and the regional financial market itself. From this point of view, it is generally impossible to single out the regional financial market of Moscow; in most other constituent entities of the Federation, two levels of financial markets can be distinguished: firstly, a part of the single all-Russian market, and secondly, the local, regional financial market, oriented to the supply and demand of financial resources within the region, to the export and import of financial services horizontally to other regions and from other regions of the Russian Federation1.

Other authors focus on the intertwining within the region of financial subsystems of various levels; whose consolidated participation in the financial support of the regional reproduction process is determined by their territorial localization. This approach, based on the reproductive concept, seems to us more reasonable. The application of the principles of systems analysis and reproduction theory to the analysis of the regional financial market allows us to consider this market, on the one hand, as an element of higher order systems (national and global financial markets), and, on the other hand, as a relatively independent system that ensures the regional reproduction process ...

We adhere to the position that the financial market of the region is characterized by general essential features that make up its economic content as a financial market, its special characteristics are associated with the spatial limitation of the region's territory.

Note that the concept of a region in the scientific economic literature is used to designate the territorial and economic space at the level of the constituent entities of the Russian Federation; spaces of large economic regions of the country, including a number of federal subjects (macroregions), as well as areas with specific functions that make up part of the territory of the RF subjects (for example, the region of the Caucasian Mineral Waters, Greater Sochi, etc.). With all these differences, the region has qualitative characteristics of an economic nature, being:

One of the main subjects of economic relations of a market economy;

A territorially localized part of a single national economic space;

Education with more or less functional orientation in economic activity;

A formation that has specific needs, which are determined by its production, social, demographic characteristics and place in the national division of labor, and qualitatively defined economic interests, the specificity of which is determined by the characteristics of the economic relations that are emerging here, needs and functions performed.

The regional financial market promotes, first of all, the mobilization of temporarily free financial resources available in the region, and the redistribution of financial resources between the economic entities located within its borders, which plays an important role for the development of the regional economy. By ensuring an effective redistribution of financial capital, regional financial markets contribute to the revitalization of economic activity, the expansion of the production of goods and services, the creation of additional jobs, and a more complete satisfaction of the needs of the population living in this territory. The higher the degree of development of regional financial markets, the better the regional economy functions, all other things being equal.

At the same time, like any relatively independent system, the regional financial market can be viewed from the point of view of organizing not only its internal, but also external relations. Regional financial markets are linked to external financial markets by the movement of financial flows. The scale of the inflow and outflow of financial resources and their balance, on the one hand, reflect the economic activity of economic entities in the region, and, on the other hand, determine the possibilities for the socio-economic development of the territory.

The relationship between the reproductive orientation of the regional financial market and the principles of its development

From the standpoint of a systematic approach and a reproduction concept, the regional financial market is viewed, on the one hand, as an element of higher-order systems, and, on the other hand, as a relatively independent system that ensures stability and expanded reproduction of the regional economic complex.

The significance of the regional financial market in the process of reproduction of the regional economic complex is determined by the functions inherent in the specified market as a specific system of economic relations, as well as functions due to its interaction with the economic complex of the region as an external economic system. The degree of implementation of the functional significance of the regional financial market in the regional reproduction process largely depends on the degree of its formation, which implies a comprehensive consideration of the main factors of this process when establishing the fundamental principles for the development of the regional financial market.

The regional financial market is a key component of the regional economy, an integral part of the integral reproduction process. An efficiently operating financial market in the region is designed to accumulate the savings of economic agents in the course of the regional reproduction process, transform them into investments, ensure the distribution of financial resources between various sectors of the regional economy, form the optimal structure of the reproduction process and, ultimately, contribute to the economic growth of the regional economic complex. When financial institutions do not take on the risk of each investment project that they could diversify by transferring savings to projects of various magnitudes of risk, business entities bear part of the risk themselves. Thus, the less efficient the financial market is, the less financial institutions can level information asymmetry and investment risks. Incomplete diversification of the risks of investment projects leads to a reduction in savings, investment difficulties and a decrease in regional domestic product per capita.

The level of development of the regional financial market and its infrastructure has a serious impact on the state of the entire economy of the region, since its institutions, forming an investment-conducting system, ensure the development of the real sector of the economy. The exit of the regional economy to the trajectory of sustainable growth is impossible without attracting significant investment resources into it.

The study shows that regional financial markets are not yet fulfilling their fundamental functions related to the accumulation and redistribution of financial resources in the real sector to cover investment needs, diversification of risks, resource provision of reproduction, stimulation of economic growth, etc. Currently, speculative a market with a high share of short-term investments and circulation of a limited group of financial instruments.

In the process of market transformation in the Russian economy, a fragmented structure of the financial market has developed with an investment and financial core in its central regions. The uneven development of the country's financial market counteracts the resource saturation of the economic activities of enterprises in most Russian regions, the effective redistribution of resources to the most promising sectors.

Excess financial resources are concentrated in financial centers, which easily flow abroad, find themselves in speculative risk operations, which aggravates the existing imbalances. As a result, the formation of national capital as an integral system of different functional capitals and their metamorphosis becomes more complicated, obstacles to the distribution and redistribution of financial resources through the structures and institutions of the financial market are reproduced. The established financial market is often separated from domestic investors and prone to price manipulation. It does not allow ensuring the interests of the development of regions and the country as a whole.

The implementation of these interests necessitates the creation of conditions for both the development of regional markets and exchange between them. Such circulation will allow the financial market to integrate into the system of functioning of the real sector and the development of regional economic complexes.

Specific problems are also typical for certain sectors of the regional financial market. So, for the banking sector, these are:

High level of institutional risks, narrow legal framework in the field of investor rights protection;

High cost of credit resources and high transaction costs;

Insufficient level of lending for investment projects;

Insufficient transparency of borrowers' financial statements.

Credit institutions in the regions mainly implement short-term investment programs without placing long-term loans in the reproduction sector, which is caused by a high level of risks, lack of transparency in financial activities of enterprises and liquid collateral mechanisms.

The financial and monetary sector as an independent element of the monetary economy forms financial market.

World financial market Is a set of national and international markets that provide the direction, accumulation and redistribution of monetary capital between market participants through financial institutions in order to achieve a normal ratio between supply and demand for capital.

The monetary sector, which includes financial and credit, is a specific market with its turnover and income. The global financial market provides society Financial services, supplying him at the right time and in the right place with money. In other words, they are a specific product in the financial market. As a commodity, money circulates in such sectors of the world financial market as credit, securities market, foreign exchange, insurance, etc. (Fig. 23).

The world financial market, in its economic essence, is a system of certain relations and a kind of mechanism for the collection and redistribution of financial resources on a competitive basis between countries, regions, industries and institutional units.

The financial market consists of a number of sectors: investment, credit, stock, insurance, currency.

Rice. 23. The structure of the financial market:

• (stock market)
• Investment market

In the financial market, the object of sale and purchase is. However, there is a fundamental difference in transactions in different sectors of the financial market. If on the credit market money is sold as such, that is, they are themselves the object of transactions, then on the stock market, for example, the rights to receive cash income, already created or future, are sold.

The financial market is not only a means of redistributing monetary resources in the economy (on a paid basis), but also an indicator of the entire state of the economy as a whole. The essence financial market is not just a redistribution of financial resources, but primarily in determining the direction of this redistribution. It is in the financial market that the most effective areas of application of monetary resources are determined.

The structure of such a financial market can be represented as follows:

Financial market instruments

Financial instruments- these are monetary obligations of economic entities documented in accordance with the current legislation.

Currently, in developed market economies, there is a clear tendency towards the merger of various financial intermediaries, as well as to the diversification of their operations. The development of financial intermediation has contributed to the emergence of a kind of economic phenomenon - financial instruments, which include:

• IOUs
• credit cards
• insurance policies
• certificates
• various certificates giving the right to receive monetary income, and so on.

There are registered and bearer financial instruments.

The modern development of the state is accompanied by changes in financial relations that cover all aspects and processes of the economic characteristics of the life of society.

The financial market is a complex system of economic relations in which money and other financial assets circulate regardless of the nature of the movement of other goods.

Its individual sectors - stock, credit, insurance, etc. - allow using market mechanisms to coordinate the activities of the entire financial system of the state, to carry out cash flow in the process of distribution and redistribution of SOP, the formation and use of targeted funds of the main subjects of financial relations.

The financial market operates with a variety of financial instruments, has a wide financial infrastructure, and specific financial institutions operate on it.

The level of development of national financial markets is determined by a number of factors, among which are: economic development of the state; traditions of functioning in the country of the credit market and the securities market; the level of production accumulation; the level of savings of the population.

Organizationally financial market can be considered as a set of financial institutions, economic entities that issue, buy and sell cash, foreign currency, securities, bank loans, gold and other precious metals, insurance policies, fixed-term contracts, etc.

The modern structure of the financial market is characterized by temporary and institutional feature.

On the basis of time, they are distinguished monetary a market in which, depending on the time (term) of raising funds, loans are classified into short-term (with a maturity of up to 1 year), medium-term (from 1 to 5 years), long-term (from 5 years and more).

By institutional sign, the financial market functions in the form of a capital market or a securities market and a market for debt capital (credit and banking system).

In addition, the securities market (equity capital) is subdivided into primary the market where the issues of securities are bought and sold and secondary(exchange) market where previously issued securities are bought and sold.

Main function primary market is to enable issuers to accumulate the necessary funds to implement investment programs by issuing equity or debt securities.

Function secondary market is to ensure the liquidity of previously issued securities.

Through the financial market, investments are attracted on the basis of the use of equity securities (shares, bonds, options of issuers) and bills.

Each financial institution is endowed with certain powers to conduct certain transactions with a specific set of financial instruments.

The stock market is one of the most important sectors of the financial market, and is an integral part of the capital market, the macroeconomic function of which is to attract temporarily free funds and redistribute them between the centralized and decentralized sectors of the economy.

An extended interpretation of this concept is widespread, including, in addition to stock exchanges, also over-the-counter, "alternative" trading systems, and various derivative financial instruments (derivatives) are added to the number of trading objects.

In this case, the concept of "stock market" coincides with the term "securities market".

There are three groups of economic entities operating in the financial market: the state, business entities and individuals, who set themselves different goals for their activities, determined by the degree of participation in financial transactions.

All financial market participants are divided into two groups depending on the forms of concluding transactions:

1. sellers and buyers of financial instruments;

2. financial intermediaries.

Interaction between financial market participants can be carried out directly or through financial intermediaries who are professional participants in the financial market.

At direct financing, the buyer receives cash from the seller in exchange for financial commitments.

The main categories of financial instruments can be distinguished: cash, credit instruments (bonds, forward contracts, futures, options, swaps) and methods of participation in the authorized capital of affiliated organizations.

The financial market circulates, on the one hand, financial resources that participate in the reproduction process, and on the other, basic and derivative financial assets.

Financial intermediaries provide direct links between the main subjects of financial relations, providing them with services in the formation and efficient use of funds.

Via financial intermediaries there is a redistribution of temporary free financial resources at the disposal creditors, and available to borrowers in need of funds, on terms of repayment, payment and urgency.

Financial intermediaries are divided into the following groups:

1. financial institutions of the deposit type;

2. contractual savings institutions;

3. investment funds;

4. other financial organizations.

In developed countries, services deposit-type financial institutions is used by a significant part of the population. The funds raised are used to issue bank, consumer and mortgage loans.

Contractual savings institutions are specialized financial institutions, the main sources of funds for which are a variety of savings deposits.

Investment funds sell securities to investors and use the funds received to purchase direct financial obligations. One of the types of investment funds are mutual funds, which sell their shares to investors and use the proceeds to purchase securities.

Also distinguish different types financial institutions which include financial companies specializing in credit and leasing operations and financial companies consumer credit, providing loans to the population with the right to repay in installments.

The concept of "market" includes two sides: economic or substantive, and formal, or organizational.

In this sense, the concept of "financial market" can be used in two aspects:

1. as a set of a certain type of financial relations;

2. as an organizational form that helps market participants to enter into certain financial relations, as a result of which financial resources are redistributed within the framework of the sale and purchase.

The financial market by the essence of financial relations is the opposite of the commodity market, in which materialized goods and services are exchanged for money, or equal values ​​are exchanged for each other as different consumer values.

In the financial market, there is a movement of financial resources (there is a net movement of value) from one market participant to another.

The features of the modern financial market include the following:

1. Transformation of the financial market into the main link in international market relations.

2. Unlike other markets, the object of the financial market is the financial independence of regions and states.

3. The main goal of the financial market is the redistribution of financial resources of the participants in the primary redistribution of GDP.

4. Changes in the structure of the financial market.

To development factors financial market include:

1. Growth in the scale of the economy and the need to formalize financial relations between business entities;

2. International activities of subjects of economic relations (trade, tourism, etc.)

Economic basis the emergence of the financial market is a variety of forms of ownership.

Market entities at the same time, all kinds of subjects of economic relations act, which are divided into buyers (investors), sellers (debtors) and intermediaries.

An object- a specific product called financial asset, which can be various financial values, including foreign and national currency, securities, insurance documents.

The financial market performs the following main functions:

1. Attraction (accumulation) of free funds which is of a temporary nature and is carried out mainly through loans of foreign currency, other values ​​or securities;

2. Distribution of free financial resources, which consists in providing consumption and directed investments with the necessary capital;

3. Redistribution of the value of market values, in order to implement the financial policy of economic entities.