The private sector of the Russian economy that emerged as a result of privatization turned out to be unable to fully solve a number of the most important problems from the point of view of the main part of society. First of all, the thesis about the deliberately high efficiency of asset management in private business was untenable. Assets that are in private property belonging to specific personalized owners, bring an effect only under certain conditions:
Competition;
Strict observance of the rule of law;
Direction of energy private economic activity in areas that do not have a depressing effect on the development of other socio-economic spheres.
Private investment in real sector in the new post-Soviet system, they began to acquire noticeable size only after the financial crisis of 1998, which was caused largely by the fall in prices for the main items of Russian raw materials exports. This factor has significantly reduced the possibilities of relatively easy "taking money" from the state and the population. This motivated representatives of big business to invest part of their funds in less profitable areas of activity. Vlasyevich Yu. Economy of Russia: effects and paradoxes. M .: UNITY-DANA, 2011.
Also, one should mention the migration of capital abroad as a significant factor in the formation of supply and demand in the Russian market. Historically, already at the end of the 1980s, the illegal export of capital from the country began in the USSR. In the 1990s, this trend also prevailed. Capital was haphazardly invested in the form of loan capital, mainly in non-commercial real estate, or was simply “eaten away” abroad. In the 2000s, the nature of the export of capital from the Russian Federation has already fundamentally changed, since there was a clear tendency towards an increase in entrepreneurial capital.
Foreign investments, as well as foreign assets obtained with their help, are gradually starting to play special role in the Russian economy, since the first domestic TNCs began to appear and successfully develop. Thus, gradually a rather peculiar, parallel external economy began to form in our country, closely connected with the internal one and exerting an increasingly noticeable influence on its development, contributing to its integration into the global economy... In principle, this phenomenon is typical for all, without exception, developed countries that actively participate in the process of globalization.
Foreign expansion quite often provides a synergy effect for the development of the entire business of the parent company, which is positive factor for the entire Russian economy.
Concern Gazprom, which ranks second in the world in terms of sales among oil and gas producing companies, also seeks to participate in projects for exploration, production, transportation and marketing of hydrocarbons in third countries as part of the company's strategy of global presence in the world oil and gas market. using both participation in tenders and auctions and asset exchange operations.
Rosneft is also making ambitious plans, hoping to enter the top five world corporations in terms of capitalization in the medium term. Vlasyevich Yu. Russian Economy: Effects and Paradoxes. M .: UNITY-DANA, 2011 ..
Judging by the number of companies working abroad that are associated with Russian capital, then we can say that offshore companies form the basis of the external economy of the Russian Federation.
A natural question arises: "Is it worth limiting the foreign expansion of Russian business?" It should be said that this phenomenon is an objective process, which is due to the trend towards market globalization of the world economy and the increasing integration of Russian business with it. Consequently, by adopting severe restrictive measures, it is possible to drive a part of the corresponding financial flows into the "shadow" channel.
On the other hand, given the negative consequences of the foreign expansion of Russian business and the development of a parallel external economy, it is necessary to develop and pursue a balanced policy in this area. It can be divided into two main directions:
State support for the foreign expansion of domestic business;
Market and administrative measures that would help reduce unjustified capital outflows from Russia and bring the domestic and foreign economies closer together.
In the Russian Federation today there is no well-thought-out public policy in relation to the investment expansion of the business.
Also, one of the main problems is that enterprises use very little of such a source of capital as the stock market, and, in fact, are not ready to attract external strategic investors.
State and prospects of the capital market in Russia
Priorities Russian politics to support foreign investment domestic companies should be promoted:
Modernization of the country's economic system;
Export diversification;
Improving the provision of production with raw materials;
Saturation of the domestic market with consumer goods;
Restoration of the lost positions of Russian firms at the international level;
Reducing the outflow and intellectual capital abroad and the shortage of qualified labor resources;
Environmental protection and reduction of environmental pollution;
Conversion of financial debt of foreign countries, etc.
All of these listed priorities correspond to national interests in the long-term and sustainable development country.
Since the effectiveness of foreign investments in the Russian economy is low, the problem of creating a target program for controlling foreign direct investment is urgent.
According to A. Navoi, it should include:
Development of a strategy for their implementation (the necessary volumes of attracting direct investment, a list of priority sectors, measures of state support);
Creation of a clearer system for monitoring direct investments (detailing by industry, type of investment, country and industry affiliation of investors, determining the share of repatriated capital, investment terms);
Analysis of the effectiveness of foreign direct investment (the share of foreign investments directed to the renewal of the production assets of the controlled enterprise, the dynamics of labor productivity at the acquired enterprise, the state of competition in the industry, the share of profits exported by direct foreign investors abroad.
The study focuses on joint-stock commercial banks - the leading settlement and credit institutions of pre-revolutionary Russia, which regulated cash flows in the economy and supported the unity of the country's economic space. This most important function of banks was carried out through mass transactions related to lending to clients, making payments, servicing deposits, etc. financial statements... The paper presents a typology of Russian pre-revolutionary commercial banks: it explains how and in what form traditional Western European banking models of the 19th - early 20th centuries took root on Russian soil. - business, deposit and then mixed, or universal.
V economic theory many prominent scholars and economists have considered the problems of crises in business. Russian economy in last years is experiencing a decline in production due to the transition to market relations. Departure from command management and planned centralization business transactions requires a study of the essence of risks and control in business management in commercial banks and firms. In this book, using specific examples, the types of strategies used, technologies for managing investment projects taking into account risks, methods of eliminating risks and managing them are analyzed. Great importance is attached to risk insurance and financial control in the anti-crisis management of commercial banks and firms. One of the new forms financial control, revived in Russia, is an independent audit. Create procedure audits, the use of international experience and national auditing standards, ...
The textbook is written in accordance with the requirements of the state educational standard for the specialty "Finance and Credit". The material provides a comprehensive understanding of the functioning of the market valuable papers, its structure and participants. The book gives a characteristic different types securities used in domestic and foreign practice. The issues of the issue and circulation of securities, the principles of organization and functioning of the stock exchange, the procedure for admitting securities to the exchange, types of transactions with securities, methods of calculating stock indices, the peculiarities of investing in securities and the principles of forming a portfolio of securities. A separate section of the book is devoted to the creation and functioning of the securities market in Russian Federation... For students and teachers of economic universities, scientists and practitioners specializing in finance and the stock market.
The author of this book, published in Paris in 1925, is a renowned specialist in the history of money circulation, banking and stock exchange in Russia and abroad. The other side of E.M. Epstein's life is a business career in commercial banks, the peak of which was the position of a member of the board of the Azov-Don Bank in St. Petersburg in the 1910s. It is also important to note his teaching career at the Moscow and then St. Petersburg commercial institutes, as well as his social activities in the Committee of Congresses of representatives of joint-stock commercial banks. The sources of the book were pre-revolutionary banking statistics, the author's personal business experience, as well as his direct involvement in the events of the war and revolution. This work, undoubtedly, falls into the category of a few, and therefore especially valuable sources on pre-revolutionary banking practice. At the same time, this is evidence of a direct participant in the events of banking problems during the First World War, as well as the formation of the foundations ...
The monograph is devoted to the analysis of the transition to market economy in Russia, the economic institutions that are critical in the transition stages, and the economic incentives necessary for the successful functioning of these institutions. The paper discusses in detail the most essential components of economic processes. For specialists in the field of economic theory, as well as for all students of economics in transition, teachers, graduate students and students of economic faculties. The book will be of interest to those who are engaged in political history and political science.
The textbook offers a number of modern forms and methods of testing legal and economic knowledge in the course "Securities Market". The book contains practical tasks: tests, tasks that help to check the assimilation of theoretical material that characterizes the main aspects of functioning Russian market valuable papers. This allows students and all persons interested in studying the subject to better assimilate the theory and learn how to solve practical economic problems. The book is intended for students of economic universities of all forms of education, business schools, graduate students, teachers and practitioners of the securities market. Recommended for use in conjunction with the book by VA Borovkova "Securities Market", St. Petersburg: Peter, 2006.
The monograph is devoted to topical problems of the economics of culture. It defines its place in the modern post-industrial mixed market economy, analyzes the micro- and macroeconomic aspects of development cultural activities: its functions, features of the market for cultural goods, the reasons for the chronic unprofitableness of cultural institutions, the mechanism of their financing, forms and methods of state regulation, as well as general trends, sectoral classification and development factors. Special attention is given to non-profit institutions and specific problems of the development of the cultural sphere in Russia. The monograph is intended for researchers, managers, specialists in the field of world and Russian economics, university professors.
In the second book of the series " Economic history in the past and present "the works of the prominent Russian historian II Levin are published, devoted to the development of joint-stock commercial banks in Russia and the history of Russian economic thought. The book is addressed to both specialists and everyone interested in the problems of banking and the history of the economy and economic thought of Russia.
The fundamental work of Joseph Sinki is very popular not only as a textbook, but also as a practical guide to managing the finances of a commercial bank in a rapidly changing environment. It examines the most important trends in banking and the financial industry - globalization, securitization, the introduction of information technology. Throughout the book, there is a thought about the key role of financial innovation and risk management in the financial management of banks. Are given specific examples application of new financial technologies and tools to manage risks, increase the value of the bank. The book is intended for both researchers and market participants; it will be useful to any reader interested in financial management in a commercial bank and in the financial services industry. The book can serve as a textbook both for students specializing in the field of banking management and for future managers of other financial institutions.
The new book by T.B. Berdnikova, prepared with the support of the Russian Humanitarian Science Foundation, tells about the formation and development of the Russian securities market in the context of the political, economic and social history of Russia. The history of the development of the Russian stock market is considered systematically, comprehensively, chronologically consistently from the era of Peter I to the present. Much attention in the book is paid to the characterization of the state and development trends of securities market research by foreign and domestic specialists. For the first time, the author shows the evolution of research by historians, lawyers, economists, mathematicians of various aspects of the stock market. The book includes detailed notes and bibliography. The book is intended both for specialists who professionally study the securities market and for a wide range of readers.
Chapter 1. Theoretical foundations of capital market analysis.
1.1. The place and role of capital in the economic system.
1.2. The essence and structure of the capital market.
1.3. Analysis of theoretical models of the capital market.
Chapter 2. Features of the functioning of the capital market in Russia.
2.1. Formation and development of the capital market in the Russian Federation.
2.2. Features of the economic behavior of the subjects of the capital market.
2.3. The impact of globalization on the development of the Russian capital market.
Dissertation introduction (part of the abstract) on the topic "Development of the capital market in Russia"
Relevance of the research topic. During the existence of the centralized system of economic management, the distribution of the means of production was carried out in a planned manner and was mainly reduced to the preparation and implementation of orders for material and technical resources. The stateization of the process of circulation of the means of production and their centralized distribution deprived producers of the opportunity to independently make investment decisions and choose suppliers of production resources.
The market transformation of the Russian economy is called upon to radically change the forms and methods of regulation of investment activities and to form a full-fledged and efficiently functioning capital market. Being a relatively independent link in the economic mechanism of society, the capital market should play a crucial role in ensuring the dynamic development of the Russian economy.
The study of the development of the capital market is important for solving such socio-economic problems as overcoming the decline in production and the investment crisis; ensuring a decent standard of living for the population, creating effective mechanism redistribution of income in order to activate the investment process; achieving sustainable rates of economic growth.
The relevance of the research topic is determined by the fact that forecasting the development of the capital market, achieving coherence in the functioning of all structural elements of the investment complex, at the present stage acquires not only theoretical, but also practical significance and is one of the fundamental directions of economic theory.
The degree of elaboration of the problem. The study of capital and the capital market is one of the most popular problems in economics. Physiocrats F. Quesnay and A. Turgot investigated the movement of capital in agriculture. Classics - A. Smith, D. Ricardo, J. St. Mill, J.B. Say considered capital as the main factor of production, and its price was interpreted as the ratio of supply and demand of this factor. The name of K. Marx in the public consciousness is also associated with the term "capital", the study of the origin, formation, circulation and accumulation of capital was the work of his entire life. The school of marginalists contributed to the theory of capital in the form of the "positive theory of capital" by E. Boehm-Bawerk. From that moment on, the position was established in economic theory that capital has its own productivity, and the rate of interest is determined in the market on the basis of the principle of marginal utility. The theory of marginal productivity, the problem of the optimal combination of factors, production function - these are the milestones of development neoclassical theory capital. The problem of stimulating investment was considered by representatives of Keynesianism (J.M. Keynes was the first to prove that interest becomes an autonomous monetary phenomenon, i.e. the price paid for giving up liquidity). J. Hicks' double equilibrium combines changes in the commodity market and the money market into one model. Thus, J. Hicks gave rise to the differentiation of the processes occurring in the market of real and fictitious capital.
Since the 50s of the XX century, the "classical" theory of investment began to form, which arose and developed based on the needs of economic agents in countries with developed market economies. However, in the works of E. J. Dollan, G. Mankiw, F. Knight, P. Samuelson, S. Fisher, P. Heine, in to a greater extent considering investments in financial assets, which is explained by the high development of the securities market, or applied aspects of the effectiveness of investment projects. In the works of Western scientists, the concept of the capital market, which is at the stage of formation and development, has not been developed.
In the domestic political economy, the issues of accumulation and efficiency capital investments developed in the works of K.K. Valtukha, J.A. Kronrod, V. Novozhilova, A.I. Notkina, S.G. Strumilin and others.
In the modern works of domestic scientists - B.I. Alekhina, V.D. Andrianova, JI. Artemova, E.T. Gaidar, S.Yu. Glazieva, A.I. Dobrynina, G.P. Zhuravleva, A. Ya. Livshits, A. Nazarova, B.P. Plyshevsky, JI.C. Tarasevich, A.A. Feldman and others, the issues of capital accumulation in Russia, attracting foreign investment, state regulation of the capital market are being actively developed, the reasons for the investment crisis are identified and measures are proposed to overcome it.
At the same time, in the educational and scientific literature, the question of the sources of profit and interest is removed or pushed into the background, the concept of "capital" is used in a variety of meanings. All attention has been shifted to the practical problems of the impact of the interest rate on investments, the issues of discounting future income, the study of the capital market is replaced by the study of the investment process. The question of the structure of the capital market and the directions of its optimization remains controversial. The question of the impact of globalization on the domestic capital market needs a theoretical substantiation.
It can be stated that the theories of capital developed by Western and domestic scientists by economists do not fully meet the requirements of the current economic situation in Russia. In this regard, the problem of the formation, development and improvement of the capital market requires further scientific development and justification.
Purpose and objectives of the research: The purpose of the research is to examine the features of the emergence and development of the capital market in the Russian economy.
In accordance with this goal, the following tasks were solved in the dissertation: consideration of available alternative interpretations of capital, the relationship of capital with basic economic categories, phenomena and processes; revealing the essence and structure of the capital market, determining its place in the system of markets; analysis of the main theoretical models of the capital market and assessment state of the art capital market in Russia; analysis of the stages of the formation of the Russian capital market; , identifying the features of the economic behavior of the main subjects of the capital market; study of the impact of globalization on the development of the Russian capital market;
Subject and object of research. The subject of this research is the economic relations between firms, households and the state, reflecting the process of formation and development of the Russian capital market.
The object of research is the capital market in a transforming economy.
Methodological, theoretical and informational foundations of the study. Methodological and theoretical basis dissertation was served by the works of domestic and foreign scientists who made a significant contribution to scientific development problems of the markets of factors of production, capital, financial market... The concepts of the international movement of capital and investments were of great importance in the theoretical aspect.
During the research and presentation of the material, philosophical and general scientific approaches and methods were applied: abstract, dialectical, materialistic, retrospective, economic-statistical, factorial, structural-functional and others.
The informational basis of the study was the legislative and regulations, reference materials of the official governing bodies of the Russian Federation, data from periodicals, sociological research in relation to the main subjects of the capital market.
The scientific novelty of the dissertation research consists in the following provisions.
The author's classification of interpretations of the concept of "capital" has been developed, including: expanded (capital as a value that brings income), monetary (capital as money), material (capital as a means of production), factor (capital as a factor of production), socio-economic ( capital as a production relation), temporary (capital as a discounted stream of income), level (personal, entrepreneurial, popular, social) approaches.
An abstract interpretation of capital is presented in the author's understanding. Unlike most works, in which the essence of capital is identified with its forms of manifestation (production, money, loan), in the dissertation capital is understood as goods that, in the process of their self-movement and use, increase the production of future goods and bring their owner a regular income throughout long time. The capital market is viewed as a system of relations regarding the movement of capital and capital assets.
The hypothesis is put forward and substantiated that the main reason for the investment crisis in Russia is deformations in the system of functional dependencies: “inflation is the rate of interest”. High inflation forces all producers and consumers to live by current interests, blocks incentives to invest, does not allow the rate of interest on long-term investments to be reduced to an acceptable level for business entities. All this contradicts the strategic socio-economic interests of the country. Therefore, it is recommended to take urgent measures to reduce the average annual inflation rate to 3-5 percent.
In contrast to the approaches available in the literature, the dissertation developed and presented a complex scheme of the capital market structure, built on the basis of a single classification criterion (the specificity, essence of capital acts as a classification basis), which will significantly increase the analytical level of theoretical research.
The article reveals the conditionality of the structure of the capital market by the split into real and fictitious capital. In this regard, the capital market is considered as an element of the financial market and as an element of the market for factors of production.
The features of the functioning of the Russian capital market are revealed: social capital has "shrunk" by at least one and a half times; the depreciation of capital goods led to a relative increase in the profitability and value of owning a monetary form of wealth; delivery of funds in foreign currency; the privileged position of commercial banks; predominantly non-production sources of initial capital accumulation; underdevelopment of the institutional infrastructure of the capital market; high level of refinancing rates and interest rates on loans (the expected marginal efficiency of capital, i.e. the rate of return was invariably below the long-term rate of interest on the market borrowed money); insufficient supply of loan capital on the market; uneven spread of competition in the market for investment resources.
It is proved that such a phenomenon as the uneven distribution of competitive forces across regions and sectors of the national economy has a significant impact on investment activity. The deficit of investment resources is found to the greatest extent in those industries and regions where the profit rate is lower, capital turnover is slower, and the degree of investment risks is higher. This made it possible to draw the following conclusions: 1. The state should promote the intensification and even distribution of competition in the capital market in the spheres and regions of the national economy. 2. Depressed regions, agriculture and a number of other industries need to provide special preferences (tax, credit, financial, etc.).
Priority directions for increasing the efficiency of state regulation of the capital market have been developed: reducing the inflation rate and the rate of interest; increase in deposit rates on household deposits in savings institutions and organizations; stimulation of inflow foreign capital in the industry of the real sector of the economy and limiting its activities in industries related to the implementation of the national-state interest (exploitation of national natural resources, radio, television, satellite communications, military-industrial complex).
The theoretical and practical significance of the work. This dissertation contributes to the development of both general economic theory and the theory of an economy in transition, enriching their content with the study of the problems of capital market development.
The provisions and conclusions put forward as a result of the study are of practical importance for determining the directions and ways to improve the efficiency of the functioning and development of the capital market in Russia. The materials of the dissertation work can be used in teaching courses: "Fundamentals of Economic Theory", "Microeconomics", "Macroeconomics", "Theory of Transition Economics", "Institutional Economics".
Approbation of work. The main provisions of the work were reported at International and interuniversity conferences. Among them: "Regional integration in the context of globalization: economic, social, political, legal and historical and cultural aspects." (Republic of Kazakhstan, Uralsk, UATiSO, 2002), “Globalization and economic problems development of Russia "(Krasnodar, KSHU, 2002) and others. On the topic of the dissertation research, 5 works were published, with a total volume of 5.3 pp.
The dissertation research is part of the state budgetary theme "Formation and Development of Market Relations" of the Department of Economic Theory, Saratov State Socio-Economic University.
The structure of the thesis. The structure of the work is determined by the tasks set, the goal and the logic of the research. The thesis is presented on 176 pages, it includes two chapters, six paragraphs, introduction, conclusion. The list of used literature includes more than 200 sources, including literature in English. The dissertation work contains tables, diagrams, figures.
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The aim of the course work is to consider the features of the development of the capital market in Russia.
For this it is necessary: to consider alternative interpretations of capital; to reveal the essence and structure of the capital market, its place in the system of markets; analyze the main theoretical models of the capital market and assess the current state of the capital market in Russia; show the features of the economic behavior of the main subjects of the capital market and the state influence on the capital market and its structure.
To define the concept of "capital market" in term paper it is necessary, first of all, to reveal the essence of the category "capital", to highlight various approaches to the definition of this category. This will be helped by referring to the following literary sources: Blaug M. Economic thought in retrospect. P.679; Theory and Practice of Entrepreneurship / Ed. V.D. Kamaeva. Ch. 9, 11; Economic theory (political economy): Textbook. / Ed. IN AND. Vedyapina, G.P. Zhuravleva. Ch. eleven.
Note that the essence of capital is revealed through its properties:
1) it acts as a limited resource;
2) has the ability to accumulate;
3) has a certain liquidity;
4) being in motion constantly changes its own forms;
5) acts as a self-increasing value.
Due to the ambiguity in the interpretation of the category "capital", there is also the problem of defining the concept of "capital market". Depending on what is the object of the relationship between buyers and sellers in the market, there are various options for the interpretation of this concept. In one case, the capital market is a part of the market for factors of production, and then capital is understood as physical capital, and the main subjects of the market are the sphere of business (entrepreneurship) and the sphere of household (households). In the second case, capital in the financial market means money capital, therefore the capital market is one of the constituent parts of the loan capital market.
The essence of the capital market is manifested in its economic functions:
- pricing consists in setting the price (percentage) of capital;
- balancing consists in establishing a balance between two types of markets: commodity, where the firm acts as a supplier selling its goods and markets for other factors of production (land and labor), in which the firm acts as a bearer of demand;
- incentive consists in encouraging entrepreneurs to invest the most profitable way;
- informational allows market participants through constantly changing prices, interest rates, stock quotes to receive information about supply and demand, market conditions, phase economic cycle, investment climate.
Possible options development of the capital market of any country can be reduced to a range of models according to the degree of government intervention. In classical political economy, the state has nothing to do with the outflow of capital, with the investment process, with the amount of loan interest, since these processes are regulated by the market.
In the Keynesian model, government regulation of the capital market is aimed at stimulating demand.
Monetarists and supporters of the supply theory demand from the state actions aimed at mobilizing the market potential of the economy, maintaining the system of free enterprise.
Considering the evolution of views on the processes of formation and development of the capital market and on the role of government intervention in the economy in order to stimulate economic growth, it should be noted that no system of views, as Galbraith argued, is capable of providing an exhaustive "true" explanation of how modern economy... Only a creative synthesis of elements contained in various schools and trends is capable of ensuring success and giving an idea of the functioning of the modern economic system. The economic relations that develop between the subjects of the capital market are realized through economic behavior. Therefore, in this work, it is advisable to highlight the features of the economic behavior of the main subjects of the capital market in Russia: market institutional investors ( commercial banks, pension funds, investment companies and others), households, enterprises and the state.
In particular, the peculiarity of the behavior of market institutional investors in Russia at the present stage is that they are focused on the fuel and energy complex, metallurgy and telecommunications. Many of them are part of FIGs and serve the enterprises that are part of them.
In the final part of the work, it is necessary to dwell on the priority areas of increasing the efficiency of state regulation of the capital market in Russia: lowering the inflation rate and the rate of interest; increase in deposit rates on household deposits in savings institutions and organizations; stimulating the inflow of foreign capital in the sector of the real sector of the economy and limiting its activity in sectors related to the realization of national-state interest (exploitation of national natural resources, radio, television, satellite communications, military-industrial complex).
A rough outline of the chapters
Introduction
1 The essence of capital: different approaches
1.1 Analysis of the concept of "capital" in various schools of economics
1.2 Classification signs capital
2 Basic theoretical models of the capital market and assessment of the current state of the capital market in Russia
2.1 Basic theoretical models of the Russian capital market
2.2 Analysis of the current state of the capital market in Russia
3 Trends in the development of the capital market in Russia
3.1 Ways to improve state regulation of the capital market in the Russian Federation
3.2 Analysis of options for the development of the capital market in the Russian Federation
Conclusion
Main literature
1. Bertenev S.A. Economic theories and schools (history and modernity): A course of lectures. M., 1996.
2. Blaug M. Economic thought in retrospect: M., 1994.
With the transition to a market economy in Belarus, the Soviet model of a super-centralized planned economy was dismantled, in which there was no capital market, and the distribution of resources (fixed assets, investments, etc.) was carried out through funding and centralized material and technical supply in the State Planning Commission and Gossnab the former USSR... And if dismantling does not require much effort, then creative work to form new ones for the country market institutions capital movement is extremely difficult. Almost the entire XX century. The rapid development of the capitalist system took place not only without the participation of the USSR and its union republics, but also in the tough ideological struggle of the countries of the socialist camp with this system. And the transition to a market, market economy could not rely on any institutional, organizational, personnel and other traditions and experience. It all started almost from scratch. Therefore, the formation of market institutions, including the capital market, was and is based on the experience of highly developed Western countries, its comprehensive and in-depth study and adaptation to the specifics of Belarus and its economy.
The category "capital" over many centuries of the functioning and development of the market economy has acquired a multi-valued character. Depending on in which system of relations, goals, functions this fundamental concept is considered - in the reproduction process (production, distribution, exchange, consumption), in the movement "commodity - money - commodity", in the market coordinates of purchase and sale, and so on. , - capital has different definitions. In economic theory, the capital market is an organic part of the factor market. And when we talk about capital as a factor of production, we mean real (physical) capital, which includes human-created resources used to produce goods and services, or means of production, investment goods that do not directly satisfy human needs.
When it comes to the capital market, they mean the financial capital market, primarily the credit market.
The economic content and functions of real capital are revealed in its movement through the phases of the market circulation, turnover and reproduction. Passing through three stages: circulation (in the sphere of circulation, the firm buys with money the means of production and labor power it needs), production (in this area, the means of production and labor power create the commodity and its value) and circulation again (here the commodity turns from commodity into money form), the capital of the company passes from one functional form to another - monetary, productive, commodity, until it returns to the monetary form. Thus, the circulation of capital is carried out and its entry into the market both in the form of real capital and in the form of money.
Capital in the form of means of production cannot physically flow from one industry to another, and without such an intersectoral flow, the market economy cannot function. And this process is usually carried out in the form of the movement of money capital. The contradiction between the need for a free transfer of capital from some branches of production to others and the fixation of production capital in a certain natural (physical) form is resolved in the movement of money capital provided on a loan. The transformation of money capital into loan capital is provided by credit. With its help, free money capital and income of business entities, the household sector and the state are accumulated, turning into loan capital, which is transferred for a fee for temporary use. Therefore, credit in a market economy is necessary primarily as an elastic mechanism for the movement of capital from one industry to another and the management of the rate of profit.
Credit is the oldest form of economic relations that generates income in the form of interest on loans, trade credits, deposits, etc. And loan capital is money capital provided on a loan on terms of repayment for a payment in the form of interest.
The movement of financial flows between lenders and borrowers, owners and their firms forms the movement of capital.
Capital flows, including international ones, are subdivided into a number of forms. First of all, according to their functional purpose, the movements of loan capital (in the form of credit) and entrepreneurial capital (in the form of investments) are distinguished; by belonging, private and state capital are distinguished, by intended purpose- private and public, direct and portfolio investments; by timing of movement - short, medium and long-term capital.
Short-term capital- capital mobilized for a short-term period in order to cover additional
demand for cash. Accordingly, the market for short-term loan capital, or the money market, is a market for transactions in short-term securities with low level risk (commercial bills, bank acceptances, tradable certificates of deposit). It is a market for exchange dealers who buy and sell reliable short-term securities.
Securities- payment documents (checks, bills of exchange, letters of credit, etc.) and stock values (shares, bonds, etc.) in the national and foreign currencies... A security acts as a document that determines the share of ownership in the issuing company and creditor relations with the issuer represented by companies, municipality or state, as well as indicating other ownership rights.
Stocks and bods market- a part of the loan capital market, where the issue, purchase and sale of chain securities and rights to them are carried out.
Loan market- This is a market for medium-term (from] a year to 5 years) and long-term (over 5 years) loans, mediating the connection between the supply of medium and long-term cash savings of the non-financial sector and the demand for medium and long-term loans required for financing (investment) purposes. It is often referred to as the capital market.
Money market includes all financial institutions that are engaged in the purchase, sale and transfer of short-term (up to 1 year) loan obligations and bills, as well as the international dealer market of short-term financial commitments issued by the government, firms and financial institutions.
The main securities of the money market are treasury bills, commercial paper, bank acceptances and freely tradable certificates of deposit.
The money market usually includes several segments, the most important of which today is the so-called interbank market, or the market between bank deposits... Short-term interbank transactions play an important role in any national market, and in the international market they account for the overwhelming part of credit resources (several trillion dollars). The interbank market is the most effective tool for short-term redistribution of bank liquidity, ensures the rational use of banks' total resources, and also allows you to make a profit, manage currency and interest rate risks, etc.
Capital market- a long-term segment of the loan capital market, which primarily includes the issue of bonds and shares and their secondary markets. The historical basis of the capital market is the stock exchange. In Great Britain, for example, the stock exchange was organized in 1773 (before that, securities were traded in London coffee houses), and in the USA in 1792 as a result of an agreement between brokers. At present, the capital market is not limited to stock exchanges, as in many countries “over-the-counter” and “near-exchange” markets have developed and their importance is constantly increasing.
The loan capital market is “wholesale” in nature, i.e. includes mainly fairly large operations. The most important economic function loan capital market is the formation of the price of loan capital (interest) based on supply and demand. Any market for loan capital exists in the unity of the primary and secondary markets. If the primary market clearly serves to redistribute capital (there are creditors and borrowers), then in the secondary market there is only a change in the owners of debt obligations (securities), i.e. the size of the original borrower's resources does not change. The secondary market makes it possible to objectively assess the current value of an asset, guarantees the investor the possibility of selling it, and creates the preconditions for lengthening the terms of lending.
The structure of interest rates includes “wholesale” or market and “retail” rates. The former refers to rates on large transactions between financial institutions, and the latter refers to rates on transactions with clients.
The rate structure of any money market is usually based on the official discount rate (fixed) or current rates on central bank transactions. Since the central bank's accounting for commercial bills carries little or no risk, banks have traditionally been able to refinance at central bank... Second essential element rate structures - rates on treasury bills; the third is the rates of the certificates of deposit market.
On the international loan capital market, the most widely used rates are LIBOR (London interbank offered rate - LIBOR), as well as LIBID and LIMIN. There is always a slight difference between international and national interest rates. This is explained, according to most economists:
Restrictions on capital outflow;
By different tax regimes for international and domestic operations;
Reserve requirements for banks in the domestic market;
Difference in operating costs for similar transactions;
The presence of costs when transferring, for example, from dollars to euros;
Incomplete matching of instruments in the international and national markets of loan capital.
As the processes of globalization unfold, the integration of national and international markets will intensify.
In recent years, the loan capital market has developed rapidly, its scale has grown rapidly, its structure has changed, new market segments, new instruments and operations have emerged, the process of financial innovation has accelerated, trends towards securitization, an increase in the role of off-balance sheet transactions, and the convergence of national markets have intensified. Currency and interest rate swaps have become extremely widespread in the international market, with which today the majority of bond loans, insurance schemes for foreign exchange and interest rate risks are associated (see subparagraph 5.4.4).
Swaps use primarily the difference in interest rates on different segments international market loan capital, in different national markets and allow a particular borrower to better conditions get access to the market or currency he needs. Interest rate swaps are off-balance sheet transactions, currency swaps are on-balance sheet transactions, but they have the same economic essence - the combination of various segments of the loan capital market.
Futures (futures exchange) and options transactions with financial instruments or, as they are also called, derivative financial assets.
Forward, futures, options and swap markets form a derivatives market, the subject of which is the supply of an asset (stocks, bonds, promissory notes, bank deposits, currency, commodities) in the future, as well as the futures contracts themselves. (Transactions aimed at immediate delivery of an asset are called cash or spot transactions.)
main reason active participation in the derivatives market of a wide range of organizations and individuals, and primarily industrial enterprises, is that, according to its functional concept, it is intended to serve as a mechanism for insuring price risks in an unstable economic environment. In this regard, the presence of this market allows economic entities to exclude or reduce financial risks... The derivatives market is also attractive because its instruments are highly profitable investment objects of free financial resources... This has especially essential in the context of a portfolio approach to investing.
The reproduction basis of the capital market is investment, since the national economy of any country constantly requires a certain amount of investment resources (all types of property, financial and intellectual values).
From the national economic point of view, clean (respectively, freed from the material reproduction process) markets Money and capital are called financial markets. (The system of financial markets typically includes the stock market, the money market, the loan market, and the foreign exchange market.) These financial markets can be subdivided into:
To the markets for the exchange of money (among them, first of all, it is necessary to highlight the markets for currency trading and transactions with bills of exchange, or currency markets);
Credit markets;
Insurance markets;
Markets with equity participation of capital, among which it is necessary to highlight the stock exchanges for the purchase and sale of securities (stock exchanges);
Markets for exchanging credit terms (using the difference between the exchange rate and interest).
Financial market transactions are carried out primarily by specialized financial institutions, i.e. banks and insurance companies that act as partners of the financial market in face-to-face confrontation with enterprises.
Thus, from the point of view of the economy as a whole, the market in which industry and trade, the state and local governments mobilize long-term capital, forms the capital market. The money comes from private investors, insurance companies, pension funds and banks, and is usually redistributed by issuing houses and commercial banks. A house of issue is a financial institution, usually a trading (commercial) bank, that specializes in the placement of securities of private companies on the stock exchange. Stock exchanges they are also part of the capital market, where they form the market for stocks and bonds, which, when issued, represent capital. It is the presence and development of capital markets that distinguish industrialized countries from developing countries and countries with economies in transition, in which opportunities for mobilizing industrial and commercial capital are either absent or very limited.
The outlined architecture and the mechanism of functioning of the main segments of the capital market in highly developed countries, their most important features as they transition to a market economy are applied in Belarus. Already in 1992-1994. legislative and regulatory acts were adopted on the functioning of the currency mechanism on market principles, on the movement of capital in commodity and monetary forms. In January 1994, the National Bank of the Republic of Belarus adopted the “Regulations on the procedure for conducting currency transactions associated with the movement of capital ”. Thus, a mandatory (legal) regime was created for the entire set of foreign exchange transactions in the capital market (investments, export-import transactions, loans and deposits, etc.).
The government and the National Bank of Belarus develop multifaceted relations with the loan capital market within the framework of the monetary policy, optimization of the ratio of regulation and deregulation of foreign exchange and credit markets, and the implementation of investment programs.
General regulation of the capital market and the so-called "prudent supervision" are also implemented through the adoption of legislative acts on the activities of banks and the issue of securities. Through the National Bank, the Ministry of Finance and other institutions, the state establishes detailed rules for emission and secondary circulation, permits new instruments and operations, issues licenses for participation in certain transactions, authorizes the opening of exchanges and other markets, sets reporting forms and operating standards.
The regulation of the loan capital market (or the weakening of restrictions and prohibitions) is associated with the desire of the state to influence macroeconomic processes, to maintain the competitiveness of the national credit system, stimulate the development of competition, bring national practices in line with international ones.
The functioning of the loan capital market is based on a special institutional mechanism. The technical and organizational basis is the National Bank, commercial banks, brokers and other institutions that are intermediaries in the movement of loan capital. Currently, the institutional mechanism also includes exchanges, settlement centers, electronic operating systems, etc.
The capital market in the form of trade in industrial and technical products has been developing in the country since the late 1980s. XX century, stock trading, or circulation of share capital, gradually develops as it becomes corporatized and privatized. Of course, ten years is a short period for the maturation of such complex economic structures that have been taking shape in the West over several centuries. Nevertheless, the formation took place. Over the past four years, a trading and clearing, settlement, depository and technical infrastructure has been created to serve the foreign exchange and stock markets.
The most important problem at the present stage of the capital market development is the lag of its volume and dynamics from the growth dynamics of the Belarusian economy, from the need for the formation of domestic investment resources and their redistribution into the real sector of the economy. To create conditions for economic growth, market instruments should not so much serve primarily speculative transactions, but rather ensure the transformation of savings into investments, while performing their main macroeconomic function. This will help create an effective investment and innovation development model in Belarus.
