The creation of financial-industrial groups agnesi a factor of economic growth (translation into English). Martynova, H., V. & Martynov, V., A.
The creation of financial-industrial groups agnesi a factor of economic growth (translation into English) [pdf]Paper  abstract   bibtex   
2 financial and credit institutions with economic entities of the regions, as well as the main directions of improving this interaction; they can be useful in research work. UDC 332.01 BBK U9(2) ISBN 5-8265-0095-6 Tambov state technical university, 2000 The strategic line of reforming the Russian economy envisages the solution of three tasks: -economic liberalization; -financial (macroeconomic) stabilization; -carrying out systemic changes in the economy. These tasks vary in time of their implementation and on the use of economic levers and instruments. Liberalization means a fundamental change in the functions of the state in regulating the economy. It should create conditions for the formation of an open market economy, the actions of market mechanisms, eliminating strict administrative and command regulations on price regulation, resource allocation, restriction of foreign trade and other factors. Financial stabilization aims to reduce open inflation, which is an inevitable companion to liberalization. It uses strict budgetary and monetary \ restrictions, state regulation of the exchange rate of the national currency, as well as often wages. Based on the content of liberalization and financial stabilization processes, it is clear that they take place almost simultaneously and in a relatively short time. System changes include institutional and structural reforms. They relate to long-term processes and provide for changes in property relations, the formation of new structures and mechanisms that ensure the functioning of the market economy. As a result of systemic changes, the national economy must be adapted to the dynamic needs of the market, both domestic and global. Since the beginning of the 90s in Russia was carried out a program of liberalization and macroeconomic stabilization. Quite actively: institutional reforms have been carried out. The set of activities was aimed at rapidly replacing Central policy planning and management of the main elements of the market economy, which has two main objectives: first, the fastest possible denationalization of the economy and the creation of macroeconomic and institutional foundations for the functioning of the market; 3 secondly, the marginal reduction in the duration of painful period of reforms, to prevent significant growth of social tension. The emphasis was placed on those measures that can be implemented relatively quickly: price liberalization, commercialization of trade, removal of restrictions on the activities of small entrepreneurs, the abolition of currency control, restructuring of the functions and structure of the financial apparatus, etc. As time has shown, market reforms in Russia have not achieved the desired result. There are many reasons for this, but one of them is that the measures taken have not been supported by a serious structural restructuring of the economy. As a result, market mechanisms overlap with the former economic structure, which is inadequate to market requirements, is not adapted to the structure and needs of dynamic market demand. The difficulty here lies in the fact that structural adjustment not only requires long time and large investment. As a result, Russia is facing a situation that can be defined as an investment crisis characterized by a contradiction between the necessary structural adjustment of an economy that requires investment in new viable production and industries and a low level of investment with an extremely high price of investment resources. Thus, gross real investment in Russia for 5 years (from 1991 to 1995) decreased by 70%, and this trend continued. In this context, the issue of sources of investment financing has become very important. The composition of the sources is known: -own funds of economic entities (mainly, profit and depreciation savings); -Bank loans and bond issues; -issuance of new shares; -budget; -foreign investment. None of these" traditional " sources today in the conditions of Russia 90-ies was not reliable and powerful. Profit and amortization do not provide sufficient investment funds (due to the decline in production and the curtailment of the reproduction process). The vast majority of Russian enterprises do not have enough funds to support even the current economic turnover, and especially for capital development. At that time, long-term Bank loans as part of investment financing sources played a very small role. Excessively high interest rates on Bank loans made it impossible for most business entities to obtain funds in the loan capital market. Moreover, under conditions of inflation and instability of the monetary system, long-term investment loans should not be taken at all. The stock market in any country of the world has not played a big role in financing capital investments in the real sector. In addition, the securities market in Russia was still underdeveloped, was in the process of formation. The financing of state investment programs from the budget cannot be significant due to budget constraints and budget deficits.

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