I 5.3. ANALYSIS OF ASSET TURNOVER1 AND CAPITAL OF THE ENTERPRISE

II Congress of Soviets, its main decisions. The first steps of the new state power in Russia (October 1917 - the first half of 1918)

II. CONTRIBUTION OF RUSSIAN SCIENTISTS TO THE DEVELOPMENT OF WORLD ECONOMIC THOUGHT

The purpose of the course work is to consider the features of the development of the capital market in Russia.

For this it is necessary: ​​to consider alternative interpretations of capital; reveal the essence and structure of the capital market, its place in the system of markets; analyze the main theoretical models of the capital market and 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 impact on the capital market and its structure.

To define the concept of "capital market" in the course work, it is necessary, first of all, to reveal the essence of the category "capital", to highlight the various approaches to the definition of this category. This will be helped by reference to the following literary sources: Blaug M. Economic thought in retrospect. S.679; Theory and practice of entrepreneurship / Ed. V.D. Kamaev. Ch. 9, 11; Economic theory (political economy): Proc. / Ed. IN AND. Vedyapina, G.P. Zhuravleva. Ch. eleven.

Note that the essence of capital is revealed through its properties:

1) 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 of the interpretation of the category "capital", there is also the problem of defining the concept of "capital market". Depending on what is the object of the relationship between sellers and buyers in the market, there are various interpretations of this concept. In one case, the capital market is a part of the market for factors of production, and then capital is understood as physical capital, and the main subjects of the market are the sphere of business (entrepreneurship) and the sphere of household (households). In the second case, capital in the financial market is understood as money capital, so the capital market is one of the constituent parts of the loan capital market.

The essence of the capital market is manifested in its economic functions:

- pricing consists in setting a price (percentage) for capital;

- balancing consists in establishing a balance between two types of markets: commodity, where the company acts as a supplier selling its goods and markets for other factors of production (land and labor), in which the company acts as a carrier of demand;

- stimulating is to encourage entrepreneurs to invest in the most profitable way;

- informational allows market participants to receive information about supply and demand, market conditions, the phase of the economic cycle, and the investment climate through constantly changing prices, interest rates, stock quotes.

Possible options for the development of the capital market of any country can be reduced to a range of models according to the degree of state intervention. In classical political economy, the state has nothing to do with the flow of capital, the investment process, the amount of loan interest, since these processes are regulated by the market.

In the Keynesian model, state regulation of the capital market is aimed at stimulating demand.

Monetarists and proponents of the supply theory demand from the state actions aimed at mobilizing the market potential of the economy, maintaining the system of free enterprise.

Considering the evolution of views on the processes of formation and development of the capital market and on the role of state 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 exhaustively “true” explanation of how the economy actually functions. modern economy. Only a creative synthesis of elements contained in various schools and trends can ensure success and give an idea of ​​the functioning of the modern economic system. Economic relations that develop between the subjects of the capital market are realized through economic behavior. Therefore, in this work it is advisable to highlight the features of the economic behavior of the main subjects of the capital market in Russia: market institutional investors (commercial banks, pension funds, investment companies, etc.), households, enterprises and the state.

In particular, the peculiarity of the behavior of market institutional investors in Russia 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 for improving the efficiency of state regulation of the capital market in Russia: reducing inflation and the rate of interest; increase in deposit rates on deposits of the population in savings institutions and organizations; stimulating the inflow of foreign capital into the sectors of the real sector of the economy and limiting its activities in sectors related to the implementation of the national-state interest (exploitation, national natural resources, radio, television, satellite communications, military-industrial complex).

Sample plan for chapters

Introduction

1 Essence of capital: different approaches

1.1 Analysis of the concept of "capital" in various economic schools

1.2 Classification features of the concept of "capital"

2 Main theoretical models of the capital market and assessment of the current state of the capital market in Russia

2.1 Main 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 Russian capital market

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.

2.1 The evolution of the capital market in Russia. Development of the capital market in Russia in modern conditions

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 tasks from the point of view of the main part of society. First of all, the thesis about the obviously high efficiency of asset management in private business was untenable. Assets that are privately owned, owned by specific personalized owners, bring an effect only under certain conditions:

Competition;

Strict observance of the law;

The direction of the energy of private economic activity in areas that do not have a depressing effect on the development of other socio-economic areas.

Private investment in the real sector in the new post-Soviet system began to become significant only after the financial crisis of 1998, which was caused in large part by falling prices for Russia's main commodity exports. This factor significantly reduced the possibility of relatively easy "money taking" from the state and the population. This motivated representatives of large businesses to invest part of their funds in less profitable areas of activity. Vlasevich Yu. Economy of Russia: effects and paradoxes. M.: UNITY-DANA, 2011.

We should also mention the migration of capital abroad as a significant factor in the formation of supply and demand in the Russian market. Historically, already in the late 1980s, the illegal export of capital from the country began in the USSR. In the 1990s, this trend also prevailed. Capitals were haphazardly invested in the form of loan capital, mainly in non-commercial real estate, or simply "eat" abroad. In the 2000s, the nature of the export of capital from the Russian Federation has already fundamentally changed, since there was a clear trend towards increasing entrepreneurial capital.

Foreign investments, as well as foreign assets obtained with their help, are gradually beginning to play a special role in the Russian economy, since the first domestic TNCs began to appear and successfully develop. Thus, a rather peculiar, parallel external economy gradually 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 a positive factor for the entire Russian economy.

Gazprom Concern, which ranks second in the world in terms of sales among oil and gas companies, also seeks to participate in projects for the exploration, production, transportation and marketing of hydrocarbons in third countries as part of the strategy of the company's global presence in the global oil and gas market, using both participation in competitions and auctions, and asset exchange operations.

Rosneft is also making ambitious plans, hoping to become one of the five largest world corporations in terms of capitalization in the medium term Vlasevich Yu. The Russian economy: effects and paradoxes. M.: UNITY-DANA, 2011. .

Judging by the number of companies operating abroad that are associated with Russian capital, it can be said 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 is worth saying 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 taking strict restrictive measures, it is possible to drive a part of the relevant 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 foreign economy, it is necessary to develop and pursue a balanced policy in this area. Two main areas can be distinguished:

State support for foreign expansion of domestic business;

Market and administrative measures that would help reduce the unjustified outflow of capital from Russia and bring the domestic and foreign economies closer.

In the Russian Federation today there is no well-thought-out state policy regarding the investment expansion of business.

Also, one of the main problems is that enterprises use very little such a source of capital as the stock market, and, in fact, are not ready to attract external strategic investors.

Analysis of borrowed capital of JSC "Liana"

As you know, the formation of the financial resources of the enterprise is carried out at the expense of its own and borrowed funds ...

Foreign exchange market of Russia: formation and development prospects

Let us single out several main stages in the history of the development of the monetary system in post-revolutionary Russia. The first stage - until 1986 - had all the characteristic features of the state's currency monopoly...

The impact of financial crises on the availability of venture capital

The world community has now moved into that stage of economic development, which is called the "knowledge-based economy". And this is the inevitable path of development. Therefore, not only the financing of knowledge itself is of particular importance ...

Marxism and Modernity

Among domestic and foreign scientists there is no unity of views on the essence of the concept of "labor market". Some authors believe that the category "labor market" should be distinguished from the "labor market". Others, on the contrary, confuse these concepts ...

Methods of market valuation of a land plot

Land is the main means of production in agriculture, as well as the space on which economic and economic activities are carried out ...

Forecast of the economic development of the enterprise

Money-capital forms the form in which each individual capital enters the scene, begins its process as capital. giving impetus to the whole process ...

Market and its main elements: conditions of occurrence, concept, functions and types

In the field of antimonopoly policy in Russia, practical actions began along with the economic reform of 1992, but until 1994 attempts to regulate the activities of monopolies in our country did not bring much success ...

capital market

The priorities of Russian policy to support foreign investment by domestic companies should be to promote: - modernization of the country's economic system; - export diversification; - improving the security of production ...

Capital market and conditions for its development

Capital (originally - the main property, the main amount, from the Latin capitals - the main one) is one of the most important categories of economic science, an indispensable element of a market economy ...

Improving the system of working capital planning in MUP "Energosbyt"

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 tasks from the point of view of the main part of society...

The essence and evolution of the capital market

The priorities of Russian policy to support foreign investment by domestic companies should be to promote: - modernization of the country's economic system; - export diversification; - improving the supply of raw materials for production; -...

Franchising: essence, mechanisms of functioning

Ministry of Education of the Russian Federation

NOU VPO Saratov State Socio-Economic University

Department of General Economic Theory

Course work

The capital market and features of its development in the modern Russian economy

Performed: Student of the course of the BUKO group

Scientific adviser: Associate Professor of the Department

economic theory

Erofeev Ivan Ivanovich

Saratov 2008

Introduction…………………………………………………………………………...3

Chapter 1. Essence of the capital market………………………………………………...5

1.1. The concept of the capital market…………………………………………………..5

1.2. The process of primitive accumulation of capital……...….…….……13

1.3. The difference between the capital market and the markets for other factors of production…………………………………………………………...18

Chapter 2. Features of the capital market in Russia…………………………………22

Chapter 3. World capital market……………………………………………...27

3.1. Essence and structure of the world capital market……………….…27

3.2. Globalization of national capital markets, its causes and consequences…………….………………………………………………32

Conclusion………………………………………………………………………….37

List of used literature………………………………………………39

Introduction

The theme of this course work contributes to a deep understanding of the processes taking place in the economy. The creation and development of commercial firms - the main constituent units of a market economy - requires the acquisition of physical and intangible capital. This requires capital investment. However, since the owners of the firm usually do not have enough financial resources to organize the production of goods or services, there is a need for additional capital, which is attracted from the capital market.

In countries with developed market-type economic systems (such as the United States, the countries of Western Europe, Japan), the capital market has a rather complex structure that has been formed over many centuries. This structure is generated by the need to best reconcile the sometimes conflicting interests of the owners of savings and commercial firms wishing to receive these savings as an investment.

The concept of the capital market is closely related to the stock market. The stock market arises from the objective need to attract additional financial resources for an enterprise, corporation, state. At the same time, there are a number of persons (both legal entities and individuals) who have temporarily free cash. In the stock market there is a purchase and sale of funds.

The stock market plays a significant role in the system of market relations, which can be reduced to the following factors: attraction of free funds in the form of investments for the development of production; ensuring the flow of capital from declining industries to rapidly progressing industries; raising funds to cover the budget deficit; generation of indicators by which one can assess the state of the economy as a whole; impact on changes in inflation rates.

The current stage of development of the stock market began after the collapse of the USSR and is associated with ongoing economic reforms.

The stock market is an indispensable element of any market system. Russia had to create its own stock market virtually from scratch. Therefore, today the most important, perhaps, is the fact that in Russia there is a securities market with a developed infrastructure, technologically equipped at the modern level and almost in no way inferior in this sense to foreign counterparts.

In Russia, the formation of the capital market is just underway. Since every citizen of the country, by investing his savings, can be a participant in the economic process of generating funds in the capital market, there is a need to understand the basic concepts and categories of the capital market, its structure and forms. It is with this that the special relevance of this topic is connected.

This course work examines the essence and evolution of the capital market, its structure and functions, the problems of the functioning of the capital market in Russia, as well as the essence and structure of the global capital market. This work aims to analyze the features of the development of the modern capital market.

To achieve this goal, the following tasks were set in the work: to characterize the concept of "capital", to show its essence, to highlight the forms of capital, to show how the capital market operates, to consider the features of the Russian capital market and the world capital market, and to explore the globalization of world capital markets and its consequences.

Chapter 1. The essence of the capital market

1.1. The concept of the capital market

Before defining the concept of the capital market, it is necessary, in my opinion, to have an idea of ​​what capital is.

Capital (originally - the main property, the main amount, from the Latin capitals - the main one) is one of the most important categories of economic science, an indispensable element of a market economy.

Capital has many meanings and can be interpreted as

A certain stock of material goods ("physical capital"),

As a sum of money, or "financial capital",

As something that includes not only material elements, such as knowledge, education, qualifications, human abilities used in the production of goods and services (“human capital”),

As an element of wealth that brings its owner a regular income over a long period of time (“discounted income stream”),

As a sum of rights to dispose of certain values, giving their owners income without investing the corresponding labor (“legal capital”).

All these views are united in one thing: capital is any resource of the economy created with the aim of producing more economic goods and capable of generating income.

The development of capitalist economic relations led to further research into the category of capital: the emergence of new concepts and interpretations. It is possible to single out different approaches to the definition of this category, but the largest number of supporters have two directions that characterize capital as a set of means of production (“real” concept) or as a sum of money (“monetary”) used in business transactions to generate income.

Due to the ambiguity of the interpretation of the category "capital", there is also the problem of defining the concept of "capital market". Depending on what is the object of the relationship between sellers and buyers in the market, in the future we distinguish two possible interpretations of this concept.

The first. Capital in the market of production factors is understood as physical capital: machine tools, machines, buildings, structures, stocks of materials and semi-finished products, etc. in their value measurement. Therefore, in this case, the capital market is part of the market for factors of production.

Rice. 1. Capital in the factor market

The main subjects of the capital market are the sphere of business and the sphere of house-hold.

The demand for capital in the factor market is the demand of firms for physical capital, which allows firms to implement their investment projects, and in the form of presentation, it is the demand for investment funds that provide the necessary financial investments in the firm's investment projects. The demand for capital is only expressed as a demand for funds to acquire the necessary productive assets.

In the factor market, households holding capital in the form of invested cash lend capital to the business in the form of tangible assets and receive a return in the form of interest on the invested funds.

Due to the fact that physical capital can be acquired in the property of firms or provided to them for temporary use, it is necessary to distinguish between the payment for the flow of services of capital (use price) and the price of capital assets (sales price).

The cost of using capital services is a rental (rolling) valuation of capital. It can act as a market quotation or the amount paid by the firm to the owner of capital for the lease of part of this capital. The price of an asset is the price at which a unit of capital can be bought or sold at any time.

The second option - capital in the financial market is understood as money capital. Therefore, the capital market is one of the constituent parts of the loan capital market (Fig. 2).

Rice. 2. Capital in the financial market

The loan capital market is a set of relationships where the object of the transaction is money capital and the demand and supply for it is formed. The loan capital market is subdivided into the money market and the capital market. The money market is associated with short-term banking operations for up to one year. The capital market serves the medium and long-term operations of banks. It, in turn, is divided into the mortgage market (operations with mortgage bonds) and the financial market (operations with securities). The subjects of the financial market are not only banks and their clients (as in the mortgage market), but also the stock exchange, and the object of operations are not only securities of private entrepreneurs, but also state institutions.

The money market and the capital market are secondary markets for loan capital. Each of them has its own toolkit, i.e. specific tradable financial assets, which differ in:

Status (share or bond);

Type of ownership (private or public);

Validity period;

Degrees of liquidity;

The nature of the risk (bankruptcy or market) and the degree of risk (risk, low-risk, risk-free).

The US capital market toolkit includes, for example:

Treasury bonds intended to finance the long-term policy of the US federal government;

Securities of state institutions, which are issued on the basis of a special permission of the government to finance various types of social programs through the financial system;

Municipal bonds issued by local governments;

Shares and bonds of corporations issued by private firms.

The capital market is often referred to as the investment fund market. Investments (capital investments) are understood as the costs of production and accumulation of means of production and an increase in material reserves, an increase in capital stocks in the economy.

Households are the providers of capital, while business firms are consumers. The interaction of suppliers and consumers is carried out through an extensive network of financial intermediaries: commercial banks, investment funds, brokerage houses, etc. Their function is to accumulate small household savings into huge amounts of financial resources and distribute them among capital consumers. The form of providing capital can be different: either direct, in the form of distribution of shares of new issues among subscribers, or borrowed, in the form of buying corporate bonds and providing direct loans to firms. The most important role in this process is played by the interest paid on the funds provided.

Unlike usurious capital, when the lender's own funds were the main source, loan capital is formed from financial resources, credit organizations from legal entities and individuals, as well as from the state.

Moreover, at the first stage of the development of credit relations, the only source of the formation of loan capital was temporarily free funds transferred on a voluntary basis to credit institutions for subsequent capitalization. This source has not lost its relevance even today, when temporarily free funds of the population constitute a significant part of the resource sources of credit institutions.

At the second stage of the development of credit relations, with the development of a non-cash form of payment with the direct participation of banks, funds temporarily released in the process of circulation of industrial and commercial capital became a new source of formation of loan capital. These include:

Amortization fund of enterprises for renewal, expansion and restoration of fixed assets;

Part of working capital in cash released in the process of selling products and making material costs:

Cash generated as a result of the gap between the receipt of money from the sale of goods and the payment of wages;

Profit going to the renewal and expansion of production.

These funds are accumulated on settlement accounts of legal entities in the credit institutions serving them. The particular attractiveness of this source of loan capital for the bank is determined by the absence of the need to:

Obtaining the consent of the owner of the current account for the bank to use the funds on the account;

Payments of income on current accounts, i.e. the actual free of charge for the bank of these resources.

Thus, for most modern banks, the considered sources act as the main resource and encourage banks to constantly increase the range of clients they serve.

The economic role of the loan capital market lies in its ability to combine small, disparate funds in the interests of all capitalist accumulation, which allows the market to actively influence the concentration of production and capital.

The loan capital market as one of the financial markets can be defined as a special area of ​​financial relations associated with the process of ensuring the circulation of loan capital.

The main players in this market are:

Primary investors, i.e. owners of free financial resources, mobilized by banks under various conditions and converted into loan capital;

Specialized intermediaries represented by credit and banking institutions that directly raise funds and turn them into loan capital;

Borrowers - in the person of legal entities and individuals, as well as states experiencing a temporary lack of financial resources.

Based on the foregoing, the modern structure of the loan capital market is characterized by two main features:

Temporary;

institutional.

On a temporary basis, a distinction is made between the money market, in which short-term loans (up to one year) are provided, and the capital market, where medium-term (from 1 to 5 years) and long-term loans (from 5 years or more) are issued.

On an institutional basis, the modern loan capital market assumes the existence of a market (own capital or securities market) and a debt capital market (credit and banking system). In addition, the securities market is divided into the primary market, where issues of securities are sold and bought, and the secondary (exchange) market, where previously issued securities are sold and bought. There is also an over-the-counter (street) securities market, where securities are sold that, for one reason or another, cannot be sold on the stock exchange.

Both signs of the loan capital market are characteristic of all developed countries, however, of course, the state of the national market is judged by the second (institutional) sign, in particular by the presence and degree of development of its two main tiers:

Credit and banking system;

Securities market.

The functions of the capital market are determined by its essence and the role that it performs in the system of public management.

There are five main functions of the loan capital market:

The first is servicing commodity circulation through credit;

The second is the accumulation of monetary savings of legal entities, individuals and the state, as well as foreign clients;

The third is the transformation of monetary funds directly into loan capital and its use in the form of capital investments to service the production process;

Fourth - serving the state and the population as sources of capital to cover government and consumer spending;

Fifth, the acceleration of the concentration and centralization of capital for the formation of powerful financial and industrial groups.

It should also be noted that:

First, the first three functions began to be actively used in industrialized countries only in the postwar period;

Secondly, in the first four functions, the market acts as a kind of intermediary in the movement of capital;

Thirdly, all functions are aimed at ensuring the effective functioning of the system of state-regulated economy.

1.2. The process of primitive accumulation of capital

The historical forms of the existence of capital from the time of the formation of commodity production were: merchant's capital (in the form of merchant's capital), historically the oldest free form of capital, usurious, and then industrial.

The parallel development of forms of capital and economic schools was the reason that the first researchers of this category, mercantilists and physiocrats, considered it one-sidedly. A more detailed analysis of the forms of capital is presented in the works of A. Smith and Ricardo.

The most complete and logically complete study of the category of capital was carried out by K. Marx in his work "Capital" (1867). Along with the consideration of specific forms of the functioning of capital, he also revealed the content of this category, analyzing it not only as a thing that is at rest, but also as a movement. In Capital, for the first time in the history of economic science, it was shown that capital is a special historically determined social relation between capitalists and wage-workers. But along with this, Marx noted that capital also has a material appearance, acting in the form of machine tools, machines, raw materials, etc.

The classics of economic theory singled out the initial accumulation of capital ("previos accumulation") as the starting point for the formation of capitalism.

The primitive accumulation of capital is the process of destroying individual private property based on one's own labor, the process of separating the worker from ownership of the conditions of his labor, transforming, on the one hand, direct producers into ideal workers, and, on the other hand, social means of production and means of subsistence into capital. .

The time limits of this economic process in Western Europe cover the period from the 16th to the 18th centuries. (in Russia - the 17th-19th centuries), when each country, forming a capitalist economy, used its own economic and political techniques and methods aimed at developing the domestic market and the fastest formation of a material base (in the form of material wealth) for inclusion in the world competition in within the emerging global market. The rapid development of all forms of entrepreneurship during this period required certain economic and social conditions, as well as prerequisites.

The initial accumulation of capital was the necessary condition for the formation of the socio-economic base of entrepreneurship, which, releasing the "bound" factors of production (primarily labor, land and capital), contributed to the full manifestation of the entrepreneurial abilities of the emerging bourgeois class.

First, there was a release of "labor" and the formation of an army of hired workers. The most important condition for the development of capitalist production is the presence of a significant number of people deprived of working conditions and sources of subsistence, except for the sale of their labor power.

The economic basis of the process of primitive accumulation of capital was the mass expropriation of peasants and small artisans. The development of commodity-money relations intensified the economic differentiation of small producers; some of the small artisans and peasants went bankrupt. Significant influence on the formation of the working class in Western Europe in the XVI-XVIII centuries. the state rendered the publication of a number of laws that went down in history under the name of "bloody legislation against the expropriated." These laws were designed to force the expropriated producers to work for hire and subject them to capitalist labor discipline.

Secondly, there was a release of land as an economically free space within the country, as well as the seizure of territories outside its borders and their transformation into colonies. A classic example of this is the history of England, where the forced removal of peasants from the land by landlords by the method of fencing was used, as well as direct seizures of land in colonial possessions.

Thirdly, the development of all forms of capital went on at an accelerated pace: both commercial, and usurious, and industrial, including accumulation both in the form of money and in the form of means of production.

The first steps in the formation of the industrial bourgeoisie were associated with the development of property differentiation among artisans. The wealthiest guild masters and merchants-buyers, who emerged as entrepreneurs, increasingly employed the hired labor of ruined small producers. However, the development of the world market required a more intensive rate of capital accumulation, and the apparatus of state power was widely used to carry out this task. The process of primitive accumulation of capital was accelerated by colonial wars and predatory robbery of the population of captured colonies, the growth of public debts and tax collections.

To cover budget deficits, the state had to place large loans among the owners of money capital. This allowed the bourgeoisie, acting as a creditor of the state, to regularly appropriate the significant interest paid on government obligations. The development of state credit gave impetus to securities trading and stock trading.

The system of protectionism served as an important means of primitive accumulation of capital. Foreign trade policy was based on the introduction of high import duties, designed to limit the import of goods from other countries, and the payment of premiums for the export of industrial products from the country. In a number of countries (for example, in England in the 17th century), a direct ban was introduced on the export of important types of industrial raw materials from the country; Entrepreneurs who started the organization of new industries, the initial capital flowed directly from the treasury in the form of large cash subsidies.

The initial accumulation of capital was prepared by the development of productive forces, the growth of commodity-money relations, and the formation of sufficiently broad national markets.

The unity of the basic patterns of the primitive accumulation of capital in different countries does not exclude the diversity of specific forms of its manifestation. In Russia, for example, the development of primitive capital accumulation processes was hampered by the long-term domination of the feudal-serf system, which held back the economic release of such factors of production as labor and land.

The transitional period experienced by Russia has often been identified with the process of primitive accumulation of capital. However, there is no complete overlap between these processes. Russia was going through a period associated with the rejection of the command-administrative system based on directive pricing and centralized distribution of resources, and the transition to market methods of regulation. This is the fundamental difference between the process of primitive accumulation of capital in the former sense of the word.

What unites them is the process of creating a class of entrepreneurs on a new material basis in the form of private property. There are both internal and external sources for this.

The internal ones include, first of all, privatization, which leads to the division of state property by the following methods:

Redistribution of funds between heavy industries (including the military-industrial complex) and light industry in favor of the latter;

The concentration of capital in the service sector and in trade;

- "self-occupation" of the functions of disposing of land and natural resources - by enterprises of the fuel and energy complex and other energy producers;

Transfer to elite enterprises and their owners of the rights to dispose of a part of their products for the purpose of its barter exchange;

Receipt by foreign trade firms of profits arising from the liberalization of foreign trade;

Receiving income from "shuttle" imports;

Obtaining tax incentives provided by the state to certain organizations for the import of alcoholic beverages and tobacco products into the country;

Corruption, racketeering, shadow economy, etc.

External sources include the inflow of loans from abroad.

The significance of the primitive accumulation of capital lies in the fact that during this process, entrepreneurs get free access to all factors of production, which take the form of a commodity, which allows them to realize their entrepreneurial abilities.

1.3. The difference between the capital market and the markets for other factors of production

Production is such a sphere of economic activity of people in which economic resources are directly spent to obtain the necessary benefits. The resources involved in the production of goods and services are called factors of production.

The market for factors of production is a special kind of markets in the system of a market economy. Unlike the market for finished goods and services, where firms are sellers and consumers are buyers, in the factor markets, firms act as buyers of labor, natural resources, land, and capital.

Capital is one of the key economic categories. It was noted earlier that capital is a factor of production, represented by all the means of production that are created by people in order to produce other goods and services with their help. These include tools, equipment, buildings, structures, the latest technologies and developments, software products, etc.

Thus, the most important distinguishing feature of capital from land is that the factor of production in question is a resource created by people. While land, by its origin, is a natural factor, and not a product of human labor, therefore it cannot be moved, freely transferred from one branch of production to another, from one enterprise to another, i.e. she is motionless.

The essence of capital is the advanced value, which, as a result of the exploitation of wage labor, brings surplus value.

There are many different forms of capital:

Physical (technical) capital - a set of material means that are used in various phases of production and increase the productivity of human labor (machines, buildings, computers, etc.);

Financial (monetary) capital - a set of monetary resources and the monetary value of securities;

Legal capital - a set of rights to dispose of certain values, and these rights give their owners income without investing the corresponding labor;

Human capital is those investments that increase the physical or mental capacity of a person.

In the process of production, the various elements of physical capital behave differently. One part functions for a long time (buildings, machines) and is called fixed capital, the other is used once (raw materials, materials) and is called working capital.

Fixed capital, unlike circulating capital, not only functions for a longer time, but also has a high cost. This creates within the enterprise the corresponding financial problems associated with the renewal and acquisition of fixed assets. Since the value of fixed assets is transferred to the newly created product in parts and for a long time in quantities equal to the depreciation of the corresponding equipment in the form of depreciation, the problem of investing in new equipment is a special and complex issue in the development of production. This complexity is expressed in the fact that various kinds of new capital investments can be made either at the expense of internal savings (savings) or at the expense of external borrowing.

Working capital participates in the production cycle only once and fully transfers its value to the created products. An important feature is that its elements are easily transformed into cash, quickly and without much difficulty change their commodity form to cash and vice versa. Money is used to purchase raw materials, materials and other components of working capital for subsequent processing and manufacturing of finished products, after the sale of which money is returned to the enterprise again.

Fixed capital, embodied in the means of labor, wears out as it is used. Economists distinguish between physical and moral depreciation.

Physical wear takes place, firstly, under the influence of the production process itself and, secondly, under the influence of the forces of nature (metal corrosion, concrete destruction, loss of elasticity or flexibility of plastic, etc.). The longer the operating time of fixed capital, the greater the physical depreciation.

Obsolescence (obsolescence) is a decrease in the useful properties of fixed capital in the eyes of users compared to what is offered in return. Obsolescence is of two types. The first type is associated with the production of cheaper machines, equipment, vehicles, etc. The second type is associated with the production of more advanced machines. In this case, entrepreneurs also incur losses by continuing to use obsolete machinery or equipment.

In contrast to the capital factor, land used in agriculture, with rational exploitation, not only does not wear out, but also improves its productivity, it has an unlimited service life and is not reproduced at will.

An essential feature of the commodity labor also lies in its usefulness after the beginning of use. It is not destroyed when used, but, on the contrary, creates or participates in the creation of benefits, continuing to generate income during the entire time of the worker's activity.

Common to all forms of capital is their monetary value. All economic benefits of production value, expressed in monetary value, acquire the form of a capital asset circulating on the market. The price of capital assets is the income that they are able to bring as a result of their production use.

The generalized expression of return on capital is the interest rate, i.e. such amount of income, which is calculated in a certain period of time as a percentage of the amount of capital employed. Calculating income or determining the estimated value of the net productivity of capital is called discounting. Its essence lies in the fact that the investor always has an alternative to investing money in a bank at interest or investing in another project. The main thing is that the purpose of production, in which capital participates, is to make a profit.

Summing up this paragraph, it can be noted that one of the main features of the capital market is that any firm and any consumer can act in this market both as a creditor and as a borrower. First, all firms and consumers use this "resource" in their activities (and therefore may need it). Secondly, this "resource" does not require production (therefore, any firm or consumer can have money, regardless of the type of its activity).

Chapter 2. Features of the capital market in Russia

No state can exist without the development of the capital market. Even those countries where the public sector accounts for a larger share of the gross domestic product than in Russia, such as France, need a dynamic capital market that provides an opportunity to finance the private sector of the economy.

Most of the Russian economy has been privatized. Russians own assets: for example, Russia ranks first in the world in terms of the proportion of housing that is privately owned. Many Russians have significant savings. However, institutions and structures that can turn the wheels of the capitalist economy and ensure the productive use of available wealth hardly exist.

Political uncertainty and economic instability have taught Russians to care about the future at best, but nothing more. Investments that can benefit the country's economy are considered at best as too risky, and at worst as "thrown to the wind." As a result, tens of billions of dollars, deposited in the accounts of foreign banks or under mattresses in the homes of Russians, finance the development of any kind of economy - the United States, Europe or Cyprus, but not the Russian economy.

There is a lack of a clear, coherent and agreed strategy for the development of the capital market, in accordance with which it would be possible to prioritize and plan actions, as well as determine the degree of progress. The voices of politicians, economists and market participants continue to be heard calling for a strategy to attract capital to the real sector, but among them there is no one who would have a clear idea of ​​​​how to develop and apply such a strategy.

A complex, burdensome, and unfair tax system, inappropriate accounting system, and bureaucracy combine to create a strong aversion among businesses to disclosing any information about themselves. Lack of transparency reinforces corruption, which can be easily masked.

Weak enforcement of laws and arbitrary, non-uniform application of them is due partly to flaws in lawmaking, partly to a lack of accountability, and partly to a weak level of development of regulatory and judicial bodies, whose resources are insufficient to ensure their effective work, maintain independence and competence.

The absence of a real banking system, consisting in the implementation of settlement and payment functions and the provision of loans, not only hinders the attraction of short-term savings, but also, together with the shortcomings of the tax system, perpetuates the practice of non-monetary mutual settlements and lending between enterprises.

In Russia, the decade of the formation of a civilized capital market took place in difficult conditions. The historically strong state, which previously intervened in all manifestations of economic activity, liberalized the capital market dramatically, and then began to reap the bitter fruits of liberalization. This trend was determined by the holding in 1992-1993. unprepared reforms in the monetary sphere, reduced to government directives regarding the "liberalization" of prices, the actual chaos in the monetary sphere, the hasty exchange of the depreciated mass of old money for new ones.

The reformation excitement, mainly in the monetary sphere, was practically reduced to the launch of a mechanism for the withdrawal of national capital in its various forms for decades, not only from the reproductive sphere, but also from the national economy as a whole. As a result, a start was given to the development of trends that contradict the conditions of a developed market and the economic interests of the country. One of the consequences of this was the peculiarities of state regulation of the Russian capital market that have been preserved to this day.

The first of these features is that the priority direction of state regulation of the capital market is the regulation of its monetary, loan segment. This is important to recognize, since for a decade monetary policy has been oriented towards the implementation of the monetary rate in the mode of following the guidelines for the underdeveloped countries, despite the clearly negative macroeconomic consequences.

The second feature of state regulation of the capital market in Russia is the growing dependence of financial and monetary policy on the current situation and trends in the real sector. The approved Concept of National Security states that "without large investments in the strategic spheres of the economy, the economic revival of Russia is impossible."

Another national feature of state regulation of the capital market is dependence on external financial obligations. This dependency, coupled with a frustrated domestic borrowing relationship, has given rise to a "syndrome of doom" of financial and monetary policy to make decisions and actions based on the scale of debt financial obligations and the low level of investment potential.

The fourth feature of the state policy in the capital market is the lack of coordination in the development of interdependent sectors and the continuity of changes. The special susceptibility of the monetary sphere to changes in the economy - the endless "restructuring" and periodic "liberalization" with the constant reform of the credit and financial system - contributed to the growth of the multiplier effect, uncertainty, and unpredictability in all areas of the economy.

The underdevelopment of viable domestic capital markets and the failure to mobilize household savings limit the government's ability to manage the economy effectively and leave the financial system to the mercy of unsustainable foreign investment activity.

The first and most important principle for dealing with problems in the capital market in Russia is that at the government level it is necessary to recognize the following:

In order to improve people's lives, everything possible should be done to stimulate the development of viable enterprises that can operate independently and pay their bills without the favors and subsidies from the state, which are currently hurting the budget;

These enterprises cannot start working effectively, paying exorbitant taxes and experiencing the arbitrariness of the authorities: it is necessary to develop high-quality legislation, as well as a fair taxation system;

These enterprises will have to attract money for their own development, and if the latter are not attracted on the Russian market, then they will be attracted abroad, and foreigners will receive profits, which will not contribute to the speedy recovery of Russia;

Organizations with savings will not participate in the financing of enterprises if they consider that they may become victims of arbitrariness or a heavy tax burden: the rights of investors should be protected, as well as tax incentives should be provided to them;

Citizens and organizations that have funds and trust in the financial system will invest money through long-term investment institutions, which, in turn, will be able to reduce the budget deficit problem by purchasing government securities;

Money cannot work effectively and reliably if there are no functioning capital markets in Russia. Markets are not capable of surviving in conditions of arbitrariness.

The second principle is that a comprehensive program of measures should be adopted to promote the development of capital markets. Applying one part of the measures and ignoring the other will not lead to success.

The third principle is that capital markets do not appear by decree. The government can only create the right climate for markets to develop and then step back to allow businesses and market participants to complete the process.

The fourth principle is that the policy of developing capital markets should be long-term, the sequence of measures should be thoughtful and consistent.

Summing up, it can be noted that the defining feature of state regulation of the capital market in Russia is the lack of a long-term strategy, high dependence on the needs of the current moment, the use of simultaneously incompatible Keynesian and monetary recommendations, as well as the inconsistency of individual areas and links of economic policy.

Chapter 3. World capital market

3.1. Essence and structure of the world capital market

The world capital market is an integral part of the world economy, which plays an increasingly important role at the international level. From a functional point of view, international capital is a complex economic mechanism, a system of market relations that ensures the accumulation and redistribution of financial resources between countries and regions.

By broad definition, the global capital market is a combination of national capital markets, international organizations and international financial centers of the world. By a narrow definition, these are only those financial resources that are used in international economic relations, i.e. relations between residents and non-residents.

World capital markets are a set of financial and credit organizations that, as intermediaries, redistribute financial assets between creditors and borrowers, sellers and buyers of financial resources.

World capital markets can be viewed from different angles. From a functional point of view, it can be divided into such markets as foreign exchange, credit, derivatives, insurance services, shares. These markets, in turn, are subdivided into even narrower ones, for example, the credit market - into the market for long-term securities and the market for bank loans.

The structure of world capital markets can be represented as follows:

Rice. 4. Structure of world capital markets

From the point of view of the terms of circulation of financial assets, the world capital markets can be divided into two parts: the money market (short-term) and the capital market (long-term). In the foreign exchange market, the derivatives market, the insurance services market, mainly short-term transactions are made (for a period of up to 1 year inclusive). A lot of long-term operations (for a period of more than 1 year) are carried out in the credit market. The stock market and part of the credit market, namely the debt securities market, are combined into one market - the stock market (securities market), although it sometimes means only the stock market.

The main market institutions are:

banking companies. At the first stage of economic development, commercial banks dominate. At the middle and higher levels of development, the importance of specialized intermediaries and securities markets is growing. The process of internationalization of the credit and financial infrastructure has led to the creation of banking syndicates for one-time sales and distribution of bonds of industrial companies. As the terms of loans extended, groups of large banks in various countries began to create stable consortiums to provide medium and long-term loans. International associations of the largest banks were formed to jointly provide their clients with all types of banking services.

A state that acts in the form of central and local authorities, the treasury or other authorized institutions and can act as a creditor, borrower or play the role of guarantor and surety for external obligations of individuals.

For the implementation of state insurance of export credits in many countries, special institutions were created and later reorganized. In some cases they are state organizations, in others they are semi-state organizations, and in others they are private companies operating on behalf of and at the expense of the government. In most industrialized countries, exports are credited by the private banking system. The practice of state lending to foreign trade operations is spreading everywhere and, above all, through the activities of state and semi-state foreign trade banks.

Interstate banks and foreign exchange funds. The Bank for International Settlements (BIS) monitors the state of the European market and ensures the regulation of foreign exchange and credit relations throughout the world.

Transnational corporations (TNCs) are major subjects of international credit relations. They have gigantic intra-corporate savings and self-finance more than half of their resource needs. However, TNCs are constantly in need of funds to service the growing production and marketing of products. TNCs use all types of markets - national, foreign and international European market. TNCs use global capital markets not only to obtain loans to service current payments or long-term investments, but also to place their monetary and financial claims in the most profitable way.

The main agents of world capital markets are transnational banks, transnational companies and so-called institutional investors. But a significant role is played by both government agencies and international organizations that place or provide their loans abroad. Individuals also operate on world capital markets, but mostly indirectly, mainly through institutional investors.

Transnational corporations have become the most active participant in the global capital market, operating in all its individual markets. Thus, being the main exporters and importers of goods and services in the world, TNCs (they account for 1/3 of world trade) have become major clients in the global foreign exchange market and the derivatives market. Although commercial banks conduct transactions in these markets also in their own interests, nevertheless, the bulk of foreign exchange transactions are carried out by them on behalf of their clients, primarily TNCs.

But TNCs have the greatest impact on the global credit market and the global equity market. In the global credit market, they not only actively use eurodollars as borrowers, but also actively increase their reserves, being the most prominent owners of eurodollar deposits. As for the global stock market, in fact, most of the "blue chips", i.e. the leading companies on the stock exchanges are TNCs. By selling their shares on foreign stock exchanges, issuing their Eurobonds on Euromarkets and resorting to Eurocredits, TNCs can finance a significant part of their capital investments from these sources.

Transnational corporations carry out their capital investments mainly for long-term purposes. Although they often quickly transfer huge financial assets from one region of the globe to another, which can destabilize financial markets in certain regions, we must not forget that the basis of TNCs is direct investment in multi-year projects. Therefore, the activities of TNCs can be assessed primarily as contributing to the stabilization of the world capital market. After all, these are large companies that need a stable business environment, including financial.

3.2. Globalization of national capital markets, its causes and consequences

Financial resources are the most globalized economic resource in the world. This is evidenced by the huge turnover in some segments of the global capital market, primarily in the foreign exchange market and the derivatives market, as well as the ever-increasing presence of non-residents in the credit and equity markets. The reasons for the increasing globalization of national capital markets are numerous, but the most important are the following:

Capital is the most mobile of all economic resources, so the process of globalization of the world economy and its acceleration at the end of the 20th century affected, first of all, the capital markets.

Liberalization of economic life in the world, i.е. a process that has begun to gain momentum in developed countries in the last three decades, and in developing and post-socialist states in the last two or three decades. As a result, in the capital markets of developed countries there are almost no restrictions on the participation of non-residents in their activities and on the operations of residents with foreign assets. In emerging markets, these restrictions are partially maintained, partially relaxed, partially abolished. An example would be Russia, where by the end of the 90s. For residents, most of the restrictions on the so-called current foreign exchange transactions were lifted (mainly payments for the export and import of goods and services, obtaining and providing loans and credits for a period of less than six months, transfers of a non-commercial nature - wages, inheritances, as well as transfers to non-residents of profits and other similar transactions), as well as restrictions on foreign exchange transactions related to the movement of capital (they can be performed with the permission of the Bank of Russia, and when Russian individuals purchase real estate abroad - without such permission).

Widespread introduction of modern means of communication and informatization, which not only revolutionize the infrastructure of national capital markets, but also expand the possibilities of interaction between them.

The globalization of national capital markets generates both positive and negative consequences.

Positive consequences include:

Mitigation of the lack of financial resources in the world. In modern conditions, especially in developed and some rich developing countries, capital in the form of money is no longer a scarce resource;

Strengthening competition in national capital markets and thereby reducing the price of credit and financial services, increasing their quality.

The negative consequences of globalization include the following:

Increasing instability of national capital markets, especially emerging ones. This happens, firstly, due to the fact that financial crises in certain regions, especially in those where large international financial centers are located, have a stronger impact on other countries and regions. Secondly, the liberalization of national capital markets makes them more accessible to cosmopolitan capital, which is unstable by nature, especially short-term capital, and often simply speculative;

The power of influence of national governments on national capital markets weakens as these markets liberalize. At the same time, the influence of TNCs, international institutional investors and international speculators on these markets is increasing in all countries. For the markets of countries participating in integration associations, the significance of the adopted common decisions or, in general, their common financial policy is enhanced. In most developing and post-socialist countries, the impact on their capital markets of the policies of international organizations, primarily the International Monetary Fund and the World Bank, is growing;

The growing dependence of the world economy on financial (cash) rather than real capital (in the form of capital goods and inventories). This process, which began long ago in developed countries, is increasingly spreading to the world economy. Its essence lies in the fact that in the relationship of money and real capital, the first becomes less and less dependent on the second and, moreover, money capital begins to predominate in their relationship. As a result, the national economy is increasingly dependent on the state of its finances. In the context of globalization, the state of national capital markets is increasingly influenced by the behavior of non-residents, as well as the state of capital markets in other countries and regions of the world, and the state of affairs in international financial centers.

While the importance of international financial speculation is often exaggerated, it is nevertheless often felt on world capital markets in an increasingly globalized world. In financial practice, speculative operations are those whose participants hope to profit from changes in macroeconomic financial indicators - the exchange rate, loan interest, stock prices, etc.

Undoubtedly, international financial transactions are speculative, not only pursuing the goal of profiting from a possible change in financial indicators, but also directly seeking to change these indicators - to lower the exchange rate, lower share prices, in order to then buy these cheaper shares at a more favorable exchange rate. Dozens and even hundreds of billions of dollars can be mobilized for such operations. However, such targeted speculative operations usually succeed when other investors unwittingly join them, concerned about possible changes in financial performance. As a result, the process started by speculators acquires an avalanche-like character, panic begins in the financial market.

A good example of such operations is the current situation in the global economy. The issue of the global financial crisis worries everyone. Economists' forecasts are contradictory, but their points of view agree on one thing - the 2008 crisis will be global in nature for the entire world community.

What is the cause of the global economic crisis? And the reason is simple. Mortgage fever has taken over the world. Everyone wanted everything at once. Ordinary citizens, housing, construction companies and banks profit. Everyone profited from each other. Banks on firms, firms on citizens. Only they did not take into account one thing, it will not be possible to sell an infinite number of apartments, because the demographic level is declining faster than new buildings are rising. As a result, people do not buy apartments, enterprises become bankrupt, they cannot return loans to banks, as a result of which banks also become bankrupt. And if the bank is bankrupt, then the people who kept the money there become bankrupt. When banks of national importance collapse, the economy is significantly undermined, and the people working there lose their earnings. Well, unemployment is a problem of national importance.

The global economic crisis started in the US and engulfed the whole world, because all countries are dependent on each other. And the USA is the country with the most stable economy, its market is the most predictable, and when a commotion occurs in such a market, what to speak of other markets that are supported thanks to it.

America has always had large foreign exchange reserves and willingly shared them, despite its huge debt. All loans are essentially overseas loans. Many of our banks are “owned” by American partner banks. The money they borrow is their money. Hence the exorbitantly high interest rates. And now, at the time of the crisis, they need this money more than ever to somehow save themselves.

Thus, the irresponsible behavior of investors who took on huge credit debts in order to “rip off” huge profits on mortgages and securities, as well as collateral of dubious quality, became the causes of the global crisis and led to the creation of conditions that do not bode well for the world. economy. The desire to enrich the few becomes the cause of the bankruptcy of the entire world community, mainly due to a completely unregulated economy that allowed unlimited destructive behavior of society.

Conclusion

Capital is a complex phenomenon that has several forms of manifestation in the process of its functioning. Initially, capital is a thing, money, value, which is directed to the area of ​​economic activity, i.e. are invested. Therefore, capital appears in the form of an advanced value. However, the value is advanced for the purpose of making a profit, in connection with which the capital becomes a value that ensures the receipt of surplus value.

In the process of its movement, capital performs various functions: creating conditions for production (money capital), organizing and managing production in order to obtain a value that exceeds the value advanced (productive capital), selling the goods produced and their value (trading capital).

An important role in the economic life of society is played by loan capital, which, on the one hand, is associated with the accumulation of free financial resources, on the other hand, the possibility of obtaining financial resources for the development of economic activity. These relations are called credit relations, which are characterized by the following features: repayment, urgency, payment, warranty.

Another converted form of capital is fictitious capital, represented by securities and given independent movement in parallel with the real capital which it is intended to represent. Securities earn income in the form of dividends and interest. They are sold and bought. Securities have nominal and real value. The nominal price is the amount indicated on the security. The real value depends on its market price. Ceteris paribus, the market price of a share (share price) is directly dependent on the size of the dividend and inversely on the interest rate.

Securities are divided into titles of ownership (shares) and debt obligations (bonds, bills, notes). A share is a security that testifies to the introduction of a certain share in the capital of a joint-stock company and gives the right to receive a dividend. Shares are ordinary and preferred. Debt obligations express credit relations.

In the capital market, the balance between the investment demand for money and their supply (savings) is of great importance. Any income after taxes is divided into consumption and savings. Therefore, we can talk about the propensity to consume and the propensity to save. The propensity to save increases as interest rates on deposits rise. As for the investment demand for money, it is the greater, the lower the interest rate on loans. Thus, the regulating equilibrium price in the capital market is the interest rate, which is always compared with the expected rate of return of the investor.

The capital market includes the securities market and the market for medium and long-term bank loans.

List of used literature

1. Alekhin B.I. Securities. Tutorial. In 2 hours - M., 2006.

2. Borisov E.F. Economic theory. - M.: Society "Knowledge" of Russia. Central Institute for Lifelong Education, 2006.

3. Bulatov A.S. - World Economy: Textbook - M.: Economy, 2008.

4. Vinogradov V.V. Economy of Russia: Textbook. - M.: Jurist, 2008.

5. Zhuravleva G.P. Economics: Textbook. - M.: Jurist, 2007.

6. Iokhin V.Ya. Economic theory: Textbook / V.Ya. Jochin. - M.: Economy, 2005.

7. Milchakova N.A. Russian stock market: institutions, operations, regulation. M., 2007.

8. Mikhailov D.M. - World financial market: development trends and instruments. M.: Exam. 2007.

9. Russian economy: financial system. / Ed. Gerasimenko V.V., Gorodetsky D.E. - M.: MGU, TEIS, 2006.

10. Sviridov O.Yu. Money, credit, banks. - Rostov-on-Don: Phoenix, 2007.

11. Economics: Textbook. 3rd ed., revised. and additional / Ed. Dr. Econ. Sciences prof. A.S. Bulatov. - M.: Economy, 2003.

12. Economic theory: Textbook / Ed. ed. acad. IN AND. Vidyapina, A.I. Dobrynina, G.P. Zhuravleva, L.S. Tarasevich. - M.: INFRA-M, 2007.

13. Yablukova R.Z. - International economic relations. - M.: TK Velby, Prospekt Publishing House, 2006.

Mikhailov D.M. – World financial market: development trends and instruments. – M.: Exam, 2007.

Introduction

Chapter 1. Theoretical foundations of capital market analysis 11

1.1. Place and role of capital in the economic system 11

1.2. The essence and structure of the capital market 31

1.3. Analysis of theoretical models of the capital market 62

Chapter 2 Features of the functioning of the capital market in Russia 81

2.1. Formation and development of the capital market in the Russian Federation 81

2.2. Features of economic behavior of subjects of the capital market... 100

2.3. The impact of globalization on the development of the Russian capital market 124

Conclusion 148

References 159

Introduction to work

Relevance of the research topic. During the existence of a centralized system of economic management, the distribution of means of production was carried out systematically and was reduced mainly to the preparation and implementation of orders for material and technical resources. The nationalization of the process of circulation of 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 designed to radically change the forms and methods of regulating investment activity and form a full-fledged and efficiently functioning capital market. Acting as 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 an effective mechanism for the redistribution of income in order to intensify the investment process; achieving sustainable economic growth rates.

The relevance of the research topic is also 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, acquires at the present stage not only theoretical, but also practical significance and is one of the fundamental areas of economic theory.

The degree of development of the problem. The study of capital and the capital market is one of the most popular problems in economic theory. The physiocrats F. Quesnay and A. Turgot studied 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 mind is also associated with the term "capital", the study of the origin, education, circulation and accumulation of capital was his life's work. The school of marginalists contributed to the theory of capital in the form of the “positive theory of capital” by E. Behm-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, the production function - these are milestones in the development of the neoclassical theory of 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, that is, the price paid for giving up liquidity). The double equilibrium of J. Hicks combines changes in the goods market and the money market into one model. Thus, J. Hicks gave rise to a distinction between the processes taking place in the market of real and fictitious capital.

Since the 50s of the XX century, the "classical" theory of investments began to take shape, 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, investments in financial assets are considered to a greater extent, which is explained by the high development of the securities market, or applied aspects of efficiency 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 domestic political economy, the issues of accumulation and efficiency of capital investments were developed in the works of K.K. Valtuha, Ya.A. Kronrod, V. Novozhilova, A.I. Notkina, ST. Strumilin and others.

In modern works of domestic scientists - B.I. Alekhina, V.D. Andrianova, L. Artemova, E.T. Gaidar, S.Yu. Glazyev, A.I. Dobrynina, G.P. Zhuravleva, A.Ya. Livshits, A. Nazarova, B.P. Plyshevsky, L.S. Tarasevich, A.A. Feldman and others are actively developing the issues of capital accumulation in Russia, attracting foreign investment, state regulation of the capital market, identifying the causes of the investment crisis and suggesting measures to overcome it.

At the same time, in the educational and scientific literature, the question of the sources of profit and interest has been removed or relegated to the background, the concept of "capital" is used in a variety of meanings. All attention is 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 issue of the structure of the capital market and directions for its optimization remains debatable. The question of the impact of globalization on the domestic capital market needs to be theoretically substantiated.

It can be stated that the theories of capital developed by Western and domestic 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 needs further scientific development and justification.

Purpose and objectives of the study: The purpose of the study is to examine the features of the emergence and development of the capital market in the Russian economy.

In accordance with the goal set in the dissertation, the following tasks were solved: consideration of the 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 of the current state of the capital market in Russia; analysis of the stages of formation of the Russian capital market; ;" identifying the features of the economic behavior of the main subjects of the capital market; studying the impact of globalization on the development of the Russian capital market;

Subject and object of research. The subject of the study is 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 information bases of the research. The methodological and theoretical basis of the dissertation was the work of domestic and foreign scientists who made a significant contribution to the scientific development of the problems of markets for factors of production, capital, and the financial market. Of great importance in the theoretical aspect were the concepts of the international movement of capital and investment.

When conducting research and presenting the material, philosophical and general scientific approaches and methods were applied: abstract, dialectical, materialistic, retrospective, economic-statistical, factorial, structural-functional and others.

The information basis of the study was legislative and regulatory acts, reference materials of the official governing bodies of the Russian Federation, data from periodicals, and sociological studies in relation to the main subjects of the capital market.

The scientific novelty of the dissertation research lies in the following provisions.

The author's classification of interpretations of the concept of "capital" has been developed, including: extended (capital as a value that brings income), monetary (capital as money), tangible (capital as a means of production), factorial (capital as a factor of production), socio-economic ( capital as a production relation), temporal (capital as a discounted income stream), level (personal, entrepreneurial, folk, public) approaches.

In the author's understanding, an abstract interpretation of capital is presented. Unlike most works, in which the essence of capital is identified with its forms of manifestation (production, monetary, loan), in the dissertation, capital is understood as benefits that, in the process of their self-promotion and use, increase the production of future benefits and bring their owner a regular income over the course of long time. The capital market is considered as a system of relations regarding the movement of capital and capital assets.

A hypothesis has been put forward and substantiated that the main cause of the investment crisis in Russia is deformations in the system of functional dependencies: "inflation - the rate of interest". High inflation forces all producers and consumers to live by current interests, blocks investment incentives, and does not allow reducing the rate of interest on long-term investments to an acceptable level for business entities. All this is contrary to the strategic socio-economic interests of the country. Therefore, it is recommended to take urgent measures to reduce the average annual inflation rate to the level of 3-5 percent.

In contrast to the approaches available in the literature, the thesis developed and presented a complex scheme of the structure of the capital market, built on the basis of a single classification feature (the specificity, the essence of capital acts as a classification basis), which will significantly increase the analyticity of theoretical studies.

The conditionality of the structure of the capital market by splitting into real and fictitious capital is revealed. 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 "shrinked" by at least one and a half times; the depreciation of capital goods has led to a relative increase in profitability and the value of owning a monetary form of wealth; hoarding of funds in foreign currency; privileged position of commercial banks; predominantly non-productive sources of primitive capital accumulation; underdevelopment of the institutional infrastructure of the capital market; a high level of refinancing rates and interest rates on loans (the expected marginal efficiency of capital, i.e. the rate of return was consistently below the long-term rate of interest in the loan market); insufficient supply of loan capital in the market; uneven distribution of competition in the market of investment resources.

It has been 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 shortage of investment resources is most pronounced in those industries and regions where the rate of return 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 uniform 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 should be given special preferences (tax, credit, financial, etc.).

Priority directions for increasing the efficiency of state regulation of the capital market have been developed: reducing inflation and interest rates; increase in deposit rates on deposits of the population in savings institutions and organizations; stimulating the inflow of foreign capital into the sectors of the real sector of the economy and limiting its activities in sectors related to the implementation of the national-state interest (exploitation of national natural resources, radio, television, satellite communications, military-industrial complex).

Theoretical and practical significance of the work. This dissertation contributes to the development of both general economic theory and the theory of the transition economy, enriching their content with a 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 directions and ways to improve the efficiency of the functioning and development of the Russian capital market. The materials of the dissertation work can be used in teaching the courses: "Fundamentals of Economic Theory", "Microeconomics", "Macroeconomics", "Theory of Transitional 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, historical and cultural aspects." (Republic of Kazakhstan, Uralsk, UATiSO, 2002), "Globalization and economic problems of Russia's development" (Krasnodar, KSHU, 2002) and others. On the topic of the dissertation research, 5 papers were published, with a total volume of 5.3 pp.

The dissertation research is part of the state budget topic "Formation and development of market relations" of the Department of Economic Theory of the Saratov State Socio-Economic University.

Dissertation structure. The structure of the work is determined by the tasks, purpose and logic of the study. The dissertation 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.

Place and role of capital in the economic system

Capital is one of the central and complex categories of economic theory. It is no coincidence that when it comes to the theory of capital, not only scientific views, but also social class positions are fiercely defended. Depending on what is the object of the relationship between sellers and buyers in the market, there are different approaches to the interpretation of this concept.

First approach (advanced). Capital can be defined as a value that generates a stream of income. From this point of view, capital can be called land, the production assets of an enterprise, securities, “human capital” (“investment in knowledge”). This definition of capital is very broad and is given at a high level of abstraction. Any economic resource by this definition can be attributed to capital. In the 20th century, when using the achievements of scientific and technological revolution, the concept of capital began to include "human capital". The emergence of the theory of human capital reflected the increased role of non-material factors in the development of mankind in recent years. Human capital is understood as the totality of all the production qualities of an employee, that is, this concept includes acquired knowledge, skills, as well as motivation and energy used to produce economic benefits. The role of science, which is increasingly becoming a direct productive force, is growing sharply. Investments in the field of science and education, which contribute to the formation of "human capital", largely determine the possibilities for economic growth and improving the living standards of the people.

Second approach (monetary). Capital is money, since it is a universal commodity that can be used to pay wages and settlements with suppliers, invest in the development of production. It should be borne in mind that money is not a purely economic resource. As such, money is not productive; they are unable to produce goods or services. However, entrepreneurs buy the use of money because the money can be used to acquire economic resources. Using money capital, business leaders ultimately buy the opportunity to use the real means of production.

The third approach (material)3. It is widely believed that capital is a means of production that can be used to produce other goods. This understanding of capital as a good has a long history. So, for example, the Physiocrats considered land as capital, A. Smith - accumulated goods and labor, and D. Ricardo - invested means of production.

The tangible interpretation of capital involves the problems of thrift and stock. The development of civilization is based on continuity, that is, on the fact that each new generation enjoys the acquisition of previous generations and adds its share to those, working, in turn, not only for the present, but also for the future. In economic life, the connection between the past and the present is expressed, among other things, through capital. In this aspect, the essence of capital lies in the fact that: 1) that it is the result of previous activity and 2) that the accumulated objects are used not for personal consumption, but for the production of new things.

Capital as an economic quantity must be created by previous production, remain free and be saved from consumption. It must be retained until it becomes possible to expend it as an element of the production process. Capital has its source in increased previous production, coinciding with the surplus of the latter (reserve).

A. Smith wrote that capital is that part of the stock from which he expects to receive income4. The other part of the stock directed to direct consumption is not capital.

However, A. Smith believed that the mere delivery of income does not turn values ​​into social capital. What is capital for the individual may not be so for the people. He wrote; “.. although the house can generate income for its owner and thus perform the function of capital for him, he is not able to give any income to society or perform the function of capital for him ...”5.

A. Smith divided public and private property into three parts - consumer stocks, fixed and working capital. He referred money to working capital.

The fourth approach (factorial). Jean-Baptiste Say defined capital as the sum of values ​​that support production. He is rightly considered the founder of the theory of factors of production, where capital plays a paramount role. He determined the amount of capital by its exchange value. Capital generally renders a useful service, either by providing its owner with income or by serving his consumption. So, capital is understood as values ​​or services, with the participation of which any new income is created. Capital is the third (along with natural resources and human labor resources) mediating factor of production. "These are capital goods produced by the economic system itself, in order to use them as factors of production for the further production of consumer and other goods and services" 6.

Based on the views of the classics of political economy, the concepts of fixed (permanent) and circulating capital are revealed. The owner's expenditures on constant and circulating capital are different: the expenditure on the latter is renewed after each turnover, while the constant capital, serving for many turnovers, requires only amendments, repairs, which is much cheaper than its complete renewal. This economic curbing of needs and the preserved accumulation of values ​​and services is called thrift. Thrift is seen as another source of capital.

Initial capital, as a source of income, appears in the form of usurious and commercial. This process was basically completed with the transformation of the market from national to global (XV-XVII centuries). In the same period, until the eighteenth century, capital is formed as a result of the exploitation of workers in handicraft industries and manufactories. Since the 17th century, capitals have appeared that were created thanks to stock exchange operations. Exchange trade took on extensive dimensions only in the 19th century with the emergence of trade in goods and securities. Mercantilists viewed money as the monetary form of capital. However, at the same time, they realized that in order to increase wealth, money must first turn into a production and commodity form.

The essence and structure of the capital market

Before considering the content of the capital market, we should dwell on the characteristics of the basic economic concepts and categories that express the investment process.

Investment activity (investment process) is a direct investment - the investor makes a decision regarding the objects, volumes and terms of investment, direct investment and a set of practical actions for their implementation. In the broadest sense of the word, "invest" means parting with money today in order to receive more of it in the future. In accordance with the current legislation of the Russian Federation, investments are “cash, securities, other property, including property rights, other rights having a monetary value, invested in business and (or) other activities for profit and (or) achieve some other beneficial effect.

The well-known textbook Economics emphasizes that investment consists of two components: the first of them is investment in fixed capital, the second is investment in inventories, which is the accumulation of stocks of raw materials to be used in the production process and unsold finished goods18. The authors of domestic textbooks on economic theory also pay attention to this.

There is no consensus in the scientific and educational literature regarding the structure of the capital market. This is due to the ambiguity in the interpretation of the category of capital by various scientists - economists, as well as the use of different classification bases when structuring the capital market.

G.P. Zhuravleva focuses on the fact that the capital market is primarily a market for the means of production20. It seems that the constituent elements of the modern capital market are not only the means of production, but also money, various types of securities.

These classifications attempt an integrated approach to characterizing the structure of the capital market. But it seems that it has a significant methodological flaw, consisting in the fact that the capital market is systematized according to various criteria and is not presented as a system, all elements of which are organically interconnected and interact with each other.

The capital market is a system. From the author's point of view, the capital market is a system of relations between households, firms and the state regarding the movement of capital, capital assets and the income received from their use. The structure of the capital market is its internal structure. The structure of the system is distinguished by three properties: integrity; the presence of elements that make up this system; the nature of the relationship between them.

The integrity of the system means that it has properties and patterns inherent only to it. An element is a component of a system that is capable of relatively independent implementation of certain functions. The main type of systemic relations is correlation, that is, the connection of correspondence. Its essence is that not a single element of the system can change without the entire system as a whole not undergoing one or another change.

It seems that the essential properties of capital should act as a classification basis for the structure of the capital market. In this paper, all economic benefits that bring their owner a regular income over a long period of time are considered as capital. Therefore, the capital market, as an integral part of the market system, appears in various forms: - in material form (physical capital market); - in monetary form (loan market, securities market).

The capital market is a part of both the financial market and the market for factors of production according to the split of capital into real and fictitious, each of which, despite mutual predetermination, receives independent movement (circulation). The author's version of determining the place of the capital market in the system of markets and the structure of the capital market itself is shown in Scheme 1.

Consider the capital market as an element of the financial market. The financial market provides mechanisms for the creation and exchange of financial assets. There are several ways to classify financial markets. The first way: by type of financial instruments. Marketable liabilities can be written either for fixed amounts or for residuals. The former are called debt instruments, and the market in which they circulate is the debt market. The second group of obligations is called equity instruments, and the corresponding market is called the share market, or the stock market. Preferred shares represent the rights of shareholders to receive fixed payments. In general, debt securities and preferred shares are considered part of the fixed income market. The segment of the stock market that excludes preferred stock is called the common stock market.

Another way to classify markets is by maturity (life of instruments). For example, the financial market for short-term debt obligations is called the money market, and the market for long-term financial assets is called the capital market. The boundary between long-term and short-term instruments is usually considered to be one year. Thus, if a financial asset has a maturity of no more than one year, then it belongs to short-term financial instruments and is an element of the money market. Financial assets with maturities greater than one year are part of the capital market. Thus, the debt market can be divided into money market instruments and capital market instruments depending on the maturity. Since the shares do not have a maturity date, they are considered part of the capital market.

Formation and development of the capital market in the Russian Federation

The development of the capital market in Russia is interesting to consider from the point of view of comparing Russia with other "emerging markets" of capital. The theory of the development of "emerging markets", which makes it possible, in particular, to predict the future development of the Russian capital market, was developed by the American analyst Mark Faber. According to M. Faber, each market develops cyclically and goes through six phases in its development: Phase 1 - the stage of the beginning of growth. It is characterized by economic growth, dominance of domestic investors in the market, large-scale changes in economic policy. Phases 2 and 3 are the stages of rapid market growth. They are characterized by the rapid growth of the economy, the massive intrusion of foreign investors into the market, and the rapid growth of securities prices. In these phases, according to Faber, investors make the “fallacy of optimism” by believing that the market will go up almost indefinitely. By the middle of Phase 3, due to this mistake and the massive injection of money from portfolio investors, the securities market becomes overvalued. A market reversal occurs, followed by a long-term decline. Phases 4 and 5 are the fall stages. In Phase 4, short-term upswings are still possible, but in Phase 5, the final market decline occurs, accompanied by a drop in corporate profits. Phase 6 is the final and lowest phase of the cycle in which investors make the "pessimism fallacy".

Let's try to trace the stages of emergence and development of the Russian capital market. In the Soviet period, despite the cardinal shortcomings of the economic mechanism, with a very high rate of accumulation as part of the national income, there was no problem of a shortage of financial resources for investment at all. In the volume of construction and contracting works, the share of the public sector in 1970 was 100%, in 1980 - 100%, in 1990 - 79%. When fixed assets were put into operation, the share of the public sector in 1970 was 89%, in 1980 - 90%, in 1990 - 88%31.

At the September Plenum of the Central Committee of the CPSU in 1965, it was decided to increase the share of loans in financing capital investments to 50% within a few years. After 26 years, until the collapse of the USSR, the share of credit in financing capital investments remained approximately at the same level, fluctuating around 4%. The reason is that the loan, despite the incredibly low interest rate (less than hidden inflation), was not in demand due to the presence of an excess amount of own financial resources in enterprises concentrated in the production development fund.

Enterprises concentrated significant financial resources in the production development fund, but, as a rule, they could not spend them. All real investment resources were distributed by the Gossnab in accordance with the tasks of the state plan, and for this reason there was no free wholesale market for the means of production in the country.

The system that developed at that time, which was far from ideal and in need of serious reconstruction, had a less negative impact on the real economy than the modern economic system. Indeed, at that time real investment resources were in short supply, which in itself meant their almost complete mobilization (another matter is the degree of rationality and efficiency in the use of fully mobilized real investment resources). The excess of financial resources accumulated at that time, concentrated on enterprises and a fund specially intended for investment (production development fund), is certainly a negative phenomenon of the centralized economic mechanism.

The transition from an administrative economy to a market economy put the Russian capital market in a peculiar position. The originality consisted in the establishment of a specific mechanism for the formation of market equilibrium, different from that established in many countries with a market economy.

There are three periods of formation of the Russian capital market. 1. 1992-1995 -monetary. 2. 1995-1998 - non-inflationary. 3. 1998 - present - stabilization.

The peculiarity of the first stage of the formation and development of the capital market was that two processes took place simultaneously: the initial accumulation of capital (PCA) and the functioning of the undeveloped capital market in conditions of high inflation.

As you know, the phrase "initial accumulation of capital" as a term of political economy was introduced by A. Smith. K. Marx considered the problem of initial accumulation of capital not as a moment of the bourgeois system that has developed and functions on its own basis, but only as an aspect of the formation of the capitalist economy - "the so-called initial accumulation of capital"32. For K. Marx, the initial accumulation of capital is a prerequisite, a starting point for the formation of the bourgeois mode of production, and not its result.

As long as there is no capitalist owner, there is no capitalist investor. But the formation of a capitalist owner goes hand in hand with the formation of a hired worker - a legally free citizen, separated from the means of subsistence and means of production, which forces such a free citizen to enter the labor market. At the same time, even the presence of money-capital, free, unemployed and ready for use in a capitalist way, is not enough for (even under conditions of free labor) the production process to become capitalist. To do this, money capital must master real production. It is in it that capitalization begins, real capitalist production and accumulation of capital, which then takes over all other spheres of the economy.

Russian PNK - non-productive creation of capital. Many consider PNK as a problem of the formation of monetary and commercial capital in the material and material, and not in the socio-economic sense - as a social and production relation that involves the formation of a system of wage labor. The essence of PNK is the creation of a labor market (labor force) and the concentration of money and means of production (monetary and productive capital) in the hands of individuals, individuals - owners of resources. In terms of content, the primitive accumulation of capital is the process of separation of the direct producer from the means of production and means of subsistence, proceeding as a process of formation of money capital with subsequent transformation into industrial capital. The emergence of industrial capital means the mastery of the last real sector of the economy, as a result of which capital becomes the dominant economic category.

Features of economic behavior of subjects of the capital market

Among the main subjects of the capital market, this paragraph will consider market investment institutions (commercial banks, investment funds, investment companies), enterprises, households and the state. Foreign capital as an element of the capital market will be discussed in the third paragraph. First of all, it is necessary to identify the features of the economic behavior of investment institutions in the capital market.

Considering banks as the main holders of capital, we will proceed from the fact that more capital is associated with greater freedom of choice and action, with a greater ability to bring about changes, including institutional ones. The concept of capital, constituting the theoretical core of the study, makes it possible to combine the subjective and objective aspects of analysis, to take into account the directions of individual and collective actions simultaneously with the assessment of the institutions of society.

The development of banking activity is mainly limited by high risks. The main one is credit risk. The high level of risk of investing funds in the real sector of the economy hinders the growth of banks' lending activity. The share of loans to the real sector of the economy in the total assets of the banking sector is about 34%, and the ratio of these loans to GDP is about 12%39. According to the banks themselves, high credit risk is the most significant factor constraining their lending activity. There is a significant concentration of credit risks in a limited circle of borrowers. Liquidity risk, shortage of medium- and long-term resources is an important factor hindering the development of bank operations.

Long-term liabilities (with maturities over 1 year) as of July 1, 2001 accounted for only about 7% of banks' total liabilities.

Throughout the entire post-crisis period, a significant imbalance in the structure of assets and liabilities of credit institutions by maturity remains, which directly affects the level of liquidity in the banking sector. In order to reduce this risk, it is necessary to improve the quality of liquidity management, including the development of new financial instruments.

Commercial banks (CBs) in 2001 had an investment potential (funds on deposits with the Central Bank, balances on correspondent accounts, investments in securities) equal to 667 billion rubles. In the financial resources attracted by enterprises, bank loans accounted for 35.7% (against 40.1% in 1999)40.

The resource base of the bank was replenished due to the growth of funds of enterprises and organizations in bank accounts and deposits - by 19.4%. The share of citizens' deposits exceeded 20.0%, which indicates a gradual restoration of confidence in the bank. Banks received 65 billion rubles. profit or twice more than in the same period of the previous year. The number of profitable CBs reached 92.4% of their total number. The share of financially stable CBs accounted for 92.2% of total assets.

The relative strengthening of the financial position of banks and the real sector allowed banks to expand lending to enterprises. By the beginning of 2002, the leaders in terms of the amount of loans granted were Sberbank - 418 billion rubles (the share of loans in working assets was 64.9%), Alfa-Bank - 68.9 billion rubles. (74.8%), International Industrial Bank - 55.5 billion rubles. (53.8%), Gazprombank - 53 billion rubles. (59.6%), Rosbank - 35 billion rubles. (57%), Bank of Moscow - 31 billion rubles. (69.2%), Citibank - 21 billion rubles. (58.6%), MDM Bank - 18.5 billion rubles. (58.7%), Promstroibank St. Petersburg - 16.9 billion rubles. (62.7%).

The distribution of bank loans by sectors of the Russian economy as a whole has not changed in recent years. In 2001, over 38% of loans were given to industrial enterprises, more than 19% - to trade and public catering, 5% - to construction, 5% - to transport and communications.

Despite the positive developments, the volume of lending by banks to the real sector of the economy as a whole does not meet its needs. According to many important indicators, Russian commercial banks are significantly inferior to Western ones. The share of loans to production in the total assets of our commercial banks is 34-36%, and in developed countries 60-70%. The ratio of bank loans to GDP in Russia is 11.7%, against 113% in Germany, 119% in the United States, 193% in Japan.

A number of macro- and microeconomic factors prevent banks from increasing financing of enterprises. These are high interest rates, stable inflationary expectations, a shortage of ruble funds, a weak resource base and low capitalization of credit institutions, a small number of first-class borrowers, poor quality of proposed investment projects, and other reasons.

High interest rates remain a major hurdle for borrowers. Commodity producers must pay a nominal interest for the provided credit, including inflationary expectations. Not all borrowers are sure that, given the current price dynamics, they will receive such income that will allow them to repay the loan. Inflationary expectations are fueled by the monetary policy of the Central Bank. The growth of the ruble supply by the Central Bank was three to eight times faster than the growth rate of the gross domestic product. In 2000, it increased by 57%, while GDP - by 9.0%. In 2001, the M2 monetary aggregate grew by 62%, and GDP - by 5.0%41.

The credit and investment opportunities of Russian CBs are limited by their undercapitalization, which in 2001 amounted to approximately $12 billion, which corresponded to the size of one not the largest Western commercial bank. Out of 1,319 credit institutions, only 130 had an authorized capital exceeding 300 million rubles. (10 million dollars), which did not allow them to mobilize large funds due to the current standards of the Central Bank, which established a strict ratio between the banks' own and borrowed funds. They are not able to increase capital at the expense of profits, since the interest margin between the cost of loans and deposits has decreased compared to 1992-1997, amounting to 2000-2001 in 2000-2001. an average of 9-12.4% per annum. The owners of many credit institutions, especially regional ones, do not have the necessary potential. Attracting outside shareholders is hampered by the unwillingness of the owners and managers of the CB to lose control, or low (or not paid at all) dividends.

The transition to building a market economy in the early 90s. called for the formation of a loan capital market in the Russian Federation in accordance with the Western model, which provides for two main tiers.

In the transition from a loan fund to the formation of a loan capital market, there were separate elements of the latter: a credit system, state insurance institutions, and a securities market in the form of a limited issue of winning state loans.

However, it is too early to talk about the creation of a full-blooded loan capital market in the Russian Federation. So far, we are talking about the presence and strengthening of a number of market elements, which include the formation of a two-tier banking system, the gradual development of specialized credit institutions and the functioning of the securities market in the form of a number of stock exchanges.

But this is not enough to bring the market of the Russian Federation closer to the markets of Western countries. The lag is explained primarily by the absence of a full-fledged market for the means of production and a real estate market, the existence of which is possible only on the basis of widespread privatization, corporatization of a large part of state property. In addition, a labor market and its mobile migration are needed, as well as a land market. All these are necessary conditions for the expansion of the securities market, and, consequently, the further development of new financial institutions, the strengthening of the two links of the loan capital market, and ensuring the supply and demand for money capital. All these markets need money, which is provided by the loan capital market.

Therefore, the main directions in the formation of the Russian loan capital market should be:

– high savings rate in the country;

– wide-scale privatization associated with the organization of the corporate securities market;

– creation and worldwide guarantee of the government securities market

- liquidation of the monopoly of Sberbank as practically the only bank dealing with the population's money;

– creation of an effective parabanking system in the country;

- Adoption of a law on private ownership of land and the inclusion of land in the financial circulation.

Essence, functions and forms of credit

Credit is the movement of loan capital, i.e. money capital, which is loaned out on terms of repayment for a certain percentage.

Everything that relates to the functioning of the loan capital market also applies to credit. In scientific terms, it can be emphasized that theorists often understand a loan as a relationship that arises between business entities regarding the provision of funds for a loan (for temporary use), in practical terms, a loan is primarily a highly profitable asset formed by a bank by providing funds to a borrower on the basis of a loan agreement.

In any national economy, credit performs the following functions:

- distributive;

- emission;

- control.

distribution function- distribution of funds on a returnable basis. It is implemented in the process of providing funds to enterprises and organizations on the terms of repayment and payment.

The emission function is the creation of credit means of circulation and replacement of cash. It manifests itself in the fact that means of payment are created in the process of lending, i.e. Along with cash, non-cash money is included in circulation.

Control function - control over the efficiency of economic entities. It manifests itself in the comprehensive control of the economic activity of the entity that received the loan.

Bank lending to legal entities is carried out in strict compliance with the principles of lending, which are the basis, the main element of the lending system. The principles of lending reflect the essence and content of the loan, as well as the requirements of the basic laws in the field of credit relations.

There are five basic principles of lending:

- urgency;

- return;

- payment;

- differentiation;

- security of loans.

Lending urgency means that the loan must be repaid within a strictly defined period. The urgency of lending is a necessary condition for the repayment of the loan. The loan period specified in the agreement is the maximum time for the borrower to hold funds. Violation of the term distorts the essence of the loan, it loses its true purpose.

recurrence means that after the end of the loan period, the funds must be returned. Credit as an economic category differs from other categories of commodity-money relations in that the movement of money here takes place on a repayment basis.

Loan payment means that the borrower must pay the bank a certain fee for the temporary use of funds borrowed from the bank. In practice, this principle is implemented using the bank interest mechanism.

Bank interest is the payment received by the lender from the borrower for the use of borrowed funds.

The interest rate depends on the following factors:

– demand for a loan from legal entities and individuals;

- the rate paid by the bank to its customers on deposit accounts of various types;

– term of the loan, i.e. the higher the term of the loan, the higher the risk, and consequently, the amount of the loan interest;

- the degree of security of the loan, i.e. the lower the security of the loan, the higher the interest rate;

- the level of inflation in the country and the stability of monetary circulation.

The real value of the loan interest is established in practice, taking into account the totality of all the above factors.

Differentiation of lending means that banks should not have the same approach to resolving the issue of issuing a loan to applicants for its receipt. Based on the preliminary work carried out to assess the creditworthiness of prospective borrowers, the bank selects the most reliable from among them and only with them carries out further work on concluding a loan agreement.

security loans as a principle of lending means that the borrower's property, valuables and guarantees allow the lender to be sure that the return of the funds issued will be carried out on time. To ensure the timely repayment of the loan, lenders under the agreement appoint a pledge, guarantee or bank guarantee, as well as obligations in other forms provided for by law.

Loan security is one of the most reliable ways to reduce the risk of loan default.

There are two types of loans: secured and unsecured.

Unsecured (blank) loans are issued to first-class borrowers (ie, well-established) and, contrary to popular belief, the largest loans are provided by banks without collateral. Collateral does not guarantee repayment of the loan, does not reduce the risk, because. in the event of liquidation of the enterprise, the bank becomes a preferred creditor. The loan agreement must specify the method of securing the repayment of the loan.

A wide variety of assets and documents can be used as collateral for a loan and can be easily traded: real estate, warehouse receipts, accounts receivable, buildings and equipment, bills of lading with endorsements, oil shipments, corporate shares, etc.

In a broad sense, credit money already means credit relations. In a market economy, they are constantly developing both vertically, by improving state credit, and horizontally, through commercial, banking and other forms of credit.

Basic forms of loan security

Loan classification is carried out according to such basic features as the nature of the loaned value, the categories of creditors and borrowers, the form of provision, and the directions of borrowers' needs.

There are two main forms of credit on the market: commercial and banking. They differ from each other in the composition of participants, the object of loans, the dynamics, the amount of interest and the scope of operation.

commercial loan means that the creditor is not a credit institution, but the loan is provided in the course of a commercial transaction, therefore it is also called a commercial one. A loan can be provided by any entity that has temporarily free cash at its disposal.

Commercial credit is one of the first forms of credit relations in the economy, which gave rise to bill circulation and thereby actively contributed to the development of non-cash money circulation, finding a practical expression of financial and economic relations between legal entities in the form of sales of products or services by deferred payment. The main purpose of this form of credit is to accelerate the process of selling goods and, consequently, extracting the profit embedded in them.

The commercial loan instrument is traditionally bill of exchange, expressing the financial obligations of the borrower in relation to the lender. The most widely used are two forms of a bill - a simple bill containing a direct obligation of the borrower to pay a fixed amount directly to the creditor, and a transferable (draft), representing a written order to the borrower from the lender to pay the specified amount to a third party or to the bearer of the bill. In modern conditions, the function of a bill is often taken over by a standard agreement between the supplier and the consumer, which regulates the procedure for paying for products sold on the terms of a commercial loan. A commercial loan is fundamentally different from a bank loan:

The role of the creditor is not specialized financial institutions, but any legal entities associated with the production or sale of goods or services;

Provided exclusively in commodity form;

Loan capital is integrated with industrial or commercial capital, which in modern conditions has found practical expression in the creation of financial companies, holdings and other similar structures, including enterprises of various specializations and activities;

The average cost of a commercial loan is always lower than the average bank interest rate for a given period of time;

When the transaction between the lender and the borrower is legally executed, the fee for this loan is included in the price of the goods, and is not determined specifically, for example, through a fixed percentage of the base amount.

The interest on a commercial loan, which is included in the price of the goods and the amount of the bill, is usually lower than on a bank loan. The size of a commercial loan is limited by the amount of reserve capital available to industrial and trading companies. The boundaries of a commercial loan are determined by the purposes, directions of its use, terms of provision, size.

In foreign practice, commercial credit is extremely widespread. For example, in Italy, up to 85% of the amount of transactions in wholesale trade is carried out on the terms of a commercial loan, and the average period for it is about 60 days, which significantly exceeds the period of actual sale of goods to direct consumers. In Russia, this form of lending has until recently been limited to the scope of circulation. In other sectors, such factors as high inflation rates, the crisis of non-payments, unreliable partnerships, and shortcomings in specific law objectively impeded its spread.

In modern conditions, in practice, there are mainly three types of commercial loans:

Loan with a fixed repayment period;

A loan with a return only after the actual sale by the borrower of the goods delivered in installments;

Lending on an open account, when the delivery of the next batch of goods on the terms of a commercial loan is carried out until the debt on the previous delivery is repaid.

Bank loan provided by banks and other financial institutions licensed by the Central Bank of the Russian Federation to conduct this type of operations. legal entities (industrial, transport, trading companies), the population, the state, foreign clients in the form of cash loans.

The banking form of the loan has the following features:

The bank, as a rule, operates not so much with its own capital as with attracted resources;

The bank lends idle capital;

The bank lends not just cash, but money as capital.

The price for using bank loans is loan interest, determined on a mutually beneficial basis between the subjects of credit relations and fixed in the loan agreement.

A bank loan exceeds the boundaries of a commercial loan in terms of direction, timing, and size. It has a wider scope. A significant replacement of a commercial bill with a bank one makes this credit more elastic, expands its scale, and increases security. The dynamics of bank and commercial loans is also different. Thus, the volume of commercial credit depends on the growth and decline of production and trade. The demand for a bank loan is mainly determined by the state of debts in various sectors of the economy. A bank loan has a dual character: it can act as a loan of capital for functioning enterprises, or as a means of payment for the payment of debts.

A bank loan is classified according to a number of criteria:

1. Delivery method

a) cash, non-cash,

b) refinancing,

c) remodeling

d) bill of exchange.

2 Loan currency(in national, in the currency of the creditor, in the currency of third countries).

3. Number of participants(bilateral, multilateral transactions).

4. Purpose of the bank loan:

a) to increase the capital stock,

b) for temporary replenishment of negotiable transactions,

c) on a consumer basis, including mortgage loans.

5. Giving technique:

a) one-time (provided in one amount),

b) limited (overdraft and credit line). The credit line involves the use of borrowed funds within the established limit. Overdraft - crediting the client's current account from the bank's funds (usually up to 20-30% of the average monthly turnover on the client's current account) to eliminate a temporary shortage of working capital for the company to make current payments.

6. Security criterion secured, unsecured. Collateral - any liquid property, more often - the borrower's real estate. If he violates the terms of the loan, the collateral is withdrawn to pay off debts.

7. Maturity. Short-term (no more than 1 year), medium-term (from 1 to 3 years) and long-term (more than 3 years).

8. Repayment methods.

a) in one amount at the end of the term,

b) in installments

c) in unequal shares, as a rule, during the term of the loan.

9. By type of interest rate- fixed and floating.

10. Methods of charging interest.

a) % is paid at the time of total repayment (in a market economy),

b) equal installments of the borrower during the entire period,

c) % is withheld at the time of the immediate issuance of a loan to the borrower.

As the credit system develops and expands, the growth rate of bank credit increases.

Currently, there are several forms of bank loans.