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-Economy and Business-
THE ROLE OF FINANCIAL-CREDIT INSTITUTIONS IN THE DEVELOPMENT OF
THE ECONOMY
A.A. Tokmakov, student
St. Petersburg state economic university
(Russia, St. Petersburg)
DOI: 10.24411/2411-0450-2019-10594
Abstract. This article discusses the types and role of credit and financial institutions in the economy of the Russian Federation and determines the importance of financial and credit institutions for the economic policy of the government and improving the life of the population of the Russian Federation.
Keywords: financial institution, banking system, commercial bank, central (emission) bank, economic accumulation, credit system.
It is well-known that financial institutions are important for any state, because they can determine how the development of the economy, the potential of the state and the level of welfare of the population are growing. Therefore, the state seeks to develop the system of financial institutions, forming and controlling their activities. In addition, the state is developing a credit system to simplify the life of the population through various services.
The basis of the credit system is the banking system. Banking system is all activities of several types of national banks and credit institutions operating under one monetary mechanism. The objectives of the banking system are such aspects as ensuring economic growth, inflation regulation and balance of payments regulation.
The Russian banking system is in a transitional stage: it contains components of the market banking system, but their interaction is still underdeveloped. It is known that every system always comes from the previous, so it contains "birthmarks" of the past. The market system of Russia, which emerged from the centralized system, passing through the formation in the conditions of the transition period, should still be involved with a market ideology. The elements of the banking system and their interaction should take into account more fully the peculiarities and conditions of the market economy, which is achieved by forming the structure of the banking system inherent in countries with developed market economies, elements of which are financial and credit institutions.
In order to understand the importance of financial and credit institutions, it is necessary to know the role of all existing types of them. For example, we are going to consider the banking system of the Russian Federation (table 1).
It follows that the functions performed by credit and financial institutions are necessary for the existence of the state. Nevertheless, they not only help the state in its activities, provision of financial services and implementation of financial and credit operations, but also play a significant role in the life of the population of the country, than ensure the stability of the entire economic system of the state.
It is obvious that special credit and financial institutions have existed for a long time, they were a secondary part of the credit system before, and now they are intensively developing and improving. Moreover, these institutions, implementing the credit system, maintain a high level of regulation of economic accumulation now, which is typical for the Russian Federation, create a wide network of financial institutions to meet the demand for goods in the short-term and the long-term use, play an important role in the rapid development of industries.
Thus, the development of the financial and credit system is one of the most important prerequisites for ensuring a sufficiently high regulation of capital accumulation, which contributes to the growth of production and the implementation of the scientific and technological revolution.
-Economy and Business-
Tablel. Functions of the main financial institutions
Main financial institutions Functions
Central (emission) bank - currency issue; - the function of preserving cash benefits; - storage of gold and foreign exchange reserves of the country; - commercial Bank lending function; - the function of providing credit and executing payment transactions for the government bodies.
Commercial banks - mobilization of funds and their transformation into equity; - lending to enterprises, the state and the population; - issuance of credit money; - implementation of calculations and payments in the economy; - consulting, provision of economic information.
Special credit institutes
1. Investment banks - financing and long-term lending to various industries, trade and transport.
2. Innovation banks - lending and financing of innovative projects.
3. Mortgage banks - issurance of long-term loans secured by real estate.
4. Savings banks - attracting savings and free funds of the population.
5. Insurance companies - sale of insurance policies.
6. Investment companies - placement of shares and use of the funds received for the purchase of securities of various sectors of the economy.
7. Pension funds - pension and employee benefits.
References
1. The federal law of 02.12.1990 №395-1 "About Banks and Banking activity"
2. The federal law of 10.07.2002 №86 Federal Law "About the Central Bank of Russian Federation (Bank of Russia)"
3. Nureev R.M. "Microeconomics Rate". The textbook for the highest education institutions. - Moscow: NORMA publishing house (The NORMA publishing group - INFRA L), 2000.
4.MolchanovA.V. Commercial bank in modern Russia: the theory and the practical. - M.: Finance and statistics, 2008. - 308 p.
РОЛЬ ФИНАНСОВО-КРЕДИТНЫХ ИНСТИТУТОВ В РАЗВИТИИ ЭКОНОМИКИ А.А. Токмаков, студент
Санкт-Петербургский государственный экономический университет (Россия, г. Санкт-Петербург)
Аннотация. В данной статье рассматриваются виды и роль кредитно-финансовых институтов в экономике Российской Федерации. Автором определяется значимость финансово-кредитных институтов для экономической политики власти и улучшения жизни населения Российской Федерации.
Ключевые слова: финансовое учреждение, банковская система, коммерческий банк, центральный (эмиссионный) банк, экономическое накопление, кредитная система.
