+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Digest Finance
 

The role of domestic savings in financing the Russian economy

Vol. 20, Iss. 2, JUNE 2015

PDF  Article PDF Version

Available online: 4 June 2015

Subject Heading: Financial policy

JEL Classification: 

Pages: 2-11

Sukharev A.N. Tver State University, Tver, Russian Federation
su500005@yandex.ru

Golubev A.A. Tver State University, Tver, Russian Federation
golalan@mail.ru

The aim of the article is to discuss the processes of formation, redistribution and use of domestic sources of the Russian economy financing. The authors provide quantitative data describing the level of gross savings in Russia and the areas of their use. Today Russia has a high level of domestic savings and adequate levels of domestic financial resources. In relation to the rest of the world, Russia acts as a net investor, the volume of gross savings in the country exceeds the volume of gross accumulation. The paper shows the role of the banking system (including individual lending institutions and the Central Bank of the Russian Federation) in redistributing financial resources in the economy, including the formation of net foreign investment. In this regard, the paper includes a presentation of aggregate statistical data, which demonstrate the generation and use of financial resources by credit institutions, the Bank of Russia, and by the entire Russian banking system. The authors emphasize the role of the Bank of Russia in accumulating domestic financial resources and their use in the regime of international reserves, which does not allow organizing an effective system of domestic lending to the national economy. The authors provide statistical data characterizing the amount of savings in the budget system of the Russian Federation. Today State financial reserves of the Government of the Russian Federation are accumulated in the Reserve Fund and the National Welfare Fund of the Russian Federation and placed with the Bank of Russia and Vnesheconombank. These funds can be regarded as significant potential sources of domestic financing of the Russian economy rehabilitation. The imposition of economic sanctions against Russia aimed at preventing its access to foreign capital markets requires creating an independent system of redistribution of financial resources within the Russian economy. This will reduce macroeconomic risks for Russia, foreign exchange risks for business, and ensure savings from net payments on income from investments.

Keywords: savings, financial resources, Bank of Russia, credit institutions, banking system, net foreign assets, economic sanctions

References:

  1. Alferov V.T., Navoi A.V. Zoloto v strukture mezhdunarodnykh rezervov Rossiiskoi Federatsii: transformatsiya podkhodov k upravleniyu [Gold in the structure of international reserves of the Russian Federation: the transformation of management approaches]. Den'gi i kredit = Money and Credit, 2014, no. 10, pp. 53–59.
  2. Andrianov V. Zolotovalyutnye rezervy: printsipy formirovaniya, struktura i effektivnost' ispol'zovaniya [Gold and foreign exchange reserves: principles of formation, structure and effectiveness of using]. Obshchestvo i ekonomika = Society and Economics, 2008, no. 5, pp. 23–53.
  3. Bauer V.P., Litvinova E.M. Ekonomicheskaya bezopasnost' i mezhdunarodnye rezervy Banka Rossii [Economic security and international reserves of the Bank of Russia]. EKO = ECO, 2008, no. 9, pp. 141–149.
  4. Bulatov A.S. K voprosu o transformatsii sberezhenii v investitsii [On the question of the transformation of savings into investments]. Den'gi i kredit = Money and Credit, 2003, no. 4, pp. 38–47.
  5. Bulgakova L.G. Istochniki finansirovaniya investitsii v rossiiskoi ekonomike: tendentsii formirovaniya i napravleniya razvitiya [Sources of financing investments in the Russian economy: trends in building and areas of development]. Nauchnye trudy Vol'nogo ekonomicheskogo obshchestva Rossii = Proceedings of the Free Economic Society of Russia, 2013, vol. 179, pp. 413–424.
  6. Volkov R.G. Zoloto v zolotovalyutnykh rezervakh Rossii: skol'ko ego nuzhno? [Gold in Russia's gold and foreign currency reserves: how much is it needed?]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2013, no. 28, pp. 15–20.
  7. Guniya V.A. Kharakteristika Rezervnogo fonda i Fonda natsional'nogo blagosostoyaniya: naznachenie, sostoyanie [Characteristics of the Reserve Fund and the National Welfare Fund: purpose, state]. Ekonomicheskie nauki = Economic Sciences, 2013, no. 99, pp. 135–138.
  8. Ibatullin N.F. Usloviya i rezul'taty transformatsii sberezhenii naseleniya v investitsii [The conditions and results of transformation of household savings into investments]. Segodnya i zavtra Rossiiskoi ekonomiki = Today and Tomorrow of Russian Economy, 2010, no. 37, pp. 93–96.
  9. Kozulina E.A., Nekipelova E.D. Mekhanizm transformatsii sberezhenii naseleniya v investitsii [The mechanism of transformation of household savings into investments]. Novaya ekonomika – novoe obshchestvo = New Economy – New Society, 2011, no. 6, pp. 141–143.
  10. Kubasov K.A. Finansovye rezervy Rossiiskoi Federatsii kak istochnik formirovaniya investitsii [Financial reserves of the Russian Federation as a source of investment formation]. Finansy, den'gi, investitsii = Finance, Money, Investment, 2012, no. 2, pp. 26–29.
  11. Lebedinskaya E. Rol' neftegazovykh fondov v Rossii [The role of oil and gas assets in Russia]. Voprosy Economiki, 2012, no. 3, pp. 98–119.
  12. Lindert P.H. Ekonomika mirokhozyaistvennykh svyazei [International Economics]. Moscow, Progress Publ., 1992, 520 p.
  13. Nurimukhametov R.M. Formirovanie institutsional'noi struktury protsessov transformatsii sberezhenii v investitsii [Formation of the institutional structure of processes of transformation of savings into investments]. Ekonomicheskie nauki = Economic Sciences, 2009, no. 57, pp. 109–112.
  14. Prodolyatchenko P.A. Transformatsiya sberezhenii naseleniya v investitsii [The transformation of household savings into investments]. Den'gi i kredit = Money and Credit, 2007, no. 2, pp. 65–67.
  15. Rakhmetova A.M. Mekhanizmy privlecheniya sberezhenii v tselyakh ikh transformatsii v investitsii [Mechanisms for attracting savings for their transformation into investment]. Den'gi i kredit = Money and Credit, 2012, no. 11, pp. 74–75.
  16. Smirnova O.V. Zoloto kak element mezhdunarodnykh rezervov i ego vliyanie na finansovyi rezul'tat Tsentral'nogo banka Rossiiskoi Federatsii [Gold as an element of international reserves and its impact on the financial results of the Central Bank of the Russian Federation]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2012, no. 43, pp. 31–38.
  17. Sukharev A.N. Gosudarstvennye sberezheniya i mezhdunarodnye rezervnye aktivy: ekonomicheskaya sushchnost', vzaimosvyaz' i razlichie [Public savings and international reserve assets: economic essence, relationships and difference]. Ekonomicheskie nauki = Economic Sciences, 2009, no. 53, pp. 352–355.
  18. Sukharev A.N. O vozmozhnosti ispol'zovaniya gosudarstvennykh finansovykh rezervov federal'nogo byudzheta na razvitie rossiiskoi ekonomiki [On the possibility of using public financial reserves of the Federal budget for the Russian economy development]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2011, no. 29, pp. 12–17.
  19. Khorolya N.A. Zolotovalyutnyi rezerv Rossii [Russia's gold and forex reserves]. Fundamental'nye i prikladnye issledovaniya: problemy i rezul'taty = Fundamental and Applied Research: Challenges and Results, 2013, no. 9, pp. 275–279.
  20. Shogdzhiev S.E. Metody transformatsii sberezhenii v investitsionnye resursy [Methods of transformation of savings into investment resources]. Ekonomika i upravlenie = Economics and Management, 2007, no. 3, pp. 118–122.
  21. Shcherbakov V.S. O probleme transformatsii sberezhenii v investitsii [On the problem of the transformation of savings into investments]. Ekonomika i predprinimatel'stvo = Economics and Entrepreneurship, 2014, no. 7, pp. 684–686.

View all articles of issue

 

ISSN 2311-9438 (Online)
ISSN 2073-8005 (Print)

Journal current issue

Vol. 29, Iss. 1
March 2024

Archive