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SWOT analysis of financial sources for the Russian economy growth

Burlachkov V.K. Plekhanov Russian University of Economics, Moscow, Russian Federation ( burlachkov.vk@rea.ru )

Volkov I.I. Plekhanov Russian University of Economics, Moscow, Russian Federation ( winner.06@mail.ru )

Journal: Financial Analytics: Science and Experience, #40, 2016

Importance The article discusses internal and external factors that form financial sources bolstering a growth in the Russian economy.
Objectives The research analyzes external and internal factors that build up financial sources stimulating a growth in the Russian Federation. Using a SWOT analysis, we evaluated their positive and negative effects.
Methods The research relies upon such methods as formal and mathematical logic, extrapolation, induction and deduction.
Results We determined internal and external factors that form financial sources bolstering the Russian economy growth. The article also indicates principal trends in the effect respective factors have on the formation of financial sources. Based on that, we classified the factors in terms of the SWOT analysis. Following the SWOT analysis, we prepared our recommendations on managing the sources formation process, which were presented as strategies, thus allowing to consider them in the context of macroeconomic regulation, rather than theoretical perspectives only.
Conclusions and Relevance We identified weaknesses and strengths of the Russian economy in terms of the formation of financial sources that stimulated its growth, and articulated strategies to steer the process provided positive factors had higher effect, while negative ones weakened. The article may prove useful to devise a model for developing the Russian economy in the short-term, mid-term and long-term run.


About the theory of economic mechanisms

Slepov V.A. doctor of Economics, Head of the Department for Finance and Prices of the Russian Plekhanov University of Economics ( ordov@dako-m.ru )

Burlachkov V.K. doctor of Economics, Russian Plekhanov University of Economics ( ordov@dako-m.ru )

Ordov K.V. deputy director LLC «Ocenka - DAKO» ( ordov@dako-m.ru )

Journal: Finance and Credit, #24, 2011

Under the maintenance approaches to research of economic mechanisms allocate information and functional approaches. Overcoming of limitation of information and functional approaches in the theory of economic mechanisms probably within the limits of the prospective integrated approach.


Separation of expenditure powers within inter-budget relations system

Slepov V.A. PhD, professor, head of the Department of Finance and Prices, honored scientist of the Russian Federation

Burlachkov V.K. PhD, professor, the Department of Finance and Prices – Russian Academy of Economics named after G.V. Plekhanov

Journal: Finance and Credit, #4, 2009

The article demonstrates changes in separation of expenditure powers among levels of the budget system, which have taken place recently. New factors which have significant effect on further evolution of this process are revealed. Priority trends of development of the system of expenditure powers of the federal, regional and local authorities for the medium-term outlook are described.


Bitcoin, blockchain, file-money and the specifics of monetary mechanism evolution

Andryushin S.A. Institute of Economics of Russian Academy of Sciences, Moscow, Russian Federation ( sandr956@gmail.com )

Burlachkov V.K. Moscow State Institute of International Relations of the Ministry of Foreign Affairs of Russian Federation, Moscow, Russian Federation ( vkburl@gmail.com )

Journal: Finance and Credit, #31, 2017

Importance High rates of technological development enable the use of new forms of money, i.e. electronic money. However, the evolution of the forms does not change common patterns of monetary mechanism functioning. One of them is flexibility of money supply, namely, the ability of the latter to evolve during the change of economic cycle phases.
Objectives The paper aims to examine the specifics of monetary mechanism evolution, reveal the areas of electronic money development, elaborate methodological framework for studying the development of forms of money and the use of electronic money, evaluate prospects for cryptocurrencies, including the bitcoin and blockchain technology in payment transactions.
Methods The research employs methods of logical and statistical analysis.
Results New forms of money appear due to intensification of commodity circulation, enhanced role of services in the modern economy, growing number of transactions in the financial market, increasing cross-border cash flows. We define characteristic features of electronic money, the specifics of file-money (a new form of money as a special data file) and prospects for its use in national and global economic systems.
Conclusions The use of electronic money can minimize financial market fluctuations and contribute to relative stability of interest rates. File-money is the most adequate form of electronic money under modern global economy.


Modern interest rate policy of central banks and a phenomenon of negative interest rates

Burlachkov V.K. Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs (MGIMO University), Moscow, Russian Federation ( vkburl@gmail.com )

Journal: Finance and Credit, #47, 2016

Importance Interest rate policy is the main element of monetary regulation realized by central banks. Deflationary tendencies in the leading countries necessitate a decrease in the interest rates of central banks. In these conditions, a new phenomenon emerged, i.e. negative interest rates on deposits of commercial banks with central banks.
Objectives The objectives of the study are to examine the specifics of modern interest rate policy of leading central banks; define reasons for negative interest rate phenomenon; elaborate methodological framework for increasing the efficiency of interest rate policy in the Russian economy.
Methods The research involves methods of logical and statistical analysis.
Results The paper describes the specifics of interest rate policy of central banks under the evolution of money mechanism in the modern economy; the profile of interest rate regulation using interest rate corridors. Furthermore, it defines the distinguishing features of interest rate formation and their influence on the scope of lending and liquidity formed by central banks; characterizes the influence of interest rates on deflationary trends.
Conclusions The formation of payment systems controlled by central banks significantly increased the importance of reserves of commercial banks with central bank. But when targeting the interest rates on these reserves, central banks have limited possibilities to influence interest rates applied by commercial banks for lending. Therefore, central banks are not capable to effectively stimulate bank lending under cyclic recession and have to use a non-standard method to increase money supply, namely, quantitative easing.


Modern Interest Rate Policy and the Phenomenon of Negative Interest Rates

Burlachkov V.K. Moscow State Institute of International Relations (University) of Ministry of Foreign Affairs of Russian Federation, Moscow, Russian Federation ( vkburl@gmail.com )

Journal: Digest Finance, #4, 2017

Importance The target interest rate is the main tool of the interest rate policy. Deflationary trends in leading economies undermined interest rates of central banks. It resulted in the phenomenon of negative interest rates on commercial banks' deposits.
Objectives The research focuses on the specifics of the modern interest rate policy of central banks in leading economies. I also identify what caused negative interest rates and outline a methodological framework for the interest rate policy in the Russian economy.
Methods The research is based on methods of logic and statistical analysis.
Results I unveil distinctions of central banks' interest rate policies, while the monetary mechanism of the modern economy evolves. I unfold the specifics of regulating interest rates with interest rate corridors. The article highlights distinctions in setting interest rates and the way they influence lending and liquidity. I also underpin the nexus between the formation of interest rates and leverage level of the economy. Interest rates were found to impact deflationary trends.
Conclusions and Relevance The specifics of the modern interest rate policies of central banks depends on the way the monetary mechanism evolves, i.e. the mechanism of the money supply. As central banks implemented payment systems, cash in correspondent accounts of commercial banks with central banks grew even more important. However, in targeting the rate on these reserves, central banks are constrained to influence interest rates on commercial bank's loans. That is why central banks are unable to effectively stimulate a growth in bank lending during the cyclical recession and have to apply an unconventional method to increase the money supply.


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