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Economic Analysis: Theory and Practice
 

An innovation-active industrial complex in the system of operations of the Bank of Russia on the open market

Vol. 15, Iss. 6, JUNE 2016

PDF  Article PDF Version

Received: 15 December 2015

Accepted: 1 February 2016

Available online: 28 June 2016

Subject Heading: ANALYSIS OF FINANCIAL CAPITAL

JEL Classification: E23, E44, E52, E58, F63

Pages: 146-157

Demil'khanova B.A. Chechen State University, Grozny, Chechen Republic, Russian Federation
bella555@inbox.ru

Importance The development of modern industrial complexes, in many respects, is determined by volumes and conditions of their lending by banks regulated by the monetary policy of the Bank of Russia.
Objectives The study's objective is to assess the interrelation of the Bank of Russia operations in the open market and the volume of banks' lending to State non-financial organizations as an indicator of their innovative potential utilization and a factor of their innovative activity acceleration.
Methods I systematize and group approaches of various authors to the financial market structure and the place of the securities market in it. Based on the correlation analysis, I define the nature of interrelations in the credit policy of the Bank of Russia, as these interrelations influence the volumes of lending to enterprises operating in the industry (branches and complexes).
Results There is a correlation between the volumes of lending to non-financial State organizations by the Bank of Russia and credit institutions. It attests to the policy of credit potential accumulation, which is achieved through promoting investments in the government short-term bonds, federal loan bonds and the bonds of the Bank of Russia.
Conclusions The Bank of Russia should issue long-term bonds and encourage transactions therewith so as to enhance the role of Russian banks in project (innovative) lending to industrial enterprises that contributes to the increase in their innovative activity.

Keywords: financial market, bank, loan, securities, correlation

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