Areas for improving the performance of financial institutions for development in line with the import substitution initiative of the Russian Federation
Importance Financial development institutions play an important role in implementing import substitution programs. In this respect, it is especially important to outline areas for increasing the efficiency of their operations. Objectives The research unveils the economic substance of financial development institutions, determines them within the implementation of import substitution programs in the Russian Federation and outlines areas and activities to enhance the performance of the Russian financial development institutions. Methods The research involves general methods for studying socio-economic phenomena and processes (comprehensiveness, consistency, observation, comparison, analysis, synthesis, deduction, statistical, graphic methods, etc.), methods of system analysis, approximation and forecasting, and mathematical modeling in economics. Results Based on theoretical perspectives, we made our own interpretation of financial development institutions, determined operational issues, solutions and areas for increasing the efficiency of their performance. The practical aspect represents an analysis of national financial development institutions and their performance, their import substitution projects, and results of forecasts and approximation of the economic effect – the import substitution projects might have, using the Brown adaptive model. Conclusions and Relevance To enhance the performance of national financial development institutions as part of import substitution programs, it is necessary to create conditions for their more active participation in import substitution programs, provide the Russian businesses with a competitive access to finance through financial development institutions, ensure favorable public private partnership as part of import substitution programs, monitor the performance of financial development institutions on an ongoing basis and design a system to effectively coordinate them.
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