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Finance and Credit
 

Prospects for financial and credit support to the Russian economy's investment potential

Vol. 23, Iss. 4, JANUARY 2017

PDF  Article PDF Version

Received: 23 November 2016

Received in revised form: 7 December 2016

Accepted: 22 December 2016

Available online: 27 January 2017

Subject Heading: MONETARY ACCOMMODATION

JEL Classification: E44, G21, O11, O25

Pages: 217-232

https://doi.org/10.24891/fc.23.4.217

Ternovskaya E.Р. Financial University under Government of Russian Federation, Moscow, Russian Federation
eptern@mail.ru

Importance Sustainable development of the Russian economy is impossible without expanding investment activity of all economic entities. The major problem is to find sources of funding the investments that ensure economic growth, and to increase their efficiency. Commercial banks, accumulating the majority of private savings play a significant role in this process.
Objectives The aim of the study is to review the trends in financial and credit support to investment potential of the Russian economy and assess its effectiveness.
Methods Based on the analysis and processing of relevant statistical data, I reveal adverse trends in the Russian economy’s investment potential development, and describe the specifics of bank loans being a source of investment.
Results The findings show that the State support is not sufficient to enhance the role of commercial banks in financing the investment needs of the economy. I underpin the need for strategic and tactical measures to solve these problems. In particular, it is crucial to justify the choice of priority sectors and projects as objects of credit and financial support; to expand the tools of the support (improve the forms of refinancing, increase the efficiency of development institutions, design banking products to implement priority projects, develop promising areas of lending, like project financing, syndicated loans).
Conclusions The proposed set of measures of credit and financial support may contribute to realization of investment potential of the Russian economy through targeted use of scarce financial resources to address priority economic tasks.

Keywords: investment, bank loans, State support instruments, project financing, syndicated loan

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