BukhSoft / 09.12.2021

Financial market of the region. Formation and development of regional markets of the Russian Federation Development of financial markets in the regions

Keywords

ECONOMIC GROWTH AND ITS FACTORS/ ECONOMIC GROWTH / FINANCIAL MARKETS IN REGIONS/ REGIONAL FINANCIAL MARKETS / SPATIAL ECONOMY/ SPATIAL ECONOMICS / REGIONAL POLICY/ REGIONAL POLICY / FACTORS

annotation scientific article on economics and business, the author of the scientific work - Krinichansky K.V.

The article elaborates a methodology for analyzing the development of financial markets and financial institutions at the regional level. The problems of improving the information base, developing criteria and compiling indicators of financial development in the regions are disclosed. The proposed approach made it possible to identify the process of forming the relationship between economic and financial development in Russian regions. The method of correlation analysis is applied. A high correlation was found between debt on loans to legal entities and investments in fixed assets and GRP, as well as the growth rates of loans to individuals and the dynamics of bond issuance. It was noted that in the regions working with investors in the framework of the programs for issuing and servicing sub-federal bonds, there is a closer connection between the loans provided by banks with investments in fixed assets and with per capita regional issue. The analysis based on the groupings made it possible to identify a pattern according to which the correlation coefficients turn out to be higher in those groups of regions where the value of the share of regional GRP in the sum of the GRP of all regions is higher. In addition, it is shown that the growth model emerging in the regions presupposes a significant increase in the role of new financing mechanisms (housing mortgage), and their potential indicates the expected expansion of this market segment. Revealed the importance of positioning the region as an independent participant in the public debt market. It is shown that the GRP of the region and the growth rate of investment in fixed assets grow at a higher rate in regions that have experience of regular borrowing in the sub-federal bond market, and that in this category of regions there is a closer connection between loans and investments and issue. In the course of the study, recommendations were developed for a deeper development of the financial market in Russian regions.

Financial markets: analysis of the impact on the socio-economic processes in the Russian regions

The article presents the methodology of analysis of the development of financial markets and financial institutions at the regional level. The author's proposed approach reveals the formation of interrelationship of economic and financial development in Russia "s regions. The author applies a method of correlation analysis. The analysis on the basis of the groups identified a pattern of correlation coefficients are higher in those groups of regions where the value of the share of regional GDP is higher in the sum of GRP in all regions. In addition, the paper shows that the regions' growth model implies a significant reinforcement of the role of innovative financing mechanisms (residential mortgages), and their potential indicates the expected expansion of this segment of the market. The article identifies the importance of positioning the region as an independent participant in the public debt markets. The paper shows that the GDP of the region and the growth rate of investment in fixed capital ( GFCF) grow most rapidly in regions that have experienced regular borrowing in the sub-federal bonds market, and that in the regio ns there is a closer link of loans to investments and production. The article contains certain recommendations for further development of the financial market in the Russian regions.

The text of the scientific work on the topic "Financial Markets: Analysis of the Impact on Socio-Economic Processes in Russian Regions"

UDC 336.7 (470 + 571)

FINANCIAL MARKETS: ANALYSIS OF THE INFLUENCE ON SOCIO-ECONOMIC PROCESSES IN RUSSIAN REGIONS

K.V. KRINICHANSKY, Doctor of Economics, Professor of the Department of Finance and Financial Law E-mail: [email protected] South Ural State University (NRU),

Chelyabinsk

The method of correlation analysis is applied. A high correlation was found between debt on loans to legal entities and investments in fixed assets and GRP, as well as the growth rates of loans to individuals and the dynamics of bond issuance. It was noted that in the regions working with investors in the framework of the programs for issuing and servicing sub-federal bonds, there is a closer connection between the loans provided by banks with investments in fixed assets and with per capita regional issue.

The analysis based on the groupings made it possible to identify a pattern according to which the correlation coefficients turn out to be higher in those groups of regions where the value of the share of regional GRP in the sum of the GRP of all regions is higher. In addition, it is shown that the growth model emerging in the regions presupposes a significant increase in the role of new financing mechanisms (housing mortgage), and their potential indicates the expected expansion of this market segment. Revealed the importance of positioning the region as an independent participant in the public debt market. It is shown that the region's GRP and the growth rate of investments in fixed assets are growing more

high rates in regions that have experience of regular borrowing in the sub-federal bond market, and that in this category of regions there is a closer connection between loans and investments and issuance.

Key words: economic growth and its factors, financial markets in the regions, spatial economics, regional policy

Economists rarely choose the influence of financial markets on the dynamics of regional development as the subject of their research. This is true not only for Russia, but also for other countries whose state structure and economic structure imply regional division. According to the author, this influence is significant, and in recent years it has been increasing. Therefore, the study of the impact of financial markets on the development of Russian regions is an extremely relevant topic.

The problem of the relationship between financial and economic development entered the agenda of economics relatively recently, mainly in the 1980s and 1990s. The development of this topic and research methodology owes to such authors as J. Gurley and E. Shaw, R. Goldsmith, M. Jetler, W. Bensvenga and W. Smith, N. Roubini

and K. Sala-i-Martin, R. Atget and B. Jovanovic, R. King and R. Levine, F. Chintarelli, A. Demirguch-Kunt and R. Levine, R. La Porta, F. Lopez di Silanes, A. Schleifer, R. Cherry, R. Rajan and L. Zingales, P. Watchtel. Among the works published in Russian, one should note the works of A. Vedev and Yu. Danilov, Ya. Mirkin, S. Moshensky, B. Rubtsov. According to these studies, there is a complex relationship between financial and economic development, in which there is both direct and reverse influence, while the strength of the relationship can vary from one country to another and from one period to another depending on certain conditions. At the same time, most empirical studies show that the direct impact of finance on the real economy is more significant than the opposite.

A significant result of the research is the substantiation of the presentation of financial development as a complex process determined by a set of factors and conditions, including:

1) the depth of financial liberalization;

2) the prevailing form of ownership of credit institutions;

3) the characteristics of the prevailing model of corporate ownership and management of institutions in the financial sector;

4) the country's belonging to the legal tradition and the degree of protection of property rights;

5) the influence of elites and special interest groups on the development of institutions;

6) transparency of issuers and borrowers (including the level of development of information disclosure standards, quality of financial reporting, etc.).

Thus, the development of the economy depends on the development of the financial system and processes in the financial markets, which are the result of the impact of third factors and conditions. This is especially important if the object of the research is young emerging markets (for example, Russian), since this gives rise to the possibility of opposing two, in the author's opinion, incorrect theses. According to the first thesis, the financial markets of developing economies are of little importance for development. According to the second thesis, the development of the financial sector and financial markets brings more disadvantages to the economy than advantages, since they accumulate risks and endure external shocks.

which is bad for the real economy. These theses can be refuted.

First, the (market) financial system in emerging market economies is generally very weak, which is why it is of low importance. For example, in Russia, the reasons for the weakness of the financial system are:

Dominance of state ownership of financial institutions (banks, stock exchanges), of the largest listed companies;

Vulnerability of the work of institutions for the protection of property rights and contractual rights;

Restraining development of financial institutions and pressure from influential elites, etc.

The gradual overcoming of these shortcomings will inevitably lead to a structural and functional transformation of the economic model and an increase in the importance of financial markets for the economy.

Second, shocks occurring in financial markets are not terrible when these markets are too small to have a negative impact on the real economy. They are terrible when they are based on a developed financial system, in which the influence of asymmetric information and the risk of abuse is minimized, special mechanisms have been created and worked out to control negative selection, and, as a result, the information efficiency of the financial market is high.

Finally, it should be noted the relevance of studying the development of financial markets in the regional context. This topic is not very popular, however, in a number of works it still found its reflection (for example, the studies of Ya. Mirkin and Yu. Sizov). The authors of such studies focus on identifying such shortcomings as uneven development, limited functionality of financial markets in the regions. In particular, interregional imbalances were found regarding the presence of financial intermediaries and the distribution of financial assets (Moscow's multiple prevalence over other regions of Russia), as well as the weak emission activity of regional companies, etc. Different opportunities and conditions of market participants when conducting operations to attract and place funds and perform other transactions lead to a violation of the "law of a single price", which is the basis for defining the Russian financial market as extremely fragmented.

Another group of studies is devoted to such a special area of study of financial markets in the regions, as the analysis of regional and municipal loans in the form of bond issues. Regular reviews on this topic are published on the pages of the Securities Market professional magazine 1.

This article presents a more general approach to the study of financial markets in the context of their relationship to the socio-economic development of regions. The main goal is to identify the relationship between the dynamics of indicators characterizing the development of regional financial markets and the dynamics of regional output and investment. In addition, the author is interested in finding the factors that restrain this interdependence and the reasons that prevent it from being measured.

The information base of the study was the official data of the Federal State Statistics Service (Rosstat), as well as publications and official data of the Bank of Russia. For reasons of incomplete data and excessive violation of homogeneity, the following subjects of the Federation were excluded from the analysis: Jewish Autonomous Oblast, Sakhalin Oblast, Chukotka Autonomous Okrug, Republic of Ingushetia, Chechen Republic.

In domestic regional studies, there is no understanding of what to consider as indicators of financial development, meaning not the budget, but the financial and market characteristics. In the works of foreign authors (R. King and R. Levine), which assessed the level of development of financial markets and systems of individual countries, such indicators are used, for example:

The ratio of liquid liabilities of the financial system to gross domestic product;

The ratio of a bank loan to the amount of a bank loan and internal assets of the Central Bank;

The ratio of loans allocated to private enterprises to the total amount of domestic loans (excluding interbank loans);

The ratio of the volume of loans issued to private enterprises to the gross domestic product.

It is clear that these indicators cannot be constructed in relation to the subjects of the Federation.

1 URL: http://www.rcb.ru/rcb/.

or other types of regions (other large territorial administrative units) within individual countries. Therefore, the author has compiled a special list of required indicators.

So, to test the hypothesis about the relationship between the financial development of regions and their real economy, data series were built for the following indicators characterizing the level of development of the regional financial system (data series were built in absolute and tempo values with a maximum coverage period from 2001 to 2012) 2 :

The number of credit institutions and their branches in the constituent entity of the Federation per 10 thousand people. population;

The number of internal structural divisions of credit institutions and their branches;

The ratio of the amount of deposits (deposits) of legal entities in rubles and foreign currency to the size of the gross regional product;

The ratio of the amount of deposits (deposits) of individuals in rubles and foreign currency to the size of the gross regional product;

The ratio of the amount of deposits (deposits) of legal entities and individuals in rubles and foreign currency to the size of the gross regional product;

The ratio of the amount of debt on loans in rubles and foreign currency provided by credit institutions to legal entities to the size of the gross regional product;

The ratio of the amount of debt on loans in rubles and foreign currency provided by credit institutions to individuals to the size of the gross regional product;

The ratio of the amount of debt on mortgage loans to the size of the gross regional product.

2 Regions of Russia. Socio-economic indicators. 2003: stat. collection. M .: Rosstat, 2003, 895 f .; Regions of Russia. Socio-economic indicators. 2005: stat. collection. M .: Rosstat, 2005, 982 p .; Regions of Russia. Socio-economic indicators. 2006: stat. collection. M .: Rosstat, 2006, 981 p .; Regions of Russia. Socio-economic indicators. 2007: stat. collection. M .: Rosstat, 2007, 991 p .; Regions of Russia. Socio-economic indicators. 2010: stat. collection. M .: Rosstat, 2010, 996 p .; Regions of Russia. Socio-economic indicators. 2013: stat. collection. M .: Rosstat, 2013, 990 p .; National accounts of Russia in 2005-2012: stat. collection. M .: Rosstat, 2013, 364 p .; National accounts of Russia in 1998-2005: stat. collection. Moscow: Rosstat, 2006, 147 p.

Data series (also in absolute values and growth rates) for such indicators as nominal GRP, GRP per capita, investments in fixed assets and investments in fixed assets per capita were considered as characteristics of the real economy.

Analysis of the data series revealed the following patterns.

In the regions of Russia, there is a process of saturation of consumers with the services of financial intermediaries. This is confirmed by the opening of new additional (operational) offices, operational cash desks, credit and cash offices of credit institutions and their branches. The official data of the Bank of Russia website (regional section) indicate the dynamics of growth in the number of internal structural divisions of credit institutions and their branches over the past three years. In general, in Russia this indicator from mid-2010 to mid-2013 increased in absolute terms from 37,894 to 43,538 units. and amounted to 5,644 divisions of banks and branches. The relative growth was as follows:

From mid-2010 to mid-2011 - 2.73%; - from mid-2011 to mid-2012 - 4.96%; - from mid-2012 to mid-2013 - 3.79%. A similar picture has been observed in the last decade in the process of penetration of insurance companies into the regions. However, due to the lack of regional statistics, it is impossible to provide accurate estimates of the growth in the number of offices of these financial intermediaries in the regions. It should be noted that it is impossible to determine the trend of saturation of Russian regions with the services of financial intermediaries using the analysis of the indicator “The number of credit institutions and their branches per 10 thousand population”. In the period from 2001 to 2012, this indicator did not grow, but decreased. So, in the Central Federal District, it decreased from 0.29 to 0.15, in the Ural Federal District - from 0.4 to 0.23, in Moscow - from 0.74 to 0.54. At the same time, there is an increase in concentration in the banking sector and optimization by commercial banks of their structures, and not a decrease in the presence of banks in the regions.

The worst dynamics in terms of regional expansion, most likely, have non-bank intermediaries in the securities market. A series of crises in recent years have contributed to the weakening of this sector's positions. Currently for recovery

the number of non-bank financial intermediaries in the regions requires the development of positive conditions in the economy as a whole. Since such conditions after the crisis of 2008-2009. was not created, negative dynamics prevail in the sector. The number of financial companies in Russia carrying out professional activities in the securities market under license decreased by more than 35% since 2009 and at the end of the first quarter of 2014 amounted to 592, including 171 in the regions (a decrease of 31%) ...

To some extent, the withdrawal of some specialized players from the regional market was compensated by the expansion of the range of services by other players, mainly the largest commercial banks. Sberbank of Russia, VTB, Alfa-Bank and other banks began to actively promote their services on the securities market to individuals and companies. However, this still indicates insufficient and extremely uneven (mainly in favor of Moscow) coverage of the country's territory by offices of companies providing specialized services in the securities market.

Let us analyze more closely the dynamics and importance of the activities of commercial banks in the regions in terms of attracting funds to deposits (deposits) and lending to enterprises, individual entrepreneurs and the population.

Analysis of the dynamics of attracting deposits by banks in the period from 2001 to 2012 allows us to conclude that there is a steady absolute and relative growth, weighted by the size of the gross regional product of the corresponding region. The average value of the ratio of the value of deposits (deposits) attracted by banks at the place of their attraction to the size of the gross regional product increased in 2005-2012. from 14.85 to 27.73% (Fig. 1), although growth across regions was uneven.

It should be taken into account that in the structure of the banking system of the Russian Federation there is a significant preponderance in favor of the largest and largest banks with a general federal network. The share of regional banks is small. Therefore, it is logical to assume that the lending activity of regional banks is directly related to the success of their fundraising operations. As for federal players, their regional branches are also responsible for balancing passive and active operations. This testimony

2005 2006 2007 2008 2009 2010

Kurgan Region I I Sverdlovsk Region Ш

Chelyabinsk region O Kurgan region -:

Tyumen region - ♦ -Chelyabinsk region Ch

3 Tyumen region -Sverdlovsk region -Average in Russia

Rice. 1. Dynamics of deposits (deposits) of individuals and legal entities in rubles and foreign currency: left scale - absolute values, million rubles; right scale - as a percentage of the GRP of the corresponding region

calculated when analyzing data for 2003-2012. the correlation coefficient between the indicators of banks' attraction of funds for deposits and their placement in the form of loans to legal entities on average in the regions of Russia, which amounted to more than 0.94. As a result, taking into account the role of loans for the development of the economy, it must be admitted that the positive dynamics of raising funds by the commercial banks of the regions is an important component of regional growth.

In addition, it is important to note that the growth of absolute and relative values of the size of deposits of individuals in the regions indicates an increase in the standard of living and lays the foundation for the subsequent

increase in consumption, which also indicates the importance of this characteristic for economic growth in the regions.

Next, let's move on to examining the relationship between the dynamics of bank lending in the regions and indicators of regional issues and investments (Fig. 2). Analysis of the data presented in Fig. 2, allows us to make an assumption about the close relationship of the corresponding variables.

Correlation analysis of the data allows us to draw the following conclusions. There is a high correlation between the rate of change in per capita GRP and the volume of loans issued to legal entities (time series - 2001-2012). Coeff-

the correlation coefficient of the average rate of change of the presented variables for 75 selected regions reaches 0.78. Moreover, it was noticed that for regions with a larger share in the national output, the correlation coefficient is higher: the total GRP of regions with a correlation coefficient of more than 0.5 was in 2012 about 60% of the total GRP.

all regions. The situation is somewhat changed by the Tyumen region3, for which this correlation coefficient had a positive, but low value (0.22). However, it should be borne in mind that the specifics of corporate financing of the largest companies in this region may show the dependence of the issue not on the volume of domestic credit, but on the scale of foreign financing, data on which in the regional context are not available. This and other reasons (for example, determining different places for attracting loans and registering an issue for the same companies) determine a rather wide spread of the correlation coefficients of the growth rates of GRP and loans to legal entities. However, on a larger scale (in the context of federal districts), the correlation coefficient is consolidated and turns out to be quite high on average - 0.63. In the context of federal districts, the correlation coefficient is:

In the Southern Federal District - 0.82;

3 All data for the Tyumen region include the Khanty-Mansi and Yamalo-Nenets autonomous okrugs.

1-1-1-1-1-1-1-1-1-T-I-1-1-1

2001 2002 2003 2004 2005 2006 2007 2008 2nd9 2010 2011 2012

Investments

Nominal GRP

Rice. 2. Dynamics of debt on loans in rubles and foreign currency, investments in fixed assets and nominal GRP,%

In the Central, Northwestern, Volga and North Caucasian federal districts - above 0.7;

In the Siberian Federal District - 0.56;

In the Urals Federal District (due to the influence of the Tyumen Region) - below 0.5;

In the Far Eastern Federal District (due to low indicators of Primorsky and Kamchatka Territories) - below 0.3.

A high correlation is also observed between the growth rates of per capita GRP indicators and the growth rates of the volume of loans issued to individuals. The correlation coefficient as a whole for all selected regions (correlation of averages) is over 0.76. However, large correlation coefficients are observed in regions whose share in the total GRP turns out to be relatively smaller. In the context of regions, the correlation coefficients range from -0.45 to 0.82, and their average is 0.49. On the whole, this corresponds to the characteristics of the structure of Russian production and consumption, indirectly indicating deep economic ties between regions and dependence on interregional and foreign economic exchanges. In other words, predominantly consumption stimulated by loans in one region affects production in other regions, as well as the volume of imports.

It also analyzed the relationship of lending to legal entities in the regions with investments in fixed assets. The correlation coefficient between the regional average growth rates of these indicators is quite high and amounts to 0.69. However, in the regions separately, the regularity of such a connection is not traced. In the context of regions, the correlation coefficients range from -0.35 to 0.86, and their average is 0.35. The grouping of regions according to their share in the total GRP of all constituent entities of the Federation included in the sample shows that the largest regions in the economic sense (having the greatest weight in the total GRP) demonstrate a closer relationship between the growth rates of the analyzed indicator and the growth rates of investments in fixed assets. The average correlation coefficient of the first 20 regions is 0.48.

Given the intuitive understanding that the relationship between these indicators can be quite close, one cannot but take into account some circumstances that can weaken this relationship or, rather, reduce the ability to track it using the indicators taken.

First, the sources of financing for fixed assets are not always bank loans. The share of this source among all sources of financing capital investments in 2012 was only 8.4%. The most significant sources are internal resources of enterprises and organizations (44.5% - own funds, 16.8% - funds of higher organizations), as well as budget funds (17.8% of all sources) 4.

Secondly, far from the entire volume of loans issued to legal entities is intended to finance capital investments. A significant share of loans issued by commercial banks is used to replenish working capital, refinance previously issued loans and other purposes. Therefore, in the author's opinion, the obtained measurement results can be called quite satisfactory as an explanation of the importance of credit for financing investments in fixed assets in the regions.

The results of calculating the correlation coefficients of indicators indicating the level of financial development with indicators characterizing the economic development of regions are presented in the summary tables 1-2. Correlation coefficients were primarily measured for individual groups of regions, and are also shown as two averages. Two methods of grouping have been tested:

The first one is based on the criterion of the share of the region's GRP in the total GRP;

The second one is based on the criterion of the per capita GRP value for the last year of observations.

In both cases, the regions were divided into four groups:

in group 1 - into the largest, large, medium-sized, small;

in group 2 - the richest, the richest, the poor, the least wealthy.

Analysis of the data presented allows us to draw the following conclusions. The indicator “Debt on loans provided by credit institutions to legal entities” strongly correlates with both indicators of investment in fixed assets and

4 Investments in Russia. 2013: stat. collection. M .: Rosstat, 2013.S. 46.

pairs of indicators). Moreover, in three cases out of four (see Tables 1-2, grouping 1) the correlation is stronger in those groups of regions that are economically larger and (or) in which the level of per capita GRP is higher. So, for example, for grouping 1 for this indicator for the largest regions the correlation is 0.48, for large regions - 0.3, for medium-sized ones - 0.35, for small ones - 0.26 (see Table 1).

The indicator "Deposits (deposits) of legal entities and individuals in rubles and foreign currency" shows the weakest correlation with the target variables (see Tables 1 and 2). It should be noted that there is no clear dependence of the closeness of the relationship between the variables on the economic scale of the region or the level of per capita GRP in it.

The indicator “Debt on loans extended by credit institutions to individuals” shows a high correlation with the output in Russia as a whole (see Table 2). Also, larger regions (grouping 1) have higher correlation coefficients. This analysis allows us to conclude that

the fact that at the regional level, the Russian economy is beginning to show dependence on financial development. However, there are circumstances that restrain this process.

Grouping by the size of GRP per capita does not allow in this part of the study to best capture the dependence of changes in the dynamic characteristics of indicators of financial development and growth rates of indicators characterizing the real economy. In this regard, it could be recommended to use a grouping based on the economic size of the region according to the criterion of the share of the gross regional product of the region in the sum of the GRP of all regions in order to conduct such studies.

Considering the successful period for the Russian economy in 2002-2008, it is customary to pay attention to the main driver of growth - the acceleration of the dynamics of commodity prices. However, it should be noted that the growth was due to the transfer of momentum from super-profitable oil and gas companies, as well as the metallurgy and mineral fertilizers sectors to other companies and industries. So, essential

Table 1

Correlation of growth rates of indicators of financial development and investment in fixed assets by constituent entities of the Federation for the period from 2001 to 2012.

Indicator

Grouping Groups of regions Debt on loans provided by credit institutions to legal entities Deposits (deposits) of legal entities and individuals in rubles and foreign currency

1 Largest 0.4812 0.3056

Large 0.2988 0.3951

Small 0.3470 0.1853

Small 0.2588 0.1353

2 Richest 0.4326 0.3072

Rich 0.3332 0.3250

Poor 0.2999 0.1766

Least wealthy 0.3405 0.2254

Average correlation 0.3523 0.2607

Correlation of means * 0.6936 0.4254

Note: grouping 1 was carried out according to the criterion of the share of the region's GRP in the total GRP for 75 regions. The first three groups (the largest, largest, medium-sized) include 20 regions each. The last group (small) includes 15 regions. This division is justified by the fact that the regions excluded from consideration fall into the latter group. The range of GRP shares of regions in the total GRP is: 1.17-21.57% in the group of the largest, 0.6-1.16% in the group of large, 0.3-0.57% in the group of medium-sized, 0.06- 0.028% in the small group. Grouping 2 was carried out according to the criterion of per capita GRP for 75 regions. The first three groups (the richest, the richest, the poor) include 20 regions each. The last group of the least wealthy includes 15 regions. The range of values per capita GRP of the regions is: 307.09-1 315.50 thousand rubles. in the group of the richest, 241.99-297.72 thousand rubles. in the group of the rich, 167.32-226.84 thousand rubles. in the group of poor people, 119.78-143.48 thousand rubles. in the group of the least wealthy.

* Correlation of the average growth of the taken indicator with the average growth of investments in fixed assets was made for the period from 2001 to 2012.

table 2

Correlation of growth rates of indicators of financial development and GRP

by subjects of the Federation

Indicator

Grouping Groups of regions Debt on loans granted by loans - Debt on loans granted Deposits (deposits) of legal entities,

financial institutions credit institutions-individuals

to legal entities to individuals in rubles and foreign currency

1 Largest 0.5178 0.5793 0.2282

Large 0.4445 0.5019 0.0879

Small 0.4289 0.5130 0.0679

Small 0.3005 0.3022 0.0907

2 Richest 0.3936 0.4563 0.2540

Rich 0.4355 0.5272 0.1582

Poor 0.4838 0.5505 0.0239

Least wealthy 0.4048 0.3824 0.0213

Average correlation 0.4311 0.4855 0.1205

Correlation of means * 0.7749 0.7638 0.2238

growth was observed in trade, the financial sector, and finally in the construction industry. Various financial mechanisms have played a significant role in this. In particular, you can see how the buildup of housing mortgages took place. On average in Russia, its growth rates were:

In 2005 - 411.62%;

In 2006 - 569.14%;

In 2007 - 223.86%;

In 2008 - 87.63%.

Average values of the growth rates of arrears on mortgage loans for 2005-2012 in the regions most significant by the criterion of the share in the national output are presented in table. 3.

Although in this case more economically powerful regions (grouping 1) lose to less powerful ones (the last 4 lines of Table 3), it is still important to testify to the depth of the studied dynamics just in large regions, since they accounted for the overwhelming volumes of production in the construction sector. ... It can be seen that the dynamics of housing mortgage in these regions in the form of the average growth rate of debt on mortgage loans for 2005-2012. turned out to be very high. Only in four out of 20 such regions, this average annual value was below 100%.

Analysis of the data presented in Fig. 3, allows us to conclude that the value of dwellings

Table 3

Characteristics of the state and dynamics of residential mortgages in the context of the largest GRP constituent entities of the Federation

Moscow 253 047 21.57 70.62

Tyumen Region 154 222 9.42 134.56

Moscow region 156,099 4.98 102.25

St. Petersburg 102,031 4.67 105.94

Sverdlovsk Region 72 239 3.03 102.52

Krasnodar Territory 47,006 2.93 151.20

Republic of Tatarstan 44 844 2.93 115.80

Krasnoyarsk Territory 59 449 2.43 264.68

Republic of Bashkortostan 40,097 2.35 101.73

Samara region 45,059 1.92 98.55

Perm Territory 40 630 1.83 173.87

Chelyabinsk Region 51 575 1.72 155.92

Rostov Region 38 279 1.71 151.84

The end of the table. 3

Region Debt on HMLs provided to individuals in 2012, RUB mln Share of the region in the total GRP in 2012,% Average growth rate of HMLs in 2005-2012,%

Nizhny Novgorod Region 39 376 1.71 170.24

Irkutsk Region 43 773 1.52 148.57

Kemerovo region 31 124 1.46 96.19

Leningrad Region 22 936 1.37 188.48

Novosibirsk region 53 112 1.34 142.29

Orenburg region 24 330 1.28 88.33

Volgograd Region 22,941 1.17 197.85

Average for the group of the largest regions 138.07

Average for the group of large regions 159.49

Average for the group of small regions 180.84

Average for the group of small regions 207.62

Note: HMLs - home mortgage loans.

mortgage loans in the regional issue in the period under study grew rather steadily, excluding the “crisis-post-crisis two-year period” of 2009-2010. At the same time, there is a sufficiently large margin for continued growth. If the ratio "Debt on housing mortgage loans to GRP" varies from 3.01% in the North Caucasus to 5.66% in the Siberian, then in foreign countries it has higher values. In developing economies (Bulgaria, Czech Republic, Slovenia, Slovakia, Lithuania, Poland), the ratio "The share of mortgages in GDP" varies from 10 to 20%, in Hungary, Latvia, Estonia - from 20 to 40%. In developed economies, the following characteristics of the ratio of the volume of residential mortgages to GDP are observed:

In Italy, Austria, Greece - from 20 to 40%;

In France, Finland, Luxembourg, Germany, Belgium - from 40 to 60%;

In Spain, Portugal, Cyprus, Norway, Sweden - from 60 to 80%;

In Ireland and Great Britain - from 80 to 100%;

In Denmark and the Netherlands - over 100% 5.

Thus, it can be assumed that further intensive development of the residential mortgage sector in Russia and an increase in the influence of this process on investment and economic growth in the constituent entities of the Federation are possible.

The issue of the state and dynamics of the parameters of regional budgets and public debt

5 Semenyuk A. Development of the housing mortgage lending market and the activities of AHML. URL: http: // asros. ru / ru / events / 301 # 20130904.

regions were not considered. The author of this article did not set out to assess the quality of public finance in the regions and the role of all financial processes in economic development. Although, of course, the topic of the role and effectiveness of budget spending is very relevant. The new technologies introduced in recent years for the distribution of budget allocations, monitoring and control over the nature of the use of budget funds can presumably cause positive changes in the quality of the public finance system. At the same time, one part of the financial system, which itself is closely related to market finance, has existed at the regional level for more than ten years and, as one might assume, affects the state of the real sector of the economy. We are talking about the practice of placing and servicing bonded loans by the constituent entities of the Federation. Let's try to answer the question about the presence or absence of a connection between this practice and the dynamics of GRP indicators and investments in fixed assets.

The explanation for the existence of this connection is quite simple. First, the placement of bonds gives the region additional financial resources, which are directed to the implementation of various projects, including infrastructure ones. Secondly, the entry into the bond market determines the essential actions of the governments of the constituent entities of the Federation in terms of transparency. In some cases, such an exit is accompanied by the receipt of a credit rating by the region. It can be assumed that the issue of own bonds leads to an improvement in the quality of public administration in the regions. All of this taken together means a relative improvement.

■ - Central Federal District

Southern Federal District

Volga Federal District

Siberian Federal District

About Northwestern Federal District -®- North Caucasian Federal District

"Ural Federal District - ■ - Far Eastern Federal District

Private sector securities are usually divided into corporate and private. Corporate securities are issued by non-state enterprises and organizations. Private securities can be issued by individuals (for example, bills of exchange or checks).

Foreign securities are issued by non-residents of the country. Securities can be divided into registered and bearer securities. The name of the owner of the security is registered in a special register maintained by the issuer or an external independent registrar. Bearer securities are not registered in the name of the owner with the issuer.

Another sign of the classification of securities is according to their economic nature. In this case, the following are distinguished: certificates of ownership (shares, checks, money certificates); loan certificates (bonds, bills); contracts for future transactions (futures, options).

All these three types of securities exist and circulate in Russia (Table 24.1).

Table 24.1 Types of securities traded on the Russian stock market

Non-fixed income securities are primarily stocks, i.e. securities certifying the ownership of a share in the capital of a joint-stock company and giving the right to receive part of the profit in the form of a dividend. According to Russian law, a share is an equity security that secures the rights of its owner (shareholder) to receive part of the profit of a joint-stock company in the form of dividends, to participate in the management of a joint-stock company and to a part of the property remaining after its liquidation.

Fixed income securities (also called debt obligations) are represented by bonds, certificates of deposit and savings certificates, checks and bills of exchange.

Bonds - promissory notes of the state, local governments, enterprises, various funds and organizations, usually issued in large quantities. They are evidence that the issuing authority is a debtor and undertakes to pay the bondholder within a certain time interest on it, and upon maturity, to repay its debt to the bondholder. In any case, the bond is debt, and its holder is the creditor (but not the co-owner, like a shareholder). According to Russian legislation, a bond is an equity security that secures the right of the holder of this security to receive from the issuer a bond within the stipulated time frame of its par value and a percentage of this value or other property equivalent fixed in it.

A certificate of deposit is a financial document issued by credit institutions. It is a certificate of this institution about the deposit of funds, certifying the depositor's right to receive a deposit. There are different certificates of deposit on demand and urgent ones, which indicate the term of withdrawal of the deposit and the amount of interest due. Certificates of deposit are universally accepted by investors, various companies and institutions.

Savings certificate - a written commitment to deposit funds by an individual in a credit institution, certifying the depositor's right to receive the deposit and interest on it. Distinguish between registered and bearer savings certificates.

A check is a monetary document of the established form containing an unconditional order of the drawer to a credit institution to pay its holder the amount specified in the check. As a rule, the payer of the check is a bank or other credit institution that has such a right.

A bill of exchange is an unsecured promise to pay off a debt and interest on it on time. This type of securities is in last place among the debt obligations of the company. Like checks, bills of exchange are also issued by individuals.

Government securities are debt obligations of the government. They differ in terms of issue dates, maturities, and interest rates. In a sense, it is an alternative to money emission and, consequently, inflation in the event of a state budget deficit.

Currently, in most countries, government securities of several types are traded: the first is treasury bills with maturity, as a rule, 91 days; the second - treasury bonds with a maturity of up to 10 years; the third is Treasury bonds with maturities ranging from 10 to 30 years. These types of securities are issued for lending short-, medium- and long-term government debt. Accordingly, the interest payments on them also differ. So, in the USA in the 90s. they were: on treasury bills - about 6%, on treasury bonds - about 7%. In Russia in the 90s. produced:

state short-term zero-coupon bonds (GKO) since 1993. The issuer is the Ministry of Finance of the Russian Federation. T-bills are issued for a period of 3, 6 and 12 months and are placed through the institutions of the Central Bank of the Russian Federation;
treasury bonds (KO) in non-documentary form in the form of an entry on accounts, as well as GKO;
federal loan bonds (OFZ) since 1995, circulating in a single system together with GKOs in non-cash form, with a variable coupon interest and a validity period of more than one year;
bearer government savings loan bonds (GHSL) since 1995, intended primarily for households;
bonds of the domestic foreign currency loan (OVVZ), which are a means of restructuring the domestic foreign currency debt.

Local governments, along with the central government and its agencies, issue debt-credit securities. This is a different type of securities - municipal bonds. Like other bonds, they are obligations to repay debt by a specified date with payment of a fixed interest. Municipal bonds are also issued in Russia.

Securities market in Russia

The emerging securities markets in countries with economies in transition, including the Russian stock market, are characterized by many common problems. At the same time, the Russian stock market has a number of specific features.

First, the development of efficient securities markets usually accompanies the growth of the entire national economy. In Russia, the origin and formation of the stock market, its certain development took place against the background of a constant decline in production. Such a difference in the evolution of the securities market and general economic processes causes serious crisis phenomena in this market, as evidenced by the experience of 1998-1999. At the same time, the underdevelopment and imperfection of the stock market itself hinders overcoming the tendency towards narrowing of reproduction.

Secondly, the “non-transparency” of the market (that is, insufficient or inaccurate information about companies and banks that issue securities), the riskiness of operations on it, the predominance (up to 1999) of government debt obligations to cover the budget deficit caused the dominance of short-term valuable papers. And this, in turn, diverts free funds from long-term investment, which is always the most important factor in economic growth.

Third, inflation and inflation expectations have a destabilizing effect on the Russian securities market. The risk of money depreciation discourages investors from long-term strategic investments.

Foreign experience shows that the negative effects of inflation are to a certain extent overcome by issuing indexed securities. The yield on such securities is indexed to adjust for inflation. In Russia, the market for indexed stock instruments has not yet been created, which aggravates the detrimental effect of inflation on the securities market.

The infrastructure of this market is also gradually developing, and the level of qualifications of its participants is increasing. The Professional Association of Securities Market Participants (PAUFOR) was established to regulate securities trading. The Russian Trading System (RTS) is operating, which develops uniform rules for operations. Thus, along with the improvement of state influence on the stock market, there are sprouts of its self-regulation, which is characteristic of countries with developed market economies.

During the transition to the market, such a phenomenon also arises, which, as a rule, is not characteristic of a developed market economy. We are talking about a sharp stratification of shares. A small (by the number of companies) group of stocks, which are usually referred to as "blue chips", appears. These are the most reliable shares issued by large companies, which in the conditions of a transitional economy manage to develop quite successfully and make profits.

The blue chips of a very few companies are opposed by all the other stocks of many joint stock companies. These securities have little liquidity, the risk of investing in them is high, and it is difficult to sell them on the secondary market. The gap between the position of blue chips and all other stocks in the Russian economy is unusually large. In the domestic turnover of shares, transactions with blue chips account for about 90%.

In 1999, the companies whose shares are considered blue chips were RAO UES of Russia, LUKoil, Mosenergo, Rostelecom, Yuganskneftegaz and a number of others. Their shares are in demand not only by Russian, but also by foreign investors. Blue chips are gradually starting to enter foreign stock markets.

Bonds and shares

Let's take a closer look at the two main types of securities in the world - bonds and stocks.

A share as a title of ownership has such a basic feature as the right to vote. It implements the possibility of each shareholder as a co-owner of the capital of a joint-stock company to participate in the management of the latter.

Another of the main features of a share is the right to a share of the profits, but the joint-stock company does not undertake any unconditional obligations to make regular payments to the holders of its shares. If the company does not pay dividends, the shareholders are not able to collect them in court or declare the company bankrupt. They are co-owners of capital and voluntarily take on the risks associated with the possibility of loss or ruin of the company. This implies the possibility of fluctuations in the dividend depending on the results of the joint-stock company in a given period. After all, a joint-stock company can decide whether to distribute the profits it received in full or only a part of it among the shareholders. In the latter case, the other part will be retained earnings remaining at the disposal of the company.

The stock has another very important advantage over hard-interest securities. Their dividend growth has largely outpaced inflation. Inflation - the main scourge of lenders - does not significantly affect equity. We can say that stocks are anti-inflationary.

Amount of the dividend. Equity earnings

The amount of annual dividends depends on the profit indicated in the balance sheet of the joint-stock company. Typically, a joint-stock company seeks to pay dividends, as high as possible, and thereby demonstrate to public opinion its consistent development or imitate it. In addition, when buying, holding or selling a share, a shareholder proceeds from two main points. The first is the annual dividend level.

It is usually compared to the interest paid on other forms of savings.

Example 24.3. If a share with a par value of RUB 500. purchased at the rate of 2500 rubles. and an annual dividend of 100 rubles is paid on it, the earnings per share will be: (100: 2500) 100 = 4%.

Such earnings per share can hardly be considered attractive to a depositor compared to bank investments. Much more important in this case is the expectation that the stock exchange rate will rise and a profit can be made as a result of a profitable sale of the security. Thus, the second moment affecting an investor when buying a stock is the expectation that its rate will rise. In modern conditions, this is the main thing that determines the stock price.

Promissory notes

In Western practice, a bill of exchange is usually not used as a reusable document. The recipient of the bill seeks to present it for payment through specialized factoring organizations or bill departments of banks. In Russia, bills of exchange have become a kind of money, their surrogate. They are used in settlements between business entities, between firms and government agencies to pay taxes, etc. Bills were issued in various sectors of the economy by enterprises, ministries, banks, local authorities, the Ministry of Finance, the Treasury, etc. Thus, in Russia, bills of exchange got out of control, they are circulated not according to the established laws, but according to the conditions determined by the issuers, they began to replace money in circulation.

To solve the problems existing in the field of bill circulation, in October 1996 the Association of Bill Market Participants (AUVER) was created. The primary tasks of the association are to collect information about the promissory note market, including about its unscrupulous participants; ensuring the listing of bills; development of uniform standards and rules for bill circulation; formation of a clearing house; development of the all-Russian infrastructure of a bill depository, a trading system, etc.

In Russia, the Federal Law "On a bill of exchange and promissory note" of March 11, 1997 is in force, which coincides with the Geneva Convention on the Uniform Law on a Bill of Exchange and Promissory Note

Stock Exchange and OTC Market

Stocks and bonds have become popular investment vehicles because they can be sold profitably. Selling and buying operations are carried out on the securities market, otherwise referred to as the stock market. There are two main types of the stock market: stock market and over-the-counter.

Mediation

The gigantic volume and variety of securities make buying and selling them difficult. The purchase and sale itself is governed by a huge number of rules and restrictions. In addition, different types of securities are traded in different markets.

Those who take on the function of conducting transactions with securities become intermediaries, or, in other words, professional participants in the securities market. They can operate both on the exchange and outside it, since not all securities are quoted on stock exchanges. The mediators are spatially dissociated, but they are interconnected and form a single whole, constantly coming into contact with each other. It is this single whole that is called the securities market.

In Russia, the inclusion of regional trading platforms in the trading system of the Moscow Interbank Currency Exchange (the largest stock exchange in the country) is the first step towards the formation of a single all-Russian securities market. In turn, the infrastructure base created in the regions with the help of a trading network for government securities opens up the prospect of introducing a high-tech trading system for non-government securities. Until now, regional isolation along with underdeveloped infrastructure are a serious obstacle to the mobilization of relatively free funds.

Partnerships, limited liability companies and closed joint stock companies should be excluded from potential applicants for the exchange quotation, since their contributions and shares cannot be traded on the market.

As for open joint stock companies, they differ in the scale of their activities. For large, fast-growing societies, drawing attention to their stocks is easy, while for others it is a daunting task. Therefore, from the point of view of the intensity of circulation of shares, joint-stock companies are stratified. For some securities, the supply and demand are so great that transactions are concluded not just every day, but many times a day, for others - once every several weeks or months. Hence the conclusion: in the first case, the quotation on the stock exchange is advisable, in the second - not. After all, you have to pay for a quote, but why pay if there are few transactions.

Over-the-counter market

It is clear that the existence of an over-the-counter securities market is necessary. There are a lot of reputable firms represented there, whose sizes “do not reach” the exchange standards (primarily in terms of the number of outstanding shares and the degree of their reliability). The over-the-counter market is also an "incubator" where companies are grown and their shares move to the exchange over time.

The backbone of the over-the-counter market is a computerized communications network that transmits information on billions of quoted shares. At least some of these securities are distinguished by a higher level of speculativeness. Therefore, many "players" prefer the over-the-counter market. Information about the prices prevailing on it during the day, about the volumes of transactions made is regularly printed along with the data of the exchange turnover.

In contrast to the exchange, the OTC market is not localized and is an interconnected network of firms conducting operations with securities. The size of over-the-counter markets varies significantly depending on the countries in which they operate. For example, in the United States, in terms of the value of transactions, it practically equaled the turnover of the central, New York Stock Exchange; in Japan it is only a small fraction of the exchange turnover. In Russia, the main turnover of securities falls on the over-the-counter market.

The main feature of the OTC market is the pricing system. An off-exchange securities firm operates in the following way: it buys them with its own funds and then resells them. The client is not charged a commission, as on the stock exchange, but securities are sold to him at a premium to the price at which they were purchased by the firm, or bought at a discount in relation to the price at which they will be resold in the future. This mark-up or discount forms the profit of the intermediary firm.

Most of the sale of government bonds and shares of small non-listed firms goes through the OTC market. OTC trading in securities is carried out through personal and telephone contacts, as well as through the electronic OTC market, which includes special computer telecommunication systems.

The exchange mechanism, developed back in the Middle Ages, is less flexible than the over-the-counter mechanism. Certainly, technological advances are leading to the development of OTC trading systems that are cheaper, more flexible and efficient. But their main characteristics - information transparency, warranty and reliability - are inferior to the exchange ones. It is these qualities that create certain advantages for exchange trading at the stage of the formation of the stock market.

Stock Exchange and OTC Market Models

What are the other differences between the Anglo-American model of the stock market and the Western European one? Their essence can be schematically depicted as follows: in one model, controlling stakes are usually small and therefore most of them circulate freely on the market; in another model, the overwhelming majority of shares are in controlling stakes and, therefore, relatively few shares are circulating in the market. The first model can be designated as Anglo-American, the second - as Western European (continental).

With all the conventionality of this scheme, the differences between the models reflect the essence of what is happening in real life. In the Anglo-American model, there are many shares on the stock exchange and the OTC market, which means there is a high probability that there will be a large number of investors willing to buy and sell them. Consequently, it is possible to form a block of shares, to seize control over the company. In the Western European model, such a possibility is less likely. The transfer of the company from hand to hand can only occur at the request of the previous owners. The turnover of shares on the stock exchange and the over-the-counter market is small.

Russian stock market

An example of the first direction is the Moscow Interbank Currency Exchange (MICEX), the second - the Russian Trading System (RTS). Differences in the traded financial instruments remain today. If the RTS continues to be the organizer of trading in shares, then previously specialized exchanges for trading in shares and bonds (for example, the Moscow Stock Exchange) are trying to form the currency market and the derivatives market. The pioneers of universal stock exchanges are the MICEX and the St. Petersburg Currency Exchange (SPVB), which since 1997 have been organizing trades in almost all types of financial instruments and currencies. In general, the trend of universalization of the stock market in Russia can be traced.

In reality, the dealer receives a much larger number of orders to buy and sell the same securities with requests for a fairly diverse rate. Its purpose is to determine the rate at which most applications can be satisfied and the difference between supply and demand. It is this information that he announces in the exchange floor in search of missing securities or in order to sell their surplus. The dealer's main goal is to balance supply and demand and sell all lots of securities. Since information about supply and demand is constantly being received, the stock price also undergoes certain changes during the day. Therefore, the exchange lists record rates at the time of the opening of the exchange and at the time of the termination of its work.

If the transaction is made, then from the sale price of the stock values stock fees are deducted, including the brokerage fees (fees) of intermediaries, stock exchange tax and sometimes some other payments.

Commission fees are not the only source of income for an intermediary. Another source goes back to speculation, and this is understandable. An exchange, where neither sellers nor buyers see each other, where thousands of transactions can be made within a few hours, cannot but be a place for speculative, i.e. purely operating income actions.

First of all, the companies themselves speculate on the stock exchange, which sometimes issue “fake” stock values or engage in so-called crossing - repeated buying and selling of their own securities to create the illusion of high demand for them.

On the stock exchange, as noted above, brokers, brokers and, in general, any investors who are trying to predict the dynamics of exchange rates in urgent (futures) transactions also speculate.

State regulation of operations in the securities market

With the weakening of government interference in economic life, which is observed in most countries, there has been no rejection of government regulation of securities anywhere. This would be not only undesirable, but even unrealistic. One can see the objective process of the growth of money capital, the growth of stock exchange activity, which significantly exceeds the growth in the turnover of real capital, and, accordingly, stock speculation, the real danger of stock market crashes with all possible economic and social consequences. All these problems today do not lose their acuteness and do not allow abandoning the created system of state regulation.

There is also a process of qualitative changes in the stock market, which requires an adequate response from regulatory authorities. These changes are taking place in two directions. First of all, the so-called globalization of the securities market is taking place, i.e. the formation of a global market, of which all national markets are becoming parts. The modern stage is characterized by the increasing overcoming of the national borders of exchange operations, the simultaneous circulation of securities in the national markets, denominated in different currencies, the emergence of cosmopolitan securities such as Eurobonds, Euros and Euronotes. The expansion of the issuance of securities by TNCs forces the regulators of all developed countries to follow the changes taking place in the laws of the partner countries, check their laws and regulatory systems with them. And within the EU, there is an official process of creating a single legal space for the functioning of the national securities markets of the member countries of this Union.

The second direction is the modification of instruments, forms of activity, as well as subjects of the securities market. The emergence of automated securities trading systems, a mechanism for speculation, especially in derivatives, which include options, futures, swaps, does not fit into the traditional understanding of the securities market.

In Russia, at the state level, a system of market regulation is also being created and its functioning is ensured, the basis of which is the Federal Law "On the Securities Market" of April 22, 1996. At the same time, the regulatory system is developing towards greater detail and tightening of state control over the activities of the securities market ... The federal executive body for conducting state policy in the field of the securities market, monitoring the activities of professional participants in this market, ensuring the right to invest for shareholders and investors is the Federal Commission for the Securities Market.

In addition, the state itself, represented by the RF Ministry of Finance, is the largest borrower in the securities market and has a direct impact on its quantitative and qualitative characteristics. It is also the largest holder of securities for Russian companies and is the largest seller on the corporate securities market.

How to read stock indices, quotes and ratings

As evidenced by Russian and foreign practice, the really emerging picture of supply and demand can be distorted mainly by speculative transactions. However, despite this, the stock exchange (more precisely, stock indices and quotes) remains a fairly accurate indicator of the state of affairs in the economy.

Stock indices

To assess the movement of exchange rates on all exchanges, the stock price index is calculated. As a rule, a country is dominated by one, at most two stock price indexes, in the same way as one dominant stock exchange stands out. Market price index each share (bond) is defined as the product of its rate by the number of shares of this type quoted on the stock exchange, divided by the par value of the share. In the future, the stock price indices are used to calculate the aggregated stock index. The most common among them is the Dow Jones (DJ) index of the New York Stock Exchange. The indexes of all other exchanges are calculated on its model. The Dow Jones Index has been published since 1884 by Dow Jones & Co. Inc., publisher of The Wall Street Journal and Barron's, and is calculated as index of the arithmetic mean stock price (rate) of shares of leading American companies.

The Dow Jones index is calculated: a) for the shares of 30 leading industrial corporations in the United States, which are most prestigious from the point of view of investors (Dow Jones Industrial Average, DJIA), among them - General Motors, General Electric ), "Texaco" (Texas) and others; b) for shares of 20 leading transport companies; c) for the shares of 15 leading utilities companies.

The most important is the industrial index. The Dow Jones composite is determined for all 65 companies listed. If a company whose shares are included in the index is absorbed or merged with another, then its shares are removed from the index and replaced by shares of a new large corporation. The Wall Street Journal publishes a list of these companies daily.

It should be noted that the Dow Jones index is only meaningful when it is possible to regularly compare its current and previous values. For example, the index value 10,870.5 is compared with its 10,871.71 value the day before. The difference between daily values is measured in points. Thus, the difference in the index values - 1.21 (10 870.5 - 10 871.71) indicates a drop in stock prices by 1.21 points.

The Dow Jones' value goes far beyond the United States. Since about 50% of the total exchange turnover of developed countries is concentrated on the New York Stock Exchange (the total value of shares quoted on it is estimated at several trillion dollars), the movement of the index under consideration serves as an important signal in the financial and economic affairs of countries with market economies. With this in mind, it is calculated on exchanges and officially announced every half hour.

At the same time, the Dow Jones index has serious competitors. For example, the largest US stock market research firm, Standard and Poor's 500 Index (S & P 500), has been calculating the weighted average stock price index for 500 leading American companies since 1957. This index is more representative because it covers 400 industrial, 20 transport companies, 40 utilities and 40 financial companies. Separate (independent) indices for these groups of industries are also calculated. But the weighted average stock price index has a drawback: its numerical value is many times less than the value of the Dow Jones index. For example, when the Dow Jones is at 2965.56, the Standard & Poor's is only 377.75. Therefore, market fluctuations, measured by the latter indicator, are not so noticeable.

In turn, the American automated quotation system of the National Association of Stock Dealers (NASDAQ) has a large share of high-tech companies' shares, which determines a number of psychological characteristics of investors and players in this market. For example, there is a great temptation to play on the rise in the shares of fast-growing companies, "to catch the rising star." As a result, some stocks are highly overvalued.

In addition to these basic indicators, each of the exchanges and the over-the-counter market calculate their own indicators to characterize the dynamics of the prices of shares of companies registered on them. The New York Stock Exchange introduced this indicator in 1966. The American Stock Exchange followed suit in 1973, introducing a similar indicator for 800 listed companies.

The system of stock indices is built on a similar principle in all countries with a developed securities market. So, the Japanese analogue of the Dow Jones index is the Nikkei index, calculated on the shares of 225 largest companies, the Topix index of the Tokyo Stock Exchange; German - DAX index (DAX) for 30 companies; Singaporean - index "Straits Time", Hong Kong - index "Hang Seng", etc. Certain newspapers and news agencies calculate their indices using the Standard & Poor method for registered companies. For example, in Great Britain the index is calculated by Reuter and the Financial Times (FT - SE Index), in Germany - by Frankfurter Albgemeine Zeitung (FAZ - Index).

Exchange quotes in Russia and abroad

Among the numerous summaries characterizing the current situation on the securities market, information on stock exchange quotes is of the greatest interest to investors. This is quite understandable, since, firstly, the share was and remains one of the most widespread and popular types of securities among individual investors and, secondly, it is within the framework of the exchange turnover that the securities of companies that determine the business person of any country are traded.

At first glance, stock market reports are daunting in their volume, abundance of numbers and abbreviations. However, it is not difficult to read them. Most investors draw from them all the basic information about the state of the enterprises they are interested in and the position on the securities market. Moreover, understanding these columns of numbers does not even require knowledge of foreign languages, since everywhere they are built according to a more or less uniform scheme. "

"The stock quotation of shares on the US stock exchanges is considered in the first edition of this textbook (Economics: Textbook / Ed. By A. Bulatov. M., 1994. S. 384-386),

In the 90s. in Russia there were a number of stock indices calculated, as a rule, by Russian information and brokerage companies (Table 24.2).

Table 24.2. The main indices of the Russian stock market used in the 90s.

At present, the RTS-Interfax index is the official indicator of the state of the Russian securities market, which makes it possible to track the current situation on it.

The RTS-Interfax index (currency value) is calculated as the ratio of the current total market capitalization (value) of securities included in the index calculation list to the total market capitalization (value) of securities at the base point in time using the following formula:

where Io is the initial value of the RTS-Interfax index at the base point in time (January 5, 1998); In - RTS-Interfax index (currency value) at the current time (n = 1,2,3, ...); K - smoothing coefficient, which is introduced due to changes in the list of shares included in the index calculation (at the initial moment K = 1); MktCap n - total market capitalization of listed securities for calculating the index at the current time; MktCap 0 - total market capitalization of securities included in the list for calculating the index at the base point in time.

The total market capitalization of securities of the Russian Trading System (RTS) is defined as the product of the market price of a given type of stock at time n by the number of such stocks:

where MktCap n is the total market capitalization of the securities; Р n i - the market price of the i-th type of share at the current time; Q n i - the total number of shares of the i-th type, issued at the current time; N - the number of shares in the list by which the index is calculated.

Table 24.3 shows the indicators of the corporate securities market for specific dates.

Table 24.3. Selectedapplicantsmarketcorporate securities G

The RTS-Interfax Index (ruble value) is calculated on the basis of the currency value taking into account the change in the current ruble / US dollar exchange rate compared to the exchange rate at the starting date:

where Im - RTS-Interfax index (ruble value); In - RTS-Interfax index (currency value); R is the ruble / US dollar exchange rate on the day of the index calculation; R o - exchange rate of the ruble against the US dollar as of the starting date of the index calculation.

As noted above, the bulk of securities trading in Russia currently falls on the over-the-counter market. This is largely due to the privatization scheme. The foundations of the OTC market were laid in 1993-1994. Trading systems, along with an increase in the volume of activity, strive to solve the problems of standardizing the terms of transactions, stock quotes, the obligation for brokers to fulfill the conditions specified in the application, liability for violation of trading rules, ensuring the re-registration of property rights, compliance with the terms of re-registration and payment, maintaining market liquidity, etc. All this, in December 1996, on the basis of the Russian Trading System (RTS), RTS-2 was opened for second-tier shares. RTS focuses on the most liquid stocks. There are about 20 of them. RTS-2 serves about 1,500 more joint-stock companies, in particular, securities of regional enterprises of the energy complex, communications, metallurgy, etc. Thus, trading in less liquid more liquid shares is divided.

Bond ratings

Almost all issued bonds are assessed by one or more specialized rating agencies. The main goal is to determine the ability of the issuer to pay interest on time during the life of the bond and to redeem it on time. In other words, you need to determine the indicator of reliability. This is done by commercial agencies.

In the world, the most famous are the evaluation systems of the two main rating agencies: "Standart & Poor" s Corporation "and" Moody "s Investors Service".

Their assessments, most often, coincide.

If a bond has not been rated and rated, it will not be purchased by individual investors, and institutional investors are legally prohibited from making such purchases.

All rating agencies use a letter designation system for the degree of p and s to a. The highest level of reliability is indicated by the letters AAA, the lowest - D (Table 24.4). "Halftones" are characterized by "+" and "-" signs.

The rating of the first four levels characterizes the so-called investment grade securities, the next group is speculative securities and the last, the third, refers to completely insolvent issuers.

Financial globalization

Active globalization is one of the features of the post-war development of the financial markets of the countries of the world. All of them function in ever closer connection with each other, turning into a single financial market. In other words, financial globalization is a higher stage of internationalization of the activity of financial markets in all its forms in order to meet the needs of the development of monetary and financial relations.

This is largely manifested in the deep interaction of all the largest stock exchanges in the world. Fluctuations in stock prices and other financial assets on the stock exchanges of some countries are inevitably reflected through the exchange mechanism on the market conditions of other countries.

The almost complete abolition of restrictions on the movement of capital in the 70s. in developed countries has led to the fact that the securities market has become in the full sense of the word global. International securities and, above all, Eurobonds appeared in circulation, which became the main object of transactions on the world stock market.

A Eurobond is a long-term security issued on the Eurocurrency market by corporations, governments, international organizations in order to receive funds to replenish working and fixed capital. Eurobonds are issued for various terms (from 7 to 40 years). Investment and commercial banks place Eurobonds. The main buyers are insurance, investment companies and pension funds.

The process of financial globalization has accelerated thanks to the further development and improvement of information systems. Comprehensive computerization, the creation of reliable and accessible telephone and other networks, interconnected by space data transmission channels, allow the three largest stock exchanges in the world - New York, Tokyo and London - to have a permanent satellite communication system between them. The transfer of information is carried out continuously and is displayed on stock monitors. In the area of financial information transmission, the two largest agencies compete: the English Reuters (has 173,000 terminals scattered around the world) and the American Telerate (76,000 terminals). Telerate dominates the US market, while Reuters dominates the rest of the planet.

Since 1996, the sale of shares using the international telecommunications network has been introduced. Each client with a personal computer can connect to the Internet system, which includes quotations of shares of companies listed on the London Stock Exchange, and send orders for the purchase and sale of certain securities.

The internationalization of world markets and the increase in the share of foreign securities in the portfolios of large investors have necessitated the establishment of indices reflecting the general dynamics, with a single calculation base - the so-called global indices. Among the most reputable and widely used indices of this kind are the FT-SE Actuaries World Indexes and the Morgan Stanley Capital International investment bank indices. Settlements are carried out on 2,212 shares in 24 countries of the world (FT-SE). These shares account for at least 70% of the capitalization in each of these countries. A base of 100 is taken as of December 31, 1986. The index is calculated after the close of the New York Stock Exchange and is published the next day in the Financial Times.

Morgan Stanley indices include 3 international, 19 country and 38 international industry. The calculation is based on data on 1,375 companies listed on stock exchanges in 19 countries, which account for 60% of the total capitalization in these countries.

Since January 1993, the Wall Street Journal has published the Dow Jones World Index, calculated on the shares of 2,200 companies in 13 countries around the world, broken down into 120 industry groups.

Changes in financial markets that accelerated throughout the 1990s define the contours of the 21st century financial market.

The world financial market is increasingly taking on the shape of a two-tier system. The first - the upper, supranational, or global level is represented by the circulation of securities of leading transnational corporations. The second is the lower, national level. At this level, the securities of national companies are traded. In the context of globalization, the boundaries between the two levels of the financial market are blurring.

How the model of the future global financial market is being formed can be seen from the ongoing changes in the stock market in Western Europe in connection with the introduction of the single European currency - the euro. Consolidation and integration of the national stock markets of these countries creates conditions for the formation of a common Western European financial space, within which about 300 largest Western European enterprises will trade in securities. Along with the emerging pan-European financial market, national markets also retain their importance.

conclusions

1. The financial market (loan capital market) is a mechanism for the redistribution of financial resources between lenders and borrowers with the help of intermediaries based on the supply and demand of funds. In practice, this is a set of credit institutions (financial and credit institutions). The main function of this market is the transformation of idle funds into loan capital.

2. The loan capital market is divided into the money market and the capital market. The money market refers to the market for short-term credit transactions (up to one year). In turn, the money market is usually subdivided into the accounting, interbank and foreign exchange markets, as well as the derivatives market. The capital market includes the securities market and the market for medium and long-term bank loans.

3. The financial market is also divided into the primary market (financial resources are mobilized on it) and the secondary market (in which these resources are redistributed), into the national and international financial markets.

4, Securities traded in the financial market include securities with fixed and non-fixed income, government, municipal and corporate securities. There are also mixed forms.

5. Securities are those securities that are admitted to trading on the stock exchange. The latter is regularly functioning and organized. In a certain way, a part of the securities market (shares, bonds, treasury bills, bills of exchange, certificates), where purchase and sale transactions are made with these securities through the intermediary of exchange members.

6. Members of the exchange are individuals and legal entities. There is also an over-the-counter securities market, where firms are represented whose size does not yet "reach" stock exchange standards. Operations in the securities market are divided into cash and urgent.

7. To assess the situation on the securities market, stock indexes are calculated and tables of stock exchange quotations of shares are compiled, and rating assessments of bonds are carried out.

8. Financial globalization is a higher stage of internationalization of the activity of financial markets in all its forms in order to meet the needs of the development of monetary and financial relations.

Terms and Understood

Financial market (loan capital market)
Money market
Capital market
Accounting market
Derivatives market
Interbank market
Currency market
Stocks and bods market
Stock
Fixed Income Securities
Disagio
Agio
Earnings per share (bond)
Dividend
Stock Exchange
Stock values
Dealer
Broker
Cash transactions
Urgent operations
Exchange quotation
Stock indices
Bond ratings
Eurobond
Financial globalization

Self-test questions

2. What is the difference between a bond and a stock?

3. Calculate what the annual income will be received on the bond, for which the annual interest payments are set at 8%, if at a nominal exchange rate of 100 rubles. it is sold for 90 rubles.

4. Determine the income of the owner of the bond with payment of 8% per annum on it after the established 10 years of its operation, if the bond is redeemed at the nominal rate of 100 rubles, and was purchased for 90 rubles.

5. Suppose that five years ago you purchased a bond at a par value of 100 rubles, issued for a period of 10 years. Annual interest payments on it are 4% (about the same was the percentage paid by banks on deposits). Currently, most banks accept deposits at 10%. You have decided to sell this bond. At what price and with what discount can you sell it in today's conditions?

6. Calculate what income the owner of the share will receive if its par value is 250 rubles, the purchase price is 1000 rubles, and the dividend is 100 rubles.

9. Explain what are the differences between cash and forward transactions in the Securities market. Why are urgent transactions on the stock exchange legally prohibited in a number of countries?

10. Describe the participants in urgent operations - "bulls" and "bears". What is the difference between their activities on the stock exchange?

11. What stock indices calculated in Russia do you know?

Regional financial market

Introduction …………… ... 3

1. The essence and significance of the financial market. 5

1. 1 Concept and structure of the financial market. 5

1.2 Place, role and peculiarities of banks' functioning in the conditions of the transition period9

2. 1 Analysis of the financial market of the Omsk region. 24

Conclusion ……… ... 39

References .. 41

and regulating the flows of these resources in accordance with changes in supply and demand. The regional financial and credit market is a rather complex formation, consisting of closely interconnected and interacting segments.

According to the principle of servicing the movement of fixed and working capital, the regional market for short-term loans (money market) and the regional market for medium-term and long-term loans (capital market) are distinguished. According to the principle of formalizing relations between the subjects of the regional financial market, the market for bank loans and the securities market are distinguished.

The formation and development of the regional market of bank loans presupposes the fulfillment of the following conditions: the availability of temporarily free funds, the need for funds for the development of economic activities of entities, the presence of a system of financial and credit institutions in the region.

The demand in the regional market for bank loans is determined, first of all, by the degree of business activity in the region, the availability of favorable opportunities for the development of production, the development of new market structures, support for entrepreneurial activity, and regional investment policy.

A relatively independent subsystem of the regional financial market is the regional securities market. The specifics of supply and demand in the regional securities market are determined by the action of socio-economic factors:

The scale of privatization in the region and the formation of new joint stock companies,

Emission activity of regional authorities,

Development of companies in the region focused on attracting funds from the population to the securities market,

Other factors.

The following sectors can be distinguished on the regional securities market: government securities, shares of privatized enterprises, bank shares, municipal bonds, corporate bonds.

The formation of the regional financial market presupposes the presence in the region of a developed network of commercial banks, insurance companies, investment funds and other financial and credit institutions, the main purpose of which is to ensure the flow of capital, both at the intersectoral and interregional levels.

The aim of the course work is to study the functioning of the regional financial market.

To achieve this goal, it is necessary to solve a number of important tasks:

1. Study the necessity and essence of the financial market;

2. Describe the specifics of the market;

3. Conduct an analysis of the regional financial market.

The methods of writing a term paper are the study of literature and grouping.

The object of the research is the financial market.

The subject of the research is the financial market of the Omsk region.

In the preparation of the course work, textbooks, teaching aids, and periodicals were used.

1.1 Concept and structure of the financial market

the role here is played by financial institutions directing cash flows from owners to borrowers.

The commodity itself is money and securities. The financial market, therefore, is designed to establish direct contacts between buyers and sellers of financial resources.

The differences are determined by the purpose of the borrowed funds. The money market serves the sphere of circulation, capital functions on it as a means of circulation and payment, which determines the types of financial instruments in this market. The capital market serves the process of expanded reproduction: capital functions as a self-increasing value.

The process of accumulating money capital is preceded by the stage of its production. When money-capital is created and is still in the sphere of production, it is net money-capital. Its transfer to other spheres of the economy means that it takes the form of loan capital. The loan market (as part of the capital market) is capable of pooling small, scattered funds that by themselves cannot act as money capital. Combining them into large amounts allows the market to play a large role in the processes of concentration and centralization of production and capital.

1) provision of loan capital to the private sector, the state and the population, as well as foreign borrowers;

3) accumulation and concentration of fictitious capital.

Fictitious capital is understood as the accumulation and mobilization of money capital in the form of various securities (the second part of the capital market), which, unlike real capital (in the form of money, equipment), is not a value, but only the right to receive income.

the movement of fictitious capital on the market leads to a sharp gap between the market value of securities and the book value, which further exacerbates the gap between real tangible assets and their relative financed value presented in securities.

Thus, the national financial market consists of three segments:

1) the money market (circulating cash and other short-term means of payment - bills of exchange, checks, etc.);

"street" sector.

the purchase and sale of securities forms the necessary investment sources for the modernization and expansion of all spheres of social reproduction. Securities are issued primarily with the aim of mobilizing and more rational use of financial resources of enterprises and savings of the population.

With a prolonged imbalance in the supply and demand for capital as a result of fluctuations in the economic environment, loan capital begins to be invested where it is possible to receive income in the form of interest and dividends.

The depersonalization of the loan capital market is manifested in the fact that its development and movement is carried out through the securities market (in order to receive income not lower than the average rate of loan interest).

Consequently, the holder of securities has the ability to turn fictitious capital (securities) into real, money. Therefore, the securities market is an integral part of the national capital market.

valuable papers. Banks, insurance companies, investment and pension funds, carrying out operations with securities, are already accumulating real capital, subsidizing the state, enterprises and the population.

Since not all securities are derived from money capital, the securities market cannot be fully attributed to the financial market. In the part in which the securities market is based on money as capital, it is called the stock market (as an integral part of the financial market).

The stock market forms the majority of the securities market. In Russia, however, the legal space and infrastructure of the stock market has not yet been completed.

Often the concepts of the securities market and the stock market are considered synonymous. Stock market securities include commodity and currency futures, exchange options, etc.

The securities market has a number of functions that can be divided into general market (inherent in each market) and specific (distinguishing this market from others).

The general market functions of the securities market include:

1) commercial (making a profit);

The specific functions of the securities market include:

Financing the state budget deficit on a non-inflationary basis, i.e. without issuing additional funds into circulation;

2) the function of insurance of price and financial risks (hedging).

Considering the scale of economic transformations to be done in Russia in the process of structural restructuring, colossal financial resources are needed, which neither the budget system nor the internal sources of financing existing at enterprises can provide. In this regard, the role and importance of the financial market in the development of the economy can hardly be overestimated.

1.2 Place, role and features of the functioning of banks in the transition period

In the general set of financial relations, three large interconnected areas are distinguished: finance of economic entities (enterprises, organizations, institutions), insurance, and public finance. Together, they form the financial system of the state.

The finances of business entities are the main element of the financial system and represent monetary relations associated with the formation and distribution of financial resources. The formation of financial resources is carried out at the expense of the following sources:

Funds mobilized in the financial market;

Funds received in the order of redistribution (for example, budget subsidies, subventions, etc.).

Insurance is a legal relationship based on an insurance contract and the law regarding the creation of a targeted insurance fund intended to compensate for possible damage in connection with the consequences of actually occurring insured events.

State finances form federal, regional and local budgets, as well as state extra-budgetary funds, the main of which are the Pension Fund, the Social Insurance Fund, the Employment Fund, and the Federal Mandatory Health Insurance Fund.

The interaction between the highlighted links of the financial system is carried out, as a rule, through the mediation of the institutions of the banking system.

Banks, thus, form one of the central links in the system of market relations, and the development of their activities is a necessary condition for creating a real market mechanism.

The modern banking system in Russia is a transitional system. As a market model, it can be divided into two tiers.

The first tier covers the institutions of the Central Bank of the Russian Federation that issue money into circulation (issue). Its main task is to ensure the stability of the ruble as a national currency, as well as to supervise and control the activities of commercial banks.

The second tier covers various commercial banks, whose task is to serve clients (enterprises, organizations, the population), provide them with a variety of services through the implementation of credit, settlement, deposit, cash, foreign exchange and other operations.

The development of banks is historically inextricably linked with the development of commodity production and the sphere of circulation. Making monetary settlements, lending to enterprises, acting as an intermediary in the redistribution of capital, banks significantly affect business activity and the overall efficiency of the economy.

population. Banks have significant financial strength and significant cash capital.

In the economy, the banking system occupies a special position, which is determined by the fact that banks are the embodiment of both the borrower and the lender in one person. Banking plays a very important role in the movement of capital and at the same time carries with it the danger of increased socio-economic risk. Therefore, in all countries with developed market economies, banking is regulated by special legislation.

The banking system in a market economy thus plays three main roles.

1. The developed structure of commercial banks manages a payment system that ensures that enterprises and individuals fulfill their obligations to each other.

2. Banks, along with other financial intermediaries, channel the savings of the population to firms and commercial enterprises. The efficiency of the process of investing funds largely depends on the ability of the banking system to provide loans to precisely those borrowers who find ways to use them optimally.

3. Commercial banks, acting in accordance with the monetary policy of the Central Bank of the Russian Federation, regulate the amount of money in circulation. Stable and moderate growth in the money supply with a corresponding increase in the volume of production ensures the constancy of the price level. The task of monetary policy is also reduced to ensuring, if possible, full employment and growth in real output.

the real investment process is limited, since capital investment in production is associated with a significant decrease in the turnover of funds and high credit risks. Therefore, due to limited investments, the modern two-tier structure of the Russian banking system does not fully meet the needs of today. The weakness of productive capital deprives the entire set of economic relations of a reliable foundation and gives no reason to call capital a really dominant category of the modern Russian economy.

Banks, being independent financial and credit institutions, carry out their activities taking into account a number of external and internal factors.

Instability of the political situation;

Economic conditions;

The legislative framework;

Interbank competition;

Banking infrastructure, etc.

Availability of resources;

The structure of available funds;

Bank liquidity;

Availability of specially trained personnel.

The increase in entrepreneurial activity of credit investors and their borrowers is associated with the development of interbank loans. In a developed market economy, the interbank loan sector is one of the most important sectors of the financial market.

As world practice shows, due to credit operations in the interbank market, a significant part of the net profit is formed, which is deducted to reserve funds and goes to pay dividends to the bank's shareholders. An interbank loan allows you to solve the problem of ensuring the current liquidity of the bank and reducing the cost of maintaining the required level of liquidity.

Interbank loans are most often in the form of loans with a fixed rate, issued for a period of up to one year, or rollover loans, issued for a period of more than one year, but with periodic revision of the rate (once a month, quarterly, half a year or a year). For the most reliable clients, an account overdraft can be used.

The interbank credit market is dominated by loans for a period of one to seven days. The interest rate on interbank loans is determined in the loan agreement and depends on the market interest rate, loan term, type of interbank loan, currency.

resources). The auction loan must be secured by a pledge of the bank's assets.

The state of the interbank credit market in Russia has been unstable in recent years. The transition of the interbank settlements system from payments through correspondent accounts to interbank clearing had some stabilizing effect on the interbank credit market.

Clearing is a system of regulated non-cash settlements based on offsetting mutual claims and obligations of legal entities and individuals for goods (services) and securities.

The use of the clearing system reduced the bank's need for funds and simplified the exchange of payments. With a large volume of payments between banks, clearing and settlement of interbank settlements began to be carried out on the basis of bilateral agreements.

The acceleration of payments and settlements was facilitated by the creation of clearing centers, which are joint-stock companies of banks in the region and act as a special clearing bank. Banks participating in the clearing system create an insurance fund in the clearing center for continuous mutual settlements. On the basis of offsetting the credited and debited turnovers, the clearing center makes the appropriate changes to the balance sheet of each member bank on a daily basis.

The interbank credit market, from the point of view of the Central Bank, is the area that is influenced by the fastest and most adequate reaction of economic agents and which is the transmitting link of the Central Bank's regulatory measures to the entire credit sphere and the economy as a whole.

The monetary policy of the Central Bank is aimed at maintaining the stability of the banking system. It is based on the mechanism of refinancing of commercial banks. The concept of refinancing includes, as a rule, the provision of targeted loans to commercial banks in the form of the purchase of bills of exchange (rediscount loan), in the form of a loan of money against securities (lombard loan), seasonal, auxiliary or other loans, allowing to satisfy needs of various nature and urgency. banks in liquidity.

The degree of participation of the Central Bank in interbank settlements depends on the existing system of refinancing of commercial banks, in particular, on the solution of the issue of providing ultra-short (intraday) loans intended to complete interbank settlements and payments.

The provision of intraday loans by the Central Bank in many countries is seen as a guarantee of the safe functioning of national payment systems.

As one of the sectors of the money market, the interbank credit market and the problems of its development have a significant impact on the development of the entire money market.

The negative socio-economic consequences of the sharp inflationary surge that followed in 1998 after the threefold devaluation of the ruble, as well as the domestic and foreign debt crisis, remain important factors affecting the banking system at present.

Operations that predetermined relatively more favorable financial results of the banking system in comparison with other sectors of the Russian economy for a long time, including the intensive use of the opportunities of the markets for government securities, international credit resources, as well as household funds, had a devastating effect on the financial condition of the overwhelming majority during the crisis. banks.

assets to meet the rush demand for cash, the growth of the dollar in the execution of fixed-term contracts with non-residents, the loss of income from government securities, a sharp decline in the possibility of using government securities as collateral, the curtailment of credit lines of Western banks.

The stability of the banking system is extremely important for the effective implementation of monetary policy. The banking system is the channel through which the impulses of monetary regulation are transmitted to the entire economy.

To overcome the consequences of the financial difficulties of banks that manifested themselves during the crisis, the Central Bank of the Russian Federation continues to implement a comprehensive program of restructuring the banking system, aimed at meeting the needs of society.

To improve the reliability of the banking system, a number of important tasks must be solved.

One of the most important is the task of legal support. Banking legislation in Russia remains incomplete and does not cover the entire range of problems associated with the activities of commercial banks. Some legislative acts are not consistent, and sometimes they are simply mutually exclusive. A number of laws have been drafted and are awaiting adoption.

Another problem is the efficiency of the functioning of commercial banks. The external aspect of this problem is the underdevelopment of both the banking system itself and its traditional elements - a developed and liquid market for government securities, the market for such financial instruments as futures, options, etc. commercial banks, especially in matters of liquidity management, profitability of operations, risk control, etc. Commercial banks should pay special attention to solving both these and their other problems.

All the variety of financial systems existing in the world according to the principles of their relationship with the real sector can be conditionally divided into two types: market and banking.

companies with banks.

The second (banking) type is characterized by the dominance in the financial system of large universal banks that maintain long-term relationships with companies, often of a closed (internal) nature. The long-term and stable relations of companies with banks allow us to solve the problems of informing lenders about the activities of borrowers and, on this basis, reduce the risks of non-fulfillment of contractual obligations.

The crisis of the financial system in Russia has exacerbated disputes over the choice of the optimal model for its further development. The bankruptcy of many banks has become a powerful argument in favor of removing banks from active participation in corporate governance. However, when deciding strategically important issues of the fate of the national financial system and the role of banks in it, one should proceed primarily from the interests of the real sector of the economy, the needs of its development and the tasks of integration into the world economic system.

participation in corporate governance and control.

financial sphere, and in the development of long-term programs to overcome the consequences of the financial crisis.

1.3 Structure and types of the securities market

Securities are monetary documents certifying the ownership or loan of the owner of the document in relation to the person who issued such a document and bears obligations under it.

Securities are rights to resources that meet the following requirements: negotiability, accessibility for civil circulation, standard and serial production, documentation, regulation and recognition by the state, marketability, liquidity, risk.

The following types of securities are used in Russian practice.

1. Shares of joint stock companies - any securities certifying the right of their owner to a share in the joint stock company's own funds, to receive income from its activities and, as a rule, to participate in the management of this company.

2. Bonds - any securities certifying the relationship between their owner (creditor) and the person who issued the document (debtor). A special type of bonds - housing certificates - securities with an indexed par value, certifying the right of their owner to purchase housing, subject to the purchase of a package of housing certificates or the investment of other terms of issue.

3. Government debt obligations - any securities certifying a loan relationship in which the debtor is the state, government or government bodies (government short-term bonds, domestic bonds, etc.).

4. Derivative securities - any securities certifying the right of their owner to buy or sell shares, bonds and government bonds (financial futures, warrants, etc.), including stock options (bonds) - the right to buy shares on preferential terms ...

5. Certificates of shares - securities, which are evidence of the ownership of a named person in a certain number of shares.

commercial paper - short-term financial promissory notes issued for the short-term attraction of funds into the issuer's turnover.

7. Shares of enterprises - securities certifying the contribution of funds for the development of the enterprise, which do not give the right to participate in the management of the enterprise, implying the payment of a dividend to its owner.

8. Shares of the labor collective - securities certifying the contribution of funds by members of the labor collective to the development of the enterprise, which do not give the right to participate in the management of the enterprise, implying the payment of a dividend to its owner.

9. Banks' certificates of deposit are documents, the right of claim under which may be assigned by one person to another, which are the bank's obligation to pay the deposits placed with it.

10. Savings certificates of banks - documents, the right of claim under which may be assigned by one person to another, which are the obligation of the bank to pay off the savings deposits placed with it.

12. Commodity futures or options contract - has content similar to derivative securities, with the fact that the object of the transaction is the delivery of a standard batch of goods of a certain quality.

13. Currency option or futures - has a content similar to derivative securities, with the fact that the object of the transaction is the delivery of currency values.

14. Other securities - other financial instruments that the Ministry of Finance of the Russian Federation is entitled to qualify as new types of securities (bills of lading, etc.).

Not recognized as securities under Russian law:

Documents confirming that the amount has been deposited with banks (except for certificates of deposit and savings certificates);

IOUs;

Insurance policies;

Securities surrogates ("check cards", commercial certificates, tickets of joint stock companies, etc.).

Any commercial enterprise has the right to have in its assets (long-term and short-term) securities of various issuers (borrowers of financial resources), including its own shares. By forming a portfolio of securities and regulating its composition and structure, enterprises implement a strategy of profitability, risk and liquidity.

The main purpose of the securities market is to provide a link between buyers and sellers to help them exchange securities for money or other securities. The securities market assists investors in mobilizing and lending money for capital investments.

In order for the securities market to provide a return on capital, it must meet the following requirements:

1) it is necessary to have a legal basis for the purchase and sale of securities;

2) an appropriate market infrastructure must be created to ensure efficiency and fairness of transactions, legal protection of its participants;

The securities market consists of the following components:

Market entities (participants in the securities market);

Bodies of state regulation and supervision;

Self-regulatory organizations (associations of professional securities participants that perform certain regulatory functions);

Market infrastructure:

b) informational (financial press, system of stock indicators, etc.);

c) depository and settlement and clearing network (for government and private securities, there are often separate depository and settlement and clearing systems);

Subjects (participants) of the securities market are individuals or organizations who buy or sell securities or service their turnover and settlements on them, entering into certain economic relations with each other regarding the circulation of securities.

Subjects of the securities market are divided into three categories:

1) issuers - borrowers of financial resources: legal entities, state bodies, local administration bodies that issue securities, bearing obligations on securities to their owners on their behalf;

2) investors - the owners of temporarily free funds who want to invest them to generate additional income: individuals, business entities, professional investors (insurance companies, pension funds, banks, etc.);

3) professional participants in the securities market (stock intermediaries) - banks and investment organizations, legal entities and individuals engaged in activities recognized as professional in the securities market (brokerage, dealer activities, etc.).

Types of the securities market are characterized not by one or another type of basic securities, but by the way of trading in this market:

Primary and secondary;

Exchange and OTC;

Traditional and computerized;

The secondary market is the market in which previously issued securities are traded.

The division of the securities market into organized and unorganized refers to the secondary market.

An organized market is a market in which securities are traded based on statutory rules between licensed professional intermediaries.

An unorganized market is a market in which securities are circulated without observing the same rules for all market participants.

In the exchange market, securities are traded on stock exchanges. It is always an organized market.

In the over-the-counter market, securities are traded without going through the stock exchange. It can be organized and disorganized.

A computerized market is a market in which trading is carried out through computer networks that link relevant stock intermediaries into a single computerized market.

Cash market ("cash" market, or "spot" market) - a market with immediate execution of transactions within 1-2 business days.

Derivatives market is a market in which transactions of various types are concluded with execution times exceeding two business days (for example, three months).

In addition, securities markets are sometimes classified according to other criteria:

On a territorial basis (international, national and regional markets);

By types of securities (stock market, bonds, etc.);

By issuers (corporate securities market, government securities market, etc.);

By the volume of circulating values;

By industry and other criteria.

There are three stock market models depending on the banking or non-banking nature of the financial intermediary:

1) non-banking model (USA) - non-bank securities companies act as intermediaries;

2) banking model (Germany) - banks act as intermediaries;

3) mixed model (Japan) - both banks and non-bank companies are intermediaries.

A mixed model of the stock market has developed in Russia, in which there are both commercial banks, which have all the rights to operations with securities, and non-bank investment institutions.

Thus, the financial market is an organized or informal system of trading in financial instruments. In this market, money is exchanged, loans are provided and capital mobilized. Financial institutions play the main role here, directing cash flows from owners to borrowers.

The financial market is divided into the money market and the capital market. In the money market, operations are carried out to provide and borrow free funds of enterprises and the population for a short period. Long-term borrowing is carried out in the capital market.

The securities market serves both the money market and the capital market, and securities cover only part of the movement of financial resources.

2. Development and functioning of the regional financial market

2.1 Analysis of the financial market of the Omsk region

1. Banking services

Bank services for raising funds;

Bank services for the provision of loans.

When assessing the state of the competitive environment in the banking services market, the data of the Main Directorate of the Central Bank of the Russian Federation in the Omsk Region were used, as well as data from credit institutions.

As a result of the analysis of the state of the competitive environment in the banking services market, the following were determined:

The composition of the participants and the composition of consumers;

Shares of market participants;

The banking services market for deposits was considered by client groups:

Deposits and other funds raised from individuals;

Deposits and other attracted funds from state bodies, local governments, extra-budgetary funds.

The analysis of the market for deposits and other funds raised by the largest credit institutions in the Omsk region is shown in Table 1.

Conclusion: The market is highly concentrated with a tendency to increase in volumes and an increase in the level of concentration. The increase in the level of market concentration in attracting deposits and other funds in the Omsk region is due to an increase in the volume of credit institutions occupying a dominant position and a decrease in the volume of other market participants.

With regard to deposits and other attracted funds of individuals, due to an increase in the share of credit institutions occupying a dominant position, there is a tendency to an increase in the level of market concentration, and an increase in the volume of attracted funds.

dominant position, while the volume of attracted funds decreased.

In the reporting period, deposits and other borrowed funds from state bodies, local governments, extra-budgetary funds were attracted by one credit institution - the Omsk branch of Sobinbank OJSC (3,500 thousand rubles).

Compared to 2007, the composition of market participants with the largest market share in terms of deposits and other borrowed funds of enterprises and organizations has changed, the Omsk branch of JSCB "ROSBANK" gave way to the Omsk branch of JSB "Gazprombank". The share of the Omsk branch of JSB Gazprombank increased from 8.30% to 16.83%, while the share of Omsk-Bank OJSC decreased from 23.59 to 14.51%.

The market of banking services for loans was considered by client groups:

Loans provided to enterprises and organizations;

An analysis of the market for loans provided by the largest credit institutions in the Omsk region is shown in Table 2.

Conclusion: The market is moderately concentrated with a downward trend in volumes and a decrease in the level of concentration. The decrease in the level of market concentration in the provision of loans in the Omsk region is due to a decrease in the volume of services of credit institutions occupying a dominant position.

By groups of clients, the tendency towards a decrease in market concentration occurs due to a decrease in the share in the market for providing loans to individuals and individual entrepreneurs, enterprises and organizations, as well as state bodies, local governments, extra-budgetary funds.

The number of market participants increased from 36 credit institutions in 2007 to 39 in 2008.

2. Leasing services

When assessing the state of the competitive environment in the leasing market, data from leasing organizations were used.

As a result of the analysis of the state of the competitive environment in the leasing services market, the following were determined:

The composition of the market participants;

The total cost of all valid lease agreements;

Dominance of market participants.

Compared to the data on 01. 01. 2008, the total number of market participants was replenished by three organizations (LLC "Yuson Leasing", LLC "LC" Omsk Leasing ", LLC" AVK-Leasing "), which did not affect the distribution of shares in the total volume of rendered services.

The dominant position is occupied by the Deltalizing CJSC Representative Office in Omsk - 99.4%. The share of LLC IT FINANCE decreased from 10.5% to 0.2% and CJSC PromStroyLizing from 7.3% to 0.2%.

The concentration factor (CR-3) was 99.7% (as of 01.01.2006 - 87%);

The Herfindahl-Hirschman Market Concentration Index (HHI) was - 4770 (as of 01.01.2008 - 5068).

Conclusion: the market is highly concentrated with a tendency to increase in concentration.

3. Non-state pension services

Information obtained from the media and from a State institution - the Office of the Pension Fund of the Russian Federation in the Omsk region was used as the initial information about the participants in the market for services for non-state pension provision.

In 2007, on the territory of Omsk, the following activities were carried out:

Omsk regional branch of the Non-State Pension Fund of the Electric Power Industry;

Omsk branch of the Non-State Pension Fund "Promregionsvyaz".

In 2008 (as of 01.07.2008) the composition of participants in the market of non-state pension provision did not change.

4. Brokerage market

As the initial information about the participants in the brokerage services market, we used information received from the Regional Office of the Federal Financial Markets Service of Russia in the Siberian Federal District, from the media, as well as from advertising distributed on the territory of the Omsk Region.

The composition of participants in the brokerage services market has not changed compared to the previous reporting period.

As a result of the analysis of the state of the competitive environment in the brokerage services market, the following were determined:

The composition of the market participants;

Turnover in transactions made in pursuance of brokerage agreements;

Dominance of market participants.

Compared to the data for 2007, in the reporting period, the turnover on transactions made pursuant to brokerage agreements at the Omsk branch of LLC “Company BrokerCreditService” increased by 23,680,727 thousand rubles. and its share amounted to 47.26% (in the previous reporting period the share was 13%). ZAO Oktan-Broker, which occupied the leading position in the last reporting period, had its share in the brokerage services market decreased from 45.08% to 41.12%.

Conclusion: the market is highly concentrated.

5. Market for securities management services

As the initial information on potential participants in the securities management services market, we used information received from the Regional Office of the Federal Financial Markets Service of Russia in the Siberian Federal District.

the number of participants in the securities management services market in comparison with the previous reporting period was replenished by two organizations (LLC Financial Company "Finex" with the largest share among market participants -39.45% and CJSC "Oktan-Broker" with the smallest share in this market -16 , 41%).

The share of the former market participant OFBU "Omskpromstroybank-universal" decreased from 32.3% to 25.29%, the share of JSC "Zemlya" decreased from 67.3% to 18.85%.

2. 2 Analysis of the competitive environment in the financial services market of the Omsk region

The Omsk OFAS Russia analyzed the competitive environment in the financial services market within the administrative boundaries of the Omsk region as of 01.01.2009.

From the analysis it follows that in the deposit market for the period under study, banking services were provided by 7 credit institutions registered in the Omsk region and 47 branches of nonresident credit institutions.

In general, the market for deposits and other attracted funds is highly concentrated, the distribution of the participants' shares in the market is uneven. The largest share belongs to the branch of AK SB RF "West Siberian Bank" (OJSC) - 50.06%.

An increase in volumes is observed in all the considered segments of the deposit market.

The market for all issued loans is moderately concentrated, the distribution of shares is uneven. The largest share belongs to the branch of AK SB RF "West Siberian Bank" (OJSC) - 28.07%. An increase in volumes is observed in all the considered segments of the credit market.

An assessment was also made of the state of the competitive environment in the leasing market within the administrative boundaries of the Omsk region by segment, depending on the type of property being leased.

Leasing market participants are represented by 32 leasing organizations, including 16 leasing organizations registered in the Omsk region.

In terms of the total value of leased property, the leading position is taken by the Omsk branch of URALSIB Leasing Company LLC, whose share was 45.53%, and Regional Leasing Company LLC, with a 24.25% share. The market is highly concentrated, the distribution of shares is uneven.

Leasing services by type of property - buildings, engineering structures - were provided by 7 leasing organizations registered in the Omsk region, and 2 branches of nonresident leasing organizations. The largest share of 92.81% in this segment is occupied by the Omsk branch of Regional Leasing Company LLC. The market is highly concentrated, the distribution of shares is uneven.

Leasing services by type of property - machinery, equipment, inventory - were provided by 31 market participants: 15 leasing organizations registered in the Omsk region, and 16 branches of out-of-town leasing organizations. The Omsk branch of URALSIB Leasing Company has the largest share in this segment, 59.77%. The market is highly concentrated, the distribution of shares is uneven.

The market of services for non-state pension provision is represented by 11 participants, including one participant registered in the Omsk region.

pension funds to contributors of non-state pensions.

In terms of the total amount of pension contributions under agreements with depositors, the largest share of 57.49% is taken by the non-profit organization NPF Transneft. The second major market participant is the Representative Office of the West Siberian branch of the non-profit organization NPF Blagosostoyanie in Omsk with a share of 31.52%. The market is highly concentrated. The distribution of market participants' shares is uneven.

The brokerage services market was considered in 2008 by groups of clients (consumers): individuals and legal entities.

In terms of the total turnover for all transactions, the leading position is occupied by ZAO Oktan-Broker with a 58.3% share and the Omsk branch of Kompaniya Broker-Creditservice LLC with a 36.7% share. The market is highly concentrated.

For the group of clients - individuals, the largest share belongs to LLC “Company Brokercreditservice” -62.7% and CJSC “Oktan-Broker” -29%. The market is highly concentrated. The concentration ratio is 96%.

For the group of clients - legal entities, Octan-Broker CJSC has the largest share in this segment - 98%. The market is highly concentrated, the concentration index is 9606. The concentration coefficient is close to 100%.

The market for securities management services as of 01. 01. 2009 was considered by groups of clients (consumers): individuals and legal entities.

In terms of the total value of the property held in trust, the largest share is occupied by LLC Financial Company Finex with a share of 60.9%.

the concentration factor is 100%. Services to legal entities were provided by one participant - JSC "Zemlya".

In accordance with the instruction of the FAS Russia dated 02.08.2005 No. AK / 11091, an assessment of the state of the competitive environment in the financial services market within the administrative boundaries of the Omsk Region was carried out as of 01.01.2010.

In the deposit market for the period under study, banking services were provided by 6 credit institutions registered in the Omsk region, and 50 nonresident credit institutions.

the market has seen an increase in volumes compared to the previous reporting period.

The credit market for the study period is represented by 6 credit institutions registered in the Omsk region and 55 nonresident credit institutions.

The market for all issued loans is moderately concentrated, the distribution of shares is uneven. There is a decrease in volumes compared to the previous reporting period. The largest share of all issued loans belongs to the branch of AK SB RF "West Siberian Bank" (OJSC) - 33.84%.

For the group of clients - individuals, individual entrepreneurs and enterprises, organizations, the credit market is moderately concentrated. There is a decrease in market volumes in these segments compared to the previous period. For the group of clients - state bodies, local self-government bodies, off-budget funds, the credit market is highly concentrated. There is a significant increase in the market volume in this segment.

The assessment of the state of the competitive environment in the leasing market was carried out within the administrative boundaries of the Omsk region as of 01. 01. 2010 by segments, depending on the type of property being leased.

Leasing market participants are represented by thirty-one leasing organizations. As a result of the research of the market of leasing services, two groups of persons were identified.

By type of property - buildings, engineering structures, the largest share is occupied by the Omsk branch of South Siberian Leasing Company LLC - 54.64%. The market is highly concentrated, the distribution of shares between market participants is uneven. Services in this segment were provided by nine participants.

Leasing services by type of property - machinery, equipment, inventory were provided by 27 market participants. The Omsk branch of URALSIB Leasing Company has the largest share in this segment, 36.77%. The market is moderately concentrated, the distribution of shares is uneven.

The analysis of the market of services for non-state pension provision was carried out within the geographical boundaries of the Omsk region as of 01. 01. 2010 and during the study period it was represented by eleven participants. The consumers of the services are contributors (individuals and legal entities) who have entered into a pension agreement for the transfer of pension contributions to non-state pension funds and payment by non-state pension funds to contributors of non-state pensions.

The largest share of 60.6% belongs to the non-profit organization NPF Transneft. The second major market participant is the West Siberian branch of the non-profit organization NPF Blagosostoyanie in Omsk with a share of 36.83%. The market is highly concentrated.

The brokerage services market in 2009 in the Omsk region was represented by six participants and was considered by groups of clients (consumers): individuals and legal entities.

In terms of the total turnover for all transactions for the period under study, the leading position is occupied by ZAO Oktan-Broker with a share of 49.5% and the Omsk branch of LLC Company Brokercreditservice with a share of 38.2%. The market is highly concentrated.

According to the group of clients - individuals, the largest share is occupied by LLC “Company Brokercreditservice” - 57.2% and CJSC “Oktan-Broker” - 24.3%. The market is highly concentrated.

For the group of clients - legal entities, Octan-Broker CJSC has the largest share - 99.4%. The market is highly concentrated.

Thus, the analysis of the securities management services market was carried out as of 01. 01. 2010 and was considered by groups of clients (consumers): individuals and legal entities.

In terms of the total value of the property held in trust, the largest share is occupied by ZAO Oktan-Broker with a share of 84.6%. The market is highly concentrated.

By groups of clients - individuals and legal entities, the market is highly concentrated.

Conclusion

By its economic essence, the regional market is a set of highly localized socio-economic processes and relations in the field of exchange (circulation), formed under the influence of supply and demand of each territorial-administrative entity and taking into account adequate methods of regulating the market situation and the processes of making commercial decisions.

Regional markets can exist both under an administrative command system and under a market economy. In the first case, markets develop and function in accordance with the logic of command and control. Thus, the volume of trade and the corresponding commodity supply for each territorial-administrative entity is established by directive plans.

With the transition to market economic relations, the role and importance of the market in the regional reproduction process are changing. The proportions of the reproduction process are formed through the influence of market regulation instruments: prices, taxes, interest on loans, etc.

A developed regional market can function effectively with a scientifically grounded system for studying demand, trends and its development patterns:

Demand structures for goods of the same name of various enterprises;

Buyers' requirements for the quality of goods.

The study of demand provides information that makes it possible to predict the capacity and structure of the market, as well as the expected shifts in improving the geography of production and consumption of goods and services.

inter-republican and inter-regional.

Each type of market has a corresponding infrastructure with specific features of location, development and functioning, market capacity, channels and commodity formation schemes.

All markets are interconnected with each other, they are served by the corresponding components of the market infrastructure.

Bibliography

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6. Sabanti BM Theory of finance: textbook. 2nd ed. M .: Manager, 2000. S. 9, 9 Finance: Textbook for universities / Ed. prof. M. V. Romanovsky, prof. OV Vrublevskaya, prof. B. M. Sabanti. Moscow: Perspektiva Publishing House; publishing house "Yurayt", 2005. S. 20 - 21.

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The main purpose of financial resources is to finance the costs of the socio-economic development of the territories.

In view of different approaches to the definition of the concept of "financial resources of the region", many scientists differ in their views on the sources of their formation.

In a generalized sense, the financial resources of the region according to the sources of origin are divided by scientists into financial resources of internal and external origin.

Financial resources of internal origin, first of all, include funds from local budgets, extra-budgetary funds, enterprises and institutions of the region of any form of ownership and field of activity, as well as money of the population, that is, funds that are of internal origin for a certain territory.

Financial resources of external origin include subsidies and subventions from the state budget, funds that are borrowed or attracted by business entities and the population from sources external to a given territory, and international assistance.

According to N. Kolesnikova, the financial resources of the region include the following elements: own funds of business entities that carry out commercial activities in the production and non-production spheres; funds of credit and financial regional institutions, their branches in the region, funds of local budgets of cities, districts and settlements.

Due to the high level of the shadow national economy, according to T. Klimenko, shadow capitals are also included in the financial resources of the region and should be taken into account in the formation of its financial potential, since this is real money that could be used to restructure the economy, develop social sphere of the region, but do not take part in these processes, that is, they are potential investment resources.

Despite the discrepancies in the conclusions of experts regarding the definition of the level of the shadow economy of a state or a separate region, it should be noted that the funds that circulate in this area, given the appropriate conditions, can turn into significant investment resources.

Changes in the economic environment lead to the emergence of new elements in the structure of the financial potential of the region. With the development of foreign economic activity, it is advisable to include such a group of financial resources of external origin as investments in free economic zones and priority development areas, loans from the International Monetary Fund, the European Bank for Reconstruction and Development, borrowing in international financial markets, technical assistance into the region's possible financial resources. international financial institutions. Funds from these sources can be received by economic entities of the region, as well as local governments for the solution of socio-economic programs.

A special role in the investment opportunities of a particular region, which is due to the presence of a sufficient amount of unused financial resources, according to S. Yaroshenko's conclusions, is assigned to the credit potential of the local banking system, since the borrowed capital of the banking system determines the amount by which the system of commercial banks can increase the amount of money in circulation by providing new loans to individuals and businesses.

However, it should be noted that without the appropriate property or other security of the loan from the borrowers, the funds of the credit and financial system, including banking institutions in the region, will remain as a potential source of financial resources or withdrawn from the region.

The sources of financial resources of internal origin 3. Gerasimchuk, L. Kovalskaya include depreciation deductions from enterprises and organizations.

However, most scientists are of the opinion, including us, that the region's financial resources include:

Resources of budgets of all levels (used for current financing of the regional economy, social sphere, financing of the most important development projects of the respective territories);

Investments;

Extrabudgetary funds;

Resources of business entities allocated for the socio-economic development of the territory;

Credit resources of commercial banks and other financial structures (used for urgent and repayable financing of working capital and capital investments).

Figure 2 shows the composition of the region's financial resources.

The main source of the formation of the region's financial resources is budgetary funds. They form the basis of the financial system of the state, strengthen the economic independence of regional authorities, expand the economic potential of the region, identify and use the reserves of financial resources, which in turn affects the development of the administrative-territorial unit and the state as a whole. Therefore, it is important to study the process and problems of the formation and execution of the revenue and expenditure side of the budget at the regional level.

Figure 2 - The composition of the region's financial resources

The composition and structure of local budget revenues are largely determined by the financial policy of the state. Depending on the macroeconomic indicators and geopolitical events, the specifics of the territory, its location, socio-economic development and other factors, there is a differentiation of the channels of profitability - some of them become the main ones, others are secondary, and the third ones cease to give a return altogether.

In this regard, the essence of the operational management of the territory is the constant analysis of the channels of profitability, the impact on them by direct and indirect means, their restructuring depending on the current situation.

An analysis of the formation of budget revenues in various countries shows that, despite the variety of specific types of payments, there are three main channels of budget revenues:

1) mandatory payments of individuals and legal entities levied in the form of taxes and fees;

2) non-tax income and mandatory payments;

3) gratuitous receipts.

In the context of the transition to a market economy, as noted above, the share of tax revenues in the budget revenues of the Republic of Belarus increases significantly and makes up about 90% of the revenue side of the consolidated local budgets. The development of market relations is accompanied by an increase in the role of regional budgets, the economic essence of which is to provide financial support for the activities of local government and self-government bodies.

The structure of tax revenues includes the following types of revenues levied in the budget and classified depending on the object of taxation or in accordance with the source of tax liabilities: direct taxes on income and profit; property taxes; taxes on goods (works, services); other taxes, fees and duties.

The structure of non-tax revenues and obligatory payments includes payments and other receipts classified by the nature of their receipts to the budget and including compensated transactions from the direct provision of services by the state and the sale of goods (income from state property and entrepreneurial activity, receipts from non-commercial and related sales of goods, net profit or interest received from the National Bank and monetary authorities in the form of share premium), as well as some gratuitous payments in the form of fines, sanctions, confiscations, all voluntary current receipts from non-state sources (from individuals and legal entities), etc.

This group of income is divided into four types: income from state property and business activities, administrative fees and payments, receipts from fines and sanctions, other current non-tax income and mandatory payments.

The category "Gratuitous receipts" is classified by sources of income and represents voluntary and optional current or capital transfers received from foreign states, from other levels of government (from the budgets of one level to another) and from countries participating in international organizations and agreements. Budget revenues may include gratuitous receipts in the form of grants, subventions, as well as loans (credits) provided from a higher-level budget to a lower-level budget.

In accordance with the classification of budget revenues, the received gratuitous receipts are divided into two groups - current and capital.

The group "Current gratuitous receipts" includes types of income: current gratuitous receipts from abroad and from other levels of government; current gratuitous receipts from countries participating in international organizations and agreements and are intended for the implementation of current expenditures in the field of public administration.

The group "Capital gratuitous receipts" includes receipts that are intended for the implementation of capital expenditures in the field of public administration. This group includes two types of income: capital gratuitous receipts from abroad and from other levels of government, as well as capital gratuitous receipts from countries participating in international organizations and agreements.

Taxes are an important economic category historically associated with the existence and functioning of the state. The main purpose of taxes is to ensure the material conditions for the existence of the state and the performance by it of the functions of managing the economy and society.

By their form, they can be defined as mandatory cash payments withdrawn to the budget. If we consider the material content of taxes, then they represent that part of the national income that is collected from business entities and the population for national needs. With the withdrawal of taxes between the state and taxpayers, monetary relations arise that affect the essential interests of participants in the creation and distribution of national income. The interest of the state lies in the withdrawal of a part of the national income for general state needs, in the mobilization and redistribution of these funds through the budget. The owners of the national income created or received for the work or services performed during the withdrawal of taxes affect the primary economic interests, since their real incomes decrease, which in turn entails a reduction in resources for the expansion and improvement of production. The expropriation process has a one-way movement of value from the taxpayer to the state without a direct equivalent exchange.

There are many factors that can negatively affect the state of local budgets. One of the problems in the formation of the revenue side is the high subsidization of regional budgets. Low self-sufficiency can cause a number of negative consequences: high dependence on the will of higher authorities, generation of dependent sentiments of local self-government bodies in the formation of budget revenues and a decrease in their responsibility for budget execution, mobilization of additional revenues, inflexibility in the use of financial resources and fulfillment of obligations to the population ... In addition, in recent years, there has been a decrease in the number of local taxes and fees, which leads to a reduction in the sources of filling local budgets.

Consequently, in order to ensure the independence of the region, it is necessary to search for new sources of financing for its resource base.

The sources of the formation of financial resources in the region are also: resources of business entities, extra-budgetary funds of budgetary organizations, investments, credit resources of commercial banks.

Investments are the second largest source of formation of the region's financial resources.

Investments - long-term capital investments with the aim of making a profit. The availability of investments and their competent use allows ensuring competitiveness, the formation of the future profitability of the enterprise and an increase in its price. Investments are a key element of financing innovations, the dynamic development of an enterprise undergoing constant transformation.

The availability of investments and their competent use allows ensuring competitiveness, the formation of the future profitability of the enterprise and an increase in its price. Refusal to attract investments today means refusal of future profits and is tantamount to disinvestment.

Implementation of investment activities and attraction of foreign investment will increase the region's revenues through the proceeds of value added tax, income and profit tax, and income tax.

Extra-budgetary funds are another source of the formation of the region's financial resources.

Extra-budgetary funds - funds at the disposal of institutions and organizations, allocated not from the local or republican budget, but formed from other sources.

They can form when:

Checking estimates for design work and estimate documentation for objects;

Attracting funds from individuals and organizations for the construction of social facilities and landscaping;

Provision of paid services;

Concert activities of musical groups and festive and anniversary events;

Attraction of sponsorship funds, etc. ...

Funds of business entities are directed to the development of industrial and social infrastructures. The main source of funds for these purposes is the profit of business entities. Trust funds are formed from the profit that remains at the disposal of business entities. At the expense of this fund, the collectives of employees of economic entities have the opportunity to meet the needs for housing, social, cultural and consumer services.

A significant amount of financial resources of business entities is directed to the maintenance of housing and communal and cultural and domestic facilities under their jurisdiction.

Recently, the method of shared participation of enterprises in the creation of infrastructure facilities has been used locally, that is, there is a cooperation of financial resources of departments and regional authorities. This makes it possible to use financial resources more efficiently, and to realize their recoupment faster.

The financial resources of the regions are reflected in the consolidated financial plan. This document determines the amount of funds that are created and received in the region, as well as the directions for the use of funds on its territory.

In conditions of low purchasing power of the population, a deficit of regional budgets, bank loans are one of the sources of financial resources for enterprises and institutions. Banking and insurance funds, as well as funds of mutual investment funds, are the most mobile, since they are constantly in circulation.

The banking system is a powerful mechanism for the concentration and investment of financial capital, the creation of additional financial resources in the region and the state as a whole with the help of a banking multiplier.

However, according to the conclusions of experts, at the present stage of development, the national banking system has insufficient capitalization, which is a general problem of financial stability and autonomy of the banking system, and, consequently, the problem of proper servicing by banks of their monetary obligations.

The reliability of the entire economic system and the dynamics of further development depend on the quality of the banking system, because it also performs the function of ensuring the circulation of financial resources in the state.

Thus, in modern conditions, when, along with the state, private business and the population act as economic entities, the financial resources of the region are not limited only by budget funds. The variety of subjects of a market economy determines a significant number of sources for the formation of financial resources, their relative isolation, chaotic movement and interaction. As a result, there is a transformation of the static concept of "financial resources" into a dynamic concept - "financial potential", the formation and rational use of which involves planning the movement of financial resources of any origin, including those whose private owners are interested in maximizing profits with minimal risks.

The formation of the financial resources of a region depends on its financial potential, therefore, we will study methodological approaches to its assessment.

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Financial market of the region. Formation and development of regional markets of the Russian Federation Development of financial markets in the regions