Innovations in the financial sector. Innovations in the financial markets and the possibility of their application in Russia Vladimir Sergeevich Krylov Financial innovations

Introduction

Chapter 1. Theoretical aspects development and use of innovations in financial markets 13

1.1. Economic entity innovations 15

1.2. Financial market as an environment for implementing innovations 28

1.3. Drivers of Innovation in Financial Markets 48

Chapter 2. Main directions of development of innovations in financial markets 68

2.1. Types of financial innovations 68

2.2. Credit derivatives 84

2.3. Asset-backed securities 104

2.4. American Depository Receipts - ADR 112

Chapter 3. Opportunities for the use of financial innovations in Russia 128

3.1. Factors of development of financial innovations in the Russian economy 128

3.2. Prospects for the development of specific types of financial innovations in the Russian economy 150

3.2.1. Scope and main problems of using credit derivatives in Russia 150

3.2.2. Opportunities for the use of asset-backed securities in Russia 163

3.2.3. Problems and Prospects for the Development of the Market for Depository Receipts in Russia 173

Conclusion 188

Applications 203

Annex 1. Calculation of the forecast volumes of the OTC market

derivative financial instruments 203

Bibliography 208

Introduction to work

Relevance of the research topic. The current stage in the development of global financial markets is associated with the emergence of new derivative financial instruments that provide opportunities that were previously unavailable in the cash asset market, allowing you to effectively manage market risks, create the desired risk profile, and carry out operations to diversify and insure portfolio risks. This is very relevant for Russia, where hedging problems are traditionally particularly acute.

The Russian financial market, unfortunately, lags behind developed countries by the level of development of innovative tools and technologies. However, this only creates additional incentives for Russian specialists to pay attention to innovative activities in the financial sector - financial innovations can play a significant role in the development of the Russian financial market and the economy as a whole.

Thus, the relevance of this work is primarily due to the fact that innovative activity in the Russian financial market has a huge untapped potential. This potential is especially significant due to the fact that international practice is rich in ready-made innovative developments that have proven their effectiveness. In other words, Russian specialists have a ready-made set of tools at their disposal, the adaptation of which to Russian conditions can bring undoubted benefits to the domestic economy.

The relevance of the topic we have chosen is also due to the fact that Russian financial institutions, bodies government controlled and private companies actively use developments and solutions in the financial

areas that foreign firms and banks, international organizations have. Knowledge of this experience is the basis of its competent application in Russian conditions, as well as the successful activities of Russian participants in the world market. Thus, we see here the simultaneous convergence of scientific interest in the problems noted above with the possibility practical application research results on this topic.

It should be said that the above problems have become the object of study by both foreign and Russian scientists relatively recently (no more than 10-15 years ago), and therefore there are still quite a lot of unresolved issues in this direction. Considering that the dynamically developing processes of globalization in the world economy constantly raise new questions, the relevance of studying the mechanisms of the financial market, as well as the place and role of Russia in this market, is quite obvious.

The degree of development of the problem. Certain aspects of the topic under consideration were covered in the works of domestic and foreign researchers devoted to the study of theoretical and practical aspects of the functioning of financial markets. So, for example, in the works of Schumpeter J. for the first time the essence and role of innovations is determined. A number of researchers, such as B. Mandelbrot, R. Knight, J. Hodgson, R. Nelson, S. Winter, Yu. Yakovets and others, to varying degrees and from different positions, considered innovations as important factor economic development. Marshall J., Bansal V., Sinki, J. touched upon certain aspects of the use of financial innovations, including products of financial engineering. Among domestic economists who develop theoretical, methodological and practical aspects of the use of financial innovations, primarily derivatives, one should

Bocharova V., Vine S., Kavkina A., Lobanov A., Mikhailov D., Nozdrev N., Solovyov P., Feldman A., however, no comprehensive studies on this issue have been conducted. In addition, there are significant differences in the conceptual and methodological approaches to the development of the topic under consideration.

The purpose of the study is to identify factors hindering the development of innovations in the Russian financial market, as well as to develop practical recommendations for the successful application of innovative tools and technologies in Russia. To achieve this goal, the following tasks were formulated:

define the concept and reveal the economic essence of "innovation" and "financial innovation";

to formulate the classification features of innovations;

identify and analyze the factors that contribute to the formation and dissemination of innovations in financial markets;

develop a model for the genesis and diffusion of innovations in financial markets;

identify the features of the development of the Russian financial market in order to determine the most promising types of financial innovations in terms of practical application;

explore the possibility of practical application of innovations in the Russian financial sector and develop practical recommendations for their successful implementation.

The object of this study is the financial market as a specific area of economic relations in general and the Russian financial market in particular.

Subject of research are economic relations between the subjects of the financial market and its individual segments regarding the creation, implementation and application of financial innovative technologies, as well as the objective patterns of the emergence and spread of innovations in modern conditions financial markets.

Theoretical and methodological basis of the study are fundamental provisions economics, the theory of investment and innovation management, as well as a systematic approach to the object and subject of research. In addition, in the process of working on the dissertation, the author used classical methods scientific research based on the use of scientific abstraction, logical, functional and system analysis and synthesis, induction, deduction and dialectics. To solve the tasks set in the work, official materials of state bodies, periodicals and scientific publications were used. The work uses tabular and graphical methods, as well as mathematical methods for analyzing the economy. The application of these methods has made it possible to achieve significant results, in particular, to develop scientific definitions, develop and describe theoretical models, and develop practical recommendations.

The information base of the study was made up of legal acts Russian Federation, the Ministry of Finance of the Russian Federation, the Central Bank of the Russian Federation and the Federal Service for Financial Markets, publications of international financial institutions, articles and information and statistical materials of domestic and foreign periodicals on the issues under consideration, as well as the relevant sections of official Internet sites.

Scientific novelty of the dissertation research is to develop a model of the innovation process in the Russian financial market, which makes it possible to identify and integrate into it instrumental technologies adequate to it.

The following provisions containing elements of scientific novelty are submitted for defense.

It has been proven that financial innovation is financial technology for a more efficient redistribution financial resources, profitability, risks, liquidity and information in order to extract additional profit from such a redistribution, but not yet widely used in a particular market. Such a definition makes it possible to consider innovations in the context of the characteristics of a particular market in order to more accurately separate innovative technologies from non-innovative ones.

The relationship between the intensity of the development of financial innovations, grouped according to their functional characteristics, and the predictive factors that most actively affect a specific functional group of financial innovations, which could allow government bodies carry out proactive rule-making activities in relation to financial markets, based on medium- and long-term forecasts of the state of the latter.

A detailed classification of innovations in financial markets has been carried out, allowing them to be structured according to the following classification criteria: by functionality, by level of novelty, by areas of implementation and

causes, which contributes to the identification of systemic relationships between them.

A process model of the genesis and diffusion of financial innovations has been developed, separating autonomous and induced innovations, which makes it possible to establish a connection between the emergence of autonomous innovations with the initial appearance of a new idea, and induced innovations with the need to solve a problem that arises as a result of changing market conditions. It has been proved that the possibilities and speed of bringing autonomous innovations to the market depend on the level of transaction costs, while induced ones depend on the specifics of regulation.

It has been revealed that financial innovations are mainly of an induced nature, that is, they arise as a reaction to changes in the conditions for the functioning of an economic agent, which makes it possible to predict the emergence of one or another of their types. At the same time, most of the implemented financial innovations are of a complex, multi-purpose nature, expressed in the multiplicity of ways to use them, which leads to their wide and rapid distribution in the market.

It has been proven that credit derivatives are structured financial instruments separating credit risk from an asset for its subsequent transfer to another party and allowing you to trade risk and asset separately, taking into account the profile credit risk. This made it possible to more clearly limit the range of instruments included in this category.

The work was carried out in accordance with paragraph 9.10 "Financial innovations in the banking sector" and paragraph 9.16 "New banking products: types, technology

creation, methods of implementation "Passports of the specialty 08.00.10 - Finance, money turnover and credit.

The practical significance of the study. The provisions formulated in the dissertation research contribute to the further development of certain issues in the theory of financial markets and its segments. The results of the dissertation research allow us to determine the directions for improving the state policy in order to stimulate the innovation process in the financial markets.

The most significant results can be used by the Central Bank of the Russian Federation, Federal Service on financial markets, as well as relevant committees of the State Duma of the Federal Assembly of the Russian Federation for the purpose of improving the state policy in the field of innovation management in financial markets. They will also make it possible to overcome the main obstacles to the spread of financial innovation in Russia and to more actively apply innovative products in the financial sector (investment and banking), and in the non-financial sector of the economy.

The provisions and recommendations formulated in the work make it possible to take into account the peculiarities of the modern conditions for the functioning of the Russian financial market when making decisions in the field of financial management, and to more effectively apply innovative products as risk management tools Russian banks And financial companies, as well as organizations of the non-financial sector of the economy.

The results of the study can be used credit institutions, financial and investment companies, enterprises

in the development and implementation of non-standard methods of managing cash flows and risks of various kinds.

In addition, the results of the study can be used in the educational process in the training of specialists in the field of finance and banking, stock exchange specialists, financial managers of enterprises and organizations, including venture ones.

Approbation of the results and publications on the topic of the dissertation. The main provisions and results of the study were presented at the international scientific and practical conference "Finance and Accounting: Regional Aspects" in Almaty (Kazakhstan), and were also reported at III International scientific and practical seminar on the problems of transformation of modern Russian economy(Moscow, December 5-7, 2004) were discussed and approved at a joint meeting of the Department of World Economy and International Finance and the Department of Finance and Credit of ATiSO, at meetings of the Student Scientific Society of ATiSO.

Certain provisions of the study have been practically tested in the activities of the non-state pension fund Norilsk Nickel.

The materials of the dissertation and the results of the research were used in the practice of teaching when giving a course of lectures and conducting seminars within the disciplines " World economy” and “International Monetary and Credit Relations”, special courses on financial risk management at the Russian Academy of Economics. G.V. Plekhanov, Academy of Labor and social relations in addition, some results of the study were used in the development of curricula for courses

"International monetary and credit relations", " Currency operations", "Financial markets".

Thesis structure includes an introduction, three thematic chapters that define the logic of setting and solving problems, a conclusion with the main conclusions, a list of used publications, as well as Appendixes.

The economic essence of innovation

Existing innovative concepts do not allow to fully and accurately define the term "innovation" itself, do not provide a solid basis for developing a classification of innovations ("financial innovation" as a component), as well as factors influencing their appearance.

There is no single interpretation of innovation in the economic literature. However, there are two approaches to understanding this term: narrow and wide. The narrow approach interprets innovation from a technical point of view and identifies it with industrial production, in particular with new equipment, technology, and products. With a broad approach, innovations are considered as a new product or service, a method of their production, an innovation in organizational, financial, research and other areas. The object of study of this work requires a second, broader approach.

The category of innovation first appeared in J. Schumpeter. By innovation, he meant change in order to introduce and use new types of consumer goods, new production, Vehicle, markets and forms of organization in industry.1 Innovations as a tool for increasing the efficiency of social reproduction can relate both to the sphere of productive forces and to the sphere of production relations.

Innovations in the sphere of productive forces are primarily associated with the improvement of productive forces: the means of production (means of labor and objects of labor) and commodities that are necessary for reproduction. work force. At the same time, non-material factors in the form of an innovative idea, discoveries are also a necessary attribute of the emergence of a material innovation.

Innovations in the sphere of industrial relations are based on the economic interests of the subjects of these relations and may relate to planning, organization, management, and control of industrial relations.

According to I. Schumpeter, innovation is the main source of profit: “in essence, entrepreneurial profit is the result of new combinations”, “without development there is no profit, without profit there is no development”1. Thus, the first goal of innovation in most cases is to increase the efficiency of the use of available resources. Ultimately, every innovation must directly or indirectly enable the creation of wealth more efficiently. The second important goal is to use innovation as a product that can generate income for its owner.

Types of financial innovation

During the 80s. 20th century international markets have been the site of the creation or development of a significant number of financial innovations. In an unstable world market environment due to volatility interest rates And exchange rates, investors and borrowers need to adjust to circumstances at all times. They also seek to maximize the benefits or gaps tax laws. Financial innovation aims to best meet these needs. The international market is better disposed to their rapid implementation than the national market, since it is free from the regulation inherent in national markets. This explains the fact that the international market plays a major role in the creation and promotion of new financial products, which, for practical reasons, subsequently develop in national markets.

During the 70s. 20th century Euromarkets offered borrowers three main types of loans: short-term loans in Eurocurrencies, allowing you to finance the need for cash, directly on the model cash loans offered by banks in most of the leading industrialized countries; medium- and long-term Eurocredits (usually for a period of more than 18 months, but less than 15 years) formed within the framework of a banking pool (syndicate);

Eurobonds placed on international markets. Currently, the markets offer products that allow, through the development of securities, to secure any loan duration - from 24 hours to tens of years.

For further analysis, it is necessary to classify the main financial innovations.

There are numerous criteria for classifying innovative financial products.

Depending on the underlying asset, new financial products are divided into currency, interest, index, stock and credit products.

Depending on the mechanism for concluding a transaction, products are classified into exchange and over-the-counter. For over-the-counter products, contract positions are not standardized, and market operators can change them as flexibly as possible, taking into account the objectives of a particular transaction.

According to the term of the contract, instruments can be short-term (up to one year), medium-term (from one year to five years) and long-term (over five years). The main share of operations falls on the first category. The most typical representatives of the medium and long-term market segments are OTC instruments and, above all, swaps.

According to the structural criterion, simple and complex financial products are distinguished. The former include such instruments as options, futures, swaps, securities for securitized assets and depositary receipts. Complex ones include all kinds of hybrid financial instruments, combinations of several derivatives, instruments that combine one or more derivatives with financial assets, as well as derivatives, the underlying asset of which is another derivative; Thus, a swaption is an option written on a swap.

According to the pricing mechanism, financial products are classified into arbitrage and probabilistic. For the first, most numerous group, prices are determined on the basis of quotations of other financial products. The pricing of probabilistic instruments is based on the mathematical apparatus of probability theory.

Finally, by type, innovative financial products can be divided into two categories. large groups- derivative financial instruments (or derivatives) and basic instruments, the difference between which is that the underlying instruments have an asset as a subject of the transaction, while derivatives are an instrument issued for another financial instrument - it does not matter, derivative or basic.

New (or emerging) financial products have had an extremely important impact on international and national financial markets over the past two decades. International experts identify four main groups of financial products that are innovative and mainly related to derivatives.1 The instruments of each of them differ from the others both in form and in purpose of application. Together they demonstrate the degree of their penetration into all segments of financial markets.

Factors of development of financial innovations in the Russian economy

Development Russian market derivative financial instruments.

For the first time, trading in futures contracts for the US dollar began in October 1992 on the Moscow commodity exchange(MTB) This event marked the beginning of the development of the derivatives market in Russia. The scale of turnover during this period was insignificant (about 300 - 400 thousand dollars a day). Almost immediately, futures for other assets appeared (primarily for privatization checks).

A distinctive feature of the Russian derivatives market development model was that financial futures became the first contracts. Also interesting is the fact that in the currency futures market there was high percent transactions culminating in the actual delivery of goods. If in world practice this figure does not exceed 1 - 2%, then in February 1993, MTB transactions ended in the delivery of real goods, 10% of the total turnover fell.

In the future, as larger and more reputable participants began to come to the market, primarily banks and investment funds, trade volumes began to increase and reached by the beginning of 1994 2 - 3 million US dollars per day. Liquidity has increased and market volatility has decreased, but dependence on other financial markets has not yet manifested itself.

In March 1994, a futures section was opened at the Moscow Central stock exchange(MCFB). From the very beginning, this exchange focused on a fundamentally different circle of participants - banks and financial structures, that is, on major financial players. The ICFB began to use a new electronic trading technology for the Russian futures market, which is more convenient for large players. The turnover of the futures market (first of all, the currency market) increased at a high rate due to the growth in the scale speculative transactions. However, a large proportion of speculative transactions made futures market very unstable.

The over-the-counter derivatives market segment remained at a low level of development, while the world market is dominated, as we have seen above, by the over-the-counter derivatives market segment. The main reasons were the lack of a developed banking system and mutual trust in the interbank market (the main participants in the OTC derivatives market are big banks); as well as the practical absence of a regulatory and legal framework governing the relationship of counterparties in futures transactions outside the stock exchanges. Urgent deals were as simple as possible in structure (forwards) and were episodic.

In 1996, a situation developed on the derivatives market when the interest of participants began to shift towards derivative instruments based on GKO, as currency futures ceased to be profitable. At that time, this market was characterized by ultra-high profitability and, as it turned out later, an imaginary lack of risk. Share futures are the most widespread in Russia, in contrast to the world's leading futures markets, where the main futures contracts are contracts for share indices.

By the end of 1997, the leader in terms of total open positions was MICEX. Trading on the US dollar, GKOs and the stock index was almost completely concentrated on this exchange.

The crisis of 1998 became a turning point in the development and formation of the derivatives market in Russia. On June 1, 1998, the Russian Exchange suspended trading on all contracts, under the pretext that a number of participants could not fulfill their obligations. The collapse of the Russian Stock Exchange occurred as a result of the abuse of office by the management of the stock exchange. At that time, the derivatives market on the MICEX continued to develop. The admission of non-residents to the MICEX derivatives market on April 14, 1998 became a stabilizing factor for its further development. In addition, the management of the exchange developed measures to attract small and medium-sized participants in the derivatives market. On August 17, along with a moratorium on the repayment of foreign debt announced by the government of the Russian Federation and the Central Bank of the Russian Federation, a restriction was introduced on transactions related to residents making payments in favor of non-residents, including under fixed-term contracts for up to 90 days. This meant a deep structural crisis that could not but affect futures market. Trading volumes fell sharply, and the confidence of the participants was seriously undermined.

As well as in the definition of the concept of "financial innovation" there is no consensus on their classification. On this moment there are more than thirty classifications of financial innovations.

It is believed that the most full classification banking innovation is represented by AI Prigogine. Therefore, on its basis, with the help of summarizing the research of other specialists in this field, we will try to systematize the entire range of banking innovations.

First of all, banking innovations can be classified according to the reasons for their inception. In this case, financial innovations are divided into reactive and strategic ones.

Reactive innovation involves a bank pursuing a defensive strategy that aims at organizational survival. banking sector.

Strategic innovations serve to gain competitive advantage in the long term. The disadvantage of this type of innovation is the need for a larger amount of investment, so they are available only to large banks.

Depending on the place in the bank's activities, product innovations are distinguished, or they are also called basic innovations and providing innovations. Product innovations are related to the range of banking products and services provided. In turn, product innovations are divided into actual product innovations and market innovations.

Actually product innovations are directly related to the creation of new banking products and services and their promotion to the market. Market innovations imply the presence of a set of measures that allow the implementation of already created products in new markets.

Supporting innovations are associated with the transformation of the bank's management structure, changes in the process of providing services and selling banking products, that is, they play a secondary role in the bank's activities.

Based on the depth of the changes introduced, that is, according to the innovative potential, financial innovations are distinguished by the following types:

- radical innovations, which are also called basic. They are associated with the use of completely new types of banking products and services;
- combinatorial innovations are based on a combination of various existing elements, which are then presented on the market as a single product;
- modification innovations are aimed at partial improvement of already used banking products and services to extend their life cycle.

According to the volume of impact, innovations are divided into point and system ones. Point innovations are associated with improvement in any particular area of work and, as a rule, do not require large expenditures, and also do not have a strong impact on the production process as a whole. Systemic innovations, as opposed to point innovations, are designed to change the entire structure of industrial relations.

Another classification feature of banking innovations is the degree of novelty, according to which they distinguish:

- newly created innovations or they are also called innovations built on new discoveries. These innovations are quite capital intensive and are associated with dramatic changes;
- innovations built on already created products are the most widespread compared to newly created innovations due to the relatively low cost of development and ease of implementation. They are used to improve the quality and efficiency of existing products and services.

According to the nature of the needs satisfied, there are:

- innovations related to the satisfaction of existing needs, which make up the bulk of the innovations used by banks;
- innovations aimed at creating new needs are developed and implemented by banks relatively rarely, which is due to the need for the organization to have a certain creative and investment potential, which should be supported by the results of detailed marketing and sociological research.

According to the time of appearance, banking innovations are divided into:

- innovation-leaders, which are understood as innovations implemented by banks independently. These innovations are characterized by absolute novelty, which, if successfully implemented, will allow the bank to receive competitive advantages compared to other banks;
- successor innovations, that is, innovations that are carried out by banks with a certain time lag after the introduction of the previous group of innovations in order to maintain existing competitive advantages.

Thus, the classification of banking innovations described above is not complete enough, but it allows us to identify some patterns in the development of innovative activities of banking organizations. Since the predominance of any type of innovation in the activities of the bank determines the type of innovative strategy of the organization. And the classification of financial innovations makes it possible to determine economic and managerial mechanisms.

In the general system of innovations, one can single out financial innovation, i.e. innovation that operates in the financial sector. Financial innovation, like any other innovation, is divided into crisis innovation and development innovation; for a new financial product and a new financial transaction(See the innovation classification scheme shown in Fig. 1).

1. Mandatory sale of a new financial product in the market of financial innovations.

2. Compulsory implementation of a financial transaction on the market or within an economic entity.

3. Functional dependence of financial innovation on time.

4. The peculiarity of the financial product itself, which is expressed, firstly, in the presence of a single and mass demand, secondly, in the functioning of a limited and unlimited product, and thirdly, in the existence of a product in the form of property and in the form of property rights.

The obligation to sell a new financial product or transaction means that if the product or transaction is not implemented, then it is not new. They simply don't exist.

The dependence of financial innovation on time means that each innovation has its own life cycle.

The economic essence of financial innovation is expressed in the following.

Financial innovation is the end result of innovative activity in the financial sector, realized in the form of a new financial product or operation.

A financial product is a material part of the issued service of a financial institution. A financial product has the form of a thing (i.e., a tangible form) intended for sale in the financial market. The financial product includes securities, coins from precious metals, plastic settlement or credit card, bank account agreement, pension policy, real estate, etc.

1) mass;

2) single.

A single financial product is an individual product. As a thing, it has characteristic, unique features that distinguish it from other products. In other words, a single financial product is a subset of some financial asset or product. For example, a specific coin made of a specific precious metal, amber, a specific real estate, a share of an issuer - a specific economic entity, a bond of an issuer - a specific economic entity.

A single financial product has a well-defined circle of its customers. Therefore, it is produced based on specific consumers (numismatists, hoarders, investors).

A mass financial product is a product without a distinct individuality. He has no special characteristic features. A mass financial product differs only by type of product or financial asset. It includes bonds of the state internal loan of all kinds, a bank deposit account, a pension policy, an insurance certificate, an option contract, a futures contract, etc. A mass financial product is issued for investors and ordinary citizens.

A new financial product happens:

1) limited;

2) unlimited.

A limited financial product is a product, the volume or quantity of which is strictly limited. This amount is set when the product is released. The size of the volume (quantity) of the output of the product is determined by many factors: the size authorized capital business entity, customer demand, the presence of a unit of the product itself (real estate), etc.

Limited financial products include stocks, bonds, types of loan agreements, real estate and some other products.

An unlimited financial product is a product, the volume (quantity) of which is not limited by any quotas. This product is produced for a possible potential buyer. The number of buyers is an indeterminate quantity. Therefore, the volume of output of an unlimited financial product is not limited by any norms and conditions, except for the factor of consumer demand.

Unlimited financial products include: coins made of precious metals, plastic cards, bank accounts, insurance certificates, pension policy, etc.

The new financial product may also be in the form of:

1) property;

2) property law.

Property is a thing, that is, it is a material object of ownership. For example, money, measured gold bars; coins, precious stones, securities, land, etc.

Property right means the right to own, dispose of and use certain property. The financial product in the form of property rights includes documents: bank account agreement, loan agreement, pension policy, etc.

Financial transaction (lat. operatic - action) means a procedure of actions aimed at solving a specific problem of financial management. Financial transactions include forms of control and accounting for the movement of cash and securities (substitutes for money), planning methods financial indicators, financial planning methodology different types(balance of income and expenses, plan cash flows, budgeting, operational financial plans etc.), tricks financial analysis, forms of organization financial work in an economic entity, interactive and other similar investment of capital, merger and other actions related to an attempt to capture an economic entity (for example, the actions of “vulture investors”), actions to capture new financial markets.

Financial transactions as actions have an intangible form, i.e. they cannot be touched like a thing and therefore cannot be sold at a fixed price. To be sold, a financial transaction must be materialized in the form of a thing. The form of materialization of a financial transaction are instructions, rules, guidelines, formulas, graphics, i.e. some specific document. This document is already a financial product, and therefore an object of sale and purchase in the financial market.

Innovation literally means something new. This new as a product manifests itself only in the process of selling it on the financial market or when selling it within an economic entity.

The buyer's demand for a financial product or transaction determines the degree of novelty of these types of innovations.

If a new product that has appeared on the financial market is in demand and is sold, then there are consumers of this product. The level of demand for a new product determines the level of its usefulness, and hence the degree of its novelty.

Any new phenomenon is associated with the category of “time”.

Time is an important stimulus for the development of the market and a factor in winning the competition. To be ahead of time means to be ahead of competitors. The economic entity that was the first to come out with its financial innovation and capture its segment (“niche”) of the market quickly creates an image for itself and it is very difficult for a competitor to fight it.

The duration of the functioning of an innovation in the market is determined by the time of its life cycle.

With a duration in time, any new phenomenon becomes mass, traditional, i.e. a common occurrence. Financial innovation is a function of time.

where I -- financial innovation;

t is time, i.e. duration of the life cycle of financial innovation;

f is the sign of the function.

Thus, the concept of "financial innovation" is valid only within the time frame that is set by the start and end points of the life cycle of this financial innovation. In this regard, a financial product or operation that is new only to a given financial institution, but which has long been implemented in other financial institutions, cannot be considered a financial innovation.

Financial innovations also cannot include minor changes that are of a private nature and do not change the content and essence of a financial product or operation. For example, changes in interest rates on bank accounts, terms bank deposits and etc.

For example, the establishment by the Savings Bank of Russia from July 15, 2006 of new interest rates on the Savings Savings Bank of Russia deposit for a period of 1 month and 1 day, 2 months and 1 day, 3 months and 1 day in the amount of 26, 27, 28 % per annum, respectively; on the deposit “Term pension of Sberbank of Russia” for a period of 3 months and 1 day in the amount of 28% per annum; establishment from August 16, 2006 of interest rates on the deposit “ Sberbank pension Russia” in the amount of 18% per annum, on the deposit “School” - 2% per annum.

Thus, financial innovation in its content includes:

a) a new financial product that first appeared only in the Russian financial market, i.e. only one financial institution;

6) a new foreign financial product for Russia, i.е. a new financial product that has appeared on the Russian financial market, but has long been sold abroad on the financial markets of other countries in accordance with their specific conditions and regulations (jurisdiction);

c) new financial transactions.

It is a well-known fact that every enterprise in a market economy, being in conditions of fierce competition, which may not turn out in the best way, may fail (bankruptcy, financial crisis). It is necessary to use effective business management tools such as analysis and diagnostics of the financial condition, which can prevent disruptions in the operation of the enterprise. Innovations in financial activity are also needed, but first it is necessary to improve the general economic and financial systems of the state, to increase the efficiency of research centers.

The theoretical foundations of innovation activity were considered in the works of M. V. Kosolapova, V. A. Svobodina, V. A. Mizyun, A.G. Sultanova, E. A. Markaryan, G. P. Gerasimenko, E. Toffler, D. Bell, J. Naisbitt, F. Braudel, G. Mensch, S. Kuznets, N. Kondratiev, P. Sorokin, A. K. Kazantsev, N. F. Puzynya, V. G. Medynsky, L. N. Ogoleva, N. G. Kovaleva and other authors.

Today, many company executives and managers understand the need to introduce innovations into the business process for the future growth of the organization, but in reality, innovative activities in the practical activities of enterprises are little used. The financial management system should create essentially real conditions for the development of a financial policy that conducts innovative processes and the formation of financial mechanisms for innovative economic growth.

At the moment, in a market economy, there are such distinctive features of financial innovations:

1. Creation, promotion and, accordingly, sale of a new financial product in the market of financial innovations.

2. Implementation of financial operating activities both within the business entity and on the market as a whole.

3. Dependence of innovations in the field of finance on time.

For each state, organizations capable of developing innovative activities are important, otherwise these organizations are doomed to follow a passive innovation strategy at best. At the same time, it is imperative to set clear goals that meet the interests of the company (improving product quality, entering new markets, etc.).

The responsibility of managers for the financial condition of enterprises is very high, therefore analysis and diagnostics are important in any economic activity. Conditions should be created for the mutual linking of various actions of an organization or enterprise in order to achieve the set goals.

Since production is the most important part of the enterprise, it is necessary to provide it with the latest equipment and other modern technologies. There will be production - there will be profit, which means financial stability enterprises, which gives a certain guarantee of further innovation process.

Financial stability is an important criterion for an organization, which is most often determined by the ratio of equity and debt capital in the asset balance.

Financial stability, like other indicators, is greatly influenced by the external and internal environment of the organization, those factors that must be taken into account when making any managerial decision regarding innovative financial management.

To correctly implement innovations in the financial sector, a deep analysis of market infrastructure, customer preferences and the possibility of new supply of resources is needed. It is also necessary to take into account all the risks, the possibility of their reduction. Only then will it be possible to effectively manage the enterprise. The development and intensification of modern production should be based primarily on new solutions in the field of technology, technology, organizational forms and economic methods of management.

The assessment of innovative potential in modern conditions becomes an objectively necessary element in the process of managing the innovative activity of an enterprise. One of the key problems of activating innovative activity is to create conditions, situations that maximize the development of the creative activity of personnel or human resources.

Literature:

1. Kosolapova, M. V. Comprehensive economic analysis economic activity. /M. V. Kosolapova, V. A. Svobodin. –M.: Dashkov and Co., 2011, p. 248.

2. Markaryan, E. A. Financial analysis / E. A. Markaryan, G. P. Gerasimenko, S. E. Markaryan. –M.: KnoRus, 2011, p.258.

3. Mizyun V.A., Sultanov A.G., Audit and financial analysis: innovative tools for financial management, 2010, p. 10.

Introduction………………………………………………………………………3

Financial innovations: essence and preconditions………………....5

Prerequisites for the emergence of financial innovations……….5
The concept of financial innovation………………………………8
Financial innovations as a market commodity………………. 14

The impact of financial innovations on the country's economy………….. 18

Economic analysis of financial innovations…………… 18

2.2. The impact of financial innovations on the country's economy ...... 20

Conclusion……………………………………………………………… 21

References……………………………………………………… 23

Application……………………………………………………………… 24

Introduction

Financial innovations - new financial products, technologies and institutions - in last years have an increasing impact on economic activity worldwide.

In recent years, Russia has seen a sharp increase in attention to everything related to finance in the broad sense of the term: financial activities enterprises and joint-stock companies, securities, functioning of banks, stock exchanges, insurance companies, pension funds, etc. There is a growing interest in obtaining economic and, especially, financial and banking education. The work on translation and publication in Russian of foreign financial literature. There are also works of domestic authors in the area under consideration.

Despite a significant increase in the flow financial information(in print and in electronic format) for a Russian user, it is much smaller than the “ocean” of world economic information that comes to the disposal of specialists, teachers and students in foreign countries. But one important area is completely underrepresented. This area is financial innovation.

Therefore, financial innovations are a hot topic today, which requires detailed study, development, analysis and further application in practice in order to improve the financial sector of the economy.

The objective of the abstract is to consider financial innovations as an independent economic category operating in the financial market with all its features.

Objectives of the work: firstly, to reveal the concept of financial innovations, their essence and prerequisites, and secondly, to provide an economic analysis of financial innovations, to identify the impact of the phenomenon under consideration on the country's economy.

The object of research in the work are financial innovations. The subject of the research is the market of financial innovations as an independent sector of the general financial market.

The abstract contains two chapters: financial innovations: the essence and prerequisites and the impact of financial innovations on the country's economy. The first chapter presents the main points and concepts that characterize this phenomenon. The second chapter reveals the consequences of innovation, provides an economic analysis of innovation.

The content of this work is both theoretical and practical. Examples serve as a practical basis, which allow you to more clearly understand the phenomenon under consideration. Theoretical basis It is represented by educational and periodical literature, as well as information from the Internet. The appendix includes tables and diagrams that allow you to clearly trace the essence and importance of financial innovation.

Financial innovations: essence and background

Prerequisites for the emergence of financial innovations

Financial innovation is called new financial instruments (new methods of working in the financial market).

25 years ago a large number of the financial instruments now taken for granted simply did not exist. For example, current accounts (such as NOW=negotiable order of withdrawal, interest-bearing current account, and bank transfer) were not available until 1972. Today, the number of financial instruments available to people with various amounts to invest has increased dramatically. The number of new financial institutions has also increased.

An example is the situation that developed during the 1979 crisis in the United States; which was largely due to the advent of innovation. It was offered by mutual funds, which themselves were a relatively new financial institution. They equated the share to one dollar, thereby allowing to invest in any amount (other securities could only be invested in multiples of the face value). Mutual funds also offered to issue credit cards. Of course, all this was extremely tempting, and could not but cause a large influx of customers. As a result - the rapid development of mutual funds. This led to a skewed financial market (nobody made deposits in Sberbank) and a terrible financial crisis ( savings and loan associations), which lasted 4 years. To eliminate it, a special association was created and even the segmentation of the banking sector was canceled. One of the curative measures was also the creation of NOW.

On the current account, the interest was equal to zero, but it was possible to issue plastic card. In parallel and interconnected with it, a r / s NOW was started for a certain amount. Thus, when opening an account, the client received a card with the ability to pay for it; at the same time forming a negative balance on the current account. Instantly, the required amount was transferred from NOW and restored the zero balance. This is how the banks got their customers back, actually offering the same services as mutual funds. Eventually segmentation was reintroduced in 1986.

What explains these revolutionary changes in the financial system and the spread of new financial products that have become available to consumers?

As in other sectors of the economy, main goal the financial industry is to make a profit by selling its products. If, for example, a soap company sees a market need for laundry detergent; then it will develop this product to meet that need. Also, financial institutions are developing new products, both for their own purposes and for their clients. Innovation in this sector of the economy is mainly driven by the same factors as in other industries.

But we must not forget one more important reason the emergence of new financial instruments: the desire to avoid more stringent restrictions than those faced by firms from other sectors of the economy.

On the example of credit cards, let's consider the main factors influencing the development of financial innovations.

Technology is the most important factor. The use of credit cards became possible only as a result of the creation of telephone and computer networks, as well as other, more complex telecommunications systems, technical equipment and software for information processing. However, for credit cards to become an important part of modern financial system, financial services firms constantly on the lookout for new profit opportunities had to be prepared to take advantage of this advanced technology. Households and firms had to be ready to purchase these cards.

Quite often in the history of innovation, the firm that pioneers the development of some potentially cost-effective idea does not reap the greatest benefits from it. This is true for credit cards as well. The first company to offer the use of credit cards for international travel was Diners Club, founded just after the end of World War II. The success of this firm prompted two other companies, American Express and Carte Blanche, to offer similar programs use of credit cards.

Firms offering services for the use of credit cards (usually a certain percentage of the purchase price), as well as in the form of interest that is paid for the use of credit by the owners of these cards (according to the balance on the account). The largest expenses of such firms are transaction costs, losses due to the theft of cards and the inability of their owners to repay their obligations.

When in the 50s commercial banks first tried to work with credit cards, it was found that, due to their too high operating costs, they cannot compete with companies providing similar services. However, in the late 60s, these costs were significantly reduced due to the development of computer technology, and banks could already seriously compete with such firms. Today, the leaders in the market of services using credit cards are two major banking systems: Visa and Master Card, while the share of Diners Club and Carte Blanche has significantly decreased.

The current need for innovation is caused by the presence of a crisis in an economic or other process and the need to immediately eliminate this crisis through innovation.

Such an innovation is crisis innovation. The main feature that determines crisis innovation is the solution to the problem of selling a product (work, service) due to a drop in demand for this product and a decrease in the volume of its sale, as well as the solution of a more complex problem - the problem of the survival of an economic entity in the market in conditions of fierce competition. Crisis innovation is aimed at eliminating the organizational, industrial, economic or financial crisis this business entity.

A strategic need is a need for innovation for the future. It is caused by long-term forecasts of economic activity, for example, forecasts of losses in the competitiveness of goods, a decline in the image of an economic entity, its possible bankruptcy, etc. The goal of innovation here is to increase the competitiveness of the product and the entire economic entity in the future. Such innovation is development innovation.

The classification of innovations is shown in fig. 1. (see appendix). The classification scheme of innovations includes the type and form of innovation.

The type of innovation is a set of individual innovations, brought together into a single group according to certain signs (signs), which make it possible to distinguish this group of innovations from other groups. For example, in innovations identified by target, the types of innovations are crisis innovation and development innovation; in innovations identified by external features, the types of innovations are product and operation, etc.

The type of innovation includes different forms of innovation. The form of innovation is a group of innovations united by a single way of existence or a single essence of any innovation. This new technology, new product, new insurance product, new tourism product (tour, cruise, tourist route, etc.), new technology production, etc.

For example, in 1997, Petrovsky Bank (St. Petersburg), together with a branch pension fund Petersburg, the City Center for the Appointment and Payment of Pensions and Allowances, the Administration of the Federal Postal Service introduced a new type of loan for pensioners, the so-called microcredit. This microcredit is issued to a pensioner for a period until the next accrual of a pension or allowance at a fairly low interest rate.

What is the essence of financial innovation?

1.2. The concept of financial innovation

In the general system of innovations, one can single out financial innovation, i.e. innovation that operates in the financial sector. Financial innovation, like any other innovation, is divided into crisis innovation and development innovation; for a new financial product and a new financial transaction (see the innovation classification scheme shown in Fig. 1 in the appendix).

1. Mandatory sale of a new financial product in the market of financial innovations.

2. Compulsory implementation of a financial transaction on the market or within an economic entity.

3. Functional dependence of financial innovation on time.

The obligation to sell a new financial product or transaction means that if the product or transaction is not implemented, then it is not new. They simply don't exist.

The dependence of financial innovation on time means that each innovation has its own life cycle.

The economic essence of financial innovation is expressed in the following.

Financial innovation is the end result of innovative activity in the financial sector, implemented in the form of a new financial product or operation.

A financial product is a material part of the issued service of a financial institution. A financial product has the form of a thing (i.e., a tangible form) intended for sale in the financial market. A financial product includes securities, coins made of precious metals, a plastic settlement or credit card, a bank account agreement, a pension policy, a real estate object, etc.

1) mass;

2) single.

A single financial product has a well-defined circle of its customers. Therefore, it is produced based on specific consumers (numismatists, hoarders, investors).

A mass financial product is a product without a pronounced individuality. He has no special characteristics. A mass financial product differs only by type of product or financial asset. It includes bonds of the state internal loan of all kinds, a bank deposit account, a pension policy, an insurance certificate, an option contract, a futures contract, etc. A mass financial product is issued for investors and ordinary citizens.

A new financial product happens:

1) limited;

2) unlimited.

A limited financial product is a product, the volume or quantity of which is strictly limited. This amount is set when the product is released. The size of the volume (quantity) of the output of the product is determined by many factors: the size of the authorized capital of an economic entity, the demand of buyers, the presence of a unit of the product itself (real estate), etc.

Limited financial products include stocks, bonds, types of loan agreements, real estate and some other products.

Unlimited financial products include: precious metal coins, plastic cards, bank accounts, insurance certificates, pension policy, etc.

The new financial product may also be in the form of:

1) property;

2) property law.

Property is a thing, that is, it is a material object of ownership. For example, money, measured gold bars; coins, precious stones, securities, land, etc.

Property right means the right to own, dispose of and use certain property. A financial product in the form of property rights includes documents: a bank account agreement, a loan agreement, a pension policy, etc.

A financial transaction (lat. operatic - action) means a procedure of actions aimed at solving a specific problem of financial management. Financial transactions include forms of control and accounting for the movement of cash and securities (substitutes for money), methods for planning financial indicators, a methodology for drawing up financial plans of various types (balance of income and expenses, cash flow plan, budgeting, operational financial plans, etc.), methods of financial analysis, forms of organizing financial work in an economic entity, interactive and other similar capital investment, merger and other actions related to an attempt to capture an economic entity (for example, the actions of “vulture investors”), actions to capture new financial markets.

Financial transactions as actions have an intangible form, i.e. they cannot be touched like a thing and therefore cannot be sold at a fixed price. To be sold, a financial transaction must be materialized in the form of a thing. The form of materialization of a financial transaction is instructions, rules, guidelines, formulas, graphs, i.e. some specific document. This document is already a financial product, and therefore an object of sale and purchase in the financial market.

Innovation literally means something new. This new as a product manifests itself only in the process of selling it on the financial market or when selling it within an economic entity.

The buyer's demand for a financial product or transaction determines the degree of novelty of these types of innovations.

Any new phenomenon is associated with the category of “time”.

Time is an important stimulus for the development of the market and a factor in winning the competition. Being ahead of time means being ahead of your competitors. The economic entity that was the first to come out with its financial innovation and capture its segment (“niche”) of the market quickly creates an image for itself and it is very difficult for a competitor to fight it.

The duration of the functioning of an innovation in the market is determined by the time of its life cycle.

With a duration in time, any new phenomenon becomes mass, traditional, i.e. a common occurrence. Financial innovation is a function of time.

where I - financial innovation;

t - time, i.e. the duration of the life cycle of a financial innovation;

f is the sign of the function.

For example, the establishment by the Savings Bank of Russia from July 15, 1999 of new interest rates on the Savings Savings Bank of Russia deposit for a period of 1 month and 1 day, 2 months and 1 day, 3 months and 1 day in the amount of 26, 27, 28 % per annum, respectively; on the deposit “Term pension of Sberbank of Russia” for a period of 3 months and 1 day in the amount of 28% per annum; the establishment from August 16, 1999 of interest rates on the deposit "Pension Savings Bank of Russia" in the amount of 18% per annum, on the deposit "School" - 2% per annum.

Thus, financial innovation in its content includes:

a) a new financial product that first appeared only in the Russian financial market, i.e. in only one financial institution;

6) a new foreign financial product for Russia, i.e. a new financial product that has appeared on the Russian financial market, but has long been sold abroad on the financial markets of other countries in accordance with their specific conditions and regulations (jurisdiction);

c) new financial transactions.

1.3. Financial innovation as a market commodity

Financial innovations are sold in the financial market.

The financial market is a complex system. Its complexity is determined by the heterogeneity of the constituent elements, the heterogeneity of the connections between them, the structural diversity of the elements. This causes the diversity and difference of the elements of the system, the multiplicity of criteria for their activity. The dynamism of the financial market as a system is due to the fact that it is in the constantly changing composition of financial assets and their size, in fluctuations in supply and demand for them, etc. This ensures an increase and deepening of the connections of the financial market as a system with the external environment and complicates the management process financial assets. The financial market is an open system, as it exchanges information with the external environment.

The financial market is created by financial institutions: banks, stock exchanges, funds.

An integral part of the financial market are financial innovations. Without financial innovations, as well as without competition, the financial market cannot exist.

Innovative opportunities of the financial market are presented in Table 1. (see appendix).

Table material. 1 shows that each of the seven financial markets in the Russian Federation has great potential for the development of new financial products and new financial transactions.

In the Russian Federation, on the basis of Decrees of the Government of the Russian Federation of January 6, 1998 No. 6 “On the Federal Debt Center under the Government of the Russian Federation” and of April 23, 1999 No. 459 “On the Sale of Confiscated and Seized Property”, a new financial market has been created and is gradually developing - debt market. The objective of this market is the sale of property (property rights) of economic entities - debtors, confiscated and / or arrested by the judiciary, including those located abroad.

As an independent sector of the general financial market can be identified financial innovation market. This independence is due to the role that financial innovations play in the economic process, and the special place of the financial innovation market in the overall system of the financial market.

The financial innovation market is integral. The integrity of the financial innovation market means its inseparable connection with all financial assets, i.e. its inseparability from all types of financial markets in their common system. The financial market as a complex system includes the foreign exchange market, the market for precious metals and precious stones, the securities market, money market, credit market, insurance market, real estate market, debt market. The same complex system of the financial market includes the market of financial innovations, thus forming a single whole.

The place of the financial innovation market in the general financial market is also determined by the fact that it deals with new goods, i.e. with new financial products and new financial transactions. Therefore, the financial innovation market is always the primary financial market.

As an independent sector of the general financial market, the financial innovation market has a clear specificity, which is manifested in:

Market monopolization caused by the monopolization of innovations (innovations);

The rapid pace of development of the financial innovation market;

Features of the operation of the basic laws of the financial market;

The riskiness of investments in financial innovations, i.e., the presence of venture capital investment in a new field of activity.

The features of the financial innovation market are due to the following points.

In the market of financial innovations, transactions are made with new financial products and with new financial transactions, i.e. with certain types of innovations (innovations).

A feature of innovation as a market product is relatively short life cycle of this innovation. After the expiration of a certain period, the innovation turns into an ordinary, that is, “old”, traditional, phenomenon and loses its uniqueness of the new product. The buyer's interest in this product is already disappearing. During the entire life cycle of a financial innovation, the producent or investor-seller objectively has the exclusive right to this new financial product.

A financial product as a new product is sold basically only once in the primary financial market.

In most cases, a new financial product is inseparable from the buyer, as it is issued for a specific investor-buyer and is often named. A new financial transaction developed and implemented by the producer cannot be patented by him. But it is the know-how of this producer and therefore requires monopoly rights to it. The loss of a monopoly on this financial operation means for the producer the loss of his money, profits, and perhaps the entire business. All this objectively makes financial institution as a producer of financial innovation to be a monopolist in the financial innovation market.

Therefore, the monopoly of financial innovation is an objective phenomenon. The market of financial innovations without its monopolization does not exist.

The second feature of the financial innovation market is its rapid development. The growth rate of the volume of financial innovations sales always outstrips the growth rates of the financial asset sales of the corresponding link in the financial market. This is due to two factors<:>

1) the stimulating role of financial innovation in the economic process;

2) the effect of competition in the financial market.

Financial innovation is an important source of attracting additional funds and profits to the economic process. This is a stimulus for the development of all economic process and the creation and implementation of new financial products and new operations.

On the other hand, the actions of competitors force the financial institution to take care of the high competitiveness of its products and conduct market research on the financial market and constantly create and sell a new financial product and operation that is in demand.

2. The impact of financial innovations on the country's economy

2.1. Economic Analysis of Financial Innovation

Funding innovation is always associated with risk, i.e. with the uncertainty whether the investment will bring profit or will it be unprofitable? Selective risks (from Latin selektio - choice, selection) are of decisive importance in innovation. Selective risks are the risks of choosing the wrong type of investment investment in comparison with other types of investment.

Risky investments are venture capital (English venture - dare, take risks). Venture capital operates according to the capital diversification scheme. It is invested in unrelated projects based on a quick return on investment and a high rate of return on capital (usually at least 50%). The return on capital means that the value of the inflow of money from the investment of capital becomes equal to the value of the invested capital. It is measured by the payback period of capital, that is, it shows the period of time required to recover the initial outlay of capital. The rate of return on invested capital is the profit received from one ruble of invested capital.

Any economic analysis that explains innovation must turn its attention to the incentives that led to the emergence of new financial instruments. Economists argue that this is due to the desire to maximize profits. In other words, to become (stay) rich.

This view leads to a simple conclusion: changes in the economic environment stimulate the search for profitable innovations.

Since 1960, members financial relations faced with radical changes in economic environment. Inflation and interest rates rose significantly and became difficult to predict; which changed the parameters of demand in the financial markets. Rapidly developing computer technology has also changed the parameters of the proposal. In addition, financial restrictions have become even more stringent. Financial market agents realized that the old ways of doing business were no longer profitable. The financial products and services they offered to their customers were not bought by anyone. Many financial intermediaries have recognized that they can no longer purchase funds using the old financial instruments. To survive in new economic conditions, financial institutions had to invent and develop new products and services that buyers would need and prove profitable. This process has been called financial engineering. Thus necessity was the mother of innovation.

Even the owners of companies not affected by the financial revolution realized; that these changes in the economic environment can be used to increase their well-being. They began searching for new profitable financial products and services. Their efforts produced a large number of multimillionaires and set off many of the financial innovations we now know.

There are 3 main types of innovation: those driven by changes in demand parameters, supply parameters, and those driven by the desire to avoid market restrictions. Consider financial innovation driven by changes in the parameters of demand.

The most significant change in the economic environment in recent years that has changed the demand for financial products has been the increase in interest rate volatility. For example, in the 1950s, interest rates on three-month Treasury bills ranged from 1% to 3.5%; in the 70s. the same from 4% to 11.5%. This variability became even more pronounced in the 1980s, when the spread was 5-15%. Large changes in interest rates lead either to large gains or losses in capital; and an increase in investment uncertainty. That is, there is always a risk of not getting back the amount of money spent ( interest rate risk). And the fluctuations that we saw in the 70s and 80s. lead to more high level interest rate risk. As risk increases, we will expect an increase in demand for financial products and services that can reduce it. This change in economic conditions thus stimulates the search for profitable innovations that meet new demand; and accelerates the creation of new instruments that reduce interest rate risk. There are many cases that prove this. For example, appeared in the 70s. futures and options market; and the development of adjustable rate loans.

2.2. The impact of financial innovations on the country's economy

Thus, financial innovations can have both a positive impact on the country's economy (development innovations) and a negative one (crisis innovations). What to expect from innovation? – this question interests many economists and financiers. The answer to this question requires an economic analysis of financial innovation. But the problem is not only this. Innovation requires cash, investment. Venture investments are most often used for anything but high-tech business. Experts estimate that only about 1% venture investments in Russia is developing high technology. Venture investors prefer quieter areas of capital investment. The reluctance to support Russian innovations is understandable in principle. Some attribute this to the techno-nationalism of foreign venture capital funds, their fear that Russian innovations could challenge Western industrial leaders in certain regional markets. Allegedly, projects in "traditional" industries are mainly focused on the domestic market, while high-tech projects are most effective only if they are exported to international markets. Such thoughts, of course, are gratifying for a patriot of Russian science.

It is also known that the Russians still love "iron people", prefer tradition to innovation, unity to pluralism, decisions of the authorities to personal choice.

Conclusion

Summing up some of the above, it should be noted that within the framework of this work, it is virtually impossible to cover all the provisions and problems associated with financial innovation.

Financial innovations are not planned by any centralized bodies, but arise as a result of the actions of individual entrepreneurs and firms. The main economic motives that stimulate the emergence of innovations in the financial sector, in essence, are no different from the motives operating in any other areas of human activity. As Adam Smith noted, “Every individual seeks to use his capital in such a way that it brings the greatest profit. His intent is usually not to serve public interest, he usually does not even know how much he contributes to their satisfaction. He cares only for his own safety and profit. But the individual who seeks exclusively his own benefit is guided by an invisible hand to a result which was not his intention. Following his own interests, he often contributes to the development of society much more effectively than if he really intended to do so.

There is no doubt that thanks to the introduction of credit cards, international travel has become much more convenient and cheaper. Their invention and dissemination has benefited millions of people and contributed to the "democratization" of finance.

How did it happen? The abstract gives an answer to this question in the first chapter, revealing the prerequisites for the emergence of financial innovations. The paper presents examples that help not only to better understand this topic, but also to clearly understand the importance and necessity of financial innovations.

Credit cards are just one example of the vast array of financial products developed over the past 30 years that have revolutionized the way people do business in the economy. Together, these innovations have significantly increased the ability to find effective balance between risk and return, to properly manage personal investments, and to more accurately adjust their individual needs throughout life, including the accumulation of funds during the working period and their use after retirement.

The paper showed that financial innovation is an independent economic category, which has an impact on the financial sector of the economy, which is the task of the abstract.

The goals set at the beginning of the work were also realized: firstly, the concept of financial innovations, their essence and prerequisites were disclosed, secondly, an economic analysis of financial innovations was given, and the influence of the phenomenon under consideration on the country's economy was revealed.

For the development of financial innovations, their full use, it is necessary to improve general economic and financial education in Russia, to improve the quality level scientific research and the efficiency of the functioning of the financial and credit system, which require an increase in the production of scientific and educational literature, in which, at a high professional level, but at the same time, foreign experience in scientific research, education and management of financial institutions would be covered in a simple and accessible way.

Bibliography

Balabanov I.T. and others. Money and financial institutions. - St. Petersburg: Publishing house "Piter", 2000.
Balabanov I.T. Innovation management. - St. Petersburg: Publishing House "Peter", 2001.
Melnikova T.I. Financial management: Reader. - Novosibirsk: SibAGS, 2001.
Financial innovation: Foreign experience/ M.V. Lychagin, B. Scott-Quinn, V.I. Suslov. - Novosibirsk: Nauka, 1997.
E. Jamai. Problems of optimizing the resource support of R&D in modern economic conditions // Director's consultant, No. 5 (137), 2001.
Russian newspaper. 1998, January 15
Russian newspaper. April 29, 1999
Financial innovations /
“A stable Russia is just a mask” Washington Times, 2003 /

APPLICATION

Table 1.

Innovative characteristics of the financial market

Russian Federation

Market financial assets

Existing on the market

Possible financial innovations

financial products

financial operations

new financial

products

new financial

operations

1. Foreign exchange market

Securities in foreign currency

1. Reserve currency: English pound sterling, US dollar, German mark, Swiss frank, Japanese yen

2. Other freely convertible currency: Australian dollar, Austrian shilling, Belgian franc, Dutch guilder, Danish krone, Spanish peseta, Italian lira, Canadian dollar, Kuwaiti dinar, Lebanese pound, Norwegian krone, Singapore dollar, French franc, Finnish mark, Swedish krona, Egyptian Pound, Portuguese Escudo, Greek Drachma, Irish Pound, Icelandic Krone, Turkish Lira, Czechoslovakian Krone, SDR, Euro

3. Traveler's checks:

American Express

1.Currency report

2.Currency deportation

3. Currency arbitrage

4. Interest arbitrage

5. Hedging

6. Accounting credit by currency

7. Factoring by currency

9. Forfeiting

10. Credit on an open account

11. Acceptance credit

12. Acceptance-reimbursement credit

13. Financial credit by currency

The new kind reserve currency A new type of freely convertible currency New types of securities in foreign currency: currency bonds for the population Swaption

FX swap

Zero Coupon Swap Swaption Operations Swap Warehousing

Operations under the FRA agreement

Diners Club International, etc.

4. Eurochecks of credit institutions of Great Britain, Italy, the Netherlands, France, Germany, Austria, Andorra, Belgium, Denmark, Spain, Luxembourg, Norway, Portugal, Finland, Sweden, Switzerland

5. Currency shares, bonds, bills, options, futures

6. Currency swap contract

7. Forward contract in currency

8. Loan agreement(agreement) by currency

2. Precious metals and precious stones market

2. Silver;

3.Platinum;

4.Platinum group metals: palladium, iridium, rhodium, ruthenium, osmium;

7.Emerald; 8.Sapphire

9.Alexandrite; 10. Pearls: oriental, river, river round weighing more than 0.25 carats; 11. Amber

Standard gold bars

Standard silver bars

Standard Platinum Bars

Measured gold bars weighing 10, 20, 50, 100, 500 and 1000 g Precious metal coins

natural gems

Swap contract with gold

Unique amber formations-

Unique gem nuggets

Operations on a metal account

Pledge operations

Swap with gold

1. New precious metal coins

2. New commemorative medals made of precious metals

1. Operations with natural gems

metals

Unique nuggets of precious valuable stones

3. Securities market

Stock securities: stock, bond, warrant, option, futures

Other types of securities: bank certificate, state treasury bill, promissory note, bill of lading

Commercial securities: check, letter of credit, money order

Share: ordinary, preferred, “gold”, type “A”, type “B”, convertible

Warrant, share or bond certificate, double warehouse receipt (consists of 2 parts)

bank certificate of deposit

savings certificate

Treasury obligations of the state; Bill of lading;

Bonds: International (external) loan, State internal loan of the RSFSR 1991, government short-term zero-coupon bonds, Federal loan, Zolotoy federal loan 1992, municipal bonds, bonds of business entities (banks, joint-stock companies, etc.), convertible

Bond swap contract, check, letter of credit, payment order

Arbitrage deal

Loan secured by securities

Lombard loan

Transfer of a bill, check, bill of lading by endorsement

Bill protest

Domicillation of a bill

Bill collection

Aval bills, checks

Acceptance of a bill, check Swap

Shares of new joint-stock companies

Government non-marketable coupon bonds

Electronic transactions with stock securities on the principle of "client-service" (interactive investment)

Bond interest rental

Innovation on government zero-coupon bonds

Novation on Federal Loan Bonds with Fixed and Variable Income

Zero coupon swap (bonds)

Arbitration

“Cash and Curry”

4. Money market

Bank account agreement

Deposit agreement

Short money swap contract

Property trust agreement

Bank payment card

Types of cards: credit card; debit card; smart card

Discount card

Buying and selling money at auction

Trust operations (trust management)

LEU account agreement

New types of bank account agreements

New types of bank deposits

Operations by combining a contract current with an overdraft

Debt corporatization

5. Credit market

Credit resources ( borrowed capital) in rubles)

Loan agreement (agreement)

Mortgage

Pledge certificate

Loan agreement

bank credit card

Financial credit: urgent current account, on-call, mortgage

Commercial credit: corporate, promissory note (accounting), factoring, overdraft

New types of loan agreement

Microcredit for pensioners

Loan against the future receipt of goods or money

6. Insurance market

1.Insurance certificate (policy)

2.Insurance medical policy

3. Pension policy

1.Certificate of insurance (or insurance policy)

2.Individual contract of additional pension provision

3. Medical insurance policy (individual)

1.Insurance: personal, property, liability

2. Obtaining a loan under insurance

1.Compulsory liability insurance of motor vehicle owners

2.Insurance of new

borrowers' liability for non-repayment of loans

1.Insurance policies of foreign insurance companies

2.Insurance policies of the group on mutual insurance

types of responsibility

3. Title insurance

4. Insurance of the walls of the building (i.e. the body of the apartment) from destruction

5. Property insurance of enterprises based on the principle of preferred risk (i.e. mutual risk insurance)

7. Real estate market

1. Land

2. Subsoil plot

3. Separate water bodies

4.Plot of the sea

5.Plot of the forest fund

7.Construction

8.Enterprise

9. Apartment

10. Subject state registration air and sea vessels, inland navigation vessels

11.Space objects

1. Types of real estate

2. Act of real estate appraisal

3.Certificate of ownership

1. Real estate appraisal

2.Purchase and sale of real estate

3.Real estate rental

1. New types of real estate (a site of the Moon, land and subsoil areas in Antarctica, etc.)

1. New types of lease (rent of a plot of the sea, caves, mountains, etc.)

Operations with real estate of debtors and with confiscated real estate (these are objects of the new financial debt market that has just begun to develop in Russia