Formation and development of the capital market in the Russian Federation. §5. Formation of the capital market in the Russian Federation. Ш labor market

Introduction

Chapter 1. Theoretical foundations of capital market analysis 11

1.1. The place and role of capital in the economic system 11

1.2. The essence and structure of the capital market 31

1.3. Analysis of theoretical models of the capital market 62

Chapter 2. Features of the functioning of the capital market in Russia 81

2.1. Formation and development of the capital market in the Russian Federation 81

2.2. Features of the economic behavior of capital market subjects... 100

2.3. The impact of globalization on the development of the Russian capital market 124

Conclusion 148

List of used literature 159

Introduction to the work

Relevance of the research topic. During the period of existence of a centralized economic management system, the distribution of means of production was carried out systematically and was reduced mainly to the preparation and implementation of orders for material and technical resources. The nationalization of the process of circulation of means of production and their centralized distribution deprived producers of the opportunity to independently make investment decisions and choose suppliers of production resources.

The market transformation of the Russian economy is designed to radically change the forms and methods of regulation investment activities and form a full-fledged and efficiently functioning capital market. Acting as a relatively independent link in the economic mechanism of society, the capital market must play a vital role in ensuring the dynamic development of the Russian economy.

The study of the development of the capital market is important for solving such socio-economic problems as overcoming the decline in production and the investment crisis; ensuring a decent standard of living for the population, creating an effective mechanism for redistributing income in order to intensify the investment process; achieving sustainable rates economic growth.

The relevance of the research topic is also determined by the fact that forecasting the development of the capital market, achieving coherent functioning of all structural elements of the investment complex, acquires modern stage not only theoretical, but also practical significance and is one of the fundamental areas of economic theory.

The degree of development of the problem. The study of capital and capital markets is one of the most popular problems in economic theory. Physiocrats F. Quesnay and A. Turgot studied the movement of capital in agriculture. Classics - A. Smith, D. Ricardo, J. St. Mill, J.B. Say considered capital as main factor production, and its price was interpreted as the ratio of supply and demand for a given factor. The name of K. Marx in the public consciousness is also associated with the term “capital”; the study of the origin, formation, circulation and accumulation of capital was the work of his whole life. The school of marginalists contributed to the theory of capital in the form of the “positive theory of capital” by E. Böhm-Bawerk. From that moment on, economic theory established the position that capital has its own productivity, and the rate of interest is determined on the market based on the principle marginal utility. The theory of marginal productivity, the problem of the optimal combination of factors, the production function - these are the milestones in the development of the neoclassical theory of capital. The problem of stimulating investment was considered by representatives of Keynesianism (J.M. Keynes was the first to prove that interest becomes an autonomous monetary phenomenon, i.e., the price paid for the refusal of liquidity). J. Hicks's double equilibrium combines changes in the goods market and the money market into one model. Thus, J. Hicks gave rise to the differentiation of processes occurring in the market of real and fictitious capital.

Since the 50s of the 20th century, the “classical” theory of investment began to take shape, which arose and developed based on the needs of economic agents in countries with developed market economies. However, in the works of E. J. Dollan, G. Mankiw, F. Knight, P. Samuelson, S. Fischer, P. Heine, investments in financial assets, which is explained by the high development of the market valuable papers, or applied aspects of the effectiveness of investment projects. In the works of Western scientists, the concept of the capital market, which is at the stage of formation and development, has not been developed,

In domestic political economy, issues of accumulation and efficiency capital investments were developed in the works of K.K. Valtukha, Ya.A. Kronroda, V. Novozhilova, A.I. Notkina, ST. Strumilin and others.

In modern works of domestic scientists - B.I. Alekhina, V.D. Andrianova, L. Artemova, E.T. Gaidara, S.Yu. Glazyeva, A.I. Dobrynina, G.P. Zhuravleva, A.Ya. Livshits, A. Nazarova, B.P. Plyshevsky, L.S. Tarasevich, A.A. Feldman and others, the issues of capital accumulation in Russia, attracting foreign investment, state regulation of the capital market are being actively developed, the causes of the investment crisis are being identified and measures are proposed to overcome it.

At the same time, in educational and scientific literature the question of sources of profit and interest has been removed or pushed into the background; the concept of “capital” is used in many meanings. All attention is shifted to practical problems of the impact of interest rates on investments, issues of discounting future income, and the study of the capital market is being replaced by the study of the investment process. The question of the structure of the capital market and directions for its optimization remains debatable. The question of the impact of globalization on the domestic capital market needs theoretical justification,

It can be stated that the theories of capital developed by Western and domestic economists do not fully meet the requirements of the modern economic situation in Russia. In this regard, the problem of the formation, development and improvement of the capital market requires further scientific development and justification.

Purpose and objectives of the study: The purpose of the study is to examine the features of the emergence and development of the capital market in the Russian economy.

In accordance with the stated goal, the following tasks were solved in the dissertation: consideration of available alternative interpretations of capital, the relationship of capital with basic economic categories, phenomena and processes; revealing the essence and structure of the capital market, determining its place in the market system; analysis of the main theoretical models of the capital market and assessment of the current state of the capital market in Russia; analysis of the stages of formation of the Russian capital market; ;" identifying the characteristics of the economic behavior of the main subjects of the capital market; studying the impact of globalization on the development of the Russian capital market;

Subject and object of research. The subject of the study is economic relations between firms, households and the state, reflecting the process of formation and development of the Russian capital market.

The object of study is the capital market in a transforming economy.

Methodological, theoretical and informational foundations of the study. Methodological and theoretical basis The dissertation was based on the works of domestic and foreign scientists who made a significant contribution to the scientific development of the problems of markets for factors of production, capital, and the financial market. The concepts of international capital movement and investment were of great importance in the theoretical aspect.

When conducting the research and presenting the material, philosophical and general scientific approaches and methods were used: abstract, dialectical, materialistic, retrospective, economic-statistical, factorial, structural-functional and others.

The information basis for the study was the legislative and regulations, reference materials of official governing bodies of the Russian Federation, data from periodicals, sociological studies in relation to the main subjects of the capital market.

The scientific novelty of the dissertation research lies in the following provisions.

The author has developed a classification of interpretations of the concept of “capital”, including: expanded (capital as a value that generates income), monetary (capital as money), material (capital as a means of production), factor (capital as a factor of production), socio-economic ( capital as a production relation), time (capital as a discounted stream of income), level (personal, entrepreneurial, folk, social) approaches.

The author's understanding sets out an abstract interpretation of capital. Unlike most works in which the essence of capital is identified with its forms of manifestation (industrial, monetary, loan), in the dissertation capital is understood as goods that, in the process of their self-propulsion and use, increase the production of future goods and bring their owner regular income throughout for a long time. The capital market is considered as a system of relations regarding the movement of capital and capital assets.

A hypothesis has been put forward and substantiated that the main cause of the investment crisis in Russia is deformations in the system of functional dependencies: “inflation - interest rate”. High inflation forces all producers and consumers to live by current interests, blocks incentives to invest, and does not allow the interest rate to be reduced. long term investment to a level acceptable for business entities. All this contradicts the strategic socio-economic interests of the country. Therefore, it is recommended to take emergency measures to reduce the average annual inflation rate to 3-5 percent.

In contrast to the approaches available in the literature, the dissertation has developed and presented a comprehensive scheme of the structure of the capital market, built on the basis of a single classification criterion (the specificity, the essence of capital acts as the classification basis), which will significantly increase the analyticality of theoretical research.

The conditionality of the structure of the capital market by the bifurcation into real and fictitious capital is revealed. In this regard, the capital market is considered as an element of the financial market and as an element of the market for production factors.

The peculiarities of the functioning of the Russian capital market are revealed: social capital has “shrinked” by no less than one and a half times; the depreciation of capital goods has led to a relative increase in profitability and the value of owning a monetary form of wealth; hoarding of funds in foreign currency; privileged position of commercial banks; predominantly non-productive sources of initial capital accumulation; underdevelopment of the institutional infrastructure of the capital market; high level refinancing rates and interest rates on loans (the expected marginal efficiency of capital, i.e. the rate of profit invariably turned out to be lower than the long-term interest rate on the market borrowed money); insufficient supply of loan capital on the market; uneven distribution of competition in the market for investment resources.

It has been proven that a phenomenon such as the uneven distribution of competitive forces across regions and sectors of the national economy has a significant impact on investment activity. The shortage of investment resources is most pronounced in those industries and regions where the rate of profit is lower, capital turnover is slower, and the degree of investment risks is higher. This allowed us to draw the following conclusions: 1. The state should promote the intensification and uniform distribution of competition in the capital market across spheres and regions of the national economy. 2. Depressed regions, agriculture and a number of other industries need to be provided with special preferences (tax, credit, financial, etc.).

Developed priority areas increasing the efficiency of state regulation of the capital market: reducing inflation and interest rates; promotion deposit rates on household deposits in savings institutions and organizations; stimulating the influx of foreign capital into the industry real sector economy and restriction of its activities in industries related to the implementation of national-state interests (exploitation of national natural resources, radio, television, satellite communications, military-industrial complex).

Theoretical and practical significance of the work. This dissertation contributes to the development of both general economic theory and the theory of transition economies, enriching their content with research into the problems of capital market development.

The provisions and conclusions put forward as a result of the study are of practical importance for determining directions and ways to increase the efficiency of functioning and development of the Russian capital market. The materials of the dissertation work can be used in teaching courses: “Fundamentals of Economic Theory”, “Microeconomics”, “Macroeconomics”, “Theory of Transition Economy”, “Institutional Economics”.

Approbation of work. The main provisions of the work were presented at international and interuniversity conferences. Among them: “Regional integration in the context of globalization: economic, social, political, legal, historical and cultural aspects.” (Republic of Kazakhstan, Uralsk, UATiSO, 2002), “Globalization and economic problems of development of Russia” (Krasnodar, KSKHU, 2002) and others. 5 works have been published on the topic of the dissertation research, with a total volume of 5.3 pp.

The dissertation research is part of the state budget theme “Formation and development of market relations” of the Department of Economic Theory of Saratov State Socio-Economic University.

Structure of the dissertation. The structure of the work is determined by the objectives, purpose and logic of the study. The dissertation is presented on 176 pages, it includes two chapters, six paragraphs, an introduction, and a conclusion. The list of used literature includes more than 200 sources, including literature on English language. The dissertation contains tables, diagrams, and drawings.

The place and role of capital in the economic system

Capital is one of the central and complex categories of economic theory. It is no coincidence that when it comes to the theory of capital, not only scientific views are fiercely defended, but also social and class positions. Depending on what is the object of the relationship between sellers and buyers in the market, we can distinguish different approaches to the interpretation of this concept.

First approach (advanced). Capital can be defined as value that produces a stream of income. From this point of view, capital can be called land, production assets of an enterprise, securities, “human capital” (“investment in knowledge”). This definition of capital is very broad and is given at a high level of abstraction. By this definition, any economic resource can be classified as capital. In the 20th century, when using the achievements of scientific and technological revolution, the concept of capital began to include “human capital”. The emergence of human capital theory reflected the increased last years the role of non-material factors in the development of humanity. Human capital is understood as the totality of all the productive qualities of a worker, that is, this concept includes acquired knowledge, skills, as well as motivation and energy used to produce economic goods. The role of science, which is increasingly turning into a direct productive force, is growing sharply. Investments in science and education that contribute to the formation of “human capital” largely determine the possibilities for economic growth and improving the standard of living of the people.

Second approach (monetary). Capital is money because it is a universal commodity that can be used to pay wages and settlements with suppliers, investing in production development. It should be borne in mind that money is not a purely economic resource. As such, money is not productive; they are unable to produce goods or services. However, entrepreneurs buy the use of money because money can be used to acquire economic resources. Using money capital, enterprise managers ultimately buy the opportunity to use real means of production.

Third approach (material and material)3. It is widely believed that capital is a means of production that can be used to produce other goods. This understanding of capital as a good has a long history. So, for example, the physiocrats considered land as capital, A. Smith - accumulated wealth and labor, and D. Ricardo - invested funds production.

The material and material interpretation of capital involves problems of thrift and stock. The development of civilization is based on continuity, that is, on the fact that each new generation takes advantage of the gains of previous generations and adds its share to them, working, in turn, not only for the present, but also for the future. In economic life, the connection between the past and the present is expressed, among other things, through capital. In this aspect, the essence of capital is that: 1) that it is the result of previous activity and 2) that accumulated items are used not for personal consumption, but for the production of new things.

Capital as an economic quantity must be created by previous production, remain free and be saved from consumption. It must be preserved until it becomes possible to expend it as an element of the production process. Capital has its source in the intensified previous production, which coincides with the surplus of the latter (stock).

A. Smith wrote that capital is that part of the stock from which he expects to receive income4. The other part of the stock, directed to direct consumption, is not capital.

However, A. Smith believed that the delivery of income alone does not transform values into social capital. What is capital for an individual may not be capital for a people. He wrote; “...although a house may generate income for its owner and thus perform the function of capital for him, it is not able to provide any income to society or perform the function of capital for it...”5.

A. Smith divided national and private property into three parts - consumer reserves, fixed and working capital. He classified the money as working capital.

Fourth approach (factorial). Jean-Baptiste Say defined capital as the sum of values by which production is supported. He is rightly considered the founder of the theory of factors of production, where capital plays a primary role. He determined the size of capital by its exchange value. Capital generally provides a useful service, delivering either income to its owner or serving his consumption. So, capital refers to values or services with the participation of which any new income is created. Capital is the third (along with natural resources and human labor resources) mediating factor of production. “These are capital goods produced by the economic system itself in order to use them as factors of production for the further production of consumer and other goods and services” 6.

Based on the views of the classics of political economy, the concepts of fixed (constant) and working capital are identified. The owner's expenses on constant and working capital are different: expenses on the latter are renewed after each turnover, and constant capital, serving for many turnovers, requires only amendments and repairs, which is much cheaper than its complete renewal. This economic curbing of needs and the preserved accumulation of values and services is called frugality. Thrift is seen as another source of capital.

Initial capital, as a source of income, appears in the form of usury and trade. This process was largely completed with the transformation of the market from national to global (XV-XVII centuries). During the same period, right up to the 18th century, capital was formed as a result of the exploitation of workers in handicraft industries and factories. Since the 17th century, capital created through stock exchange operations appeared. Exchange trading assumed extensive dimensions only in the 19th century with the advent of trading in goods and securities. Mercantilists viewed money as a monetary form of capital. However, at the same time, they realized that in order to increase wealth, money must first turn into production and commodity forms.

The essence and structure of the capital market

Before considering the content of the capital market, we should dwell on the characteristics of the main economic concepts and categories expressing the investment process.

Investment activity (investment process) represents the direct investment - the investor’s decision-making regarding the objects, volumes and timing of investment, the direct investment and a set of practical actions for their implementation. In the broadest sense of the word, “investing” means parting with money today in order to receive more in the future. In accordance with current legislation Russian Federation, investments - “cash, securities, other property, including property rights, other rights with a monetary value, invested in objects of entrepreneurial and (or) other activity in order to make a profit and (or) achieve another useful effect” .

The well-known textbook "Economics" emphasizes that investment consists of two components: the first of them is investment in fixed capital, the second is investment in inventory, which is the accumulation of stocks of raw materials to be used in the production process and unsold finished goods 18. The authors of domestic textbooks on economic theory also pay attention to this.

There is no consensus in the scientific and educational literature regarding the structure of the capital market. This is due to the ambiguity in the interpretation of the category of capital by various economists, as well as the use of different classification bases when structuring the capital market.

G.P. Zhuravleva focuses on the fact that the capital market is primarily a market for the means of production20. It seems that the constituent elements of the modern capital market are not only the means of production, but also money and various types of securities.

In these classifications an attempt has been made integrated approach to characterize the structure of the capital market. But it seems that it has a significant methodological flaw, consisting in the fact that the capital market is systematized according to various criteria and is not presented as a system, all elements of which are organically interconnected and interact with each other.

The capital market is a system. From the author’s point of view, the capital market is a system of relations between households, firms and the state regarding the movement of capital, capital assets and income received from their use. The structure of the capital market is its internal structure. The structure of the system is distinguished by three properties: integrity; the presence of elements that make up this system; the nature of the connections between them.

The integrity of the system means that it has properties and patterns inherent only to it. An element is a component of a system that is capable of relatively independent implementation of certain functions. The main type of systemic relationships is correlation, that is, the relationship of correspondence. Its essence is that not a single element of the system can change without the entire system as a whole undergoing one or another change.

It seems that the essential properties of capital should serve as the classification basis for the structure of the capital market. In work, everything is considered as capital economic benefits, bringing their owner regular income for a long time. Therefore, the capital market, as an integral part of the market system, appears in various forms: - in material form (physical capital market); - in monetary form (loan market, securities market).

The capital market is part of both the financial market and the market of production factors according to the bifurcation of capital into real and fictitious, each of which, despite mutual predetermination, receives independent movement (circulation). The author’s version of determining the place of the capital market in the market system and the structure of the capital market itself is presented in Diagram 1.

Let's consider the capital market as an element of the financial market. Financial market provides mechanisms for the creation and exchange of financial assets. There are several ways to classify financial markets. The first method: by type of financial instrument. Obligations traded on the market can be written either for fixed amounts or for residual amounts. The former are called debt instruments, and the market in which they are traded is called the debt market. The second group of liabilities is called equity instruments, and the corresponding market is called the share market, or stock market. Preferred shares represent shareholders' rights to receive fixed payments. IN general case Debt securities and preferred shares are considered part of the fixed income securities market. The segment of the stock market that excludes preferred shares is called the common stock market.

Another way to classify markets is by maturity (life of instruments). For example, the financial market for short-term debt obligations is called the money market, and the market for long-term financial assets is called the capital market. The boundary between long-term and short-term instruments is usually considered to be one year. Thus, if a financial asset has a maturity of no more than one year, then it is classified as short-term financial instruments and is an element of the money market. Financial assets with a maturity of more than one year are part of the capital market. Thus, the debt market can be divided into money market instruments and capital market instruments depending on the maturity period. Since shares do not have a maturity date, they are considered part of the capital market.

Formation and development of the capital market in the Russian Federation

The development of the capital market in Russia is interesting to consider from the point of view of comparing Russia with other “emerging markets” of capital. The theory of the development of “emerging markets” allows, in particular, to predict the future development of the Russian capital market, developed by American analyst Mark Faber. According to M. Faber, each market develops cyclically and goes through six phases in its development: Phase 1 - the stage of the beginning of growth. It is characterized by economic growth, dominance of domestic investors in the market, and large-scale changes in economic policy. Phases 2 and 3 are stages of rapid market growth. They are characterized by rapid economic growth, massive invasion of the market by foreign investors, and rapid growth in securities prices. During these phases, according to Faber, investors commit the "optimism fallacy" of believing that the market rally will continue virtually indefinitely. By the middle of Phase 3, due to this error and the massive injection of money from portfolio investors, the securities market becomes overvalued. A market turnaround occurs, followed by a long-term decline. Phases 4 and 5 are the falling stages. In Phase 4, short-term booms are still possible, but in Phase 5, the final decline in the market occurs, accompanied by a drop in corporate profits. Phase 6 is the final and lowest phase of the cycle, in which investors commit the “pessimism fallacy.”

Let's try to trace the stages of the emergence and development of the Russian capital market. In the Soviet period, despite the cardinal shortcomings of the economic mechanism, with a very high rate of accumulation in the national income, there was no problem of a shortage of financial resources for investment. In the volume of construction and contract work, the share of the public sector was 100% in 1970, 100% in 1980, and 79% in 1990. When commissioning fixed assets, the share of the public sector in 1970 was 89%, in 1980 90%, in 1990 - 88%31.

At the September Plenum of the CPSU Central Committee in 1965, it was decided to increase the share of credit in financing capital investments to 50% within several years. After 26 years, until the collapse of the USSR, the share of credit in financing capital investments remained at approximately the same level, fluctuating around 4%. The reason is that the loan, despite the incredible low percentage(less than hidden inflation) was not in demand due to the presence of an excess amount of enterprises’ own financial resources concentrated in the production development fund.

Enterprises concentrated significant financial resources in the production development fund, but, as a rule, could not spend them. All real investment resources were distributed by Gossnab in accordance with the tasks of the state plan and for this reason there was no free wholesale market means of production.

The system that existed at that time, which was very far from ideal and was in need of serious reconstruction, had a less negative impact on real economy, how modern system management. After all, at that time there was a shortage of real investment resources, which in itself meant their almost complete mobilization (the degree of rationality and efficiency of using fully mobilized real investment resources is another matter). The excess of financial resources accumulated at that time, concentrated on enterprises and a fund specially intended for investment (production development fund), is certainly a negative phenomenon of the centralized management mechanism.

The transition from an administrative economy to a market economy has put the Russian capital market in a unique position. The originality lay in the establishment of a specific mechanism for the formation of market equilibrium, different from that established in many countries with market economies.

Three periods of formation of the Russian capital market can be distinguished. 1. 1992-1995 -monetary. 2. 1995-1998 - non-inflationary. 3. 1998-present - stabilization.

The peculiarity of the first stage of the formation and development of the capital market was that two processes took place simultaneously: initial capital accumulation (PAC) and the functioning of an undeveloped capital market in conditions of high inflation.

As is known, the phrase “primitive accumulation of capital1 as a term of political economy was introduced by A. Smith. K. Marx considered the problem of the primitive accumulation of capital not as a moment of the bourgeois system that had developed and functioned on its own basis, but only as an aspect of the formation of a capitalist economy - the “so-called primitive accumulation of capital"32. For K. Marx, the initial accumulation of capital is a prerequisite, the starting point for the formation of the bourgeois mode of production, and not its result.

As long as there is no capitalist owner, there is no capitalist investor. But the formation of capitalist the owner is coming parallel to the formation of a hired worker - a legally free citizen, separated from the means of subsistence and the means of production, which forces such a free citizen to enter the labor market. At the same time, even the presence of money capital, free, unemployed and ready for capitalist use, is not enough for (even in conditions of freedom of labor) the production process to become capitalist. To do this, money capital must master real production. It is here that capitalization begins, real capitalist production and capital accumulation, which then takes over all other spheres of the economy.

Russian PNK - non-productive creation of capital. Many view PNC as a problem of the formation of monetary and commercial capital in a material and material sense, and not in a socio-economic sense - as a social-production relationship that presupposes the formation of a wage labor system. The essence of the PNC is the creation of a labor market (labor) and the concentration of money and means of production (monetary and productive capital) in the hands of individual, private individuals - the owners of resources. In terms of content, the initial accumulation of capital is the process of separating the direct producer from the means of production and means of subsistence, occurring as a process of formation of money capital with subsequent transformation into industrial capital. The emergence of industrial capital means the mastery of the last real sector of the economy, as a result of which capital becomes the dominant economic category.

Features of the economic behavior of capital market subjects

Among the main subjects of the capital market, this section will consider market investment institutions ( commercial banks, investment funds, investment companies), enterprises, households and the state. Foreign capital as an element of the capital market will be discussed in the third paragraph. First of all, it is necessary to identify the features of the economic behavior of investment institutions in the capital market.

Considering banks as the main holders of capital, we will proceed from the fact that more capital is associated with greater freedom of choice and action, with a greater ability to bring about changes, including institutional ones. The concept of capital, constituting the theoretical core of the study, allows us to combine the subjective and objective aspects of the analysis, to take into account the directions of individual and collective actions simultaneously with the assessment of the institutions of society.

Development banking limit mainly high risks. The main one is credit risk. The high level of risk of investing in the real sector of the economy prevents banks from increasing their lending activity. Share of loans to the real sector of the economy in total assets banking sector is about 34%, and the ratio of these loans to GDP is about 12%39. According to the banks themselves, high credit risk is the most significant factor constraining their lending activity. There is a significant concentration credit risks from a limited number of borrowers. Liquidity risk, shortage of medium- and long-term resources is important factor, hindering the development of bank operations.

Long-term liabilities (with a maturity period of more than 1 year) as of July 1, 2001 accounted for only about 7% of banks' total liabilities.

Throughout the entire post-crisis period, a significant imbalance in the structure of assets and liabilities of credit institutions by maturity has remained, which directly affects the level of liquidity of the banking sector. In order to reduce given risk it is necessary to improve the quality of liquidity management, including the development of new financial instruments.

In 2001, commercial banks (CBs) had an investment potential (funds on deposits with the Central Bank, balances in correspondent accounts, investments in securities) equal to 667 billion rubles. Bank loans accounted for 35.7% of the financial resources attracted by enterprises (compared to 40.1% in 1999)40.

The resource base of the commercial bank was replenished due to the growth of funds of enterprises and organizations in bank accounts and deposits - by 19.4%. The share of citizens' deposits exceeded 20.0%, which indicates a gradual restoration of confidence in commercial banks. Banks received 65 billion rubles. profits or twice as much as in the same period of the previous year. The number of profitable commercial banks reached 92.4% of their total number. The share of financially stable commercial banks accounted for 92.2% of total assets.

The relative strengthening of the financial position of banks and the real sector allowed banks to expand lending to enterprises. By the beginning of 2002, the leaders in terms of the amount of loans provided were Sberbank - 418 billion rubles (the share of loans in working assets was 64.9%), Alfa Bank - 68.9 billion rubles. (74.8%), International Industrial Bank - 55.5 billion rubles. (53.8%), Gazprombank - 53 billion rubles. (59.6%), Rosbank - 35 billion rubles. (57%), Bank of Moscow - 31 billion rubles. (69.2%), Citibank - 21 billion rubles. (58.6%), MDM Bank - 18.5 billion rubles. (58.7%), Promstroybank St. Petersburg - 16.9 billion rubles. (62.7%).

The distribution of bank loans across sectors of the Russian economy as a whole has not changed in recent years. In 2001, over 38% of loans were provided to industrial enterprises, more than 19% to trade and public catering, 5% to construction, 5% to transport and communications.

Despite the positive changes, the volume of lending by banks to the real sector of the economy as a whole does not meet its needs. For many important indicators Russian commercial banks are significantly inferior to Western ones. The share of loans to production in total assets of our commercial banks is 34-36%, and in developed countries 60-70%. The ratio of bank loans to GDP in Russia is 11.7%, against 113% in Germany, 119% in the United States, 193% in Japan.

A number of macro- and microeconomic factors prevent banks from increasing financing for enterprises. It's high interest rates, stable inflation expectations, shortage of ruble funds, weak resource base and low capitalization of credit institutions, small number of first-class borrowers, poor quality of proposed investment projects and other reasons.

High interest rates remain a major obstacle for borrowers. For the loan provided, commodity producers must pay nominal interest, which includes inflation expectations. Not all borrowers are confident that, given the current price dynamics, they will receive income that will allow them to repay the loan. Inflationary expectations are fueled by the monetary policy of the Central Bank. The Central Bank's increase in the ruble supply was three to eight times faster than the growth rate of the gross domestic product. In 2000, it increased by 57%, while GDP - by 9.0%. In 2001, the M2 monetary aggregate grew by 62%, and GDP by 5.0%41.

The lending and investment opportunities of Russian commercial banks are limited by their insufficient capitalization, which in 2001 amounted to approximately $12 billion, which corresponded to the size of one not the largest Western commercial bank. Of 1,319 credit institutions, only 130 authorized capital exceeded 300 million rubles. (10 million dollars), which did not allow them to mobilize large funds due to current regulations Central Bank, which established a strict ratio between banks’ own and borrowed funds. They are not able to increase capital at the expense of profits, since the interest margin between the cost of loans and deposits has decreased compared to 1992-1997, amounting to on average 9-12.4% per annum. The owners of many credit institutions, especially regional ones, do not have the necessary potential. Attracting external shareholders is hampered by the reluctance of the owners and managers of commercial banks to lose control, or by low (or not paid at all) dividends.

Ministry of Education Russian Federation

Non-Resident Educational Institution of Higher Professional Education Saratov State Socio-Economic University

Department of General Economic Theory

Course work

The capital market and features of its development in the modern Russian economy

Performed: Student of the BUKO group course

Scientific adviser: associate professor of the department

Economic theory

Erofeev Ivan Ivanovich

Saratov 2008

Introduction………………………………………………………………………………………...3

Chapter 1. The essence of the capital market……………………………………………...5

1.1. The concept of the capital market……………………………………………..5

1.2. The process of initial accumulation of capital……...….…….……13

1.3. Difference between the capital market and the markets of other factors of production………………………………………………………...18

Chapter 2. Features of the capital market in Russia……………………………22

Chapter 3. Global capital market……………………………………………...27

3.1. The essence and structure of the world capital market……………….…27

3.2. Globalization of national capital markets, its causes and consequences…………….………………………………………………………………32

Conclusion……………………………………………………………………………….37

List of used literature……………………………………39

Introduction

The topic of this course work contributes to a deep understanding of the processes occurring in the economy. Creation and development of commercial firms - the main constituent units market economy- requires the acquisition of physical and intangible capital. This requires investments of monetary capital. However, since usually financial resources To organize the production of goods or services, the owners of the company do not have enough, there is a need for additional capital, which is attracted from the capital market.

In countries with developed economic systems market type(such as the USA, Western European countries, Japan) the capital market has a rather complex structure that has been formed over many centuries. This structure is generated by the need to best reconcile the sometimes very contradictory interests of owners of savings and commercial firms wishing to receive these savings as investments.

The stock market is closely related to the concept of capital market. Stock market arises from the objective need to attract additional financial resources for an enterprise, corporation, or state. At the same time, there are a number of persons (both legal entities and individuals) who have temporarily free funds. The stock market is where financial assets are bought and sold.

The stock market plays a significant role in the system of market relations, which can be reduced to the following factors: attracting free funds in the form of investments for production development; ensuring the flow of capital from declining industries to rapidly progressing industries; raising funds to cover the budget deficit; generation of indicators by which the state of the economy as a whole can be assessed; influence on changes in inflation rates.

The current stage of development of the stock market began after the collapse of the USSR and is associated with ongoing economic reforms.

The stock market is an indispensable element of any market system. Russia had to create its own stock market virtually from scratch. Therefore, today the most important thing, perhaps, is the fact that in Russia there is a securities market with a developed infrastructure, technologically equipped at a modern level and almost in no way inferior in this sense to its foreign counterparts.

The formation of the capital market is just underway in Russia. Since every citizen of the country, by investing his savings, can become a participant economic process formation of funds in the capital market, there is a need to understand the basic concepts and categories of the capital market, its structure and forms. This is precisely why this topic is particularly relevant.

In this course work The essence and evolution of the capital market, its structure and functions, problems of functioning of the capital market in Russia, as well as the essence and structure of the world capital market are considered. This work aims to analyze the features of the development of the modern capital market.

To achieve this goal, the following tasks were set in the work: to characterize the concept of “capital”, show its essence, highlight the forms of capital, show how the capital market operates, consider the features of the Russian capital market and the world capital market, as well as explore the globalization of world capital markets and its consequences.

Chapter 1. The essence of the capital market

1.1. Capital market concept

Before defining the concept of the capital market, it is necessary, in my opinion, to have an idea of what capital is.

Capital (originally - the main property, the main amount, from the Latin capitals - main) is one of the most important categories of economic science, an essential element of a market economy.

Capital has many meanings and can be interpreted as

A certain stock of material goods (“physical capital”),

As a sum of money, or "financial capital",

As something that includes not only material elements such as knowledge, education, qualifications, human abilities used in the production of goods and services (“human capital”),

As an element of wealth that brings its owner regular income over a long period of time (“discounted income stream”),

As a sum of rights to dispose of certain values, giving their owners income without investing the corresponding labor (“legal capital”).

All these views are united in one thing: capital is any economic resource created with the aim of producing more economic goods and capable of generating income.

The development of capitalist economic relations led to further research into the category of capital: the emergence of new concepts and interpretations. There are different approaches to defining this category, but the largest number of supporters have two directions, characterizing capital as a set of means of production (“material” concept) or as a sum of money (“monetary”) used in business transactions for the purpose of generating income.

First. In the market for factors of production, capital is understood as physical capital: machines, machines, buildings, structures, stocks of materials and semi-finished products, etc. in their value dimension. Therefore, in this case, the capital market is part of the factor market.

Rice. 1. Capital in the factor market

The main subjects of the capital market are the business sector and the house-holding sector.

The demand for capital in the factor market is the demand of firms for physical capital, which allows firms to implement their investment projects, and in the form of presentation, it is the demand for investment funds that ensure the investment of the necessary financial resources in the firm’s investment projects. The demand for capital is only expressed in the form of a demand for financial resources for the acquisition of the necessary production assets.

In the factor market, households owning capital in the form of investments Money, provide capital for use by the business in the form of material assets and receive income in the form of interest on invested funds.

Due to the fact that physical capital can be acquired by firms or provided for temporary use, it is necessary to distinguish between payment for the flow of capital services (use price) and the price of capital assets (purchase and sale price).

The cost of using capital services is a rental (rental) valuation of capital. It can act as a market quote or the amount paid by the firm to the owner of capital for renting part of that capital. The price of an asset is the price at which a unit of capital can be bought or sold at any time.

The second option is that capital in the financial market means money capital. Therefore, the capital market is one of the constituent parts of the loan capital market (Fig. 2).

Rice. 2. Capital in the financial market

The loan capital market is a set of relationships where the object of the transaction is money capital and the demand and supply for it is formed. The loan capital market is divided into the money market and the capital market. The money market is associated with short-term banking transactions for a period of up to one year. The capital market serves medium- and long-term operations of banks. It, in turn, is divided into the mortgage market (transactions with mortgage sheets) and the financial market (transactions with securities). The subjects of the financial market are not only banks and their clients (as in mortgage market), but also a stock exchange, and the object of transactions is not only the securities of private entrepreneurs, but also government institutions.

The money market and capital market are secondary markets for loan capital. Each of them has its own tools, i.e. specific circulating financial assets, which differ in:

Status (stock or bond);

Type of ownership (private or public);

Validity period;

Degrees of liquidity;

The nature of the risk (bankruptcy or market) and the degree of risk (risky, low-risk, risk-free).

Capital market instruments in the US include, for example:

Treasury bonds intended for financing long-term policy federal government USA;

Securities government agencies, which are issued on the basis of special government permission to finance various types social programs through the financial system;

Municipal bonds issued by local governments;

Shares and bonds of corporations issued by private firms.

The capital market is often called the market for investment funds. Investments (capital investments) are understood as the costs of production and accumulation of means of production and increase inventories, increasing capital reserves in the economy.

Suppliers of capital are households, and consumers are business firms. Interaction between suppliers and consumers is carried out through an extensive network of financial intermediaries: commercial banks, investment funds, brokerage houses, etc. Their function is to accumulate small household savings into huge amounts of financial resources and distribute them among capital consumers. The form of capital provision can be different: either direct, in the form of distributing shares of new issues among subscribers, or borrowed, in the form of purchasing corporate bonds and providing direct loans to firms. The most important role in this process is played by the interest paid on the funds provided.

Unlike usurious capital, when the main source was the lender’s own funds, loan capital is formed from financial resources, credit organizations from legal and individuals, as well as from the state.

Moreover, at the first stage of the development of credit relations, the only source of formation of loan capital was temporarily free funds, transferred on a voluntary basis to credit organizations for subsequent capitalization. This source has not lost its relevance today, when temporarily free funds of the population constitute a significant part of the resource sources of credit institutions.

At the second stage of the development of credit relations, as the non-cash form of payments with the direct participation of banks developed, funds temporarily released in the process of circulation of industrial and commercial capital became a new source of the formation of loan capital. These include:

Sinking fund of enterprises for renewal, expansion and restoration of fixed assets;

Part of the working capital in cash released in the process of selling products and making material costs:

Cash generated as a result of the gap between receiving money from the sale of goods and paying wages;

Profit used for renovation and expansion of production.

These funds are accumulated in the current accounts of legal entities in the credit institutions that serve them. The particular attractiveness of this source of loan capital for the bank is determined by the lack of need:

Obtaining the consent of the owner of the current account for the bank to use the funds in the account;

Payments of income on current accounts, i.e. these resources are actually free for the bank.

Thus, for most modern banks, the sources considered act as the main resource and encourage banks to constantly increase the range of clients they serve.

The economic role of the loan capital market lies in its ability to unite small, scattered funds in the interests of all capitalist accumulation, which allows the market to actively influence the concentration of production and capital.

The loan capital market as one of the financial markets can be defined as a special sphere of financial relations associated with the process of ensuring the circulation of loan capital.

The main participants in this market are:

Primary investors, i.e. owners of free financial resources, for different conditions mobilized by banks and converted into loan capital;

Specialized intermediaries represented by credit and banking institutions that directly attract funds and convert them into loan capital;

Borrowers - represented by legal entities and individuals, as well as states experiencing a temporary lack of financial resources.

Based on the above, modern structure The loan capital market is characterized by two main features:

Temporary;

Institutional.

On the basis of time, a distinction is made between the money market, where short-term loans are provided (up to one year), and the capital market, where medium-term loans are issued (from 1 to 5 years) and long-term loans(from 5 years or more).

On an institutional basis, the modern loan capital market presupposes the presence of a market (capital itself or a securities market) and a market for borrowed capital (the credit and banking system). In addition, the securities market is divided into the primary market, where issues of securities are sold and purchased, and the secondary (exchange) market, where previously issued securities are sold and purchased. There is also an over-the-counter (street) securities market, where securities are sold that, for one reason or another, cannot be sold on the stock exchange.

Both signs of the loan capital market are characteristic of all developed countries, however, of course, the state of the national market is judged by the second (institutional) sign, especially by the presence and degree of development of its two main tiers:

Credit and banking system;

Securities market.

The functions of the capital market are determined by its essence and the role it plays in the public economic system.

There are five main functions of the loan capital market:

The first is servicing commodity circulation through credit;

The second is the accumulation of monetary savings of legal entities, individuals and the state, as well as foreign clients;

The third is the transformation of monetary funds directly into loan capital and its use in the form of capital investments to service the production process;

Fourth - serving the state and the population as sources of capital to cover government and consumer expenses;

Fifth - accelerating the concentration and centralization of capital for the formation of powerful financial and industrial groups.

It should also be noted that:

Firstly, the first three functions began to be actively used in industrial developed countries only in the post-war period;

Secondly, in the first four functions the market acts as a kind of intermediary in the movement of capital;

Thirdly, all functions are aimed at ensuring the effective functioning of the state-regulated economy system.

1.2. The process of initial capital accumulation

The historical forms of the existence of capital since the emergence of commodity production were: commercial capital (in the form of merchant capital), historically the oldest free form of capital, usurious, and then industrial.

The parallel development of forms of capital and economic schools was the reason that the first researchers of this category, mercantilists and physiocrats, viewed it one-sidedly. A more detailed analysis of the forms of capital is presented in the works of A. Smith and Ricardo.

The most complete and logically completed study of the category of capital was carried out by K. Marx in his work “Capital” (1867). Along with considering the specific forms of the functioning of capital, he also revealed the content of this category, analyzing it not only as a thing at rest, but also as movement. In Capital, for the first time in the history of economic science, it was shown that capital is a special historically determined social relationship between capitalists and wage workers. But along with this, Marx noted that capital also has a material appearance, appearing in the form of machine tools, machines, raw materials, etc.

The classics of economic theory identified the initial accumulation of capital (“previos accumulation”) as the starting point for the formation of capitalism.

The initial accumulation of capital is the process of destroying individual private property based on one’s own labor, the process of separating the worker from ownership of the conditions of his work, transforming, on the one hand, direct producers into ideal workers, and on the other, social means of production and means of subsistence into capital .

The time boundaries of this economic process in Western Europe cover the period from the 16th to the 18th centuries. (in Russia - XVII-XIX centuries), when each country, forming a capitalist economy, used its own economic and political techniques and methods aimed at developing the domestic market and the rapid formation of a material base (in the form of material wealth) for inclusion in the world competition in within the emerging global market. The rapid development of all forms of entrepreneurship during this period required certain economic and social conditions, as well as prerequisites.

The initial accumulation of capital was the necessary condition for the formation of the socio-economic base of entrepreneurship, which, by releasing “bound” factors of production (primarily labor, land and capital), contributed to the full manifestation of the entrepreneurial abilities of the emerging bourgeois class.

Firstly, there was a liberation of “labor” and the formation of an army of hired workers. The most important condition for the development of capitalist production is the presence of a significant number of people deprived of working conditions and sources of livelihood other than the sale of their labor power.

The economic basis of the process of initial capital accumulation was the massive expropriation of peasants and small artisans. The development of commodity-money relations increased the economic differentiation of small producers; some small artisans and peasants went bankrupt. Significant influence on the formation of the working class in Western Europe in the 16th-18th centuries. The state helped by issuing a number of laws that went down in history as “bloody legislation against the expropriated.” These laws were intended to force expropriated producers into wage labor and subject them to capitalist labor discipline.

Secondly, there was a release of land as economically free space within the country, as well as the seizure of territories outside its borders and their transformation into colonies. A classic example of this is the history of England, where the forced removal of peasants from the land by landlords using the fencing method was used, as well as direct seizures of land in colonial possessions.

Thirdly, the development of all forms of capital proceeded at an accelerated pace: commercial, usurious, and industrial, including accumulation both in the form of money and in the form of means of production.

The first steps in the formation of the industrial bourgeoisie were associated with the development of property differentiation among artisans. The richest guild foremen and merchant buyers, who emerged as entrepreneurs, increasingly used the hired labor of bankrupt small producers. However, the development of the world market required a more intensive rate of capital accumulation, and the apparatus of state power was widely used to accomplish this task. The process of initial accumulation of capital was accelerated by colonial wars and the predatory robbery of the population of captured colonies, the growth of public debts and tax collections.

To cover budget deficits, the state had to place loans to large sums among owners of money capital. This allowed the bourgeoisie, acting as creditors to the state, to regularly appropriate significant interest paid on government obligations. Development state loan gave impetus to securities trading and the stock market game.

An important means of initial capital accumulation was the system of protectionism. Foreign trade policy was based on the introduction of high import duties, designed to limit the import of goods from other countries, and the payment of premiums for the export of industrial products from the country. In a number of countries (for example, in England in the 17th century), a direct ban was introduced on the export of important types of industrial raw materials from the country; entrepreneurs who began organizing new productions received initial capital directly from the treasury in the form of large cash subsidies.

The initial accumulation of capital was prepared by the development of productive forces, the growth of commodity-money relations and the formation of fairly broad national markets.

The unity of the basic laws of the initial accumulation of capital in different countries does not exclude the diversity of specific forms of its manifestation. In Russia, for example, the development of the processes of initial accumulation of capital was hampered by the long-term dominance of the feudal-serf system, which restrained the economic release of such factors of production as labor and land.

The transition period experienced by Russia was often identified with the process of primitive accumulation of capital. However, there is no complete coincidence between these processes. Russia was going through a period associated with the abandonment of the command-administrative system, based on prescriptive pricing and centralized distribution of resources, and the transition to market methods of regulation. This is the fundamental difference between the process of initial accumulation of capital in the previous sense of the word.

What unites them is the process of creating a class of entrepreneurs on a new material basis in the form of private property. There are both internal and external sources for this.

Internal ones include, first of all, privatization, which leads to the division of state property using the following methods:

Redistribution of funds between sectors of heavy (including the military-industrial complex) and light industry in favor of the latter;

Concentration of capital in services and trade;

- “squatting” of the functions of managing land and natural resources by fuel and energy enterprises and other energy producers;

Transfer to elite enterprises and their owners the rights to dispose of part of the products they produce for the purpose of barter exchange;

Receipt of profits by foreign trade firms resulting from the liberalization of foreign trade;

Receiving income from “shuttle” imports;

Receiving tax benefits provided by the state to some organizations for the import of alcohol and tobacco products into the country;

Corruption, racketeering, shadow economy, etc.

External sources include the influx of loans from abroad.

The significance of the initial accumulation of capital is that during this process entrepreneurs gain free access to all factors of production, which take the form of goods, which allows them to realize their entrepreneurial abilities.

1.3. Difference between the capital market and markets for other factors of production

Manufacturing is such an area economic activity people, in which economic resources are directly spent to obtain the necessary benefits. Resources that are involved in the production of goods and services are called factors of production.

The factor market is a special type of market in a market economy system. Unlike the market for finished goods and services, where firms are sellers and consumers are buyers, in factor markets, firms act as buyers of labor, natural resources, land, and capital.

Capital is one of the key economic categories. It was previously noted that capital is a factor of production, represented by all the means of production that are created by people in order to use them to produce other goods and services. These include tools, equipment, buildings, structures, the latest technologies and developments, software products etc.

Therefore, the most important distinctive feature capital from the land factor is that the factor of production in question represents resources created by people. While land, by its origin, is a natural factor, and not a product of human labor, therefore it cannot be moved, freely transferred from one branch of production to another, from one enterprise to another, i.e. she is motionless.

The essence of capital is advanced value, which, as a result of the exploitation of hired labor, brings surplus value.

There are many various forms capital:

Physical (technical) capital – totality material resources, which are used in various phases of production and increase the productivity of human labor (machines, buildings, computers, etc.);

Financial (monetary) capital is the totality of funds and the monetary expression of the value of securities;

Legal capital is a set of rights to dispose of certain values, and these rights give their owners income without investing the corresponding labor;

Human capital is those investments that increase a person's physical or mental ability.

During the production process, different elements of physical capital behave differently. One part functions for a long time (buildings, machines) and is called fixed capital, the other is used once (raw materials, materials) and is called working capital.

Fixed capital, unlike working capital, not only functions for a longer time, but also has a high cost. This creates corresponding financial problems within the enterprise related to the renewal and acquisition of fixed assets. Since the cost of fixed assets is transferred to the newly created product in parts and for a long time in quantities equal to the wear and tear of the corresponding equipment in the form depreciation charges, then the problem of investment in new equipment is special and difficult question production development. This complexity is expressed in the fact that various kinds of new capital investments can be made either through internal savings (cost savings) or through external borrowings.

Working capital participates in the production cycle only once and transfers its value completely to the created products. Important feature is that its elements are easily transformed into cash, quickly and without much difficulty change their commodity form to cash - and vice versa. The money is used to purchase raw materials, materials and other components of working capital for subsequent processing and manufacturing finished products, after the sale of which money is returned to the enterprise again.

Fixed capital, embodied in means of labor, is subject to wear and tear as it is used. Economists distinguish between physical and moral wear and tear.

Physical wear and tear occurs, firstly, under the influence of the production process itself and, secondly, under the influence of natural forces (metal corrosion, concrete destruction, loss of elasticity or flexibility of plastic, etc.). The longer the operating time of fixed capital, the greater the physical wear and tear.

Obsolescence (obsolescence) is a decrease in the useful properties of fixed capital in the eyes of users compared to what is offered in return. There are two types of obsolescence. The first type is associated with the production of cheaper machines, equipment, Vehicle etc. The second type is associated with the production of more advanced machines. In this case, entrepreneurs also suffer losses by continuing to use obsolete technology or equipment.

Unlike the capital factor, land used in agriculture, when used rationally, not only does not wear out, but also improves its productivity; it has an unlimited service life and is not reproduced at will.

An essential feature of the commodity labor also lies in its usefulness after use. It is not destroyed when used, but, on the contrary, creates or participates in the creation of benefits, continuing to generate income throughout the entire duration of the employee’s activity.

What all forms of capital have in common is their monetary valuation. All economic benefits of production value, expressed in monetary value, take on the form of a capital asset traded on the market. The price of capital assets is the income that they are able to generate as a result of their production use.

A general expression for return on capital is the interest rate, i.e. this amount of income, which is calculated in a certain period of time as a percentage of the amount of capital employed. Calculation of income or determination calculated value net productivity of capital is called discounting. Its essence lies in the fact that an investor always has the alternative of investing money in a bank at interest or investing in another project. The main thing is that the purpose of production in which capital participates is to make a profit.

To summarize this paragraph, it can be noted that one of the main features of the capital market is that any company and any consumer can act in this market both as a lender and as a borrower. First, all firms and consumers use this “resource” in their activities (and therefore may need it). Secondly, this “resource” does not require production (therefore, any company or consumer can have money regardless of its type of activity).

Chapter 2. Features of the capital market in Russia

No state can exist without the development of the capital market. Even in those countries where the public sector accounts for a larger share of the gross national product, for example France, requires a dynamic capital market that provides the opportunity to finance private sector economy.

Much of the Russian economy has been privatized. Russians own assets: for example, Russia ranks first in the world in the share of privately owned housing. Many Russians have significant savings. However, the institutions and structures that can keep the wheels of the capitalist economy turning and ensure the productive use of existing wealth hardly exist.

Political uncertainty and economic instability have taught Russians to care, at best, about tomorrow, but nothing more. Investments that could benefit a country's economy are seen as too risky at best and a waste at worst. As a result, tens of billions of dollars, deposited in the accounts of foreign banks or under the mattresses in Russian homes, finance the development of any economy - the USA, Europe or Cyprus, but not the Russian economy.

There is a lack of a clear, consistent and coordinated strategy for the development of the capital market, according to which it would be possible to build priorities and plan actions, as well as determine the degree of progress. There continue to be voices from politicians, economists and market participants calling for a strategy to attract capital to the real sector, but there is no one among them who has a clear idea of how to develop and apply such a strategy.

A complex, burdensome and unfair tax system, inappropriate accounting system and bureaucracy combine to create a strong aversion among businesses to disclosing any information about themselves. Lack of transparency increases corruption, which can be easily hidden.

Weak enforcement of laws and their arbitrary, non-uniform application are explained partly by flaws in lawmaking, partly by a lack of responsibility, and partly by the weak level of development of regulatory and judicial bodies, whose resources are insufficient to ensure them efficient work, maintaining independence and competence.

The absence of a real banking system, consisting in the implementation of settlement and payment functions and the provision of loans, not only constrains the attraction of short-term savings, but also, together with the shortcomings of the tax system, perpetuates the practice of non-monetary mutual settlements and lending between enterprises.

The reformation rush, mainly in the monetary sphere, was practically reduced to the launch for decades of a mechanism for removing national capital in its various forms not only from the reproductive sphere, but also from the whole national economy. As a result, a start was given to the development of trends that contradict the conditions of a developed market and the economic interests of the country. One of the consequences of this was the peculiarities of state regulation of the Russian capital market that have persisted to this day.

The first of these features is that the priority direction of state regulation of the capital market is the regulation of its money and loan segment. This is important to recognize, since the decade is monetary credit policy was focused on the implementation of the monetary rate in the mode of following the settings for underdeveloped countries, despite the clearly negative macroeconomic consequences.

The second feature of state regulation of the capital market in Russia is the growing dependence of financial and monetary policy on the current situation and trends in the real sector. The approved National Security Concept states that “without large investments in strategic areas of the economy, the economic revival of Russia is impossible.”

Another one national peculiarity state regulation of the capital market is dependence on external financial obligations. This dependence, coupled with disorganized domestic borrowing relationships, has given rise to a “doom syndrome” in financial and monetary policy to make decisions and actions based on the scale of debt financial obligations and the low level of investment potential.

The fourth feature of government policy in the capital market is the lack of coordination in the development of interdependent sectors and continuity of changes. The special sensitivity of the monetary sector to changes in the economy - endless "restructuring" and periodic "liberalization" with constant reform of the credit and financial system - contributed to the growth of the multiplier effect, uncertainty, and unpredictability in all spheres of the economy.

The underdevelopment of viable domestic capital markets and the failure to mobilize household savings limit the government's ability to effectively manage the economy and leave the financial system at the mercy of unsustainable foreign investment activity.

The first and most important principle for solving problems in the capital market in Russia is that the government needs to recognize the following:

To improve people's lives, every effort should be made to encourage the development of viable businesses that can operate independently and pay their bills without the government favors and subsidies that currently cripple the budget;

These enterprises cannot begin to operate effectively, paying exorbitant taxes and experiencing the arbitrariness of the authorities: it is necessary to develop high-quality legislation, as well as a fair taxation system;

These enterprises will have to attract money for their own development, and if the latter are not raised on the Russian market, then they will be raised abroad, and foreigners will receive profits, which will not contribute to the speedy recovery of Russia;

Organizations with savings will not participate in the financing of enterprises if they consider that they may become victims of arbitrariness or a heavy tax burden: the rights of investors should be protected, as well as tax benefits should be provided to them;

Citizens and organizations that have funds and trust the financial system will invest money through long-term investment institutions, which, in turn, will be able to reduce the problem of the budget deficit by purchasing government securities;

Money cannot work efficiently and reliably unless there are functioning capital markets in Russia. Markets are not able to survive in arbitrary conditions.

The second principle boils down to the fact that it is necessary to accept comprehensive program measures to promote the development of capital markets. Applying one part of the measures and ignoring the other will not lead to success.

The third principle is that capital markets do not appear by decree. Government can only create the right climate for markets to develop and then withdraw to allow businesses and market participants to complete the process.

The fourth principle is that the policy for the development of capital markets must be long-term, the sequence of measures must be thoughtful and consistent.

To summarize, it can be noted that the defining feature of state regulation of the capital market in Russia is the absence long term strategy, high dependence on the needs of the current moment, the use of simultaneously incompatible Keynesian and monetary recommendations, as well as inconsistency of individual directions and links economic policy.

Chapter 3. Global capital market

3.1. The essence and structure of the world capital market

The global capital market is an integral part of the world economy, which plays an increasingly important role at the international level. From a functional point of view, international capital is a complex economic mechanism, a system of market relations that ensures the accumulation and redistribution of financial resources between countries and regions.

By broad definition, the global capital market is a collection of national capital markets, international organizations and international financial centers of the world. By a narrow definition, these are only those financial resources that are used in international economic relations, i.e. relations between residents and non-residents.

Global capital markets are a set of financial and credit organizations that, as intermediaries, redistribute financial assets between lenders and borrowers, sellers and buyers of financial resources.

Global capital markets can be viewed from different angles. From a functional point of view, it can be divided into markets such as foreign exchange, credit, derivatives, insurance services, and stocks. These markets, in turn, are divided into even narrower ones, for example, the credit market - into the market for long-term securities and the market for bank loans.

The structure of world capital markets can be presented as follows:

Rice. 4. Structure of world capital markets

In terms of the maturity of financial assets, global capital markets can be divided into two parts: the money market (short-term) and the capital market (long-term). In the foreign exchange market, derivatives market, and insurance services market, mainly short-term transactions are made (for a period of up to 1 year inclusive). There are many long-term operations (for a period of more than 1 year) carried out in the credit market. The stock market and part of the credit market, namely the debt securities market, are combined into one market - the stock market (securities market), although it sometimes means only the stock market.

The main market institutions are:

Banking companies. At the first stage economic development commercial banks dominate. At the middle and higher levels of development, the importance of specialized intermediaries and securities markets increases. The process of internationalization of the credit and financial infrastructure led to the creation of banking syndicates for one-time operations for the sale and distribution of bonds of industrial companies. As the terms of loans extended, groups of large banks in various countries began to create sustainable consortia to provide medium- and long-term loans. International associations of the largest banks were formed to jointly provide their clients with all types of banking services.

The state, which acts in the form of central and local authorities, the treasury or other authorized institutions and can perform the functions of a lender, borrower or play the role of a guarantor and surety for the external obligations of private individuals.

To implement state insurance export credits in many countries, special institutions were created and later reorganized. In some cases they are government organizations, in others - semi-state, and in others - private companies operating on behalf and at the expense of the government. In most industrialized countries, exports are financed by the private banking system. Practice state lending foreign trade operations are distributed everywhere and, above all, through the activities of state and semi-state foreign trade banks.

Interstate banks and monetary funds. The Bank for International Settlements (BIS) monitors the state of the European market and provides regulation of currency and credit relations throughout the world.

Transnational corporations (TNCs) are major subjects of international credit relations. They have gigantic internal corporate savings and cover more than half of the need for their resources through self-financing. However, TNCs are constantly in need of funds to service growing production and sales of products. TNCs use all types of markets - national, foreign and international Euromarket. TNCs use global capital markets not only to obtain loans for servicing current payments or long-term investments, but also for the most profitable placement of their monetary and financial claims.

The main agents of global capital markets are transnational banks, transnational companies and so-called institutional investors. But they also play a significant role government bodies, and international organizations that place or provide their loans abroad. Individuals also operate on global capital markets, but mostly indirectly, mainly through institutional investors.

Transnational corporations have become the most active participant in the global capital market, operating in all of its individual markets. Thus, being the main exporters and importers of goods and services in the world, TNCs (they account for 1/3 of world trade) have become major clients in the global foreign exchange and derivatives market. Although commercial banks also conduct operations in these markets in their own interests, nevertheless, the bulk of foreign exchange transactions are carried out by them on behalf of their clients, primarily TNCs.

But TNCs have the greatest influence on the global credit market and the global stock market. In the global credit market, they not only actively use Eurodollars as borrowers, but also actively increase their reserves, being the most visible owners of deposits in Eurodollars. As for the global stock market, in essence, the majority of “blue chips”, i.e. leading on stock exchanges companies are TNCs. By selling their shares on foreign stock exchanges, issuing their Eurobonds on European markets and resorting to Euroloans, TNCs can use these sources to finance a significant part of their capital investments.

Transnational corporations make their investments primarily for long-term purposes. Although they often quickly transfer huge financial assets from one region of the globe to another, which can destabilize financial markets in certain regions, we must not forget that the basis of TNCs is direct investment in multi-year projects. Therefore, the activities of TNCs can be assessed primarily as contributing to the stabilization of the global capital market. After all, these are large companies that need a stable economic environment, including a financial one.

3.2. Globalization of national capital markets, its causes and consequences

Financial resources are the most globalized economic resource in the world. This is evidenced by the enormous turnover in some segments of the global capital market, primarily in the foreign exchange and derivatives markets, as well as the growing presence of non-residents in the credit and stock markets. The reasons for the increasing globalization of national capital markets are numerous, but the most important are the following:

Capital is the most mobile of all economic resources, so the process of globalization of the world economy and its acceleration at the end of the 20th century affected capital markets primarily.

Liberalization of economic life in the world, i.e. a process that began to gain momentum in developed countries in the last three decades, and in developing and post-socialist countries in the last two to three decades. As a result, in the capital markets of developed countries there are almost no restrictions on the participation of non-residents in their activities and on the transactions of residents with foreign assets. In emerging markets, these restrictions are partially maintained, partially relaxed, and partially lifted. An example would be Russia, where by the end of the 90s. for residents, most restrictions on the so-called current currency operations(mainly payments for the export and import of goods and services, receipt and provision of loans and credits for a period of less than six months, non-trade transfers - wages, inheritance, as well as transfers of profits to non-residents and other similar transactions), and restrictions on foreign exchange transactions have been relaxed related to the movement of capital (they can be made with the permission of the Bank of Russia, and when Russian individuals purchase real estate abroad, even without such permission).

Widespread introduction of modern means of communication and information, which not only revolutionize the infrastructure of national capital markets, but also expand the possibilities of interaction between them.

The globalization of national capital markets gives rise to both positive and negative consequences.

Positive consequences include:

Mitigating global financial resource shortages. IN modern conditions, especially in developed and some rich developing countries, capital in monetary form is no longer a scarce resource;

Increasing competition in national capital markets and thereby reducing the price of credit and financial services and increasing their quality.

TO negative consequences Globalization includes the following:

Increasing instability of national capital markets, especially emerging ones. This happens, firstly, due to the fact that financial crises in certain regions, especially in those where large international financial centers are located, have a stronger impact on other countries and regions. Secondly, the liberalization of national capital markets makes them more accessible to cosmopolitan capital, which is unstable by nature, especially short-term capital, and often simply speculative;

The power of national governments over national capital markets weakens as these markets liberalize. At the same time, the influence of TNCs, international institutional investors and international speculators on these markets is increasing in all countries. For the markets of countries participating in integration associations, the importance of adopted general solutions or in general their general financial policies. In most developing and post-socialist countries, the impact on their capital markets of the policies of international organizations, primarily the International Monetary Fund and the World Bank, is growing;

The growing dependence of the world economy on financial (monetary) rather than real capital (in the form of means of production and inventories). This process, which began long ago in developed countries, is increasingly spreading to the world economy. Its essence lies in the fact that in the relationship between money and real capital, the first becomes less and less dependent on the second and, moreover, money capital begins to predominate in their relationship. As a result, the national economy is increasingly dependent on the state of its finances. In the context of globalization, the state of national capital markets is increasingly influenced by the behavior of non-residents, as well as the state of the capital markets of other countries and regions of the world, and the state of affairs in international financial centers.

Although the importance of international financial speculation is often exaggerated, it is nevertheless often noticeable in world capital markets in the context of increasing globalization. In financial practice, speculative operations are those operations whose participants hope to make a profit from changes in macroeconomic financial indicators - exchange rate, loan interest, stock quotes, etc.

Undoubtedly, international financial operations, not only pursuing the goal of making a profit from a possible change in financial indicators, but also directly seeking to change these indicators - to reduce the exchange rate, lower stock prices, in order to then buy these cheaper shares at a more favorable exchange rate. Tens, even hundreds of billions of dollars can be mobilized for such operations. However, such targeted speculative operations usually succeed when they are unwittingly joined by other investors who are concerned about possible changes in financial performance. As a result, the process started by speculators takes on an avalanche-like nature, and panic begins in the financial market.

A clear example of such operations is the current situation in the global economy. The question of world financial crisis worries everyone. Economists' forecasts are contradictory, but their points of view agree on one thing - the 2008 crisis will be global in nature for the entire world community.

What is the cause of the global economic crisis? And the reason is simple. The world is gripped by mortgage fever. Everyone wanted everything at once. Ordinary citizens, housing, construction companies and banks, profits. Everyone profited from each other. Banks on companies, companies on citizens. Only they did not take into account one thing: it will not be possible to sell an infinite number of apartments, because the demographic level is declining faster than new buildings are rising. As a result, people do not buy apartments, businesses become bankrupt, loans to banks cannot be repaid, as a result of which banks also become bankrupt. And if a bank is bankrupt, then the people who kept money there become bankrupt. When banks collapse of national importance, then the economy is significantly undermined, and the people working there lose their earnings. Well, unemployment is a problem of national importance.

The global economic crisis began in the USA and engulfed the whole world, because all countries are dependent on each other. And the United States is the country with the most stable economy, its market is the most predictable, and when there is a commotion in such a market, what can we say about other markets, which are supported thanks to it.

America has always had large foreign exchange reserves and willingly shared them, despite its huge debt. All loans are essentially overseas loans. Quite a few of our banks are “owned” by American partner banks. The money borrowed is their money. Hence the exorbitantly high interest rates. And now, at a time of crisis, they need this money more than ever in order to somehow save themselves.

Thus, the irresponsible behavior of investors who took on huge credit debts, in order to “break” huge profits on mortgages and securities, as well as collateral of dubious quality, became the causes of the global crisis and led to the creation of conditions that do not bode well for the global economy. The desire to enrich a few is causing the bankruptcy of the entire world community, mainly due to a completely unregulated economy that has allowed unlimited destructive behavior of society.

Conclusion

Capital is a complex phenomenon that has several forms of manifestation in the process of its functioning. Initially, capital is a thing, money, value that is directed to the area of economic activity, i.e. are invested. Capital therefore appears in the form of advanced value. However, the value is advanced for the purpose of making a profit, and therefore the capital becomes a value that ensures the receipt of surplus value.

In the process of its movement, capital performs various functions: creating conditions for production (money capital), organizing and managing production in order to obtain a value exceeding the advanced cost (productive capital), selling goods produced and their value (merchant capital).

An important role in the economic life of society is played by loan capital, which, on the one hand, is associated with the accumulation of free monetary resources, and on the other, the possibility of obtaining monetary resources for the development of economic activity. These relationships are called credit relationships, which are characterized by following signs: repayment, urgency, payment, warranty.

Another transformed form of capital is fictitious capital, represented by securities and receiving independent movement in parallel with the real capital that it is intended to represent. Securities generate income in the form of dividends and interest. They are bought and sold. Securities have nominal and real value. The par price is the amount indicated on the security. The real value depends on its price in the market. Other than that equal conditions market price shares (share price) is directly dependent on the size of the dividend and inversely dependent on the interest rate.

Securities are divided into titles of ownership (shares) and debt obligations (bonds, bills, notes). A share is a security that indicates the contribution of a certain share to the capital of a joint stock company and gives the right to receive a dividend. Shares can be common or preferred. Debentures express credit relations.

In the capital market, the balance between investment demand for money and its supply (savings) is of great importance. All after-tax income is split into consumption and savings. Therefore, we can talk about the propensity to consume and the propensity to save. The propensity to save increases as interest rates on deposits rise. As for the investment demand for money, the lower the interest rate on loans, the greater it is. Thus, the regulating equilibrium price in the capital market is the interest rate, which is always compared with the value of the investor’s expected rate of return.

The capital market includes the securities market and the market for medium- and long-term bank loans.

List of used literature

1. Alekhin B.I. Securities. Tutorial. In 2 parts - M., 2006.

2. Borisov E.F. Economic theory. - M.: Society “Knowledge” of Russia. Central Institute of Continuing Education, 2006.

3. Bulatov A.S. - World Economy: Textbook - M.: Economy, 2008.

4. Vinogradov V.V. Economy of Russia: Textbook. - M.: Jurist, 2008.

5. Zhuravleva G.P. Economics: Textbook. - M.: Yurist, 2007.

6. Iokhin V.Ya. Economic theory: Textbook / V.Ya. Iokhin. - M.: Economy, 2005.

7. Milchakova N.A. Russian stock market: institutions, operations, regulation. M., 2007.

8. Mikhailov D.M. - Global financial market: development trends and tools. M.: Exam. 2007.

9. Russian economy: financial system. / Ed. Gerasimenko V.V., Gorodetsky D.E. - M.: MSU, TEIS, 2006.

10. Sviridov O.Yu. Money, credit, banks. - Rostov-on-Don: Phoenix, 2007.

11. Economics: Textbook. 3rd ed., revised. and additional / Ed. Doctor of Economics science prof. A.S. Bulatova. - M.: Economy, 2003.

12. Economic theory: Textbook / Ed. ed. acad. IN AND. Vidyapina, A.I. Dobrynina, G.P. Zhuravleva, L.S. Tarasevich. - M.: INFRA-M, 2007.

13. Yablukova R.Z. - International economic relations. - M.: TK Welby, Prospekt Publishing House, 2006.

Mikhailov D.M. – Global financial market: development trends and tools. – M.: Exam, 2007.

In Russia, the decade of formation of a civilized capital market took place in difficult conditions. The historically strong state, which had previously intervened in all manifestations of economic activity, sharply liberalized the capital market, and then began to reap the bitter fruits of liberalization. This trend was determined by the holding in 1992-1993. unprepared reforms in the monetary sphere, reduced to government directives regarding the “liberalization” of prices, actual chaos in the monetary sphere, and a hasty exchange of the depreciated mass of old money for new ones. The reformation rush, mainly in the monetary sphere, was practically reduced to the launch for decades of a mechanism for removing national capital in its various forms not only from the reproductive sphere, but also from the national economy as a whole. As a result, a start was given to the development of trends that contradict the conditions of a developed market and the economic interests of the country.

One of the consequences of this was the peculiarities of state regulation of the Russian capital market that have persisted to this day. The first of these features is that the priority direction of state regulation of the capital market is the regulation of its money and loan segment. This is important to recognize, since for a decade monetary policy has been focused on implementing a monetary policy in line with the guidelines for underdeveloped countries, despite the clearly negative macroeconomic consequences. The second feature of state regulation of the capital market in Russia is the growing dependence of financial and monetary policy on the current situation and trends in the real sector. The approved National Security Concept states that “without large investments in strategic areas of the economy, the economic revival of Russia is impossible.”

Credit system is a set of credit relations, forms and methods of lending. Modern credit system consists of the following units:

1) The Central Bank of the Russian Federation, state and non-state banks;
2) Banking sector;
3) Investment, financial, insurance companies, charitable foundations.

The credit system operates through a credit mechanism, which is:

1) A communication system for the accumulation and mobilization of monetary capital between credit institutions and various sectors of the economy;
2) Relations related to the redistribution of monetary capital between credit institutions within the current capital market;
3) Relations between credit institutions and foreign clients.

Credit policy includes the following stages:

1) Lending conditions - determine the price of loans;
2) Creditworthiness standards - financial stability requirements that borrowers must have to receive a loan;
3) Methods of enforcement credit obligations: penalty, pledge, guarantee;
4) Measures to ensure loan repayment.

Repayment (return) of funds placed by the bank and payment of interest on them are made in the following order:

1) By debiting funds from the bank account of the client - borrower according to his payment order;
2) By writing off funds in the order of priority established by law from the bank account of the client - borrower on the basis of the payment request of the creditor bank, provided that the agreement provides for the possibility of writing off funds without the order of the client - account holder;
3) By writing off funds from the bank account of the client - borrower ( legal entity), served by the creditor bank, on the basis of the payment request of the creditor bank, if the terms of the agreement provide for the specified operation;
4) By transferring funds from the accounts of clients - borrowers - individuals on the basis of their written orders, transferring funds of clients - borrowers - individuals through communications authorities or other credit organizations, the latter depositing cash into the cash desk of the lender bank on the basis of a receipt cash order, as well as deductions from amounts due for wages to clients - borrowers who are employees of the lending bank. Repayment (return) of funds in foreign currency is carried out only by bank transfer.

The credit market of the Russian Federation is regulated by current legislation. All relations between the lender and the borrower are fixed in the loan agreement. Violation of points loan agreement or regulatory legal acts regulating the credit market entails punishment (from fines to criminal liability).

One of the features of the development of the credit market in 2012 was the slowdown in the growth of interbank and corporate lending. For January-November 2012 the volume of debt of all categories of borrowers on loans, deposits and other placed funds (hereinafter referred to as loans) increased by 16.2% (over similar period 2011 - by 26.0%), to 33359.4 billion rubles. on 1.12.12. Share of loans in total banking assets increased to 70.0% as of December 1, 2012, but did not reach pre-crisis values.

The volume of loans to non-financial organizations in January-November 2012 increased by 11.9% (for the same period in 2011 - by 24.1%), to 19,822.7 billion rubles. as of December 1, 2012, providing about half of the increase in total loan portfolio banks (Fig. 3.4.1). By the end of 2012, the demand for loans from high-quality corporate borrowers decreased slightly due to their increased attraction of borrowed funds on the bond market. The monthly dynamics of the loan portfolio of non-financial organizations during 2012 was adjusted by the revaluation of their foreign currency component due to exchange rate fluctuations Russian ruble against the US dollar (Figure 3.4.2). The share of loans to non-financial organizations in their total volume decreased to the lowest level over the past few years - 59.4% as of December 1, 2012, which was a consequence of the rapid growth in the volume of lending to individuals.

I 5.3. ANALYSIS OF ASSET TURNOVER 1 AND ENTERPRISE CAPITAL

II Congress of Soviets, its main decisions. The first steps of the new state power in Russia (October 1917 - first half of 1918)

II. THE CONTRIBUTION OF RUSSIAN SCIENTISTS TO THE DEVELOPMENT OF WORLD ECONOMIC THOUGHT

The purpose of the course work is to consider the features of the development of the capital market in Russia.

To do this, it is necessary to: consider alternative interpretations of capital; reveal the essence and structure of the capital market, its place in the market system; analyze the main theoretical models of the capital market and assess the current state of the capital market in Russia; show the peculiarities of the economic behavior of the main subjects of the capital market and government influence on the capital market and its structure.

To define the concept of “capital market” in course work, it is necessary, first of all, to reveal the essence of the category “capital” and to highlight different approaches to defining this category. This will be helped by referring to the following literary sources: Blaug M. Economic thought in retrospect. P.679; Theory and practice of entrepreneurship / Ed. V.D. Kamaeva. Ch. 9, 11; Economic theory (political economy): Textbook. / Ed. IN AND. Vedyapina, G.P. Zhuravleva. Ch. eleven.

Note that the essence of capital is revealed through its properties:

1) it acts as a limited resource;

2) has the ability to accumulate;

3) has a certain liquidity;

4) while in motion, constantly changes its own forms;

5) acts as a self-increasing value.

Due to the ambiguity in the interpretation of the category “capital”, there is also the problem of defining the concept of “capital market”. Depending on what is the object of the relationship between sellers and buyers in the market, various options interpretation of this concept. In one case, the capital market is part of the market for factors of production, and then capital is understood as physical capital, and the main subjects of the market are the business sector (entrepreneurship) and the household sector (households). Secondly, capital in the financial market is understood as money capital, therefore the capital market is one of the constituent parts of the loan capital market.

The essence of the capital market is manifested in its economic functions:

– pricing consists in setting a price (interest) for capital;

– balancing consists in establishing equilibrium between two types of markets: commodity markets, where the firm acts as a supplier selling its goods, and markets for other factors of production (land and labor), in which the firm acts as a carrier of demand;

– stimulating is to encourage entrepreneurs to invest capital in the most in a profitable way;

– information allows market participants, through constantly changing prices, interest rates, stock quotes, to receive information about supply and demand, market conditions, the phase of the economic cycle, and the investment climate.

Possible options for the development of the capital market of any country can be reduced to a spectrum of models according to the degree of government intervention. In classical political economy, the state has nothing to do with the flow of capital, the investment process, or the amount of loan interest, since these processes are regulated by the market.

In the Keynesian model, government regulation of the capital market is aimed at stimulating demand.

Monetarists and supporters of supply theory demand from the state actions aimed at mobilizing the market potential of the economy and maintaining the free enterprise system.

Considering the evolution of views on the processes of formation and development of the capital market and on the role of government intervention in the economy in order to stimulate economic growth, it should be noted that no single system of views, as Galbraith argued, is capable of providing an exhaustively “true” explanation of how the modern economy. Ensure success and provide insight into the functioning of modern economic system Only a creative synthesis of elements contained in various schools and directions is capable. Economic relations that develop between subjects of the capital market are realized through economic behavior. Therefore, in the work it is advisable to highlight the features of the economic behavior of the main subjects of the capital market in Russia: market institutional investors (commercial banks, pension funds, investment companies, etc.), households, enterprises and the state.

In particular, the peculiarity of the behavior of market institutional investors in Russia at the present stage is that they are focused on the fuel and energy complex, metallurgy and telecommunications. Many of them are part of financial industrial groups and serve the enterprises that are part of them.

In the final part of the work, it is necessary to dwell on the priority areas for increasing the efficiency of state regulation of the capital market in Russia: reducing the level of inflation and interest rates; increasing deposit rates on household deposits in savings institutions and organizations; stimulating the influx of foreign capital into industries of the real sector of the economy and limiting its activities in industries related to the implementation of national-state interests (exploitation of national natural resources, radio, television, satellite communications, military-industrial complex).

Rough plan by chapter

Introduction

1 The essence of capital: different approaches

1.1 Analysis of the concept of “capital” in various economic schools

1.2 Classification characteristics of the concept of “capital”

2 Basic theoretical models of the capital market and assessment of the current state of the capital market in Russia

2.1 Basic theoretical models of the Russian capital market

2.2 Analysis of the current state of the capital market in Russia

3 Trends in the development of the capital market in Russia

3.1 Ways to improve state regulation of the capital market in the Russian Federation

3.2 Analysis of options for the development of the Russian capital market

Conclusion

Main literature

1. Bertenev S.A. Economic theories and schools (history and modernity): Course of lectures. M., 1996.

2. Blaug M. Economic thought in retrospect: M., 1994.

Chapter 1. Theoretical foundations of capital market analysis.

1.1. The place and role of capital in the economic system.

1.2. The essence and structure of the capital market.

1.3. Analysis of theoretical models of the capital market.

Chapter 2. Features of the functioning of the capital market in Russia.

2.1. Formation and development of the capital market in the Russian Federation.

2.2. Features of the economic behavior of capital market subjects.

2.3. The impact of globalization on the development of the Russian capital market.

Introduction of the dissertation (part of the abstract) on the topic “Development of the capital market in Russia”

The market transformation of the Russian economy is designed to radically change the forms and methods of regulating investment activity and form a full-fledged and efficiently functioning capital market. Acting as a relatively independent link in the economic mechanism of society, the capital market must play a vital role in ensuring the dynamic development of the Russian economy.

The relevance of the research topic is also determined by the fact that forecasting the development of the capital market, achieving coherent functioning of all structural elements of the investment complex, at the present stage is acquiring not only theoretical, but also practical significance and is one of the fundamental directions of economic theory.

The degree of development of the problem. The study of capital and capital markets is one of the most popular problems in economic theory. Physiocrats F. Quesnay and A. Turgot studied the movement of capital in agriculture. Classics - A. Smith, D. Ricardo, J. St. Mill, J.B. Say considered capital as the main factor of production, and its price was interpreted as the ratio of supply and demand for this factor. The name of K. Marx in the public consciousness is also associated with the term “capital”; the study of the origin, formation, circulation and accumulation of capital was the work of his whole life. The school of marginalists contributed to the theory of capital in the form of the “positive theory of capital” by E. Böhm-Bawerk. From that moment on, economic theory established the position that capital has its own productivity, and the rate of interest is determined on the market based on the principle of marginal utility. The theory of marginal productivity, the problem of the optimal combination of factors, the production function - these are the milestones in the development of the neoclassical theory of capital. The problem of stimulating investment was considered by representatives of Keynesianism (J.M. Keynes was the first to prove that interest becomes an autonomous monetary phenomenon, i.e., the price paid for the refusal of liquidity). J. Hicks's double equilibrium combines changes in the goods market and the money market into one model. Thus, J. Hicks gave rise to the differentiation of processes occurring in the market of real and fictitious capital.

Since the 50s of the 20th century, the “classical” theory of investment began to take shape, which arose and developed based on the needs of economic agents in countries with developed market economies. However, in the works of E. J. Dollan, G. Mankiw, F. Knight, P. Samuelson, S. Fischer, P. Heine, investments in financial assets are considered to a greater extent, which is explained by the high development of the securities market, or applied aspects of efficiency investment projects. In the works of Western scientists, the concept of the capital market, which is at the stage of formation and development, has not been developed.

In domestic political economy, issues of accumulation and efficiency of capital investments were developed in the works of K.K. Valtukha, Ya.A. Kronroda, V. Novozhilova, A.I. Notkina, S.G. Strumilin and others.

In modern works of domestic scientists - B.I. Alekhina, V.D. Andrianova, JI. Artemova, E.T. Gaidara, S.Yu. Glazyeva, A.I. Dobrynina, G.P. Zhuravleva, A.Ya. Livshits, A. Nazarova, B.P. Plyshevsky, JI.C. Tarasevich, A.A. Feldman and others, the issues of capital accumulation in Russia, attracting foreign investment, state regulation of the capital market are being actively developed, the causes of the investment crisis are being identified and measures are proposed to overcome it.

At the same time, in educational and scientific literature the question of sources of profit and interest has been removed or pushed into the background; the concept of “capital” is used in many meanings. All attention is shifted to practical problems of the impact of interest rates on investments, issues of discounting future income, and the study of the capital market is being replaced by the study of the investment process. The question of the structure of the capital market and directions for its optimization remains debatable. The issue of the impact of globalization on the domestic capital market requires theoretical justification.

It can be stated that the theories of capital developed by Western and domestic economists do not fully meet the requirements of the modern economic situation in Russia. In this regard, the problem of formation, development and improvement of the capital market requires further scientific development and justification.

Purpose and objectives of the study: The purpose of the study is to examine the features of the emergence and development of the capital market in the Russian economy.

In accordance with the stated goal, the following tasks were solved in the dissertation: consideration of available alternative interpretations of capital, the relationship of capital with basic economic categories, phenomena and processes; revealing the essence and structure of the capital market, determining its place in the market system; analysis of the main theoretical models of the capital market and assessment of the current state of the capital market in Russia; analysis of the stages of formation of the Russian capital market; , identifying the characteristics of the economic behavior of the main subjects of the capital market; study of the impact of globalization on the development of the Russian capital market;

The object of study is the capital market in a transforming economy.

Methodological, theoretical and informational foundations of the study. The methodological and theoretical basis of the dissertation was the works of domestic and foreign scientists who made a significant contribution to the scientific development of the problems of factor markets, capital, and financial markets. The concepts of international capital movement and investment were of great importance in the theoretical aspect.

The information basis for the study was legislative and regulatory acts, reference materials from official governing bodies of the Russian Federation, data from periodicals, and sociological research in relation to the main subjects of the capital market.

The scientific novelty of the dissertation research lies in the following provisions.

A hypothesis has been put forward and substantiated that the main cause of the investment crisis in Russia is deformations in the system of functional dependencies: “inflation - interest rate”. High inflation forces all producers and consumers to live by current interests, blocks incentives to invest, and does not allow the interest rate on long-term investments to be reduced to a level acceptable for business entities. All this contradicts the strategic socio-economic interests of the country. Therefore, it is recommended to take emergency measures to reduce the average annual inflation rate to 3-5 percent.

The peculiarities of the functioning of the Russian capital market are revealed: social capital has “shrinked” by no less than one and a half times; the depreciation of capital goods has led to a relative increase in profitability and the value of owning a monetary form of wealth; hoarding of funds in foreign currency; privileged position of commercial banks; predominantly non-productive sources of initial capital accumulation; underdevelopment of the institutional infrastructure of the capital market; high level of refinancing rates and interest rates on loans (the expected marginal efficiency of capital, i.e., the rate of profit invariably turned out to be lower than the long-term interest rate on the borrowed funds market); insufficient supply of loan capital on the market; uneven distribution of competition in the market for investment resources.

It has been proven that a phenomenon such as the uneven distribution of competitive forces across regions and sectors of the national economy has a significant impact on investment activity. The shortage of investment resources is most pronounced in those industries and regions where the rate of profit is lower, capital turnover is slower, and the degree of investment risks is higher. This allowed us to draw the following conclusions: 1. The state should promote the intensification and uniform distribution of competition in the capital market across spheres and regions of the national economy. 2. Depressed regions, agriculture and a number of other industries must be provided with special preferences (tax, credit, financial, etc.).

Priority directions for increasing the efficiency of state regulation of the capital market have been developed: reducing the level of inflation and interest rates; increasing deposit rates on household deposits in savings institutions and organizations; stimulating the influx of foreign capital into industries of the real sector of the economy and limiting its activities in industries related to the implementation of national-state interests (exploitation of national natural resources, radio, television, satellite communications, military-industrial complex).

The dissertation research is part of the state budget theme “Formation and development of market relations” of the Department of Economic Theory of Saratov State Socio-Economic University.

Structure of the dissertation. The structure of the work is determined by the objectives, purpose and logic of the study. The dissertation is presented on 176 pages, it includes two chapters, six paragraphs, an introduction, and a conclusion. The list of used literature includes more than 200 sources, including literature in English. The dissertation contains tables, diagrams, and drawings.

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List of references for dissertation research Candidate of Economic Sciences Fedonin, Andrey Valerievich, 0 year

1. Constitution of the Russian Federation. M., 1993

2. Civil Code of the Russian Federation. Part 1, M. Publishing house "Code" D995.

3. Law of the RSFSR “On investment activity in the RSFSR” dated June 26, 1991, as amended by federal laws of June 19, 1995 and February 25, 1999.

5. Federal Law of April 22, 1996 N 39-F3 “On the securities market” // Russian newspaper. 1996. - April 25.

6. Federal Law of December 26, 1995 N 208-FZ “On joint stock companies ah" // Rossiyskaya Gazeta. -1995. December 29th.

7. Federal Law of December 30, 1995 N 225-FZ “On Production Sharing Agreements” // Rossiyskaya Gazeta. -1996. January 11.

8. Investments in Russia: Statistical collection/Goskomstat of Russia. M.: Goskomstat of Russia, 2001.

9. Russian statistical yearbook: statistical collection/ Goskomstat of Russia. - M., 2001.

10. Russia in numbers./Goskomstat of Russia. 2002.1. Monographs, collections

11. Abalkin L.I. Transition Economics Course. M., 1997.

12. Austrian school in political economy: K. Menger, E. Boehm-Bawerk, F. Wieser. M.: Economics. 1992.

13. Current monetary and financial problems foreign countries: Tax systems Western countries / Ed. I.G. Rusakova. M., 1991.

14. Anshin V.M. Investment analysis. M., Delo, 2000.

15. Balabanov I.T. Fundamentals of financial management. How to manage capital? M.: Finance and Statistics. 1995.

16. Baranova N.B., Eremkina I.A. Investment process in Russia: Textbook. Penza, 1999.

17. Bard V. S. Financial and economic complex: theory and practice in the conditions of reforming the Russian economy. M: Finance and Statistics, 1998.

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Please note the above scientific texts posted for information purposes and obtained through original dissertation text recognition (OCR). Therefore, they may contain errors associated with imperfect recognition algorithms. There are no such errors in the PDF files of dissertations and abstracts that we deliver.

The place and role of capital in the economic system

The essence and structure of the capital market

Formation and development of the capital market in the Russian Federation

Features of the economic behavior of capital market subjects

Introduction of the dissertation (part of the abstract) on the topic “Development of the capital market in Russia”

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