ФИНАНСОВАЯ СТРУКТУРА РЕГИОНАЛЬНЫХ ФИНАНСОВЫХ МЕХАНИЗМОВ И МОДЕЛЬ ОПТИМИЗАЦИИ ИХ КРЕДИТОСПОСОБНОСТИ

Abstract

The paper provides a brief description of the various regional financial mechanisms, highlighting their diversity in terms of their financial structures and maximum creditworthiness. A comparative analysis of two types of financing of organizations is carried out - at the expense of participating countries and by attracting funds in financial markets. It was concluded that the market financing model is optimal due to the possibility of attracting large amounts of capital. In addition, this type of financing reduces the financial burden on the participating countries. The relevance of the study is confirmed by the need to increase the resources of these organizations, both to increase the stabilization potential during crisis events, and to credit a growing portfolio of infrastructure projects. The study analyses the actual credit opportunities and creditworthiness of financial mechanisms using generally accepted methodologies used by rating agencies to assign ratings to supranational organizations. This allows us to understand the potential creditworthiness of the mechanisms in terms of the financial market. The main institutions for analysis are the Eurasian Stabilization and Development Fund, the BRICS Conditional Foreign Exchange Reserve Pool. Based on the results of the analysis, it is concluded that the volume of maximum creditworthiness due to market financing can be significantly increased compared to the volume recorded in the charter documents of organizations. At the same time, the analysis reflects that individual institutions with a strong capital structure have a low rating from credit rating agencies. In this case, the conclusion was made about possible risks in relation to the participating countries of the funds, including Russia, as well as politicization in assigning ratings to rating agencies.