Abstract
Raising loan finance by industrial enterprises for the development of their investment projects is an important factor for economic growth in Russia. Due to this the problem of credit resource affordability for Russian business becomes more and more topical. The article analyzes possibilities of credit affordability regulation for industrial enterprises by tools of monetary policy of the Central Bank of the Russian Federation. The author aims at indentifying the current problems of the credit system for industrial enterprises and finding the key lines in its improvement. Within the frames of the research the author estimates the impact of high and low interest rates on the volume of industry crediting, analyzes the structure of giving credits to non-financial organizations and studies the problem of long cash affordability for realizing investment projects in industry. The article also investigates the asset concentration in the banking sector and shows the higher role of state and the diminishing number of commercial banks and their branches. Certain important lines of development were identified, which in the future could determine the situation in industry crediting in Russia. Finding of the research can be used for devising the state strategy of developing the system of industry crediting in Russia.
Highlights
Raising loan finance by industrial enterprises for the development of their investment projects is an important factor for economic growth in Russia
The author aims at indentifying the current problems of the credit system for industrial enterprises and finding the key lines in its improvement
Certain important lines of development were identified, which in the future could determine the situation in industry crediting in Russia
Summary
Используя данные МВФ о номинальных процентных ставках и собственные данные о дефляторе ВВП, Всемирный банк предоставляет оценки реальных процентных ставок по кредитам для частного сектора по странам [14]. Номинальные процентные ставки по кредитам для частного сектора (МВФ) Средневзвешенные процентные ставки по кредитам, предоставленным кредитными организациями нефинансовым организациям в рублях (Банк России) Дефлятор ВВП (Росстат). Хотя не всегда и не во всех экономиках [7; 12] изменение ключевой ставки приводит к немедленным изменениям стоимости кредитов (например, в работе [4] по результатам проведенного эмпирического исследования указывается на тот факт, что в краткосрочном периоде (1 месяц) банки изменили ставки по кредитам и депозитам только в 50% случаев в ответ на действия регулятора, хотя на более длительном временном интервале большинство из них все же пересмотрели свои ставки), в конечном счете влияние этого инструмента на поведение банков является существенным.
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