Formation of a New Organizational and Economic Mechanism Enhancing the Functional Role of Population's Savings in Financing Investments
Abstract
The article examines the problem of economic development within a context of reductions of the investment resources. Russian economy is characterized by one of the highest borrowing costs. This affects the development of the real economy, as investment demand is shifting towards highly profitable projects. But the investments in the real sector have naturally lower profitability than financial speculations in securities of operating companies. In such circumstances, it is advisable to form a new organizational and economic mechanism of financing economic growth and modernization. The savings of the population should play a key role in this system, being the most important source of domestic investment.
References
[2] Borodin, A.I. et al. 2015. Model of control of financial results of the enterprice. Mediterranean Journal of Social Sciences, 6(4 S 2): 578-583.
[3] Cherkovets, V.N. 1987. World History of Economic Thought. Moscow: Mysl.
[4] Dolan, E. J. 1994. Microeconomics. St. Petersburg: St. Petersburg Orchestra, p. 440.
[5] Dolzhenko, A., Obukhov, E., and Fokeeva, V. (n. d.). If you survive, we'll help you. Expert. Available at: http://expert.ru/expert/2016/37/vyizhivesh---pomozhem/. (accessed November 2, 2016).
[6] Dudin, M.N. et al. 2015. The innovation business model CANVAS in the system of effective budgeting. Asian Social Science, 11(7): 290-296.
[7] Dudin, M.N. et al. 2015. International practice of the national budget income on the basis of generally accepted financial reporting standards (IFRS). Asian Social Science, 11(8): 119-126.
[8] Friedman, J., and Ordway, N. 1995. Income Property Appraisal and Analysis. Moscow: Delo Ltd, p. 441
[9] Gitman, J. L. 2001. Fundamentals of Investing. Moscow: INFRA-M, pp. 169-170.
[10] Iohin, V.J. 2006. Economic theory. Moscow: Ekonomis, p. 861.
[11] Keynes, J.M. 1993. The General Theory of Employment, Interest and Money. Moscow: Economy, p. 182-185.
[12] Kruglyakova, V.M. 2011. Methodological aspects of investment management in the context of social reproduction. Region: Systems, Economics, Management, 3 (14): 16-22.
[13] McConnell, C.R., and Brue, S.L. 2003. Economics: Principles, Problems and Policies. Moscow: INFRA-M, p.388.
[14] Mogilat, A.N. 2015. Foreign direct investment in the real sector of the Russian economy: a view from the micro-level and forecast to 2017. Voprosy ekonomiki, 6: 25-44.
[15] Sharpe, F.W., Alexander G.J., and Bailey, J.W. 2001. Investments. Moscow: INFRA-M, p. 7.
[16] Smith A. 1962. The Wealth of Nations. Moscow: Sotsekgiz, p. 281.
[17] Tatuev, A.A., and Bahturazova, T.V. 2013. Structural features of monetary accumulations of the population. Terra economicus, 11(4): 64-69.
[18] Ulyukayev, A. 2016. Challenges of Economic Development of the Russian Federation and the state economic policy. Voprosy ekonomiki, 6: 36-44.
[19] Vedev, A., Danilov, Y., Maslennikov, N., and Moiseev, S. 2010. The structural modernization of the Russian financial system. Voprosy economiki, 5: 26-42.
*** World Bank national accounts data. The World Bank. Available at: http://data.worldbank.org/indicator/NY.GDP.MKTP.CD?view=chart (accessed November 2, 2016).
*** Banks are the most trustworthy financial institutions. National Agency for Financial Studies ‘NAFI’. Available at: http://nacfin.ru/banki-lidery-doveriya-sredi-finansovyx-institutov/ (accessed November 2, 2016).
*** Collective Investments Market (pensions and asset management). Expert RA. Available at: http://www.raexpert.ru/sproject/bfsr/finstrategy-2020/pension/. (accessed November 2, 2016).
*** G20: Central Bank Policy Rate. International Monetary Fund. Available at: http://data.imf.org/?sk=5477AD05-460D-4C91-9690-11E99B1ED935 (accessed November 2, 2016).
*** Investment Company Fact Book. Investment Company Institute. Available at: https://www.ici.org/pdf/2016_factbook.pdf (accessed November 2, 2016).
*** The standard of living. Federal State Statistics Service. Available at: http://www.gks.ru/free_doc/new_site/population/urov/urov_14g.xls (accessed November 2, 2016).
*** National accounts. Federal State Statistics Service. Available at: http://www.gks.ru/free_doc/new_site/vvp/kv/tab9.htm (accessed November 2, 2016).
*** Not the time for savings. National Agency for Financial Studies ‘NAFI’. Available at: http://nacfin.ru/rossiyane-o-sberezheniyax (accessed November 2, 2016).
*** Russian Statistical Yearbook. 2015. Statistical Yearbook. Moscow: Rosstat, pp. 165-168.
*** Russians about Savings. National Agency for Financial Studies ‘NAFI’. Available at: http://nacfin.ru/rossiyane-o-sberezheniyax/ (accessed November 2, 2016).
The Copyright Transfer Form to ASERS Publishing (The Publisher)
This form refers to the manuscript, which an author(s) was accepted for publication and was signed by all the authors.
The undersigned Author(s) of the above-mentioned Paper here transfer any and all copyright-rights in and to The Paper to The Publisher. The Author(s) warrants that The Paper is based on their original work and that the undersigned has the power and authority to make and execute this assignment. It is the author's responsibility to obtain written permission to quote material that has been previously published in any form. The Publisher recognizes the retained rights noted below and grants to the above authors and employers for whom the work performed royalty-free permission to reuse their materials below. Authors may reuse all or portions of the above Paper in other works, excepting the publication of the paper in the same form. Authors may reproduce or authorize others to reproduce the above Paper for the Author's personal use or for internal company use, provided that the source and The Publisher copyright notice are mentioned, that the copies are not used in any way that implies The Publisher endorsement of a product or service of an employer, and that the copies are not offered for sale as such. Authors are permitted to grant third party requests for reprinting, republishing or other types of reuse. The Authors may make limited distribution of all or portions of the above Paper prior to publication if they inform The Publisher of the nature and extent of such limited distribution prior there to. Authors retain all proprietary rights in any process, procedure, or article of manufacture described in The Paper. This agreement becomes null and void if and only if the above paper is not accepted and published by The Publisher, or is with drawn by the author(s) before acceptance by the Publisher.