Commercial banks and innovation prospects for financial and industrial policy of the State to assist Russia's external economic activity: theory and practice
Subject The economic sanctions imposed by the European Union and the USA on Russia made the financial and industrial policy of our State a subject of in-depth study for representatives of academic community, the State, and business. Innovation priorities of economic development, interest in long-term foreign trade relations with the Customs Union, the CIS and the BRICS countries have become particularly important nowadays. Objectives The objective of the study is to identify reserves and innovation prospects for joint activity of commercial banks and industrial spheres of economy, including the regional level. The study designates the role of banks in assisting the foreign economic activity of Russia. It also defines the joint problems of developing and reforming the financial and industrial policy of the State on the Krasnodar Krai case as one of the territories that are attractive for long-term investment. Methods We identified banks' reserves uninvolved in financing the regional industry by using the methods of analysis and synthesis, systematization and comparison, and expert evaluation. To enhance the role of financial structures at the regional level, we propose to establish industry-specific corporate banks. We developed concentration models for financial and industrial capitals consolidation for the purpose of integration with production industries (with possible participation of research and development). The paper offers a four-stage methodology and functional structure of innovation management to introduce the new integrated model. Results We have proposed creating the new financial and industrial integrated structures (forms), i.e. national holding associations, to assist in surging, expanding, and modernizing the industry of regions. In addition, the national holding associations will support innovation and manufacture hi-tech and high quality product to be able to compete in the international markets. We give a definition to the new structure and emphasize that it is expedient that the regulators and organizations would use the solution as a protection against reduction in the rates of production, inefficiency, and bankruptcy. Conclusions and Relevance The use of the offered model (form) will enable to involve reserve capacities of industrial production, restore momentum to the renovation of the Russian industrial sector, and provide financial stability and efficiency of foreign economic activity.
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