Finance and Credit
 

The Russian practice of functioning of development institutions: Are changes in regulation necessary?

Vol. 24, Iss. 4, APRIL 2018

Received: 6 February 2018

Received in revised form: 22 February 2018

Accepted: 12 March 2018

Available online: 28 April 2018

Subject Heading: Financial system

JEL Classification: Н50, Н54, Н82

Pages: 954—967

https://doi.org/10.24891/fc.24.4.954

Frumina S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation
frumina@mail.ru

https://orcid.org/0000-0001-5143-9417

Subject This article discusses the issues of improvement of development institutions in Russia.
Objectives The article aims to elaborate proposals on clarification of the Russian legislation in the field of regulation of development institutions.
Methods The study is based on the methods of induction, deduction, comparative analysis, and graphical interpretation of the results obtained.
Results The article proposes a schematic interpretation of the genesis of development institutions in the Russian Federation. It formulates certain proposals to clarify the Russian Federation legislation and strategic documents, which determine the functioning of development institutions. As well, it presents developed requirements for development institutions reorganized from non-commercial to commercial organizations, with the obligatory condition of termination of budgetary financing.
Conclusions and Relevance The article determines further directions of improvement of the State policy, aimed at the development of the institutions' activity, and improvement of the attractiveness of investment climate. The conclusions and proposals can be used in practical activities of the Department of Economy and Finance of the Government of the Russian Federation, Ministry of Economic Development of the Russian Federation, and the Ministry of Finance of the Russian Federation.

Keywords: joint-stock companies, development institutions, State corporations, budget financing, legal organizational form

References:

  1. Frumina S.V. [Development institutions in the Russian legal field]. Finansovaya Zhizn' = Financial Life, 2017, no. 4, pp. 19–23. (In Russ.)
  2. Simachev Yu., Kuzyk M. [Improving the system of financial development institutions as a crucial element of national innovation system: challenges, lessons and risks]. Ekonomicheskoe Razvitie Rossii = Russian Economic Developments, 2010, vol. 17, iss. 11, pp. 32–44. URL: http://www.vedi.ru/red_r/2010/ed110610.pdf (In Russ.)
  3. P'yankova S.G. [Formation of institutes of development of monoprofile territories: foreign and domestic experience]. Fundamental'nye issledovaniya = Fundamental Research, 2011, no. 12-2, pp. 422–427. URL: https://fundamental-research.ru/ru/article/view?id=29117 (In Russ.)
  4. Andreeva E.L., Glukhikh P.L. [The formation and development of development institutions of small and medium entrepreneurship in the Russian Federation]. Zhurnal ekonomicheskoi teorii, 2015, no. 3, pp. 203–211. (In Russ.) URL: https://readera.ru/144139704
  5. Kurbatova M.V., Sablin K.S. [Institutions of development and quasi institutions of development in Russian economy]. TERRA ECONOMICUS, 2012, vol. 10, iss. 3, pp. 22–38. URL: http://ecsocman.hse.ru/data/2012/11/20/1251380473/journal10.3.1-3.pdf (In Russ.)
  6. Bakhtizin A.R., Valentik O.N., Bukhval'd E.M. et al. Instituty razvitiya kak instrument regional'noi ekonomiki [Institutions of development as a tool of regional economy]. Moscow, IE of RAS Publ., 2015, 45 p. URL: https://inecon.org/docs/Vilensky_paper_20151222.pdf
  7. Kudelich M.I. [Improvement of legal regulation of development institutions activity in the Russian Federation]. Finansovyi Zhurnal = Financial Journal, 2016, no. 2, pp. 82–87. URL: http://www.nifi.ru/images/FILES/Journal/Archive/2016/2/statyi_2/07.pdf (In Russ.)
  8. Zuev V.E. [Structural reform in Russia: finance management and innovation]. Finansy = Finance, 2012, no. 12, pp. 18–21. (In Russ.)
  9. Kuz'min P.V. [Reform of public corporations]. Statistika i ekonomika = Statistics and Economics, 2010, no. 6, pp. 82–86. (In Russ.)
  10. Kurmanov A.T. [Experience of development of State corporations abroad]. Vestnik universiteta (Gosudarstvennyi universitet upravleniya) = Vestnik Universiteta (State University of Management), 2011, no. 4, pp. 195—198. (In Russ.)
  11. Soboleva Yu.V., Vinogradov D.Yu. [Open joint stock company “Rusnano”: ratio of public-legal and private-law regulation]. Vestnik Yuzhno-Ural'skogo gosudarstvennogo universiteta. Seriya: Pravo = Bulletin of South Ural State University. Ser. Law, 2015, vol. 15, iss. 3, pp. 114–118. URL: https://cyberleninka.ru/article/v/otkrytoe-aktsionernoe-obschestvo-rosnano-sootnoshenie-publichno-pravovogo-i-chastnopravovogo-regulirovaniya (In Russ.)
  12. Sukharev O.S. [Institutions of development: necessity and effectiveness]. Gosudarstvennyi audit. Pravo. Ekonomika = State Audit. Law. Economics, 2017, no. 2, pp. 8–16. (In Russ.)
  13. Rykova I.N., Avraamov P.A., Alaev A.A. et al. Otsenka effektivnosti deyatel'nosti rossiiskikh i zarubezhnykh institutov razvitiya [Efficiency evaluation of the activity of Russian and foreign institutions of development]. Moscow, FRI Publ., 2016, 206 p. URL: http://docplayer.ru/54169176-Ocenka-effektivnosti-deyatelnosti-rossiyskih-i-zarubezhnyh-institutov-razvitiya.html
  14. Rykova I.N., Utkin V.S. [Directions of improving the mechanism of fnancing the institutions in the conditions of budget expenditure effeciency]. Ekonomika: Teoriya i praktika, 2015, no. 3, pp. 29–40. (In Russ.)
  15. Nikonova I.A. [Efficiency and performance of financial institutes of development: estimation and management]. Finansy = Finance, 2015, no. 4, pp. 54–56. (In Russ.) URL: http://отрасли-права.рф/article/4239
  16. Osipov M.A. [The current state of institution of small business development in Russia]. Fundamental'nye issledovaniya = Fundamental Research, 2013, no. 10-13, pp. 2916–2920. URL: https://fundamental-research.ru/ru/article/view?id=32935 (In Russ.)
  17. Akhmetshina E., Khairullina A., Kabasheva I. The Institutional Aspect of Public-Private Partnership Mechanism Improvement. Journal of Economics and Economic Education Research, 2016, vol. 17, iss. 4, pp. 200–205.
  18. Varum C., Viegas M. Impact and Complementarity of Public Support to Business Funded R&D: The Importance of Policy-mix and Policy Stability. Global Business and Economics Review, 2015, vol. 17, iss. 4, pp. 430–444. URL: https://doi.org/10.1504/GBER.2015.072498
  19. Zangoueinezhad A., Azar A. How Public-private Partnership Projects Impact Infrastructure Industry for Economic Growth. International Journal of Social Economics, 2014, vol. 41, iss. 10, pp. 994–1010. URL: https://doi.org/10.1108/IJSE-04-2013-0083

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 24, Iss. 7
July 2018

Archive