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

Frumina S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation

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


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