Finance and Credit

Contradictions between the use of credit resources and investment needs in the Russian reproduction

Vol. 24, Iss. 7, JULY 2018

Received: 6 March 2018

Received in revised form: 27 March 2018

Accepted: 10 April 2018

Available online: 27 July 2018

Subject Heading: Banking

JEL Classification: G00, G11, G23, G24

Pages: 1560–1572

Mazhigova E.M. Chechen State University, Grozny, Chechen Republic, Russian Federation

ORCID id: not available

Importance In modern conditions, innovative factors of development become the defining components of socio-economic transformation. However, the Russian lending structure contradicts the interests of innovative development, although it reflects the needs of the main segments of the national economy.
Objectives The study aims to define areas of modernization in banking activities, proceeding from the challenges of modern technologies that enable to solve the accumulated contradictions between the reproductive investment needs and lending practices.
Methods The analysis rests on the present structure of corporate lending by economic activity, changes in the level of past due debt, weighted average interest rates, and the structure of credit turnover, changes in the capital and the banking sector multiplier indicating a low level of attractiveness of bank lending for debt financing of investment projects in the real sector.
Results Analytical and theoretical results of the study show that the banking system does not meet investment requirements of extended reproduction and requires significant internal changes. The findings may be useful for developing new technological foundations of banking under the current socio-economic transformation.
Conclusions To effectively develop the blockchain technology, efforts should be concentrated at the State level through creating integrated platforms enabling to unite the actions of participants from a variety of local structures. In this case, it will be possible to combine the advantages of the State and the private sector in a single technological chain of investment and financial support to expanded reproduction.

Keywords: innovation process, banking, reproduction, investment lending, small and medium-sized businesses, blockchain technology


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