Banking. Stages of development of the credit system in the Russian Federation (the most important)

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Banking. Stages of development of the credit system in the Russian Federation (the most important)

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Topic 4. Stages of development of the credit system in the Russian Federation

Before the 1st World War and the revolution, the Russian Federation had a developed credit system. The State Bank (organized in 1860) served as the pivot, and a network of commercial banks was also developed. In 1917 the State Bank was renamed the People's Bank, and a policy of eliminating commodity-money relations in the country was carried out. The industry went into decline. In 1920 there was not a single bank in the country. NEP revived commodity-money relations. Banks were re-established. In the late 20s, a decision was made to reform B.S. in order to mobilize funds in the hands of the state, the money industry and the collectivization of agriculture. For the next 10 years, the banking system was rigidly centralized, headed by the State Bank of the USSR (2 monopoly banks: Stroy Bank of the USSR, Vneshtorgbank of the USSR). In 1987, the BS was reorganized:

Stage 1 - creation of a 2-tier BS (central issuing bank and state special banks); improvement of forms and methods of credit relations with enterprises of various industries.

stage 2 - the creation of the first commercial banks; creation of conditions for financial resources. On the basis of the State Bank, the Central Bank was created - the Central Bank.

Functions of the credit system:

1) redistribution of monetary capital (temporarily free funds are transferred to some entities)

2) accumulation and mobilization of money capital.

3) cost savings (production costs, turnover costs, consumption costs)

4) accelerates the concentration and centralization of capital.

5) stimulating - credit acts as a regulator of the economy.

Loan forms:

1) private (subjects: enterprises, municipal institutions, banks)

2) state (state: in the role of a creditor, borrower or intermediary)

3) international (one of the parties to the loan transaction is a non-resident)

International credit

It is considered as a set of credit relations operating at the international level, the direct participants of which can be international financial and credit organizations (IMF, IBRD), governments of states and individual legal entities, including credit organizations.

Authors: Shevchuk D.A., Shevchuk V.A.

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