INSTITUTIONAL PROBLEMS OF FINANCIAL CAPITAL MOBILIZATION IN MODERN RUSSIAN ECONOMY

Igor Barhatov, Ekaterina Biruykova, Igor Afanasev

Abstract


This article views the mechanism and modern forms of financial capital mobilization in risky and uncertain conditions of the economic environment. From the perspective of the institutional approach, there is a group of problems typical for two different financial capital mobilization models: the bank loans market and the stock market. It reveals some contradictions of capital mobilization mechanism through bank lending by a critical assessment of subjective and purely subject-object relations; the major participant currently is the State. The features of the process of investing in a portfolio of securities in the current environment of high volatility of systematic and specific nature are defined, which ultimately determine the need to revise the prerequisites of classical portfolio theory and the development of new algorithms for redistribution of capital.

Solving the problem of the role of the State in the financial capital mobilization will allow the mechanism to adjust itself in the direction of growth in bank lending instruments. Simultaneously, there is an increase in the growth rate in the real sector of the Russian economy.  The proposed mathematical apparatus of fuzzy set theory, based on uncertainty factors variety of the economic system being considered, is capable of minimizing the portfolio investment risk.


Keywords


capital, mobilization, financial risk, fuzzy set theory, institutional approach, portfolio theory, Russian economy

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References


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DOI: http://dx.doi.org/10.12955/cbup.v2.447

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