INSTITUTIONAL PROBLEMS OF FINANCIAL CAPITAL MOBILIZATION IN MODERN RUSSIAN ECONOMY

  • Igor Barhatov Chelyabinsk State University, Russian Federation
  • Ekaterina Biruykova Chelyabinsk State University, Russian Federation
  • Igor Afanasev Chelyabinsk State University, Russian Federation
Keywords: capital, mobilization, financial risk, fuzzy set theory, institutional approach, portfolio theory, Russian economy

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.

References

Barhatov, I. V. (2009). Rinok cennih bumag v usloviyah transformacii rossiyskoy economiki. [The stock market in transformation of the Russian economy]. CSU Bulletin, Economy, 1(17), 116-119.

Fisher, I. (1933). The Debt-Deflation Theory of Great Depressions. Econometrics, 1(4).

Hilferding, R. (1910). Das Finanzkapital. Eine Studie über die jüngste Entwicklung des Kapitalismus, Vienna, Wiener Volksbuchhandlung.

Knight, R. (2012). Time Traveler: The Art of Charles R. Knight. Scientific American.

Lenin, V. I. (1969). Polnoe sobranie sochineniy (5th ed.) [Omnibus edition of works]. Moscow: Politizdat, 337.

Lin, T. C. (2012). A Behavioral Framework for Securities Risk. Seattle University Law Review, 34(325).

Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77-91.

Markowitz, H. (2008). The Concise Encyclopedia of Economics. Library of Economics and Liberty (Second Ed.). Liberty Fund.

Taleb, N. (2008). Infinite Variance and the Problems of Practice. Complexity, 14(2).

Thomas, I. P., (2010). Monthly Review, 61(11).

Tryon, R.(1939). Cluster analysis. London: Ann Arbor Edwards Bros, 139.

Zadeh, L. A. (2005). Toward a Computational Theory of Precisiation of Meaning Based on Fuzzy Logic—the Concept of Cointensive Precisiation. 11th World Congress of International Fuzzy Systems Association IFSA 2005. Beijing: Tsinghua University Press, Springer.

Published
2015-07-01