THE ROLE OF INTELLECTUAL CAPITAL IN THE CURRENT CRISIS OF THE BANKING SYSTEM OF THE RUSSIAN FEDERATION
The purpose of the study is to substantiate transformation processes of the banking sector theoretically and to develop practical recommendations to improve its effectiveness as a key link in the transmission mechanism of the monetary policy of the Bank of Russia. In the process of research, dialectical, systemic, structural, economic-mathematical methods of scientific knowledge are used. Conclusions are made regarding the objective nature of the existing problems in the banking sector, the genesis of which is related to a complex of historical, institutional and economic factors. The main risks, threats to the functioning of the banking sector are shown, factors that prevent the investment attractiveness of the banking business are highlighted.
Keywords: banking system, supervision, institutions, trust, disinflation, imbalances, sanation, competition, monopoly.
Highlights:
• it is revealed that the current banking crisis is the result of unsolved systemic problems that arose in the period 2008-2009, as a result of the formation of toxic assets and a total liquidity deficit;
• it is proved that in the current period - 2016-2017 - problematic assets are less likely to cause a sectoral crisis, but rather act as a deterrent to development, hampering credit growth as a non-performing asset and due to the burden on capital (according to the Central Bank’s standards);
• one of the most important problems of the banking system is associated with the narrowness of the credit market for small and medium-sized businesses, which does not meet modern economic challenges and hinders the transition to innovative development;
• it is shown that the modern banking sector has lost its generic function of transforming savings into investment; the money resource attracted to deposits does not reach the real sector of the economy, the distributive mechanism is inhibited;it is revealed that one of the key factors causing the financial crisis is personnel shortage;
• the problems with the qualifications of personnel in the banking system are among the most acute at the moment;
• it is proved that the fiduciary principles are the basis for the functioning of the modern banking system; trust is the most important phenomenon of the socio-economic reality of the modern world and it is a necessary condition for any social action, which ultimately contributes to the welfare of society as a whole;
• the causes of depersonified institutional trust, as well as distrust in individual “personalities” of the banking world, which is filled with an increasing number of random people who are not professionals in their field;
• to strengthen the positions of regions and transition to innovative development, it is necessity to expand the regional market of banking services, which are characterized by the crisis phenomena even more than the industry as a whole.
Anton V. Larionov, Managing Director of the “FINAM” Group in Samara, a post-graduate student; Maria Eu. Konovalova, Doctor of Economics, Professor, head of Economic Theory Department - Samara State University of Economics.