Globalization of credit system: vector of development and credit ratings
The article underlines that the credit system is organized as a structured unity of principles of construction, mechanism and institutionally ordered forms of credit relations which have a development vector in the direction of providing a continuity of payment turnover in various experimental conditions for regulation of supply and demand of credit on the part of solvent borrowers, and also creditors with credit potential. The central banks are the lenders of last resort, which are seeking to overcome the crisis phenomena and to provide the economic growth. The international financial organizations are also performing a role of lenders of last resort. The paper considers the issues connected with a problem of effective credit system formation. The authors evaluate the trends of its development in 2014 and determine the opportunities for the near-term perspective, and also reveal the role of Vnesheconombank (VEB) in financing and crediting the Sochi-2014 Olympic Games. The article analyzes the materials of the international rating agencies, which estimate the governments and companies debts. The financial crisis raised a central issue of their forecast accuracy. The authors state that the participation in the Olympic construction has not destabilized Vnesheconombank’s activities. The bank has set the task to bring the total amount of support to the national economy up to 1.9 trillion rubles (2.4% of GDP) by the end of 2015. The paper asserts that it is possible to avoid prejudiced estimates of such the geopolitical risks by creating the relevant institutional rating structure capable to objectively estimate the economy’s situation in the post-Soviet space. It is necessary to follow the way of creation of the proprietary rating agency within the framework of the Customs Union of Russia, Belarus and Kazakhstan. The authors emphasize the need of continuation of interaction of financial systems of the CIS countries and integration of Russia in the world economy.