Экономические науки/1. Банки и банковская система
Маер
О.И.
Университет
международного бизнеса, Казахстан
“The credit system of the state: the essential
characteristics and evolution of treating the categorical apparatus”
A stable credit system gains particular importance for
national financial systems in the changing global economy. It should correspond
to the needs of the population, enterprises and the state. In order to assess
the importance and understand the meaning of the term “credit system” it is
necessary to carry out the chronology of developments in the interpretation of
this concept in domestic and foreign economic literature.
The term “credit” is one of
the most commonly used in the economic lexicon of the population, second only
to concepts such as “banks”, “money” and some others. In the current
theoretical sources the notion of credit is treated differently. The main types
of theoretical concepts characteristic of the notion “credit” are presented in
Table 1.
Table 1. Interpretation of the concept
“credit”
|
School of
economic thought |
Representatives |
Interpretation of
the term “credit” |
|
1. Naturalistic
theory of credit |
A. Smith, David
Ricardo, and others |
Credit is a form
of movement of productive capital, using the relative independence of the
loan capital and the regularity of its movement |
|
2. Capital
creative theory of credit (“credit expansionist theory”) |
J. Lo, G. McLeod,
I. Shumpetter, R. Hawtrey, A. Hahn and others |
Credit is able to
set in motion all the unused production capacities of the country, and create
wealth and capital |
|
3. The Keynesian school |
John Maynard
Keynes, the followers of (neo-Keynesians) P. Samuelson, L. Lerner, S. Harris,
E. Hansen and others |
Consider credit
as a factor in stimulating consumer demand, the impact on the economy through
changes in interest rates on credit |
|
4. Russian Economic School |
N.S. Mordvinov,
I. Kaufman, M.I. Tugan-Baranovsky, A.A. Isayev, etc. |
Credit is the
ratio, resulting in the movement not only temporarily available
(prazdnolezhaschie) financial capital, but also the main income population |
|
5. Kazakhstan views of economists |
N. Khamitov, V.D.
Melnikov, A. Abishev etc. |
Credit is a
relationship involving a refund of the money issued to the borrower for
temporary use associated with a profit obtaining by the lender |
Credit in today's financial
dictionary is represented as a distinct financial and economic category, which
expresses the possibility of providing temporary free funds in terms of
maturity, repayment and interest payment. The objective conditions of the loan
are:
¾
mismatch
of the production cycles of individual producers, which leads to the need for
companies to attract financial resources from outside to the continuation and
renewal of their production cycles and of the expanded reproduction;
¾
the
possibility of individual and corporate accumulation of funds, which allows to
compensate losses due to inflationary pressures in the economy and increase the
capital by the interest received;
¾
the
existence of temporarily non-used budgetary and extra budgetary resources in
terms of demand for the latter by economic entities and population, which
greatly simplifies the cash flows of the financial system.
In the economy, credit is a
form of loan capital movements, i.e. money capital, suggested for loan; it
ensures the transformation of money capital into the loan, and expresses the
relationship between lenders and borrowers. It is able to actively influence
the amount and structure of money, payment transactions and to influence the
velocity of money circulation. It is through the functions that the essence of
the loan as an economic category is manifested.
The main functions of the
loan are:
¾
accumulation
and mobilization of monetary capital;
¾
redistribution
of money-capital;
¾
cost
savings;
¾
accelerated
concentration and centralization of capital;
¾
regulation,
promotion and stabilization of the economy.
The second component of the
“credit system” term notion is a categorical interpretation of the concept
“system”. This category “system” is often operated in different fields of
knowledge. This concept has several meanings, described by scholars of
different time and space. According to the author Smirnov E.A., system is a
certain integrity, consisting of interdependent parts, each of which
contributes to the performance of the whole. A similar concept is offered by a
Russian scientist Vesnin V.R.: “System is an aggregate interrelation of
existing elements”.
In economics, the most
reasonable definition runs as follows: “System is a set of institutions that
are homogeneous in their tasks, or institutions, united in one organizational
unit”. Moreover, most economists tend to believe that such a thing as a
“system” should have a number of characteristics, traits and distinctive
features.
The key elements of any
system, including the economic or credit systems are:
1)
the
variety of its constituent elements, which can be incorporated into the
subsystems according to similar criteria, or to their functions;
2)
the main
goal for all elements included in the concept of “system”;
3)
the links
between elements, the nature of which can vary and be either dominant or
secondary;
4)
presence
of a structure and hierarchy, which can be used to describe the system itself
and its main features;
5)
the
relative independence of each of the components of the system, the ability to
change the properties of the system in case of retirement or on the contrary,
addition of various elements;
6)
the
presence of the management of these elements, the allocation manager and
managed objects.
The defining properties of
the system are:
1)
connectivity
- is realized in the combined action of its elements, otherwise the
effectiveness of the activities - sequence is sharply reduced;
2)
the
emergence – is manifested in the presence of at any of the special properties
that are not inherent in its subsystems and units, as well as the fact that
properties of the system cannot be reduced to the sum of the properties of its
components;
3)
self-preservation
- is implemented in an effort to maintain its structure and function unchanged
in the presence of disturbances of internal or external nature;
4)
organizational
integrity – is evident in self-organization and self-government of the system.
Most researchers believe
that the credit system should be characterized in the broad and narrow senses.
Below there are some definitions suggested by some economic scientists.
The credit system is:
1)
The set of
credit relationships, forms and methods of financing (functional form)
(Starodubova N. Ovchinnikov E.N.);
2)
The set of
financial institutions, accumulating surplus funds and giving them a loan
(institutional form) (O.I. Lavrushin);
3)
The
assortment of the credit relationships, forms and methods of credit available
under varying socio-economic structure (in the broad sense) (Beloglazova G.N.);
4)
The set of
banks and other financial institutions engaged in the mobilization of free money
capital and income, providing them as a loan (Maksimova L.N.);
5)
The set of
institutions that organize credit relations (Zhukov E.F.)
6)
The
assortment of the credit relations in the country, forms, and lending practices
of banks or other lending institutions, organizing and implementing such
relationships (Borisov A.B.)
Thus, we can say that
despite the disintegration of the views and opinions of economists, the authors
agree that the credit system is a functional institutional system, which
includes several components, i.e. elements.
The modern credit system is
a combination of not only various credit relationships, forms, and lending
practices, credit and financial institutions operating in the market and
offering loan capital accumulation and mobilization of monetary capital and
controlling their bodies, but also the regulatory framework governing the
functioning of the credit system.
Summarizing, we note that
the credit system of the state now consists of two main concepts: a set of
credit and settlement and payment relations, which are based on certain
specific forms and methods of credit, a set of operating credit and financial
institutions (banks, insurance companies, etc.). The first concept is usually
associated with the movement of loan capital in various forms of credit. The
second means that the credit system, through its numerous institutes
accumulates free cash flow and sends them to businesses, communities,
government. The number of ranges, types and forms of credit varies depending on
the degree of economic development of any state.
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