Russia has a huge number of development institutions. However, their activities interfere with the opacity, lack of coordination and lack of resources. But in any case, the fate of modernization does not depend on them.
Does Russia Institute for Development (R & D) in fact and they bring economic benefits? To answer this question clearly very difficult. In our country there is at least a dozen organizations that claim to development institutions. But to understand what they are, we can only in the future. The fact that the IR system was formed almost on the eve of the crisis, which disorganized her work. The largest Russian Institute Vnesheconombank was forced to forget that he was the Development Bank, and to address the distribution of anti-crisis assistance. And now, when the economy is slowly emerging from stagnation, formed by the system will finally show itself. Or not.
Theory. Institutes of development - one of the most fashionable topics in world economic policy of the past 60 years. They embody the desires of different countries develop faster than it allows the invisible hand of the market. The very idea of such institutions has grown from a belief that the economy there are segments that are worthy of a greater degree than others - either because they are key, either because they are immature and need to tighten that, ultimately, leads to the acceleration of GDP growth. Development Institutes (the most popular form of which are banks and development corporations) allow transfers of society in favor of "key sectors".
Projects funded R & D, as a rule, have some similar characteristics: they must be sufficiently large and not very profitable. Development institutions can develop projects that are needed by society, but because of low profitability, risk, and large scale do not attract private investors. Funding through the institutions of development occupies an intermediate position between the commercial financing viable projects and budget allocations. "Through the development institutions, the cost of money that can attract private investment in projects in traditional sectors are not too attractive, - explains chairman of the National Agency of direct investments, co-chairman of the RSPP Committee on Public-Private Partnership and Investment Policy Igor Vdovin. - That is because the institutions of development can be realized projects with long payback period, not too high profitability, but a substantial public or social importance. In addition, these projects are carried out with a smaller load on the federal, regional and local budgets.
In Russia there is all. Created so far in the Russian system of development institutions is enormous and cumbersome - at least judging by the number of established organizations. First of all, it includes the Bank for Development and Foreign Economic Affairs (Vnesheconombank), with two subsidiary banks - Russian Bank for Development (RBD) and Roseximbank. In addition, it includes numerous organizations and foundations aimed at developing advanced technologies - Rosnano, the Russian Venture Corporation, the investment fund information and communication technologies, the Fund for promotion of small enterprises in scientific and technical sphere. Some experts include a number of development institutions and organizations assisting the development of Construction and Housing (the Foundation for the reform of housing and communal services, Fund for Housing), and organizations providing financial assistance to the agricultural sector (Agricultural Bank and Rosagroleasing ") - although this is perhaps doubtful. Finally, the list of development institutions invariably include the Investment Fund, although in practice it is not separately fitted structure, but simply a budget line. "The capitalization of development institutions - 1.2 trillion rubles, and projects that lead and can lead these institutions - up to 2 trillion rubles in terms of anti-crisis finance development institutions" - assesses the Director of Corporate Management Development of Russia Ivan Oskolkov.
History. In fact, the recent history of Russia can fix two waves of sufficient mass creation of development institutions, separated by about 12 years. First Wave - "chernomyrdinskaya" - occurred between 1992 m and 1994 and did not lead to anything. In those days, every ruble that emerged from the state treasury, immediately fell into the hands of looters and privatizer. The second wave - it can be called "fradkovskoy" - swept the country in 2006-2007, and as a result of the country received a huge set of new organizations.
In the history of institutions that have emerged in the first wave, as a drop of water reflected all the "dashing 1990's. In 1992 was established public-private Russian Bank for Reconstruction and Development, all eight years of existence of which went to endless quarrels and courts of arbitration between the shareholders. By 1998, RBRR had the largest in Russia negative equity (100 million rubles), and by 2000 was declared bankrupt.
In 1993, two were created immediately Development Corporation, acting as a "reserve airfield" for retiring civil servants: Public Investment Corporation (Gosinkor) - for the former chief of staff Yury Petrov and Russian Finance Corporation (RFC) - to the former Minister of Economy Andrey Nechaev . According to open sources, Gosinkor received from the state precious stones, metals, real estate and cash at $ 1.25 billion in the 10 years of existence, much of the company's assets was transferred to the private "Gosinkor-holding, then renamed in Guta Group. Himself Gosinkor was abolished in 2001. ROS no substantial funds from the state has not received and there is still as small and does not perform any public functions of a commercial bank.
In 1994, established Russian Export-Import Bank (Roseximbank) - similar to many Western export banks and agencies - and the Fund for promotion of small enterprises in scientific and technical sphere. Both organizations have existed without any scandals, but without much glory, as received from the state completely worthless money.
However, in 1999, after the final collapse of RBRR, attempted to create "development bank" - established by the Russian Bank for Development (RBD), which helped AvtoVAZ and began a program of lending to small businesses.
So, despite the fact that the organizations under the name of non-development institutions, established in Russia many times, in fact, during the first 15 years of its post-Soviet Russia do without them. However, the disposal of the government were state-owned banks, which lent to "priority" projects. Besides, the government itself had allocated funds from the budget. But all this was happening on an ad hoc basis.
Second Wave. The government of Mikhail Kasyanov adhered more monetarist views, public financing of commercial projects were cool, and so large-scale attempts to create "development banks" did not. But the second half of the zero-point everything changed.
First, the second president, Vladimir Putin supporters cadence various dirigiste measures to stimulate the economy were in the corridors of power "far greater impact. Secondly, despite the best efforts of the Minister of Finance Alexei Kudrin, the budgetary costs began to rise, outstripping GDP growth. Accordingly, it took the creation of new "distribution point" for public spending. Thirdly, the state seized "fever" of the construction of state companies, which have become not only a universal tool to solve any problems, but also a great way to create sverhdohodnyh posts to representatives of the new elite.
Finally, at this time, the state decided to find a new "brand" for their efforts to develop the economy - so in 2006, started once famous, now half-forgotten "priority national projects".
Against the background of all these favorable circumstances, the development institutions began to grow like mushrooms after rain. Already in January 2006 Russia and Kazakhstan signed an agreement establishing the Eurasian Development Bank. In the same year created the Russian Venture Company, the Russian investment fund information and communication technologies, and the Joint-Stock Company "Special Economic Zones. The law on the federal budget for 2006 was first provided for the establishment of the Investment Fund's capacity is 69 billion rubles.
The following year, 2007 has been created Rusnano Foundation and promote the reform of housing and communal services, and Vnesheconombank was transformed into a state corporation Bank for Development and Foreign Economic Affairs "adherence to Roseximbank thereof, and RBD.
The last in 2008 appeared Fund for Housing Development Fund (RZHS).
Disadvantages. In the words of director of department of strategic analysis and development of Vnesheconombank Vladimir Andrianov, "in the Russian Federation has a full set of development institutions, which only happen in the world. But the effect of them is still very difficult to speak. Either they have recently established or are inefficient, and probably both.
Most development institutions in Russia have very low rates of activity. Many critics of the current system point out that the means at their disposal, are negligible, for example, the head of the Center of problem analysis and public management design Stepan Sulakshin said that they need to increase the "not at times, but in order." Ministry of Economic Development is trying to prepare appropriate proposals for a "capital increase" institutions - in particular, to contribute additional funds in the amount of MERs 15-20 billion rubles, double tool Rosinfokoma, as well as to increase the budget of the Fund for promotion of small business in science for 2011 year from 1,4 to 5 billion rubles. But these amount to a significant change in the situation will not lead.
Many say the inefficiency and opacity IR. "Disadvantages of our funds and state corporations in their inefficiency - the first vice-president of the First Republic Bank Andrei Churakov. - Understanding how all of these funds - adoption of the state of the risks run projects (MER Rusnano, VEB, funds support SME) or tax relief and economic conditions of operation of business (special economic zones). Unfortunately, these tasks are performed by these institutions are not always as it should in a normal economy. The complex and opaque decision-making process for selecting investment targets, and support, excessive paperwork from candidates, "selectivity" in decision-making for the same input parameters for funding.
Another significant drawback, critics say - lack of coordination. "One of the main problems is that each institution was created in accordance with its own logic, to tackle their own problems, they are not correlated in size with each other and not always correlated with those needs that arise from the real economy" - said recently the Minister of Economic Development Elvira Nabiullina.
Around the same things said "F." businessman Igor Vdovin: "It is not enough in common, systemic vision of all ongoing programs and projects - both public and private-public. Ideally should be formed and global visual-Russian "project map with clear strategic priorities. This avoids wasteful and inefficient allocation of infrastructure and business. "
However, even if a lot of money, like the bank, their use characterized by a lack of concentration on the strategic directions and the weak role of private investors. As noted in the report of the National Institute of System Studies Enterprise (NISIPP) of the bank, there is still no strategy and no targets. Its leaders claim that the bank is a catalyst for private investment in the economy at the rate of 03.05 rubles of private funds for every ruble invested by the bank. But the practice is strongly at odds with the stated objectives. NISIPP conducted an analysis of 33 projects totaling 518 billion rubles, about the implementation of which VEB reported in publications for 2007-2009. It turned out that the bank provides up to 49% of project financing in which it participates. And in many projects initiated in 2008, its share and does exceed 70%. If the money is very dispersed and in branch presence, and function. His investment point and unsystematic. The average EBV sent to one tool or one branch of the presence of less than 20 billion rubles - the scale of the Russian economy is a small amount.
Who is to blame. Institutes of development is great, but development is still due to export of raw materials and is not going to change. Blame it in the IR? Virtually all of Russia's current development institutions represent "money bags", allocate financial resources between the "priority" projects. Criteria for prioritizing and mechanics of distribution have different: VEB and Russia investors interested only in large projects, "Nanotechnologies - only high-tech MER funds projects through mutual funds with the participation of private investors. Some institutions allocate money in the form of loans, while others - in the form of investments, and others - in the form of grants, as in the case of special economic zones - in the form of services for infrastructure. Still, it is a redistribution of money. And the money does not decide.
In accordance with the unanimous consensus prevailing in the expert community, the main obstacle to economic development in Russia is a state of law enforcement, justice and the protection of property. Any distribution of money against a background of lawlessness and corruption lead to the theft, but more importantly, that many projects simply do not see this will not happen because the owners prefer to rather buy a hotel in Austria, than to start manufacture in Russia.
In addition, the state of the technology base in Russia is such that our industry is simply not capable of mass producing high quality and design that gives science. There is no chain from science to production, which affects the activity of IR. "We are funding research institutes, and companies that are ready to purchase R & D, virtually unfunded. We need to develop a system of grants to private companies "- said recently, describing the activities of development institutions, Elvira Nabiullina.
However, due to the presence in the global economy in countries such as China and India, even the high-tech development today are competitive only if the cheap labor force, but in Russia we have many years of wage increases outstripping productivity.
Finally, Russian science over the years degenerated - the best people were going abroad or went into business, their place was occupied by those who were only able to simulate scientific work. Rumors of Russian intellectual potential are greatly exaggerated.
Against the background of all these factors stupid blame institutions for development in the absence of "quality growth".
Annals of institution-building development in Russia
1992
- Created by the Russian Bank for Reconstruction and Development
1993
- Established the State Investment Corporation (Gosinkor)
- Created the Russian Financial Corporation (RFC)
1994
- Created a foundation for promotion of small enterprises in scientific and technical sphere
- Created Roseximbank
1999
- Created by the Russian Bank for Development (RBD)
2000
- The bankruptcy of the Russian Bank for Reconstruction and Development
2001
- Abolition Gosinkora
2005
- Passed a law on special economic zones
2006
- Created the Russian Venture Company (RVC)
- Created investment fund information and communication technologies
- The federal budget provides for the first time the Investment Fund
- Association "Vneshstroyimport" was transformed into JSC
Special Economic Zones "
2007
- Vnesheconombank converted into Bank for Development and Foreign Economic Activity
- Roseximbank and RBD attached to Vnesheconombank
- Created a corporation Rusnano
- Created a foundation promoting the reform of housing and communal services
2008
- Created a foundation to promote housing
The financial resources of the world's leading development institutions in 2009, $ bn
Development Institute
Country
Assets
($ Billion)
Equity ($ billion)
Reconstruction Credit Bank of Germany (banking group)
Germany
Japan
USA
Russia
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