Scientific Rationale for the Influence of Banking Sector on the Innovative Development of Economy

Анотація

The theoretical bases of determining the influence of banking sector on the innovative development of economy are systematized and improved. The current theoretical provisions characterizing the processes for organization of relations between banks and enterprises of real sector of economy and arising from financing of innovative development of the country are determined. Different approaches of scientists to assess the relationship between banking sector and economic growth are described. The generalization of the current approaches in the scientific literature for the definition of «interaction of the banking and real sectors» allowed us to say that they are limited to the composition of participants and the priority in the initiation of interaction; the scale of interaction (interaction on micro-, meso- and macroeconomic levels based on the influence of endogenous and exogenous factors) and the forms of interaction (syndicated lending, integration, partnership).It is proved that financial interaction between the subjects of the innovation process is determined by exogenous and endogenous factors. Exogenous factors are a set of factors of macro- and microeconomic environments, which form the position of the external environment of the national banking sector and create the potential for opportunities to finance innovation. The group of endogenous factors consists of transformational and transactional factors that shape the internal environment of banks, determine the availability of their financial potential and the possibility of using it to finance the needs of innovative economic development. The study proved the possibility of obtaining a positive or negative synergistic effect from bank financing of innovative development, depending on the impact of mentioned factors on the results of lending relations and the possibility of forming the required financial resources for banks’ lending to innovative projects and programs, taking into account threats and innovation risks. The possibility of the impact of innovative loans of banking sector on the development of economy at the macro- and microeconomic levels is assessed. It is indicated that understanding the results of the processes of interaction between banks and borrowers under the influence of various factors will contribute to the formation of an effective lending risk management system to obtain a positive effect from bank lending to the needs of innovative economic development.

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