The role of the banking system in the innovative development of economy
DOI:
https://doi.org/10.35774/visnyk2019.01.081Keywords:
innovation, banking system, crediting innovations, innovation project, state guarantee, economic development, credit risk, economic policyAbstract
The article gives a rationale for rebuilding the country’s innovation capacity as a key task of the current economic policy of the state, since it is the use of innovations that is extremely important for successful business activity and for obtaining competitive advantages in the world market. The subject matter of the study is the role of banking system, whose lending activity can serve as a powerful source for funding innovation, which, in turn, is seen as a key driver for investment and economic growth. The purpose of the research paper is to substantiate the appropriate theoretical and methodological approaches to understanding the role of the banking system within the framework of stimulating innovative development of the economy.
The article critically analyzes the current state of innovation activity in Ukraine and systematizes the main factors restraining the innovative development of the economy. Particular attention is paid to the lack of funding for innovation, the ineffective structure of the national economy, and insufficient state financial support. The lack of an adequate level of funding for innovation activities of enterprises is identified as one of the main constraints on the introduction of innovations and enhancement of innovation potential. It is stressed that the limited amount of own funds and the objective difficulties in attracting foreign financial resources of investors are usually the main reasons for the low degree of innovation activity of enterprises in Ukraine. It is argued that it is the banking system that can act as the main institutional element of the innovation infrastructure, which has the proper organizational, technological and financial potential, sufficient for accumulation and redistribution of those investment resources that are necessary for activating the innovation process in the national economy. The advantages of banks in comparison with other participants of the financial market are determined, which determines the key role of the banking system in the innovative development of the economy. The author articulates a set of organizational, institutional and economic measures at the macro- and micro-levels which can contribute to incorporating the banking system into the framework of stimulating innovation processes.
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