ANALYSIS OF CREDIT INSTRUMENTS FOR INCREASING FINANCIAL AND INVESTMENT POTENTIAL OF THE REGION

The article is devoted to analyzing credit instruments for increasing the financial and investment potential of the region. The place of credit instruments in the state monetary policy system is considered, and the influence of the monetary policy on regional economic processes is analyzed. Based on the analysis of the relevant research works, the thesis on different reactions of regions to significant decisions of monetary authorities while implementing the monetary policy is confirmed. Possibilities of differentiating application of the monetary policy instruments by territories in accordance with the development specifics of individual regions or their clusters are studied. It is concluded that some of the instruments (interest rates on operations of the Bank of Russia, mandatory reserve requirements, open market operations, refinancing of credit institutions) have a potential to adapt their use in the regional context. Separately, the article highlights and analyzes direct regional tools for enhancing credit activities, such as direct lending to priority areas and sectors of the economy by regional authorities, subsidizing credit rates for certain categories of borrowers, and creating regional credit organizations with governmenta participation. Based on the assessment of the principles of using the instruments to increase the financial and investment potential of the region, the article provides recommendations for choosing credit instruments for the regions of the Russian Arctic zone (Arkhangelsk region, Nenets Autonomous district, Yamalo-Nenets Autonomous district, Republic of Karelia, Komi Republic, Murmansk region, Krasnoyarsk territory, Republic of Sakha (Yakutia)). For this purpose, the features of building and functioning of the financial systems of the Russian Arctic regions, and the state and performance indicators of their banking sector were analyzed.