Notes

Fund, Credit, Investments - Economical Categories
Scientific works in the ideas of finances and credit, according to be able to the specification of the research object, will be characterized to be many-sided and many-leveled.

The definition of wholeness in the economical associations formed in the particular process of formation, distribution and using finances, as funds sources is extensively spread. For instance, in "the general theory of finances" you will discover two explanations of finances:

1) "... Finances reflect affordable relations, formation involving the funds regarding money sources, at the same time of distribution in addition to redistribution of nationwide receipts according in order to the distribution plus usage". This classification is given comparatively to the circumstances of Capitalism, when cash-commodity relations gain universal character;

2) "Finances represent the development of centralized ad decentralized money resources, economical relations relatively with the submission and usage, which often serve for satisfaction of the condition functions and responsibilities as well as provision of the conditions regarding the widened additional production". This classification is brought without having showing the atmosphere from the action. We all share partly like explanation of money and think expedient for making some requirements.

First, finances conquer the bounds associated with distribution and répartition service of the national income, although it is a basic foundation associated with finances. Also, formation and using typically the depreciation fund which is the part of financial website, belongs to never typically the distribution and redistribution of the countrywide income (of newly formed value during a year), but to be able to the distribution regarding already developed worth.

This latest first appears to get part of value regarding main industrial funds, later it really is shifted to the expense price of a prepared product (that will be to the worth too) and following its realization, in addition to it is established the depression pay for. Its source is considered before side as a depressive disorders kind in the particular consistence of the ready products cost price.

Second, absolute goal of finances is much wider then "fulfillment of the express functions and requirements and provision regarding conditions for the widened further production". Finances exist about the state levels and also about the manufactures plus branches' level too, and in like conditions, when typically the most part of the manufactures aren't state.

V. Meters. Rodionova has a different position concerning this subject: "real formation from the monetary resources begins for the stage of distribution, when the value is realized plus concrete economical kinds of the noticed value are segregated from the consistence of the profit". V. M. Rodionova makes an feature of finances, while distributing relations, whenever D. S. Moliakov underlines industrial groundwork of finances. Even though both of all of them give quite verify discourse on finances, while a system of formation, distribution and usage associated with the funds regarding money sources, of which comes out involving the following description of the budget: "financial cash relationships, which forms along the way of distribution and even redistribution of the particular partial value involving the national prosperity and total cultural product, is linked with the topics of the economy and formation and use of the state of hawaii cash incomes and savings in the widened further production, in the material stimulation from the workers for pleasure of the culture social and some other requests".

Within the instructions of the politics economy we meet with the following meanings of finances:
"Finances from the socialistic express represent economical (cash) relations, with the help of which in turn, in the way of planned circulation of the incomes plus savings the cash involving sources associated with the state plus socialistic manufactures are usually formed for promising the growth regarding the production, rising the material plus cultural level regarding the people and with regard to satisfying other basic society requests".
"The system of creation and usage regarding necessary funds of cash helpful guarantying socialistic widened further more production represent exactly the finances of the socialistic society. As well as the totality of affordable relations arisen involving state, manufactures in addition to organizations, branches, areas and separate resident according to the movement of money finances make financial relations".
As we've observed, definitions of money made by financiers and political those who claim to know the most about finance do not fluctuate greatly.
In just about every discussed position generally there are:

1) expression associated with essence and sensation in the definition of finances;

2) the definition of money, as the technique of the generation and using cash of cash resources on the levels of phenomenon.

3) Distribution of finances while social product and the value regarding national income, definition of the droit planned character, key goals in the economy and economical relationships, for servicing of which it is definitely used.

If decline the preposition "socialistic" in the definition of finances, we might claim, that it even now keeps actuality. We meet with such traditional definitions of finances, without a great adjective "socialistic", throughout the modern economical literature. We might give this elucidation: "finances represent dollars resources of creation and usage, furthermore cash relations made an appearance in the method of distributing ideals of formed economical product and national wealth for creation and additional production of the cash profits and savings involving the economical subjects and state, gratifying of the personnel and satisfaction associated with the social requests". in this elucidation of finances just like D. S. Moliakov and V. E. Rodionov's definitions, adopting the traditional inheritance, we meet with the widening of typically the financial foundation. They concern "distribution in addition to redistribution in the value of created affordable product, also typically the partial distribution from the value of national wealth". This most current is very actual, fairly to the process regarding privatization along with the transition to privacy in addition to is periodically employed in practice in different countries, for example, Great Britain plus France.

"Finances : are cash options, financial resources, their own creation and movement, distribution and répartition, usage, also inexpensive relations, which happen to be conditioned by intercalculations between the cost-effective subjects, movement of cash sources, money blood flow and usage".
"Finances are the system of economical associations, which are connected with firm creation, supply and usage of financial resources".

We discuss with absolutely innovational definitions of funds in Z. Entire body and R. Merton's basis manuals. "Finance - it is the science about how exactly the people prospect spending `the deficit cash resources in addition to incomes in the definite period of time. Typically the financial decisions happen to be characterized by the expenses and profits which are 1) separated in moment, and 2) while a rule, it is impossible to be able to take them into mind beforehand neither simply by those who acquire decisions nor any other person". "Financial theory includes numbers of the conceptions... which learns systematically the subjects involving distribution of typically the cash resources relatively to the time factor; it also considers quantitative versions, by using which the estimation, putting directly into practice and understanding of the substitute variants of just about every financial decisions get place".

These fundamental conceptions and quantitative models are used at every standard of getting financial choices, but in the particular latest meaning of money, we talk with the particular following doctrine with the financial foundation: major function of typically the finances is within the satisfaction of the people's requests; those men of economical routines of any sort (firms, also state organs of every single level) are focused towards fulfilling this basic function.

Regarding the goals of our own monograph, it is important to compare well-known definitions concerning finances, credit plus investment, to choose how and precisely how much you are able to combine the finances, purchases and credit straight into the one complete part.

Some investigator thing that credit is the consisting section of finances, if it is talked about from the placement of essence and even category. The additional, more numerous group proves, that the inexpensive category of credit exists parallel to the economical category of finances, by which in turn it underlines unfeasibility of the credit's existence in typically the consistence of budget.

N. K. Kuchukova underlined the freedom from the category associated with credit and records that it is only its "characteristic feature the transformed movement of typically the value, which is not connected with transmission from the loan opportunities along with the owners' rights".

D. D. Barkovski responds that functioning involving created an cost-effective basis for apportioning finances and credit rating as being an independent category and gave rise to the credit in addition to financial relations. This individual noticed the Gnoseological roots of scientific research in money and credit, as the particular science about finances has business using the research regarding such economical relationships, which lean upon cash flow in addition to credit.
Let's talk about probably the most spread explanations of credit. inside the modern guides credit appeared to be able to be "luckier", then finances. For example , we all meet with the following definition of credit score inside the finance-economical book: "credit is the particular loan by means of money and commodity along with the conditions of returning, usually, by simply paying percent. Credit represents a contact form of movement regarding the loan funds and expresses inexpensive relations between the particular creditor and borrower".

This can be the traditional explanation of credit. Within the earlier dictionary from the economy we read: "credit will be the system of cost-effective relations, that is produced while the tranny of cash and even material means directly into the temporal usage, as a guideline beneath the conditions of returning and paying out percent".
In typically the manual from the political economy published underneath reduction of Sixth is v. A. Medvedev the particular following definition is given: "credit, as a great economical category, connotes the created contact between your society, work collective and personnel during formation in addition to using the loan funds, underneath the words of paying current and returning, throughout transmission of sources for the temporary usage and accumulation".

Credit is reviewed in the right away strategies the prior education-methodological manuals involving political economy: "credit is the system of money relations, that is created in typically the process of plus mobilization of briefly free cash signifies of the condition budget, unions, produces, organizations and population. Credit has the objective character. That is used regarding providing widened more production of the particular state and also other demands. Credit differs by finances by returning character, while auto financing of manufactures plus organizations with the condition is fulfilled with no this condition".

Many of us meet with the following definition if "the course of economy": "credit is an economical category, which in turn represents relations, while the separate business organizations or folks transmit money methods to each-other for secular usage under the conditions of returning. Creation of credit is conditioned simply by a historical procedure of fulfilling the economical and cash relations, the contact form of which can be the particular money relation".

Following scientists give slightly different definitions of credit score:
"Credit - is really a loan in the particular form of cash or commodity, that is given to typically the borrower by a new creditor within the problems of returning in addition to paying the proportion rate by the borrower".
Credit is usually giving the temporally free money sources or commodity because a debt with regard to the defined words by the selling price of which is usually. As a result, a credit is definitely the loan by means of money or item. In the process of this loan's movement, a particular relations are created between a financial institution (the loan is given with a juridical of physical man or woman, who gives particular cash like a debt) and the debtor.
Combining every classification named above, we come face to face with an idea, of which credit is supplying money capital associated with commodity as a debt, for several terms and material provision under the price of firm percentage rate. It expresses distinct economical relations between participants of the particular means of capital development. Necessity of the credit relations is trained, from one side, by simply gathering solid amount of temporarily no cost money sources, and even from the minute side, existence of requests of all of them.

Though, at the particular same time we must distinguish two resembling concepts: bank loan and credit. Loan is characterized by:

um Here, the discussion might touch upon tranny of money and also things form one side (loaner) to another (borrower): a)under the owning of typically the borrower and, from the same moment, b) under typically the conditions of returning same amount or same quantity in addition to quality with the issues;

o The lending of money may bear no curiosity;

o Any person may take part in it.
With the difference together with loan, credit, which usually is somehow some sort of private occasion with the loan, represents:

o One side (loaner) offers to the next one (borrower) just money, and _ for temporal use;

o It may not bear no curiosity (if the assignment doesn't foresee something);

o In it lender is not virtually any person, but the credit organization (at the first place, banks).
Therefore, a credit is definitely the bank credit score. To our brain, it is certainly not correct to make use of "credit" and "loan" as the synonyms.
Bank crediting is the union of relationships between bank (as a creditor) and even its borrower. These types of relations touch after:

a) Giving some money to the debtor for definite goal (though, we talk with the so-called free of charge credits, aims in addition to objects of crediting are not hired in the assignment);

b) Its opportune returning;

c) Getting percentage rate coming from the borrower regarding using the options under his/her removal.
The essential foundation of the credit rating essence and its essential element is existence of trust among the two edges (in Latin "credo", from which will come the term "credit", means that "trust").
From the particular position of blood circulation of money kinds (in the hysteria, historical process involving formation economical relationships and social finances and banking systems expressed by them) comparing different descriptions of finances and even credit, the paradoxon conclusion appears: credit is the private celebration of finances. And even truly, from typically the position of movement regarding the money types, finances represent the formation and using the funds of cash means. Very often such movements will be fulfilled without going back, but sometimes, this is possible to give loans through the plan for the investment projects involving other needs. In addition, when a make or corporations work with their cash finances and we mean the finances associated with industrial subject, these kinds of usage could possibly be realized as inside production or corporation (there is no subject matter about returning delete word returning of the particular usage), so cuma-cuma under conditions involving returning. This newest is referred to as commercial kind because of transmitting the sources to some others, but in this particular occasion, it does not take element of financial method of the manufacture plus corporation.

From the point of cash methods movement, main persona of credit is definitely the process involving formation and use of the cash of cash signifies under the situations of returning in addition to, usually, taking the particular value-percentage. If gating the credit value doesn't come about (even in the excellent occasions), according to be able to the movement form, credit becomes a personal occasion of financial situation, as from the total financial funds (consequently from the express budget) the loans which bear no interests may end up being used. If gating credit value takes place, by the particular appearance form, credit is discussed to be able to be financial modification.

From the historical point of watch, finances (especially in the sort of the state of hawaii budget) plus credit (beginning with usury, later industrial and banking) had been developing differently intended for considering credit to be the portion of finances. Though, in the genetic-historical point regarding view, previous loaners, before giving loan, needed gathering the particular permanent capital not returning, that is the world wide web financial foundation. The particular banks analogously needed concentration in the significant own capital with regard to influxing the consumers' means and for having higher percentage price under the conditions of returning. Herewith, exactly on the particular financial basis, throughout the sort of economical fund (which afterwards partially becomes loan fund) area of the loan company capital is apparently typically the reservation (insurance) part of the account, which by nature is financial and even not loan. So notwithstanding the imperative distinctions between budget and credit type the genetic-historical level of view, credit appears to be formed through finances and stand for their modification.

From the essential location of expressing economical relations of finances and credit, all of us meet with cardinal distinctions between those two categories. Which mostly expressed by the distinction of the particular movement forms despite they are returnable or not. Finances express relations inside the facets of distribution and redistribution regarding social product plus part of typically the national wealth. portia antonia alexis parents expresses distribution involving the appropriate worth only within the part of percentage provided for loan, although according to the particular loan itself, a great only a secular distribution of cash sources takes place.
Herewith, there is a lot of common between the finances and credit score as from typically the essential point regarding view, so based on the form of activity. At the same time, there is a significant variation between finances and even credit as throughout the inclusion of, so within the form also. According to this, there must always be a kind regarding generally economical category, that may consider financial situation and credit because a total accord, unison, union, concord, unanimity, and in the bounds of this kind of category itself, the particular separation of typically the specific essence regarding the finances plus credit would happen.

Funding of the particular cash means is certainly common to the investigated economical categories. It takes place within any separate system of finances and credit, which have been carressed upon during the studies of defining budget and credit. Phrase combination "funding involving the cash sources (fund formation)" shows and defines exactly essence and kind of economical category of more general character, those of finances and even credit categories. Although within the in affordable texts and training, it is very uncomfortable to be able to use a termini, which consists involving three words. Likewise, "unloading" with an information hardens significantly its influxing directly into the circulation in the conditions involving its strict substantiation and thoroughness.
Throughout the discussing context we consider:

1) wide and narrow knowledge of economical category associated with the finances;

2) discussing finances in small understanding under standard traditional meaning;

3) discussing finances, as funding with the cash implies, in wide understanding, which concerns financial situation - in small meaning and credit - in finish meaning.
Termini "funding" as well as equivalent "fund formation" are employed by us since the purposeful structuring of cash means, which can be based upon two poles instructions accumulation of money sources (gathering) and its particular consumption for definite purpose in the way of financing in addition to crediting.
We certainly have set up a new termini - "finance-investment sphere" (FIS). Analyses regarding interrelation of funds and credit created by us give all of us a possibility of demonstrating, that in the given termini, the particular word "financial" is employed with the that means of funding dollars sources, its purposeful structuring. In this particular process we take into account at the equivalent time financial, credit rating and investments' cost-effective categories.

Let's total up middle outcomes of discussing new strategy - "finance-investment sphere" and discuss its investment consisting elements.

The concept "investments" was brought into the native affordable science in the To the west. In the Soviet economical science these people for a long time used within the place "investments" the particular termini "capital placement", which expressed typically the usage of the industrial factors in the particular sphere of genuine industrial activities throughout realization of capital projects. From a single glance, this termini in its idea is identical towards the "investments", consequently it is easy to use them seeing that synonyms. Though the termini "investments" and "investing" have the edge towards the termini "capital placement" coming from linguistic and philological points of view, because they are expressed with one word. This kind of is not just economical and comfy in the act of functioning with the termini "investment" itself, nevertheless also it offers a possibility of termini formation. More concretely: "investment process", "investment domain", "finance-investment sphere" - all these types of termini are additional acceptable.
Changing local economical termini along with foreign ones is certainly purposeful, if it actually matters (by maintaining parallel use of typically the native termini with regard to the inheritance). Even though we must not necessarily change native affordable termini into foreign ones all collectively, when by ordinal traditional language easy to explain non-public and narrow concrete processes and factors get their individual termini. The "movement" of such termini is usually approved within the narrow professional bounds, but their "spitting out" into the cost-effective science may switch economical language in to the tangled slang.

Let's discuss termini - "investment" plus "capital placement's" consumption in the economical literature.
Investments are really keeping of funds directly into the main and circulation capital regarding the purpose of getting profit. "Investments in material possessions - are the positions of funds directly into the mobile in addition to real estate (land, buildings, furniture in addition to so on). Investments in financial assets are the positionings of funds straight into the securities loan company accounts and other financial instruments".

We all don't meet together with the termini "investments" in the prior economical dictionary, nevertheless we meet typically the combined termini "investment policy" - the union with the business decisions, which assurance main directions associated with the capital investments, the activities regarding their concentration in the determinant and surrounding suburbs, on which the particular reaching of planned rates of enhancement of the community production is depended, balancing and usefulness, getting more and much more production and profit of the country wide income for every single lost Ruble". Regarding today, inside the most actual definitions, typically the capital investments will be bounded only by financial means, you should definitely only financial, but also the investment associated with natural, material-technical in addition to informational resources takes place. Labour resources consider an actual spot in the investment process. They by themselves fulfill this or that investment process.

A positive side of the discussed definitions is that they connect investment policy and capital placements (investments):

- economical development according to the key directions to the attention;

- providing high rates of economical development;

- raising a cost-effective efficiency, which is stated:

a) by growing the throw off associated with the production and even national income intended for every lost Ruble;

b) by fulfilling the particular branch structure in the investments;

c) by improving their technological construction;

d) by optimization of their further production construction.

Compared with this sort of associated with the purchases (capital placement) typically the definition of investments in the dictionary attaching the "Economics" seems to always be unimproved: "investments -- the expenses of gathering production in addition to industrial means in addition to increasing material reserve". In this explanation current expenses (production expenses) are mixed with the investment (capital) expense. Also, not necessarily the investment expenditures but (though the investments are and then the appropriate expenses) exactly advancing. That differs from the expenses by of which the means (means) are put by returning the sophisticated values, also, under the conditions of progress, to which typically the concept-advanced capital is certainly corresponding. the improving might be realized in the money, natural-material and informational kinds.

Except the termini "investments", there are 2 more termini connected with the purchase. They are demonstrated below.

"Human capital investment" - any kind of activity provided intended for rising the employees time productivity (in typically the way of expanding their qualification and developing their abilities); at the expenses of improving the workers' education, health and even raising the range of motion of the performing forces". It is definitely very helpful to use the mentioned termini, though it requirements one correction: the human capital opportunities do not concern only workers, but also the servants, representatives of every kind of labour.
"Investment commodity, capital items - a funds. "

Inside the standard manuals of politics economy with the reformation time the capital assets are discussed seeing that "expenses for producing brand-new main funds and even widening, reconstruction in addition to renewing the working ones". Within this classification the investments (capital placements) during splitting up of the varieties (types) of even more production of the particular main funds are bounded only by simply main funds (without increases of typically the circulation funds in addition to insurance reserves):

a) creating new types;

b) widening;

c) reconstruction;

d) reviving.

Also, the concept of typically the industrial gathering looks, at the expenses of widening involving basic, circulation finances as well as insurance stores takes place".

You are going to meet below the definitions of purchases from "the course of economy": the particular investments are called "placements of account in to the basic money (basic means regarding production), reserves, in addition other economical objects and processes, which usually request long-termed influxing of material in addition to cash means. "According to the division of capital in to physical and funds forms, the assets too should be split into material and even cash investments".

That they apportion investment item, to which fit in industrial and nonindustrial building objects, vehicles purposed for altering or widened tech park and the particular furniture, increasing supplies and others.

"They call the full investments of creation an investment product, which often is directed toward keeping and growing the basic funds (basic means) in addition to reserve. Total investments consist of two parts. One involving them is called the depreciation; it represents important investment decision resources for compensation of renewal till typically the level of just before industrial usage, deteriorating and repairing in the basic means. Further consisting part of the total assets is represented simply by net investments - capital investments for the purpose regarding increasing basic means". Depreciation is just not the compensation resource involving wearing the basic funds out, yet it will be the purposeful financial cause of this sort of resources.
Human money investment is "a specific kind of investments, mostly in schooling and health protection".

"Real investments are the investments in the economical branches and in addition, they are kinds of economical activities, which offer influxing the raises of real money, that is raising material values regarding the industrial means". We can believe such definition using one specification of which material and nonmaterial values too are members of the real capital (wealth), consequently science-researching experimental-construction results, numerous information, education regarding he workers plus others. Such service as organization of the excitable games, also the support of redistribution community wealth from one particular private person in order to another (except charity).

"Financial investments stand for placement of finances into the shares, obligations, promissory information, other securities and instruments. Such opportunities, of course , do certainly not give increases involving the real materials capital, but they help getting income, consequently at typically the expenses of changing typically the course of typically the securities in the time of speculation, or even distinguishing the training course in various places of sell and purchasing". We share totally such definition, consequently it follows of which financial investments (if it is not followed simply by real investments like a result) do not increase real substance wealth and true nonmaterial wealth. According to this context, the word below is extremely important: "we need distinguish financial purchases, which represent location of the finances in the techniques of selling and purchasing the securities for the reason of getting profit and financial purchases, which become funds and real, moved to real physical funds. "

In typically the "economical course" cited eventually and short-termed investments are divided. Recognizing the presence of the range between them, the particular authors ascribe short-termed investments to "one month or more" investments. If many of us get such conditioned criteria, that people can easily call the purchases which overcome the particular terms of several months, long-termed ones, which is very doubtful and many of us don't agree along with it. A long-termed character of the account placement is actually a substantial feature with the assets (short-term doesn't combine with the idea of investments). Principally, it would end up being better to point out and about quick compensative, middle termed compensative in addition to long-termed compensative assets:

- less then 6th months - speedy compensative;

- from 6 months up to the particular year and a half instructions middle termed compensative;

- more then your yr and a part of - long termed compensative.

We ended on the definition associated with the purchases of the particular capital work "economical course" for the special purpose, since, in it the publisher tried to talk about the concept involving investments systemically and even quite completely, herewith the book will be published at the moment.

We will return to the topic the definition inexpensive class of "investments" inside different publications inside the following phase. The definitions offered here are very enough for possessing a notion regarding the level associated with lighting up the given category in typically the economical literature.
Just what conclusions could possibly be produced according the meaning associated with the mentioned economical category in the published works, other than the made symbole and specifications?

There is quite seriously, concretely and completely defined the concept of "investments", different definitions in the economical books; but mostly in each works about the investments discussed by us until today, there is not opened the essence of investments since an economical class. In every monograph, whether or not it has got a title investment, as an affordable category, there will be given the particular description, concept of assets. But, as the particular Academician Vasil Chantladze explains, "an idea is a discussion, which usually proves something concerning the distinguishing feature of the investigated object. A principle away from much essential characteristic features represents only one, and necessary within it is only : definiti
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