Abstract:

The purpose of this article is to consider the possibilities of managing the regional debt market.  Companies in the region and credit organizations have less financial entropy compared to market entities in the central region, which often leads to clustering of economic sectors.  Due to the ongoing structural changes in the global and national economies and the uncertainty of the future, the sources of investment are transforming and the factors determining profitability and risks are changing.  The problem of achieving the required quality of borrowers is constantly aggravated, despite the constantly improving scoring technologies.  Monetary policy motivates the consolidation processes of the mezo level, since clustering facilitates management and increases the competitiveness of national business.  Many researchers consider clustering and competitiveness synonymous.  Clustering in Russia eliminates the problem of a shortage of investment sources, which is now acutely felt at the mezo level.  Clustering helps to expand the flow of domestic lending, ensuring stability and adequacy of reinvestments in the real sector of the economy. One tool for assessing and modeling future risk and return is financial engineering.  When analyzing the need for credit, regional organizations (industrial clusters) should be able to choose among sources and conditions of financing.  A good option would be a structural product, the price of which should “be based on” the yield of the respective bonds and which should be traded in an exchange cup of corporate and municipal bonds.  Such structured products will expand the ability of regional banking organizations to manage credit risk.  On the one hand, banks provide loans based on companies' competitiveness indicators.  On the other hand, banks should help increase the organization’s competitiveness.  These are interrelated tasks.The main regulatory approach is financial engineering, which is advisable to use both to form a cluster of organizations on the principles of associations or consortia, and to create a structural lending product.  Clusterization of organizations and the inclusion of bond taxonomy clusters in regulatory instruments will expand the boundaries of money management models of organizations and improve risk management.  The proposed approach allows solving current problem situations in the field of lending, which affect the investment demand of companies.