FINANCIAL AND CREDIT SUPPORT MECHANISMS FOR AGRICULTURAL CLUSTERS IN RUSSIA IN THE CONTEXT OF HIGH KEY INTEREST RATES

Mindlin Yury Borisovich

The article examines the transformation of financial and credit mechanisms of state support for agro-industrial clusters in Russia in the context of high values of the key rate of the Bank of Russia. The relevance of the study is due to a fundamental contradiction: on the one hand, the cluster approach is recognized as a strategic priority for the development of agriculture and a tool for ensuring food security: оn the other hand, tight monetary policy designed to contain inflation makes traditional concessional lending mechanisms ineffective and in some cases counterproductive. Based on the analysis of macroeconomic forecasts, statistical data on investment activity and scientific research, it has been established that in conditions of a key rate of 16-19% per annum, preferential loan programs lose their stimulating function, becoming a tool for maintaining current liquidity. The destructive effects of «soft budget constraints» and unfavorable selection arising from subsidizing interest rates have been identified. The paper systematizes the disadvantages of the current subsidy model and substantiates the need to move from a credit-oriented model to an investment-stock model. The author's model of specialized industry investment funds for financing agricultural clusters is proposed, integrating funds from federal and regional budgets, as well as private investments, and allowing overcoming the limitations of traditional bank lending in conditions of high cost of money. The model provides a multiplier effect due to the capitalization of public funds and their increase in the financial market during a period of high profitability of instruments.

Keywords:agro-industrial cluster, key rate, preferential lending, financial and credit mechanisms, investment fund, soft budget constraints, government support.