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one of the factors of such deep branch disbalance is insufficiently strong communications of national economy with the world money-market, limiting competitiveness of small- and middle-sized enterprises in the world market. even realization of simple currency transactions at the local market for these enterprises is connected with significant complexities.
on the other hand the presence of international firms at financial markets has made an important contribution to stability in domestic banking systems in a number of emerging-market economies.
more than that, the impossibility of free carrying out operations in the money-market limits the potential of using the complex financial schemes, that also negatively effect the competitiveness of the russian industry.
there is a system of the international economic relationships which sharply limits the entrance of small and middle-sized companies into the world market.
large trading organizations are engaged into distribution of their production. for such organizations the restrictions connected with operations in the world money-market (on the minimal volume of operations, terms of transactions, level of commission fee) are insignificant. in russia there are no mechanisms of simplifying the entrance into the world market of small and middle-sized enterprises.
creation of foreign trade associations or companies will not only promote expansion of technological export of russia and deepening of its integration into the world money-market, but also lead to clear differentiation of local and foreign trade.
alongside with the external economic companies many developed countries have special export banks which are engaged in maintenance the operations connected with the world currency market. activity of such banks, as a rule, facilitates the entrance of the middle-sized companies into the world market and promotes a deepening of communications between national economy and the world money-market.
the greater integration of domestic and international markets also calls for flexible usage of monetary policy instruments for modulating domestic liquidity conditions and correcting any serious misalignments between short-term and long-term interest rates.
the important obstacle on the way to integration of russia into the world money-market is preservation of some serious restrictions in russian foreign trade.
at the end 2003 there were more than 90 restrictive measures against the russian exporters in the world, including over 60 special duties and over 20 quantitative restrictions on import of russian goods. the direct damage to russian economy, happened because of these measures, exceeds 2 billion dollars a year according to estimations of the ministry of economic development and trade of the russian federation. it is necessary to consider the indirect damage connected with the delay of integration of russia into the world money-market, due to application of these measures. the cancelling of these restrictions is an important intermediate term problem.