The financialization genesis of the global economy centered in the United States is on the bifurcation point now— a fictive capital’ expansion is damaging with the social capital regeneration mechanism disaster. The method of identifying and estimating the fictive capital’ extension is absent for now. The fictive capital exists as a metaphor on the science papers but not as an institutional basis of the capital flows directions. The paper aims to update the configuration of the global financial system, its dependence on the performance of US corporations and banks; to identify the sources of vulnerability of world finance and global liquidity from the fictitious capital of American financial markets. The methodology is theoretical pattern’ of financial capital movements and its real statistical market indicators comparison. The empirical base is statistical data about the financial flows and financial results especially about the US as a global financial center. Based on the results the authors have revealed an origin of fictive capital on the US bank sector by the justification for the conclusion of liquidity above the profitable as the purpose of financial operations. This conclusion is confirmed with the scale of off-balance sheet transactions of banks. Besides the regression between the prices of derivative’ basis assets and stock indexes has been shown. Also, the market capitalization of American companies is not sensitive to change in market liquidity indicators. The authors concluded that global financialization is supported by significant internal contradictions in the US economy. The source of contradictions is the financial mechanism for withdrawing liquidity from the sphere of production and circulation into the sphere of financial markets. Capital investment using instruments of the US financial market entails the threat of losing their liquidity. Forecasting the dynamics of the global economy without taking into account the role of fictitious capital, which is emerging in the American financial markets, leads to global vulnerability and may cause the next financial crisis.

Russian Railways is gradually increasing its loan debt, which reflects the general trend of the economy. But, taking into account the objective economic state of railway transport and its low profitability, the increase in the share of borrowed funds reduces the company efficiency. This contradicts the purpose of using the loan, the purpose of which is to increase the return on equity. While analysing the results of the transport industry, we regarded it as an infrastructure industry, whose goal is primarily to provide macroeconomic indicators, and the problems of making profit recede into the background. An important factor in the development of the Russian economy in consideration of its geographical location is the development of transport networks, in which the predominant (at present and in the future) one is railway transport. However, its technical state requires significant modernization, investments far exceeding its own resources. The state, as a sole shareholder of Russian Railways OAO, does not have the necessary financial resources to handle the modernization, so Russian Railways is turning to the capital market, even reducing profitability. Private capital is willing to invest its capital only in separate modernization projects that can provide an acceptable rate of return for them. This explains the borrowing of capital for modernization at a price far exceeding the return on equity. At present, economic losses are expected to be set off by future revenues and mainly by the multiplicative effect of the economic growth of the national economy and the resolution of geopolitical problems. The purpose of the article is to try to explain the loan policy of Russian Railways.

No abstract

No abstract

No abstract