Nargiza kasimova farkhod mukhamedov elkan harebov


 Financial and Economic Integration as a Tool for the Growth of



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MONOGRAPHY Social and Economic Development (3)

4.3. Financial and Economic Integration as a Tool for the Growth of 
Investment Support for Public-Private Enterprises 
 
On the development of economic relations in the world, it is clearly 
noticeable that the integration processes that developed in the second half of the 
20th century are growing in all spheres of social activity. They contribute to the 
 
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development of productive forces and the improvement of production relations. 
Integrated economic entities play a significant role in the economy as a whole 
and in domestic agriculture. 
Integration as one of the forms of division of labor is closely related to its 
other forms - specialization, concentration, cooperation. 
The theoretical foundation for the study of production concentration 
processes and integration processes in the economy was laid by A. Smith and 
developed by K. Marx and other scientists. At the same time, many aspects of 
the functioning of integrated economic systems remain insufficiently explored, 
primarily in relation to individual industries. 
If economic integration is “the unification of economic entities, the 
deepening of their interaction, the development of ties between them” 
(Азрилиян, 2007), then it is logical to assume that financial and economic 
integration should be disclosed through the correlation of the categories 
“economy” and “finance”. 
Analysis of scientific publications allows us to conclude that in the modern 
view, economics as a scientific category characterizes the creation and 
distribution of gross social product. Within the framework of economic science, 
a special area of research is highlighted that studies the distribution of gross 
value added (gross social product, national income) — the science of finance. In 
turn, within the framework of financial science, the sphere of distribution and 
redistribution of savings as an element of GVA and the formation of gross 
accumulation, which is described by the category of “investment”, is 
distinguished. At the same time, domestic studies on the category of “finance” 
do not reveal the essence of distribution relations and therefore are of a limited 
nature. 
There are many interpretations of integration and its varieties, including 
financial and economic integration. 
In Russian and foreign scientific publications there are heterogeneous 
interpretations of financial and economic integration. In our opinion, two main 
approaches to its understanding can be distinguished — wide and narrow. 
In an expanded understanding of financial and economic integration, the 
authors interpret it as an association of business entities aimed at obtaining 
economic benefits from effective development. We propose clarifying this 
generalized interpretation as follows: financial and economic integration in the 
broad sense is an association of several business entities, based on the principle 
of voluntariness, regulated by civil law, aimed at effective joint cooperation to 
achieve the economic and financial goals of each of the parties. 
In the narrow sense, financial and economic integration is a process, but in 
the scientific literature there are different opinions on this. Based on the analysis 
of integration processes, we offer the following interpretation: the process of 
financial and economic integration is a combination of participants in the 
 
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association and various types of interactions between them, due to the agreed 
interests and common strategic priorities of the participants. 
Summarizing all of the above, it is possible to imagine financial and 
economic integration as a set of economic relations of economic entities, which, 
interacting within the framework of an integrated system, establish sustainable 
production and management relations and, based on the coordination of their 
interests, are aimed at obtaining the synergy effect from joint activities. At the 
same time, the systemic qualities of financial and economic integration can be 
called integrity, structure, and stability. 
In the work of Petraneva et al. (2005) provides the following definition of 
integration: “it is a merger (association) of individual business entities”. Such an 
interpretation of integration is like the interpretation given in the Big Economic 
Dictionary (Азрилиян, 2007). At the same time, the authors understand 
agricultural integration as a merger (association) of agricultural enterprises. 
Minakov (2007) defines various types of integration. For  example, 
economic integration is interpreted as “cooperation in which the unification of 
economic entities is achieved, their adaptation to each other, deepening of 
interaction, development of relations between them”. Agro-industrial integration 
is one of  the manifestations of economic integration and is understood as a 
process of combining or interaction between business entities of different 
industries on the basis of a single production cycle or, in a broader sense, the 
combination in various organizational forms of agricultural sectors, trade and 
industry, aimed at streamlining production and economic relations (Minakov, 
2007). 
An important role in the processes of integration is played by the state. It is 
designed to harmonize the interests of business  entities and the economy. For 
this, it is necessary to improve the current legislation and deal with the scientific 
justification of the existing forms of financial and economic integration. In our 
opinion, the priority should not be given to associations  of enterprises in the 
form of holdings, but to structures that integrate sources of financing while 
maintaining the legal independence of business entities. 
An integrated financial and credit mechanism seems to be one of the forms 
of such a combination. Such a mechanism, in our understanding, combines 
different forms, methods and tools of organizing a financial and credit system, 
the totality of which ensures stable relations within the system and with external 
entities, mediates the movement of monetary resources, combining various 
sources of investment (state support funds, within the integrated system) bank 
loans, investor funds) and ensuring their rational distribution among effective 
lines of business. 
The integrated financial and credit mechanism operates according to the 
following scheme (Figure 9). 
The analysis of diverse forms of integration allows us to conclude that the 
optimal organizational and economic form for an integrated financial and credit 
 
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mechanism is an association or a union. The legal grounds for such associations 
are regulated by the Civil Code of the Russian Federation (Articles 121–123) 
and Federal Law of January 12, 1996 No. 7 On Non-Profit Organizations 
(Articles 11–12). From the point of view of law, associations and unions are 
equivalent forms of association of legal entities. 

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