UDC: 336.57
https://doi.org/10.25198/2077-7175-2025-6-102


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THE ROLE AND POSITION OF DEVELOPMENT BANKS IN THE INSTITUTIONAL ARCHITECTURE OF THE BANKING INDUSTRY

R. V. Lobachev
Orenburg State University, Orenburg, Russia
e-mail: roman.lobachev96@yandex.ru

Abstract. The relevance of the study is driven by the profound structural transformation of the Russian economy, which is accompanied by an investment deficit in the real sector. The unsatisfactory state of the investment climate hinders the modernization of production capacities, technological upgrades, and the formation of a sustainable industrial base, necessitating the search for new institutional solutions within the financial intermediation system.

The purpose of the research is to conduct a comprehensive analysis of the role and place of development banks in the institutional architecture of the banking services industry and, based on this analysis, to develop a conceptual model aimed at strengthening their position as a key instrument for overcoming the investment deficit and ensuring long-term financing for priority industries.

Research methods include a comprehensive methodological framework. A comparative analysis of the organizational and financial models of development banks in countries with different economic structures (China, Germany, Brazil, India) was applied. To quantitatively assess the needs of the real sector of the Russian economy, statistical methods were used, including the calculation of the ICOR coefficient (Incremental Capital-Output Ratio), which allowed for determining the volume of the investment deficit. Structural-functional analysis was also employed to assess the position of development institutions within the system of financial intermediaries.

Results. The conducted comparative analysis revealed Russia’s significant lag in the scale of development institution assets (2.3% of GDP for VEB.RF compared to 27.6% of GDP in China). A critical annual investment deficit in the Russian economy was quantitatively determined, amounting to 15.5 trillion rubles to achieve the target GDP growth of 4%. It was established that the existing financial intermediation system, where banks account for only 10.9% of investments in fixed capital, is unable to cover it. Additionally, the intensive expansion of non-banking ecosystems was recorded, which intensifies competition but does not solve the problem of long-term financing.

The scientific novelty lies in the adaptation of the macroeconomic concept of the «banking services industry» (Financial Services Industry) to the specifics of the Russian financial system. The necessity of its transformation through the integration of powerful specialized institutions for long-term financing is substantiated, the key element of which should be a network of federal and regional development banks focused on the strategic goals of creating new value.

The practical significance of the study consists in developing the contours of a new institutional model aimed at systematically overcoming the investment deficit. The proposed model, which involves the creation of a balanced system of development banks within the banking services industry and the modernization of public-private partnership mechanisms, can form the basis for a new paradigm of financial intermediation that promotes sustainable development and the technological sovereignty of the Russian economy. Directions for further research in the field of integrating various financial intermediaries are identified.

Key words: banking services industry, development banks, financial intermediaries, long-term financing, real economy, investment gap, ICOR coefficient, VEB.RF, comparative analysis, international experience, regional development institutions, financial system architecture, technological sovereignty.

Cite as: Lobachev, R. V. (2025) [The role and position of development banks in the institutional architecture of the banking industry]. Intellekt. Innovacii. Investicii [Intellect. Innovations. Investments]. Vol. 6, pp. 102–116. – https://doi.org/10.25198/2077-7175-2025-6-102.


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