Abstract

In the modern context of innovational development, structural changes in manufacturing, global changes on product and stock markets, increase in influence of tax system and other factors of government regulation, quality changes take place in the whole reproduction process including working capital functioning. The present article substantiates changes in the dynamics and structure of working capital in the Russian economy and gives analysis forces affecting it. Research was carried out at the macroeconomic level on the basis of official statistics for the period of 1993-2012 about structure of working capital, current liquidity and organizations’ accounts payable upon obligations published in the website of the Federal service of state statistics and also upon main indicators of market of state short-term bonds (GKO) and federal loan bonds (OFZ), indicated in the website of the Central bank of Russia.The article substantiates changes of the working capital’s structure in the Russian economics which include reduction of stocks share, increase in monetary funds and other financial assets. Much attention is given to changes in structure of financial sources forming the working capital, increase in money supply that contributes to instability of the money market.

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