Conceptual approaches to the determination of the national development banks specifics

The theoretical approaches of domestic and foreign researchers to the definition of the of national development bank specifics are summarized. It is possible to identify general features of their functioning and to identify current trends in research on this issue.In accordance with the Monterrey Consensus, many countries have recognized the need to strengthen and develop the domestic financial sector by encouraging the orderly development of capital markets through the banking systems and other institutional arrangements aimed at addressing development financing needs. In this case, development banks, commercial and other financial institutions can be an effective instrument to facilitate access to finance for businesses. Classical role of development banks is to fill the gaps in the national financial system in terms of the ability to provide long-term lending in underdeveloped and developing countries. They are aimed at solving the problems of inefficiency of the financial market, where private capital is not able to assume the risks associated with lending obviously an unreliable borrower. It is concluded that, national development banks are financial institutions located in the full or partial government subordinate to the main purpose of which is (a) loans accumulation and allocation of financial resources (under special conditions) allocated for the implementation of large-scale medium- and long-term projects technical and technological renewal of the real economy, and (b) the elimination of market failures in terms of under-funding of priority, socially and economically significant for the state industries.This definition is in tune with most of the analyzed definitions. However, it differs in content from almost each of them, as is focused on two major items: 1) regardless of the degree of state involvement in the development bank management its resources on special preferential terms should be directed to the implementation of perspective and important projects for the country; 2) the scope and direction of the development bank activity may change over time and will be determined based on the current state of the economy and the extent of under-funding of certain industries.