The System of Objective Economic Laws of Credit

The condition for the effective functioning of any economic mechanism is to consider objective economic laws when constructing it. At present, there are large-scale transformations taking place in the field of credit relations, and credit mechanisms are undergoing modernization at both the micro and macro levels. The subject of the research in the article is the objective laws of credit. The purpose of the work is to systematize the laws of credit and reveal the directions for their use. The main research methods are the dialectical method, the systematic approach, the methods of scientific abstraction, and induction and deduction. The scientific novelty consists in the formation of the author’s concept for a system of objective economic credit laws. The main results of the study are: 1) In the system of laws of credit, there are three groups: laws of credit emergence, laws of credit functioning and laws of credit development. Within each group there are both basic and derivative laws. 2) The laws of credit emergence include the law of the necessity for credit and the law of ensuring the continuity of reproduction on the basis of credit. The laws of credit functioning include the law of repayment of credit and the law of the economic limit for credit. The laws of credit development comprise the law of complication of credit and the law of ensuring economic growth through the development of the institutional structure of credit relations. 3) The direction of using the laws of credit functioning is the organization of credit relations at the micro level (in the process of building a lending mechanism), and the direction of using the laws of credit emergence and development is the organization of credit relations at the macro level (in the process of building a mechanism to regulate the banking system and the financial market).

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