Financial mechanism of stimulating the development of southern regions on the basis of credit cooperation

The article studies manifestations of the transmission of monetary policy, namely the change in the investment demand and overcoming the deficit of working capital. An especially acute shortage of investments is observed at the meso level. To accelerate the growth rates of regional economies, a new direction is being developed that can create additional transmission impulses. It is the use of non-profit organizations of the credit sector or credit consumer cooperatives, which can be called the innovation of the financial sector and a new element in the regional cluster. Regional companies and credit organizations have less financial independence and flexibility in comparison with firms of the central region. Structural changes have led to the emergence of the bank system with layers, each layer having its business model and customer sector. The authors offer a set of measures to optimize credit flows in the region after analyzing the needs of regional organizations, taking into account the possibility of choosing sources and conditions of lending, which is achieved by the system of requirements that borrowers have to comply with. Clusterization of organizations and inclusion of a credit consumer cooperative in the cluster will expand the boundaries of organizations’ money management models and change the effectiveness of risk management. To reduce the credit risks of banks, it is possible to create additional financial products for short-term lending or to interact with self-regulatory organizations of credit consumer cooperatives. The main research method is based on the DSGE model and clustering processes. The dominant principle is the general dynamic equilibrium. The approach proposed by the authors allows solving the current urgent problem situations in the field of lending, which affect the investment demand, the global competitiveness of companies and credit risk.