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Finance and Credit
 

Assessment of factors securing economic growth and financial stability in the EEU member States

Vol. 22, Iss. 18, MAY 2016

PDF  Article PDF Version

Received: 25 January 2016

Received in revised form: 21 February 2016

Accepted: 16 March 2016

Available online: 18 May 2016

Subject Heading: Financial system

JEL Classification: F36, F45, F52, E31, E44

Pages: 2-18

Zvonova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation
zvonovaelena7@mail.ru

Pishchik V.Ya. Financial University under Government of Russian Federation, Moscow, Russian Federation
pv915@mail.ru

Importance Macroeconomic and financial stability of the global economic and financial system creates conditions for economic security of both the national States and their integrated groups. Objectives The objective of this work is to assess factors securing financial stability and economic growth within the integrated group of the EEU member States.
Methods The study employs tenets of modern theories of the global economics, methods of comparative and statistical analysis to examine various factors influencing the macroeconomic and financial stability in the EEU countries.
Results We propose a comprehensive definition of macroeconomic and financial stability, review criteria and indicators of macroeconomic stability for the EEU member States, classify criteria and groups of factors contributing towards the goal of financial stability at the macro-level, name major areas of their realization, and analyze indicators of financial stability in the EEU countries. We review banking, insurance and stock exchange sectors of the financial market of these countries based on distinguished five groups of factors.
Conclusions The major structural problem of the EEU is a macroeconomic imbalance in the region. We suggest designing and implementing a mechanism to assess the imbalances. It is required to more closely coordinate the economic policy of the member States through creation of a banking union, a tax union, a regional center for monitoring the development of national financial markets, and to establish a common budget of the EEU.

Keywords: macroeconomic stability, financial stability, currency, budget, banks

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