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Complex Issues of Regional Growth Dependence on the Level of Financial Sector Development

Krinichanskii K.V. South Ural State University (National Research University), Chelyabinsk, Russian Federation ( kkrin@ya.ru )

Fat'kin A.V. South Ural State University (National Research University), Chelyabinsk, Russian Federation ( andfatkin@yandex.ru )

Journal: Digest Finance, #3, 2017

Importance The paper develops the area of endogenous economic growth theory that focuses on the relationships between financial development and economic dynamics at the national and sub-national levels.
Objectives The study aims to identify regular differences in the level and statistical significance of the coefficients of regression models with financial development variables for groups of regions with different levels of financial sector development averaged for the studied period.
Methods To estimate coefficients, we use an individual fixed-effect model. Regions are classified in terms of the composite index of density of banking services in the region. We use real GRP per capita as an indicator of economic dynamics. The analysis covers the panel data on 75 Russian regions for the period of 2002–2014.
Results We found that the impact of financial development indices on economic growth is more intensive in groups of regions with a moderate level of financial development.
Conclusions and Relevance The findings support the hypothesis on nonmonotonic dependence of finance and growth among different groups of Russian regions.


Complex Issues of Regional Growth Dependence on the Level of Financial Sector Development

Krinichanskii K.V. South Ural State University (National Research University), Chelyabinsk, Russian Federation ( kkrin@ya.ru )

Fat'kin A.V. South Ural State University (National Research University), Chelyabinsk, Russian Federation ( andfatkin@yandex.ru )

Journal: Regional Economics: Theory and Pactice, #6, 2017

Importance The paper develops the area of endogenous economic growth theory that focuses on the relationships between financial development and economic dynamics at the national and sub-national levels.
Objectives The study aims to identify regular differences in the level and statistical significance of the coefficients of regression models with financial development variables for groups of regions with different levels of financial sector development averaged for the studied period.
Methods To estimate coefficients, we use an individual fixed-effect model. Regions are classified in terms of the composite index of density of banking services in the region. We use real GRP per capita as an indicator of economic dynamics. The analysis covers the panel data on 75 Russian regions for the period of 2002–2014.
Results We found that the impact of financial development indices on economic growth is more intensive in groups of regions with a moderate level of financial development.
Conclusions and Relevance The findings support the hypothesis on nonmonotonic dependence of finance and growth among different groups of Russian regions.


Financial systems of the Russian regions: An analysis of post-crisis development trends

Krinichanskii K.V. South Ural State University – National Research University, Chelyabinsk, Russian Federation ( kkrin@ya.ru )

Fat'kin A.V. South Ural State University – National Research University, Chelyabinsk, Russian Federation ( andfatkin@yandex.ru )

Journal: Regional Economics: Theory and Pactice, #10, 2016

Importance We study the trends of post-crisis development of the financial systems in Russia's regions.
Objectives The aim of this paper is to clarify a convergence-divergence vector of the level of development of the financial systems in Russia's regions. In addition, we are trying to discover the relationship between a local banking sector's characteristics and macro-regional indicators: output, investment, productivity.
Methods For the study, we used some composite indexes of density of banking services in Russian regions, as well as a graphical method, variation measurement, and the regression analysis.
Results The paper shows the trend towards divergence of the development of regions taken in the specific classification, by composite banking service density index and its individual components, since 2012. A savings index plays a major part in this divergence. The regions with low gross regional product show a more noticeable and sharp fall in financial density index of banking services.
Conclusions The detected trends are clearly negative. They themselves and their underlying causes may become significant factors to slow the processes of convergence of regions, to increase regional inequalities and reduce the growth potential of the Russian economy. Some of these causes are a structural change of the institutional component of financial system toward more affluent in per capita GDP constituent entities of the Russian Federation, the uneven distribution of Government support measures in the banking system, the disregard of the problem of lack of financial literacy of the population in the regions.


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