Subject Under financial globalization and challenges to the Russian economy caused by this process, the issues of developing the national financial infrastructure and increasing its global competitiveness require an in-depth study. The subject of the article is the Russian financial infrastructure's development process under financial globalization necessitated by the economic growth. Objectives The study aims to justify the need for improving the quality of financial infrastructure of Russia in view of financial support to economic advancement and lowering its dependence on global capital markets, and to offer potential actions to promote efficient accumulation of internal financial resources. Methods I analyze the Russian financial infrastructure from the banking and insurance sectors' perspective based on the statistical data and works of Russian and foreign authors. Results The paper assesses the Russian financial infrastructure, shows its specifics, provides comparison with foreign standards, and identifies insufficient involvement of financial institutions in financing the economic growth. The analysis reveals the need to build a financial infrastructure model focused on attracting domestic long-term financial resources, and capable to ensure the maximum stability and optimal satisfaction of demand for financial services with adequate balance of banks and non-banking financial institutions in the financial sector structure. I offer certain measures that will help improve the quality of the national financial infrastructure. Relevance The implementation of these measures may contribute to advancing the national financial infrastructure through resource base expansion. This will reduce its dependence on foreign capital markets, enhance its global competitiveness and ensure long-term economic growth under financial globalization.
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