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Finance and Credit
 

Trends in the interrelation between consumer credit and socio-economic development in Russia

Vol. 22, Iss. 24, JUNE 2016

PDF  Article PDF Version

Received: 22 April 2016

Received in revised form: 11 May 2016

Accepted: 24 May 2016

Available online: 29 June 2016

Subject Heading: Financial system

JEL Classification: Е52, G21, H81

Pages: 35-44

Starostina S.A. Ulyanovsk Sate University, Ulyanovsk, Russian Federation
9278051611@mail.ru

Importance The article studies the correlation between consumer credit and social development behavior pattern.
Objectives The purpose of the study is to analyze the mechanism of interaction between consumer credit and socio-economic development in Russia.
Methods The methodology of the paper includes general methods of scientific knowledge, like abstraction, analogy, induction and deduction, analysis and synthesis.
Results The analysis of economic and statistical factors revealed the impact of consumer lending on the social development behavior pattern. The paper studies the social implications of the consumer credit market development, defines the role of consumer credit in changing the life quality of the population.
Conclusions and Relevance There is a correlation between the macroeconomic indicators of the consumer credit market and indicators of socio-economic development. Consumer credit development bolsters consumption and increases the volume of retail turnover. Consumer credit increases the current income of the population and, as a result, enhances the effectual demand. This may lead to a shortage of supply and thereafter to price hikes. In addition, the limitation of imports of certain products increased devaluation and inflation expectations in 2014–2015. A change in the aggregate demand structure caused by limitation and increase in the cost of imports resulting from ruble weakening and Russian economy's ill-preparedness for meaningful import substitution had a great effect on consumer price increase and real household income decline.

Keywords: consumer credit, retail turnover, consumption, consumer demand

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