+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Finance and Credit
 

Cognitive modeling of factors of financial market stability of Russia

Vol. 24, Iss. 5, MAY 2018

Received: 15 March 2018

Received in revised form: 6 April 2018

Accepted: 20 April 2018

Available online: 29 May 2018

Subject Heading: Financial system

JEL Classification: E44, F21, G14, G17

Pages: 1131-1148

https://doi.org/10.24891/fc.24.5.1131

Badvan N.L. Don State Technical University, Rostov-on-Don, Russian Federation
therock2031@gmail.com

https://orcid.org/0000-0001-8913-7326

Gasanov O.S. Don State Technical University, Rostov-on-Don, Russian Federation
osgas@mail.ru

https://orcid.org/0000-0002-2126-8394

Kuz'minov A.N. Don State Technical University, Rostov-on-Don, Russian Federation
mr.azs@mail.ru

https://orcid.org/0000-0002-9835-7598

Importance The paper highlights the financial market stability. It is one of the most important components of economic growth ensuring.
Objectives The article is to draw up a cognitive map of the Russian financial market. It also aims at modeling changes in its segments and finding the main stability factors of the national financial market.
Methods The research involves methods of cognitive analysis and cognitive modeling.
Results Cumulative effect of all segments of the financial market forms its stability. The Russian financial market is most sensitive to changes in the monetary and currency markets, corporate and government borrowing market. There is a significant relationship between the market liquidity and its stability. It is necessary to form free resources storage in ruble assets. The dependence of the domestic market on international financial markets remains despite sanctions restrictions.
Conclusions and Relevance Achieving financial stability requires constant attention to liquidity in the market and predictability of the national currency. The priority direction of the state financial policy is establishment of relations between the leading players in the world financial markets and international financial institutions. Experts can apply the results of this work in the financial and monetary policy formation.

Keywords: financial market, financial stability, cognitive map, impulse modeling

References:

  1. Gorelova G.V., Lyabakh N.N. [Cognitive analysis: problems of application and development]. Novye tekhnologii = New Technologies, 2016, no. 4, pp. 16–21. URL: Link (In Russ.)
  2. Kuz'minov A.N., Kovtun M.E. [Cognitive modeling of the impact of self-organization factors on the enterprise sustainability]. Politematicheskii setevoi elektronnyi nauchnyi zhurnal Kubanskogo gosudarstvennogo agrarnogo universiteta, 2017, no. 128, pp. 342–353. (In Russ.) URL: Link
  3. Keynes J.M. Obshchaya teoriya zanyatosti, protsenta i deneg [The General Theory of Employment, Interest and Money]. Moscow, Gelios ARV Publ., 2002, 352 p.
  4. Tobin J. Denezhnaya politika i ekonomicheskii rost: monografiya [Money and Economic Growth]. Moscow, Knizhnyi dom Librokom Publ., 2010, 267 p.
  5. Tobin J. On the Efficiency of the Financial System. URL: Link
  6. Hicks J.R. Mr Keynes and “Classics”. A Suggested Interpretation. Econometrica, 1937, vol. 5, iss. 2, pp. 147–159. URL: Link
  7. Hirsch F., Doyle M., Morse E.L. Alternatives to Monetary Disorder. NY, McGraw-Hill, 1977, 153 p. URL: Link90008-9
  8. Sinkey J.F. (Jr.) Finansovyi menedzhment v kommercheskom banke i v industrii finansovykh uslug [Commercial bank financial management in the financial-service industry]. Moscow, Al'pina Publ., 2017, 1018 p.
  9. Deltuvaite V., Sineviciene L. Research on the Relationship between the Structure of Financial System and Economic Development. Procedia – Social and Behavioral Sciences, 2014, no. 156, pp. 533–537. URL: Link
  10. Arestis P., Luintel A.D., Luintel K.B. Does Financial Structure Matter? The Levy Economics Institute Working Paper, 2004, no. 399. URL: Link
  11. Allen F., Carletti E. The Roles of Banks in Financial Systems, 2008. URL: Link
  12. Cull R., Demirgüç-Kunt A., Lin J.Y. Financial Structure and Economic Development: A Reassessment. The World Bank Economic Review, 2013, vol. 27, iss. 3, pp. 470–475. URL: Link
  13. Lin Y.Y., Sun X., Jiang Y. Toward a Theory of Optimal Financial Structure. Policy Research Working Paper, 2009, no. WPS5038, 32 p. URL: Link
  14. Kulikov D.M., Baranova V.M. [Financial Stress Index for Russian Financial System]. Den'gi i kredit = Money and Credit, 2017, no. 6, pp. 39–48. URL: Link (In Russ.)
  15. Pestova A.A., Pankova V.A., Akhmetov R.R. et al. [Developing a System of Financial Instability Indices Based on High Frequency Data]. Den'gi i kredit = Money and Credit, 2017, no. 6, pp. 49–58. URL: Link (In Russ.)
  16. Gambarov G.M., Musaeva M.U., Krupkina A.S. [Russian Financial Market Risk Index]. Den'gi i kredit = Money and Credit, 2017, no. 6, pp. 29–38. URL: Link (In Russ.)
  17. Korhonen I., Nuutilainen R. Monetary Policy Rules for Russia, Some New Results. Den'gi i kredit = Money and Credit, 2017, no. 6, pp. 29–38. URL: Link
  18. Vasilik M.S., Kislinskikh Yu.V. [Comparative analysis of the tax system in Russia and developed foreign countries]. Sotsial'noe i ekonomicheskoe razvitie ATR: opyt, problemy, perspektivy, 2015, no. 1, pp. 4–17. (In Russ.)

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 30, Iss. 11
November 2024

Archive