Finance and Credit

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
LCCN Permalink
Google Scholar

Online available



Cyberleninka (24 month OA embargo)

The Russian financial market's ability to mobilize investment resources

Vol. 25, Iss. 10, OCTOBER 2019

Received: 8 July 2019

Received in revised form: 6 August 2019

Accepted: 20 August 2019

Available online: 30 October 2019

Subject Heading: Financial system

JEL Classification: E22, G11, G31

Pages: 2217–2235

Fedotov D.Yu. Baikal State University, Irkutsk, Russian Federation

Subject The study addresses the sources of investment, with the focus on financial assets coming from the financial market.
Objectives The aim is to test the hypothesis about the ability of the financial market to direct real investment to the national economy.
Methods I use econometric methods to perform the correlation analysis. The study also employs methods of logical and statistical analysis.
Results It is established that inconsiderable financial assets are directed to real investments. The study reveals low correlation between investments and the value of financial assets, which belong to participants of the financial market. This refutes the research hypothesis. The findings may be used by public authorities for investment process development.
Conclusions The study unveils a low degree of influence of the Russian financial market on investment processes. The reserves for investment growth in Russia should be in stock market expansion.

Keywords: financial market, investment, correlation analysis, securities


  1. Khudoborodov S.M. [To the Question of Contemporary State of the Financial Market in the Russian Federation]. Derzhavinskii forum = Derzhavin Forum, 2018, vol. 2, no. 6, pp. 59–65. (In Russ.)
  2. Nikonets O.E., Sevryukova S.V. [The dynamics of institutional development of the financial market in the system transformation invest and credit resources]. Vestnik NGIEI = Bulletin NGIEI, 2018, no. 1, pp. 123–134. URL: Link (In Russ.)
  3. Rusinov V.N. Finansovyi rynok. Instrumenty i metody prognozirovaniya [Financial market. Forecasting tools and methods]. Moscow, Editorial URSS Publ., 2000, 215 p.
  4. Pavlova M.S., Alekseeva O.L., Talanova N.V. [Transformation of Savings of the Population into Investment as the Most Important Trend in the Development of Russia's Financial Market]. Vestnik rossiiskogo universiteta kooperatsii = Vestnik of the Russian University of Cooperation, 2018, no. 1, pp. 47–50. URL: Link (In Russ.)
  5. Romazanov R.R. [Financial market mechanisms as an investment tool for economic development]. Mirovaya ekonomika: problemy bezopasnosti, 2018, no. 4, pp. 72–77. (In Russ.)
  6. Slepov V.A., Burlachkov V.K. [Sources of financing Russian economy growth]. Vestnik Rossiiskogo ekonomicheskogo universiteta im. G.V. Plekhanova, 2017, no. 1, pp. 72–80. URL: Link (In Russ.)
  7. Mandron V.V., Nikonets O.E. [The financial market and the stability of credit institutions: Problems of the current system]. Vestnik NGIEI = Bulletin NGII, 2017, no. 3, pp. 123–133. URL: Link (In Russ.)
  8. Chepurko V.V. [Divergence of financial markets and the real sector of economy as a risk factor of global financial crisis]. Nauchnyi vestnik: Finansy, banki, investitsii, 2016, no. 2, pp.142–149. URL: Link (In Russ.)
  9. Sharapov M.V., Ermolenko A.A. [Financial markets: Structural aspect]. Novye tekhnologii = New Technologies, 2012, no. 1, pp. 213–217. URL: Link (In Russ.)
  10. Malakhova T.A. [The Role of financial markets in enhancing the investment potential of economy]. Vestnik MGOU. Seriya Ekonomika = Bulletin MSRU. Series Economics, 2012, no. 2, pp. 29–34. URL: Link (In Russ.)
  11. Navoi A.V. [Concept of the Exchange Rate Policy and Capital Control of the National Economy in Terms of Global Finance Instability]. Finansovyi zhurnal = Financial Journal, 2018, no. 1, pp. 71–86. URL: Link (In Russ.)
  12. Solov'ev O.B. [Financial markets and economic management in the societies of control and discipline]. Mir nauki, kul'tury, obrazovaniya = The World of Science, Culture and Education, 2013, no.1, pp. 308–313. URL: Link (In Russ.)
  13. Smith A. Issledovanie o prirode i prichinakh bogatstva narodov [An Inquiry into the Nature and Causes of the Wealth of Nations]. Moscow, Eksmo Publ., 2007, 960 p.
  14. Marx K. Kapital: kritika politicheskoi ekonomii [Das Kapital. Kritik der politischen Ökonomie. Vol. 1], Moscow, Eksmo Publ., 2011, 1200 p.
  15. Marx K. Kapital: kritika politicheskoi ekonomii [Das Kapital. Kritik der politischen Ökonomie. Vol. 3], Moscow, Eksmo Publ., 2011, 1200 p.
  16. Böhm-Bawerk, Eugen von. Izbrannye trudy o tsennosti, protsente i kapitale [Grundzuge der Theorie des wirtschaftlichen Guterwerths]. Moscow, Eksmo Publ., 2009, 909 p.
  17. Clark J.B. Raspredelenie bogatstva [The Distribution of Wealth: A Theory of Wages, Interest and Profits]. Moscow, Gelios ARV Publ., 2000, 367 p.
  18. Matkovskaya Ya.S. [Heterogeneity of financial market and innovative assessment of consumption behavior in financial markets]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2014, no. 23, pp. 9–16. URL: Link (In Russ.)
  19. Rumyantseva A.E. [Some aspects of the study of risks of financial assets]. Sovremennye nauchnye issledovaniya i razrabotki, 2019, no. 1, pp. 914–918. URL: Link (In Russ.)
  20. Rumyantseva A.Yu., Sukhacheva V.V. [Financing methods of the enterprise activity through attraction of funds in the financial markets]. Peterburgskii ekonomicheskii zhurnal, 2018, no. 1, pp. 106–111. (In Russ.)
  21. Makhotaeva M.Yu., Nikolaev M.A. [The problems of activating the investment processes in the Russian economy]. Vektor nauki Tol'yattinskogo gosudarstvennogo universiteta. Seriya: Ekonomika i upravlenie, 2019, 1, pp. 26–32. URL: Link (In Russ.)

View all articles of issue


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

Journal current issue

Vol. 26, Iss. 5
May 2020