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Analyzing the financial and economic development of contemporary Russia

Vol. 26, Iss. 9, SEPTEMBER 2020

Received: 18 May 2020

Received in revised form: 22 June 2020

Accepted: 6 July 2020

Available online: 29 September 2020

Subject Heading: Financial system

JEL Classification: Е44, Е60, Е69, G20, G32

Pages: 2116–2137

https://doi.org/10.24891/fc.26.9.2116

Smirnov V.V. I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation
v2v3s4@mail.ru

https://orcid.org/0000-0002-6198-3157

Subject. The article addresses the financial and economic development of Russia.
Objectives. The focus is on identifying the essence of and conditions for financial and economic development of Russia.
Methods. The study rests on the systems approach, using the method of statistical analysis.
Results. The performed analysis unveiled an increase in the growth rate of reserve assets due to the negative growth rate of net errors and omissions. This enabled to maintain the growth rate of the current account (with the exception of reserves and related items), increase the issue and coupon yield of federal loan bonds, and reduce the growth of nominal GDP and investments, and a fall in domestic demand. The study found that against a backdrop of a decrease in the specific weight of M0 in M2, there was an increase in the number of credit institutions that generate profit, as well as negative growth rates in the financial account, derivative financial instruments (except for reserves), stock options, capital flows, and credit. I revealed a negative trend in the decline of the current account indicators caused by the active use of derivative financial instruments (except for reserves) and stock options.
Conclusions. The essence of and conditions for Russia's financial and economic development are determined by the activities of the Central Bank and the Ministry of Finance, which apply an accounting approach to eliminating the manifestations of global changes in the current form of the world order.

Keywords: capital flow, activities, systems approach, growth rate, financial and economic development

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