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

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Finance and Credit
 

Analyzing the financial composition of the Russian market

Vol. 27, Iss. 9, SEPTEMBER 2021

Received: 13 May 2021

Received in revised form: 27 May 2021

Accepted: 10 June 2021

Available online: 30 September 2021

Subject Heading: Financial system

JEL Classification: E44, F30, G15, G20, O16

Pages: 2050–2077

https://doi.org/10.24891/fc.27.9.2050

Valerii V. SMIRNOV 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 studies the financial composition of the Russian market.
Objectives. The study identifies scenarios for the financial composition of the Russian market.
Methods. The study is based on the systems approach and methods of statistical, neural network and cluster analysis.
Results. The study emphasizes the importance of analyzing the financial composition of the Russian market. The Bank of Russia pursues a growth in the gross volume of loans granted by the financial system to individuals, enterprises, non-financial governmental institutions. It also tries to increment international reserves and less marketable, non-reserve assets. Depository corporations keep an eye on possible changes in requirements the bank system may set for governmental authorities of the Russian Federation, financial institutions of the Russian subjects and local authorities, governmental and other extra-budgetary funds. The study sets forth two appropriate scenarios for the financial composition of the Russian economy. I discovered that the clustering process depends in GDP at all key phases, such as production, distribution and use, and the Bank of Russia’s requirements to other financial and non-financial institutions in Rubles and foreign currency, and requirements of credit institutions to people. Basically, the macroprudential policy of the Bank of Russia shapes the financial composition of the Russian market.
Conclusions and Relevance. The scenarios of the financial composition of the Russian market help the Russian government keep their activities in accordance with the Bank of Russia. The findings contribute to the knowledge and competence of the Russian government to ensure the economic growth.

Keywords: macroprudential policy, Russian market, financial composition, economic growth

References:

  1. Caporale G.M., Gil-Alana L.A., Tripathy T. Volatility Persistence in the Russian Stock Market. Finance Research Letters, 2020, vol. 32, 101216. URL: Link
  2. Asif M., Khan K.B., Anser M.K. et al. Dynamic Interaction Between Financial Development and Natural Resources: Evaluating the ‘Resource Curse’ Hypothesis. Resources Policy, 2020, vol. 65, 101566. URL: Link
  3. Yasmeen H., Tan Q., Zameer H. et al. Discovering the Relationship between Natural Resources, Energy Consumption, Gross Capital Formation with Economic Growth: Can Lower Financial Openness Change the Curse into Blessing. Resources Policy, 2021, vol. 71, 102013. URL: Link
  4. Dogan E., Madaleno M., Altinoz B. Revisiting the Nexus of Financialization and Natural Resource Abundance in Resource-rich Countries: New Empirical Evidence from Nine Indices of Financial Development. Resources Policy, 2020, vol. 69, 101839. URL: Link
  5. Ma Y., Chen Z., Shinwari R., Khan Z. Financialization, Globalization, and Dutch Disease: Is Dutch Disease Exist for Resources Rich Countries? Resources Policy, 2021, vol. 72, 102048. URL: Link
  6. Khan M.A., Gu L., Khan M.A., Oláh J. Natural Resources and Financial Development: The Role of Institutional Quality. Journal of Multinational Financial Management, 2020, vol. 56, 100641. URL: Link
  7. Wang K.-H., Liu L., Adebayo T.S. et al. Fiscal Decentralization, Political Stability and Resources Curse Hypothesis: A Case of Fiscal Decentralized Economies. Resources Policy, 2021, vol. 72, 102071. URL: Link
  8. Canh N.P., Thong N.T. Nexus between Financialisation and Natural Resources Rents: Empirical Evidence in a Global Sample. Resources Policy, 2020, vol. 66, 101590. URL: Link
  9. Zaidi S.A.H., Wei Z., Gedikli A. et al. The Impact of Globalization, Natural Resources Abundance, and Human Capital on Financial Development: Evidence from Thirty-one OECD Countries. Resources Policy, 2019, vol. 64, 101476. URL: Link
  10. Faisal F., Sulaiman Y., Tursoy T. Does an Asymmetric Nexus Exist between Financial Deepening and Natural Resources for Emerging Economy? Evidence from Multiple Break Cointegration Test. Resources Policy, 2019, vol. 64, 101512. URL: Link
  11. Guan J., Kirikkaleli D., Bibi A., Zhang W. Natural Resources Rents Nexus with Financial Development in the Presence of Globalization: Is the “Resource Curse” Exist or Myth? Resources Policy, 2020, vol. 66, 101641. URL: Link
  12. Gu J., Gouliamos K., Lobonţ O.-R., Nicoleta-Claudia M. Is the Fourth Industrial Revolution Transforming the Relationship between Financial Development and its Determinants in Emerging Economies? Technological Forecasting and Social Change, 2021, vol. 165, 120563. URL: Link
  13. Sun Y., Ak A., Serener B., Xiong D. Natural Resource Abundance and Financial Development: A Case Study of Emerging Seven (E−7) Economies. Resources Policy, 2020, vol. 67, 101660. URL: Link
  14. Sablina E.A. [Methodological approaches to statistical study of regulation of banking sector of the Russian economy]. Voprosy statistiki, 2014, no. 12, pp. 37‒46.(In Russ.) URL: Link

View all articles of issue

 

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

Journal current issue

Vol. 30, Iss. 3
March 2024

Archive