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ИД «Финансы и кредит»






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


Valerii V. SMIRNOV I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation


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


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

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Vol. 27, Iss. 9
September 2021