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ИД «Финансы и кредит»






Finance and Credit

Financial instruments as a basis for the development of financial literacy: Essence, types, classification

Vol. 30, Iss. 3, MARCH 2024

Received: 16 October 2023

Received in revised form: 2 November 2023

Accepted: 11 November 2023

Available online: 28 March 2024

Subject Heading: Financial control

JEL Classification: G23

Pages: 603–619


Irina B. TESLENKO Vladimir State University named after Alexander and Nikolay Stoletovs (VlSU), Vladimir, Russian Federation


Dar’ya O. MASLAKOVA Vladimir State University named after Alexander and Nikolay Stoletovs (VlSU), Vladimir, Russian Federation


Subject. The article addresses the process of financial instruments functioning.
Objectives. The purpose is to disclose the typology of financial instruments and supplement the current classification.
Methods. During the study, we reviewed methodological materials of the Bank of Russia, the Moscow Stock Exchange, financial and analytical publications, and employed the statistical analysis.
Results. We analyzed the current situation with financial instruments in the financial market of the Russian Federation, disclosed the typology of financial instruments, and supplemented it from the point of view of its classification. This enabled organizing and grouping the instruments according to two additional criteria, i.e. financial instruments for capitalization of resources and the importance of instruments in the financial market.
Conclusions. Russia's access restriction to the markets of goods, services, capital, and payment infrastructure of unfriendly States, which were the main trading partners of our country, affected both the financial market and the structure of financial instruments. In these conditions, we observe the reorientation of financial relations and the priority of the choice of instruments. The role of domestic sources of financing the economy increases as the inflow of foreign capital has stopped. Therefore, it is important to enhance financial literacy, constantly inform the population about availability of financial instruments to help citizens make proper financial decisions.

Keywords: financial literacy, financial instrument, crowd technologies, capitalization


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