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Regional Economics: Theory and Practice
 

Financial markets: analysis of the impact on the socio-economic processes in the Russian regions

Vol. 13, Iss. 4, JANUARY 2015

PDF  Article PDF Version

Available online: 30 January 2015

Subject Heading: DEVELOPMENT STRATEGY

JEL Classification: 

Pages: 13-27

Krinichanskii K.V. South Ural State University - National Research University, Chelyabinsk, Russian Federation
kkrin@ya.ru

The article presents the methodology of analysis of the development of financial markets and financial institutions at the regional level. The author's proposed approach reveals the formation of interrelationship of economic and financial development in Russia's regions. The author applies a method of correlation analysis. The analysis on the basis of the groups identified a pattern of correlation coefficients are higher in those groups of regions where the value of the share of regional GDP is higher in the sum of GRP in all regions. In addition, the paper shows that the regions' growth model implies a significant reinforcement of the role of innovative financing mechanisms (residential mortgages), and their potential indicates the expected expansion of this segment of the market. The article identifies the importance of positioning the region as an independent participant in the public debt markets. The paper shows that the GDP of the region and the growth rate of investment in fixed capital (GFCF) grow most rapidly in regions that have experienced regular borrowing in the sub-federal bonds market, and that in the regions there is a closer link of loans to investments and production. The article contains certain recommendations for further development of the financial market in the Russian regions.

Keywords: economic growth, factors, regional financial markets, spatial economics, regional policy

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