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






Regional Economics: Theory and Practice

Russian-Chinese financial and economic cooperation: Comparative identification of the impulse response function

Vol. 22, Iss. 6, JUNE 2024

Received: 30 November 2023

Received in revised form: 18 January 2024

Accepted: 12 March 2024

Available online: 17 June 2024


JEL Classification: E22, E44, F6, F15

Pages: 1149–1180


Valeriya V. METEL'SKAYA Kuban State University (KubSU), Krasnodar, Russian Federation


Subject. This article discusses the integration of Russia and China and the convergence of the economic systems of the two countries.
Objectives. The article aims to identify promising areas of cooperation between Russia and China to create a common financial market and common exchange space, and analyze the impulse responses of the Russian and Chinese economies to various external and internal shocks.
Methods. For the study, I used a regression analysis.
Results. The article assesses the impulse responses of the Russian and Chinese economies to external shocks and identifies a synergistic effect that makes it possible to increase the validity and effectiveness of economic policies. The article also identifies the most promising areas for the development of relations between the two countries.
Conclusions. At the present stage, economic and financial cooperation between Russia and China gets strengthening. In general, the results of empirical analysis correspond to theoretical expectations.

Keywords: Russia, China, integration, financial cooperation, SVAR, impulse responses


  1. Metel'skaya V.V. [Financial capital as a product of financial globalization at the present stage of economic development]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2019, vol. 12, iss. 2, pp. 219–233. (In Russ.) URL: Link
  2. Metel'skaya V.V. [An econometric analysis of the impact of financial globalization uncertainty factor on Russia's financial system development]. Finansy i kredit = Finance and Credit, 2018, vol. 24, iss. 10, pp. 2204–2222. (In Russ.) 
URL: Link
  3. Rodrik D., Subramanian A. Why Did Financial Globalization Disappoint? IMF Staff Papers, 2009, vol. 56, iss. 1, pp. 112–138. URL: Link
  4. Mishkin F.S. The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich. Princeton University Press, 2006, 310 p.
  5. Abramov A.E., Radygin A.D., Chernova M.I. [Stock market capitalization: long-term trends and development factors]. Ekonomicheskaya politika = Economic Policy, 2021, vol. 16, no. 6, pp. 34–69. URL: Link (In Russ.)
  6. Abroskin A.S., Abroskina N.A. [Dynamics of gross domestic product: сurrent problems of measurements in terms of digitalization of the economy]. Vestnik Universiteta, 2020, no. 2, pp. 97–103. (In Russ.) URL: Link
  7. Kojima K., Ozava T. Micro- and Macro-Economic Models of Direct Foreign Investment: Toward a Synthesis. Hitotsubashi Journal of Economic, 1984, vol. 25, no. 1, pp. 1–20. URL: Link
  8. Sims C.A. Macroeconomics and Reality. Econometrica, 1980, vol. 48, no. 1, pp. 1–48. URL: Link
  9. Hamilton J.D. Time Series Analysis. Princeton University Press, 1994, 799 p.
  10. Metel'skaya V.V. [Analysis of the process of Russian-Chinese integration at the current stage of financial globalization and digitalization of the economy using vector regression methods]. Finansovaya ekonomika = Financial Economy, 2023, no. 11, pp. 29–38. (In Russ.)

View all articles of issue


ISSN 2311-8733 (Online)
ISSN 2073-1477 (Print)

Journal current issue

Vol. 22, Iss. 7
July 2024