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Complex Issues of Regional Growth Dependence on the Level of Financial Sector Development

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

Fat'kin A.V. South Ural State University (National Research University), Chelyabinsk, Russian Federation ( andfatkin@yandex.ru )

Journal: Digest Finance, #3, 2017

Importance The paper develops the area of endogenous economic growth theory that focuses on the relationships between financial development and economic dynamics at the national and sub-national levels.
Objectives The study aims to identify regular differences in the level and statistical significance of the coefficients of regression models with financial development variables for groups of regions with different levels of financial sector development averaged for the studied period.
Methods To estimate coefficients, we use an individual fixed-effect model. Regions are classified in terms of the composite index of density of banking services in the region. We use real GRP per capita as an indicator of economic dynamics. The analysis covers the panel data on 75 Russian regions for the period of 2002–2014.
Results We found that the impact of financial development indices on economic growth is more intensive in groups of regions with a moderate level of financial development.
Conclusions and Relevance The findings support the hypothesis on nonmonotonic dependence of finance and growth among different groups of Russian regions.


Complex Issues of Regional Growth Dependence on the Level of Financial Sector Development

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

Fat'kin A.V. South Ural State University (National Research University), Chelyabinsk, Russian Federation ( andfatkin@yandex.ru )

Journal: Regional Economics: Theory and Practice, #6, 2017

Importance The paper develops the area of endogenous economic growth theory that focuses on the relationships between financial development and economic dynamics at the national and sub-national levels.
Objectives The study aims to identify regular differences in the level and statistical significance of the coefficients of regression models with financial development variables for groups of regions with different levels of financial sector development averaged for the studied period.
Methods To estimate coefficients, we use an individual fixed-effect model. Regions are classified in terms of the composite index of density of banking services in the region. We use real GRP per capita as an indicator of economic dynamics. The analysis covers the panel data on 75 Russian regions for the period of 2002–2014.
Results We found that the impact of financial development indices on economic growth is more intensive in groups of regions with a moderate level of financial development.
Conclusions and Relevance The findings support the hypothesis on nonmonotonic dependence of finance and growth among different groups of Russian regions.


Financial systems of the Russian regions: An analysis of post-crisis development trends

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

Fat'kin A.V. South Ural State University – National Research University, Chelyabinsk, Russian Federation ( andfatkin@yandex.ru )

Journal: Regional Economics: Theory and Practice, #10, 2016

Importance We study the trends of post-crisis development of the financial systems in Russia's regions.
Objectives The aim of this paper is to clarify a convergence-divergence vector of the level of development of the financial systems in Russia's regions. In addition, we are trying to discover the relationship between a local banking sector's characteristics and macro-regional indicators: output, investment, productivity.
Methods For the study, we used some composite indexes of density of banking services in Russian regions, as well as a graphical method, variation measurement, and the regression analysis.
Results The paper shows the trend towards divergence of the development of regions taken in the specific classification, by composite banking service density index and its individual components, since 2012. A savings index plays a major part in this divergence. The regions with low gross regional product show a more noticeable and sharp fall in financial density index of banking services.
Conclusions The detected trends are clearly negative. They themselves and their underlying causes may become significant factors to slow the processes of convergence of regions, to increase regional inequalities and reduce the growth potential of the Russian economy. Some of these causes are a structural change of the institutional component of financial system toward more affluent in per capita GDP constituent entities of the Russian Federation, the uneven distribution of Government support measures in the banking system, the disregard of the problem of lack of financial literacy of the population in the regions.


Financial systems of the Russian regions: An analysis of post-crisis development trends

Krinichanskii К.V. South Ural State University – National Research University, Chelyabinsk, Russian Federation ( kkrin@ya.ru )

Fat'kin A.V. South Ural State University – National Research University, Chelyabinsk, Russian Federation ( andfatkin@yandex.ru )

Journal: Finance and Credit, #7, 2019

Subject We study the trends of post-crisis development of the financial systems in Russia's regions.
Objectives The aim of this paper is to clarify a convergence-divergence vector of the level of development of the financial systems in Russia's regions. In addition, we are trying to discover the relationship between a local banking sector's characteristics and macro-regional indicators: output, investment, productivity.
Methods For the study, we used some composite indexes of density of banking services in Russian regions, as well as a graphical method, variation measurement, and the regression analysis.
Results The paper shows the trend towards divergence of the development of regions taken in the specific classification, by composite banking service density index and its individual components, since 2012. A savings index plays a major part in this divergence. The regions with low gross regional product show a more noticeable and sharp fall in financial density index of banking services.
Conclusions The detected trends are clearly negative. They themselves and their underlying causes may become significant factors to slow the processes of convergence of regions, to increase regional inequalities and reduce the growth potential of the Russian economy. Some of these causes are a structural change of the institutional component of financial system toward more affluent in per capita GDP constituent entities of the Russian Federation, the uneven distribution of Government support measures in the banking system, the disregard of the problem of lack of financial literacy of the population in the regions.


The impact of bank credit limit on small and medium-sized enterprises in Russian regions

Fat'kin A.V. South Ural State University (National Research University), Chelyabinsk, Russian Federation ( andfatkin@yandex.ru )

Krinichanskii K.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( kkrin@fa.ru )

Journal: Regional Economics: Theory and Practice, #1, 2019

Subject The article explores the relationship of financial and economic development in Russian regions. The focus is on a transmission channel of this relationship, i.e. small and medium-sized enterprises.
Objectives The aim is to check the significance of the transmission mechanism from finance to growth through the small and medium-sized enterprises channel, to test the hypothesis about the presence or absence of nonlinearity in the operation of this transmission mechanism.
Methods We tested the hypotheses, applying the analysis of panel data under a system generalized method of moments. The said method is commonly used in models with endogenous regressors and unobserved specific effect. The Bank Loans to Gross Regional Product ratio serves as an indicator of financial system development at the regional level. To identify the nonlinearity, we add the quadratic indicator to the regression equation.
Results The studied relationship seems to work differently in different regions. The positive impact of the bank credit limit on indicators that characterize the development of the small and medium-sized enterprise sector can be traced only in regions with a relatively low financial development. Regions with high level of financial development suffer from a negative effect of financial depth on the development of small and medium-sized enterprises.
Conclusions The findings may be useful for the financial regulator and executive authorities of the Russian Federation for setting targets of financial development of regions and formulating the policy that improves the response of economic agents to the increase in the bank credit limit.


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