Assessment of the accelerated development of the financial sector

Danilov Yu.A.1
1 Российская академия народного хозяйства и государственной службы при Президенте РФ

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Journal paper

Russian Journal of Entrepreneurship *
Volume 18, Number 2 (January 2017)
* Этот журнал не выпускается в Первом экономическом издательстве

Citation:

Danilov, Y. A. (2017). Assessment of the accelerated development of the financial sector. Russian Journal of Entrepreneurship, 18(2), 161-174. https://doi.org/10.18334/rp.18.2.37265

Abstract:
This article presents the results of a study evaluating the advanced development of the financial sector compared to the overall economic dynamics. Using the methodology for assessing the financial development, developed by the World Bank and the International Monetary Fund, the author introduced the additions that allow to assess the relative speed of this development and to engage the Russian financial sector in the analysis. A trend towards faster growth of the financial sector on a global scale which has persisted for several decades was interrupted by the crisis of 2008. At the same time after 2008 there was a strong decline in all segments of the financial sector in Russia. Except for the banking sector. The development of this sector kept on outpacing the overall economic dynamics and resulted in formation of structural deformations of the Russian financial sector and the reduction of its total competitiveness.

Keywords: Financial development; accelerated development of the financial sector; financialization; global competitiveness

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References:

Abramov A.E., Akshentseva K.S., Chernova M.I. i dr (2015). Ekonomika investitsionnyh fondov [Investment funds economics ] Moscow: Delo. (in Russian).
Danilov Yu. (2016). Otsenka mesta Rossiyskoy Federatsii i ee konkurentov na globalnom finansovom rynke [Assessment of the place of the Russian Federation and its contestants in the global financial market]. Voprosy ekonomiki. (11). (in Russian).
Danilov Yu. A. (2017). Effektivnost finansovogo rynka Rossii: vypolnenie sotsialno-ekonomicheskikh funktsiy i globalnaya konkurentosposobnost [The efficiency of the Russian financial market: fulfillment of socio-economic functions and global competitiveness] Moscow: Delo. (in Russian).
Danilov Yu.A. (2015). Globalnaya konkurentosposobnost natsionalnogo finansovogo rynka i mery po ee povysheniyu [Global competitiveness of the national financial market and the measures for enhancing its competitiveness ]. Rossiyskoe predprinimatelstvo. 16 (24). (in Russian).
Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine. (2000). A New Database on Financial Development and Structure World Bank Economic Review. (14). 597-605.

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