Danilov Yu.A.Published in:
Russian Journal of Entrepreneurship
– Volume 18, Number 2 (January 2017)



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


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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.

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References:
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