Subject. The article considers the development strategy of the Russian financial market under new economic conditions.
Objectives. The purpose is to elaborate theoretical and practical proposals to improve the financial market strategy for boosting investment and economic growth in crisis.
Methods. The study rests on strategizing, which allows to propose a number of initiatives to enhance the strategy of the financial market during the crisis period, based on trends, existing competitive advantages and opportunities of the Russian economy.
Results. The paper shows the need to continue the transformation of the financial system, based not only on the liberal economic paradigm and recommendations of international institutions on the free movement of capital, but also on the use of its own strategy, aimed at economic development (including in industrial regions), enabling to address environmental factors.
Conclusions. In times of crisis, it is necessary to stir up State institutions for development in financial markets, synchronize monetary and fiscal policies, strengthen the regulation of cross-border capital flows, and use the ESG strategies by public companies in Russia. The establishment of some additional restrictions on capital markets and the foreign exchange market by the financial regulator, the support for the ESG approach by State institutions for development and banks will mitigate systemic risks during crisis periods and attract financial resources to long-term investment projects of the real economy, encourage the growth of capitalization of companies, including in regions.
Austria
