scholarly journals Russian Financial Market: Is there Potential for Stimulating Economic Growth?

Vestnik NSUEM ◽  
2020 ◽  
pp. 86-104
Author(s):  
A. V. Novikov ◽  
I. Ya. Novikova
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
Market Economy ◽  
Financial Market ◽  
Market Segmentation ◽  
Point Of View ◽  
Gdp Growth ◽  
Investment Incentives ◽  
Russian Economy ◽  
Instrumental Approaches

Russia has passed the path of forming a market economy, which was accompanied by a multidirectional dynamics of GDP growth rates. The article considers the financial market as a factor of stimulating economic growth. Four stages of development of the market economy of Russia are justified. Starting from 2020, the fifth stage of economic growth based on the development of innovative technologies, digitalization of the economy. The features of these stages are analyzed from the point of view of investment incentives for development. Institutional and instrumental approaches to financial market segmentation are highlighted, and the features of implementing these approaches at each stage of the Russian economy development are considered. The formation of the financial market considered from the standpoint of the analysis of indicators, revealing the state of the financial markets: depth, access, stability and efficiency of the financial market. Measures for the development of the financial market are proposed.

The world and Russia: Inflation is minimal, economic growth is slowing, risks are rising

2019 ◽  
pp. 5-23 ◽  
Author(s):  
Mikhail V. Ershov ◽  
Anna S. Tanasova
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
World Economy ◽  
Domestic Demand ◽  
New Combination ◽  
Russian Economy ◽  
The World ◽  
World Economic ◽  
Money Creation ◽  
Main Factors

Russian economy has reached the low level of inflation, but economic growth has not accelerated. Moreover, according to official forecasts, in the following years it will still be low. The article concludes that domestic demand, which is one of the main factors of growth, is significantly constrained by monetary, budgetary and fiscal spheres. The situation in the Russian economy is still hampered by the decline of the world economic growth. The prospects of financial markets are highly uncertain. This increases the possibility of crisis in the world. Leading countries widely use non-traditional measures to support their economies in the similar environment. In the world economy as well as in Russia a principally new combination of factors has emerged, which create specific features of economic growth. It requires special set of measures to stimulate such growth. The article proves that Russian regulators have large unused potential to stimulate growth. It includes monetization, long-money creation, budget and tax stimuli. It is important that the instruments, which will be used, should be based on domestic mechanisms. This will strengthen financial basis of the economy and may encourage economic growth. Some specific suggestions as to their use are made.

Die Stabilität von Finanzmärkten:Wie kann die Wirtschaftspolitik Vertrauen schaffen?

2006 ◽  
Vol 55 (1) ◽  
Author(s):  
Theresia Theurl ◽  
Jan Pieter Krahnen ◽  
Thomas P. Gehrig
Keyword(s):  
Credit Risk ◽  
Financial Markets ◽  
Financial Market ◽  
Financial Institutions ◽  
Banking Sector ◽  
Public Awareness ◽  
Credit Derivatives ◽  
Point Of View ◽  
Regulatory Oversight ◽  
The Creation

AbstractFrom Theresia Theurl’s point of view financial markets exhibit certain features that turn them inherently unstable. Therefore, economic policy measures were necessary and advisable, but they should not take the shape of isolated and selected interventions. Rather, these measures of financial market supervision and regulation had to be integrated into a comprehensive concept of micro- and macroeconomic policy in order to allow the creation of stabilizing trust.In his contribution, Jan Pieter Krahnen maintains, that the systemic risk of banks and financial institutions has changed and risen in recent years. According to his view, this is due to a more widespread use of credit derivatives. Although they may cause a more efficient distribution of credit risk in the banking sector, at the same time they could mean a higher vulnerability of the banking sector to system-wide contagion effects of credit risk. As such, financial market supervision as well as the Basel II rules on Capital Standards should take into account not only the credit risk exposure of individual financial institutions, but also correlation measures of their share prices.For Thomas Gehrig, empirical anomalies demonstrate the relevance of awareness and trust in financial markets. This note would argue in favor of social policies that enhance public awareness in financial markets as a basis for trust. And so naturally, these policies need to be complemented by a strong financial order that aims at minimizing behavioral risks. He says, trust requires a regulatory framework that reduces manipulation by private as well as public interests. A competitive order complemented by strong regulatory oversight may go a long way towards generating liquid financial markets and the creation of trust. Trust by individuals, however, would be most strongly encouraged when individuals are entrusted in managing their own financial market activities including their own pension arrangements.

ECONOMIC REPERCUSSIONS OF EXTREME EVENTS FOR AN ISLAND NATION: CASE OF SINGAPORE

2016 ◽  
Vol 61 (01) ◽  
pp. 1640011
Author(s):  
SECK TAN ◽  
ALLEN LAI YU-HUNG
Keyword(s):  
Economic Growth ◽  
Severe Acute Respiratory Syndrome ◽  
Financial Markets ◽  
Financial Market ◽  
Extreme Events ◽  
Preventive Measures ◽  
Global Financial Crisis ◽  
Economic Recovery ◽  
Policy Responses ◽  
Policy Measures

Having achieved an export-led exponential economic growth, Singapore remains vulnerable to both natural disasters and economic crises. However, the economic repercussions and policy responses to extreme events for an island nation like Singapore are not as widely known or studied. This paper illustrates that impacts of a health disaster [Severe Acute Respiratory Syndrome (SARS)] and an economic crisis [Global Financial Crisis (GFC)] on the Singapore economy based on selected indicators of the financial market, macroeconomy and property sector. Crises of different nature entail different policy responses of different scales and this is highlighted in the policy responses to both SARS and GFC toward economic recovery. In the case of SARS, there were preventive measures toward diseases but no reactive measures as the SARS virus was a new strain. For GFC, the policy measures were simply reactive as preventive measures failed to regulate the financial markets effectively. Our paper makes the case that the impacts of such extreme events are systemic as they affect all aspects of Singaporean society and that, moreover, the island nation is more vulnerable to these shocks than is currently acknowledged.

Energy constraints on economic growth

2020 ◽  
pp. 8-17
Author(s):  
V. Tsibulskiy
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Energy Consumption ◽  
World Economy ◽  
Gdp Growth ◽  
Domestic Economy ◽  
Russian Economy ◽  
Gdp Growth Rate ◽  
The World ◽  
The Relationship

The article presents analytical estimates of the relationship between such economic characteristics as gross domestic product, energy consumption and the degree of complexity of the economy, characterized by the number of stages of product conversion. These estimates are largely based on statistics for the world economy and the Russian economy. Considering, within the framework of the presented model, the possibility of increasing the GDP growth rate of the domestic economy will require a signifi cant reduction in energy tariff s and an increase in the scale of its production.

Decomposition of Russian GDP growth rates in 2007—2017 and forecast for 2018—2020

2018 ◽  
pp. 5-31 ◽  
Author(s):  
S. M. Drobyshevsky ◽  
G. I. Idrisov ◽  
A. S. Kaukin ◽  
P. N. Pavlov ◽  
S. G. Sinelnikov‑Murylev
Keyword(s):  
Economic Growth ◽  
Growth Rates ◽  
Gdp Growth ◽  
Structural Reforms ◽  
Structural Unemployment ◽  
Russian Economy ◽  
The Business Cycle ◽  
Random Shocks ◽  
Economic Growth Rates ◽  
Further Development

The paper provides further development of the methodology of GDP growth rates decomposition, adapted for the case of Russia. It proposes the calculation of indicators of structural unemployment NAWRU and total factor productivity for the Russian economy. The paper offers estimates of structural, foreign trade and market components of GDP growth rates for various macroeconomic scenarios for 2018—2020. The sum of the components of the business cycle and random shocks is expected to be the main source of Russian GDP growth in 2018—2020, which together with the renewal of investment in 2017 may indicate the beginning of a new cycle of economic growth in Russia. Within the framework of the considered macroeconomic scenarios an expected contribution of the terms of trade component will be of an order of –1 p. p. of the yearly GDP growth rates in 2018—2020. In all major macroeconomic scenarios the structural component of GDP growth rates is expected to continue to decelerate in 2018—2020. The results suggest that the delay of structural reforms is inadvisable in order to create the prerequisites to achieve economic growth rates equal to or more than the world average.

scholarly journals Wymiar społeczny korporacji finansowych w systemie kapitalistycznym

2013 ◽  
pp. 167-180
Author(s):  
Katarzyna Marta Pniewska
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
Social Exclusion ◽  
Market Economy ◽  
Market Imperfections ◽  
Long Time

In capitalism the capital plays superior role. Financial markets and financial corporations have a special and fundamental place in it due to their importance for market economy and economic growth. For a long time the pathologies of capitalism like degradation of environment, increasing gulf between rich and poor, social exclusion and global disequilibrium that capitalism is responsible for were ignored. The explanation was that the market will solve all the problems. Unfortunately, the market isn’t perfect. A good example of market imperfections is the use of excess capital for speculation. Therefore it is necessary to redefine the role of financial corporation so it includes social matters.

scholarly journals The Character and Effects of Sanctions Imposed on Russia in Consequence of Aggression Against Ukraine

2018 ◽  
Vol 24 (2) ◽  
pp. 21-43 ◽  
Author(s):  
Helena Żukowska
Keyword(s):  
Economic Growth ◽  
Interest Rates ◽  
Life Quality ◽  
Gdp Growth ◽  
Foreign Exchange Reserves ◽  
Russian Economy ◽  
Gdp Growth Rate ◽  
Foreign Countries ◽  
Global Demand

The economic sanctions imposed on Russia have adversely affected the development of the Russian economy. Russia’s GDP has decreased, GDP growth rate has slowed down, global demand has declined, prices and interest rates have risen. Inflation has increased, the rouble has become devalued, the amount of foreign exchange reserves has gone down, and life quality of Russian citizens has deteriorated. The sanctions of the Western states against Russia as well as the sanctions reciprocally applied by Russia against the broadly understood foreign countries have negatively influenced the economies of many Western states which have also been affected by worse conditions of economic growth after 2014.

Impact Of External Shocks And Monetary Policy On Russian Economy

2014 ◽  
pp. 122-139 ◽  
Author(s):  
R. Lomivorotov
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Exchange Rate ◽  
Financial Markets ◽  
Commodity Prices ◽  
External Shocks ◽  
Policy Changes ◽  
Russian Economy ◽  
The Impact ◽  
The U.S

This paper investigates the impact of external and internal shocks on the Russian economy. We have factored in the U.S. monetary policy changes, dynamics of commodity prices, and volatility of global financial markets as the main sources of external shocks. We have also examined the influence of the monetary policy of the Bank of Russia, on economic growth, inflation, and ruble exchange rate.

Specifics of Interrelations between the Russian and European Financial Markets

2019 ◽  
Vol 12 (3) ◽  
pp. 134-143
Author(s):  
E. A. Zvonova
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Regulation ◽  
Financial System ◽  
Reference Structure ◽  
The European Union ◽  
Developed Economies ◽  
Cross Border ◽  
Russian Economy ◽  
The Subject

The subject of the research is the state of interrelationship between the Russian and European financial markets in the context of the economic and financial sanctions imposed on Russia by the European Union. The relevance of the research stems from the strategic goal set by the President of the Russian Federation — to ensure the “breakthrough” of the Russian economy in order to enter the top five world’s developed economies by 2024–2025.The purpose of the paper was to develop a roadmap for the implementation of the mobilization model of cross-border flows of the Russian capital in the context of modern transformations of the global monetary and financial system. Based on the revealed and analyzed mainstream trends in the interaction of the Russian and European financial markets, a mobilization model of cross-border flows of the Russian capital under the modern conditions has been developed. The asymmetry in mutual exchanges between the Russian and European financial markets is revealed and the risks of all identified forms of asymmetry are defined. The reference structure of foreign assets of the Russian financial market is determined, priority directions for the correction of the structure of external assets and liabilities have been established, and the institutional structure of the monetary and financial regulation of the Russian financial market are specified.It is concluded that based on the roadmap for the model of cross-border flows of the Russian capital under conditions of modern transformations of the global monetary and financial system developed for the period 2019–2025, the Russian financial market is expected to be fairly stable over the next three years, which should be taken into account by the Bank of Russia in making decisions on the monetary policy and accumulation of international currency reserves.

Economic Development and Cyclical Sentiment of Russian Entrepreneurs After the Recession in 2014-2016

2020 ◽  
Vol 27 (1) ◽  
pp. 53-70
Author(s):  
L. A. Kitrar ◽  
T. M. Lipkind ◽  
G. V. Ostapkovich
Keyword(s):  
Economic Growth ◽  
Time Series ◽  
Business Environment ◽  
Gdp Growth ◽  
Calculation Algorithm ◽  
Economic Agents ◽  
Russian Economy ◽  
Economic Decision Making ◽  
Study Results ◽  
Short Term Forecasting

The core objective of the study, results of which are summarized in this article, is to determine the effectiveness of using assessments of economic agents in the analysis of sectoral and macroeconomic development. The paper tests the hypothesis of the cross impact of economic growth and entrepreneurial behavior. It is assumed that economical cyclicity is produced not only by macroeconomic shocks, but also by the impulses generated in the business environment. The sentiment and expectations of entrepreneurs are considered in this case both as a consequence of the ongoing economic events, and as a warning factor affecting the economic decision-making.To test the hypothesis, the authors used results of all sectoral business tendency monitoring of the HSE and Rosstat, which reflect the aggregate sentiment and expectations of about 24 thousand entrepreneurs and 5 thousand consumers. The monitoring results are combined into the Economic Sentiment Indicator (ESI), which calculation algorithm is based on the generally accepted international methodology and is updated taking into account the specifics of the Russian economy.The joint decomposition of the time series of the ESI and the reference series of GDP growth with extracting growth cycles and the dating turning points confirms the cyclical correspondence of the dynamics of the analyzed indicators. An empirical consistency of ESI and GDP time series is revealed based on cross-correlations, a long-term linear regression and through a two-dimensional vector autoregression model. This model is used for short-term forecasting; the forecasting results indicate an unstable and slow acceleration of GDP growth in 2020.Given the ESI calculation efficiency and a noticeable advance in its publication compared to publication of official data on GDP growth, as well as ESI statistical effectiveness, it can be concluded that the aggregate estimates of entrepreneurial and consumer sentiment accumulated over a 20-year period are acceptable and reliable as leading information on economic growth in the country.

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