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Identification of Financial Sector Optimal Depth and Structure from the Perspective of Economic Growth, Macroeconomic and Financial Stability

Author

Listed:
  • Mikhail Mamonov

    (Center for Macroeconomic Analysis and Short-Term Forecasting)

  • Renat Akhmetov

    (Center for Macroeconomic Analysis and Short-Term Forecasting)

  • Vera Pankova

    (Center for Macroeconomic Analysis and Short-Term Forecasting)

  • Oleg Solntsev

    (Center for Macroeconomic Analysis and Short-Term Forecasting)

  • Anna Pestova

    (Center for Macroeconomic Analysis and Short-Term Forecasting)

  • Artem Deshko

    (Center for Macroeconomic Analysis and Short-Term Forecasting)

Abstract

This paper attempts to estimate financial sector development targets which, other things being equal, provide for the best possible GDP performance while ensuring its growth sustainability along with price and financial stability. To address this task, the hypothesis of nonlinear relationship between GDP dynamics, its volatility, inflation, the frequency of financial crises, on the one hand and the development of key financial sector segments was tested. The study used a standard technique of panel data regression analysis, on the other hand employed in studies examining similar issues and a sample of 63 emerging and advanced economies covering 1980 – 2014.

Suggested Citation

  • Mikhail Mamonov & Renat Akhmetov & Vera Pankova & Oleg Solntsev & Anna Pestova & Artem Deshko, 2018. "Identification of Financial Sector Optimal Depth and Structure from the Perspective of Economic Growth, Macroeconomic and Financial Stability," Russian Journal of Money and Finance, Bank of Russia, vol. 77(3), pages 89-123, September.
    • Handle: RePEc:bkr:journl:v:77:y:2018:i:3:p:89-123
    DOI: 10.31477/rjmf.201803.89
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    Citations

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    Cited by:

    1. Karminsky, A. & Dyachkova, N., 2020. "Empirical study of the relationship between credit cycles and changes in credit ratings," Journal of the New Economic Association, New Economic Association, vol. 48(4), pages 138-160.

    More about this item

    Keywords

    optimal level; financial sector development; economic growth; economic growth rate volatility; price stability; financial stability; objective function;
    All these keywords.

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications

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