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The Role of Non-Bank Financials in the Formation of Long-Term Resources for Economic Growth in Russia

Author

Listed:
  • Elena Vladimirovna Travkina

    (Department of Banking and Financial Markets, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

  • Elena Petrovna Ternovskaya

    (Department of Banking and Financial Markets, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

  • Alim Borisovich Fiapshev

    (Department of Banking and Financial Markets, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

Abstract

The development of the activities of non-bank financial institutions that accumulate the resources of the national savings system on a long-term basis is seen as a factor in increasing investment in the Russian economy and its growth rates. When carrying out the study, we used general scientific methods, methods of structural, weigh, and dynamic analysis, and comparisons of performance indicators of non-bank financial institutions. Problems in the activities of organizations in the non-banking sector of the Russian financial market are predetermined by the parameters and trends in the development of the socio-economic situation in Russia, including insufficient efficiency of regulatory practices. The positive dynamics of the development of non-bank financial intermediaries is qualified as unstable; it is not supported by the solution of the structural and institutional problems of the Russian economy. In view of this, an increase in their role in the redistribution process is associated both with decisions of a more general order and with the improvement of the regulatory and supervisory practices implemented by the Bank of Russia. The solution to the identified problems in the development of the non-banking segment of the financial market should be aimed at turning it into an effective mechanism for capital formation to ensure economic growth.

Suggested Citation

  • Elena Vladimirovna Travkina & Elena Petrovna Ternovskaya & Alim Borisovich Fiapshev, 2022. "The Role of Non-Bank Financials in the Formation of Long-Term Resources for Economic Growth in Russia," Economies, MDPI, vol. 10(1), pages 1-11, January.
    • Handle: RePEc:gam:jecomi:v:10:y:2022:i:1:p:23-:d:722193
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    References listed on IDEAS

    as
    1. Demirguc-Kunt, Asli & Levine, Ross, 2008. "Finance, financial sector policies, and long-run growth," Policy Research Working Paper Series 4469, The World Bank.
    2. Ms. Ratna Sahay & Mr. Martin Cihak & Mr. Papa M N'Diaye & Mr. Adolfo Barajas & Ms. Diana B Ayala Pena & Ran Bi & Miss Yuan Gao & Ms. Annette J Kyobe & Lam Nguyen & Christian Saborowski & Katsiaryna Sv, 2015. "Rethinking Financial Deepening: Stability and Growth in Emerging Markets," IMF Staff Discussion Notes 2015/008, International Monetary Fund.
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    5. Ms. Era Dabla-Norris & Mr. Narapong Srivisal, 2013. "Revisiting the Link Between Finance and Macroeconomic Volatility," IMF Working Papers 2013/029, International Monetary Fund.
    6. Ratna Sahay & Martin Cihak & Papa M N'Diaye & Adolfo Barajas & Diana B Ayala Pena & Ran Bi & Yuan Gao & Annette J Kyobe & Lam Nguyen & Christian Saborowski & Katsiaryna Svirydzenka & Seyed Reza Yousef, 2015. "Rethinking Financial Deepening; Stability and Growth in Emerging Markets," IMF Staff Discussion Notes 15/08, International Monetary Fund.
    7. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934, Elsevier.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Elena Vladimirovna Travkina & Alim Borisovich Fiapshev & Marianna Tolevna Belova & Svetlana Evgenievna Dubova, 2023. "Culture and Institutional Changes and Their Impact on Economic and Financial Development Trajectories," Economies, MDPI, vol. 11(1), pages 1-13, January.

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