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A cross-country comparative analysis of the Russian financial sector model


  • M. I. Stolbov
  • I. O. Goloshchapova
  • O. G. Solntsev
  • R. R. Akhmetov
  • V. A. Pankova
  • E. A. Tsepilova.


In this paper, based on a cross-country analysis, the authors distil different models of the financial sector, which are characterized by peculiar interrelations among size, structure, efficiency, stability, inclusion and the institutional quality of financial development. Against this backdrop, the model of the Russian financial sector is described. To identify the financial sector models, cluster analysis involving the EM algorithm with a Bayesian extension is performed on a vast sample of countries. The analysis allows setting key long-term indicators of the Russian financial sector development, taking into consideration its potential of transition to the cluster of more financially advanced economies.

Suggested Citation

  • M. I. Stolbov & I. O. Goloshchapova & O. G. Solntsev & R. R. Akhmetov & V. A. Pankova & E. A. Tsepilova., 2018. "A cross-country comparative analysis of the Russian financial sector model," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
  • Handle: RePEc:nos:voprec:2018-05-1

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    Cited by:

    1. Mikhail Mamonov, 2020. "Maturity Structure of Banking Transactions and Its Role in Predicting Negative Net Worth of Banks," Russian Journal of Money and Finance, Bank of Russia, vol. 79(2), pages 70-100, June.

    More about this item


    financial development; comparative analysis of financial systems; cluster analysis; emerging markets; Russia.;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies


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