voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2022-10-20-36voprecotest-3958Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICSПонятие и перспективы финансового развитияFinancial development: The concept and prospectshttps://orcid.org/0000-0002-1225-7263КриничанскийК. В.KrinichanskyK. V.

Криничанский Константин Владимирович, доктор экономических наук, профессор департамента банковского дела и финансовых рынков, н.  с. Научно-исследовательского центра денежно-кредитных отношений

Москва

SPIN-код: 3366-2850

Konstantin V. Krinichansky

Moscow

kkrin@ya.ruhttps://orcid.org/0000-0002-5452-6978АнненскаяН. Е.AnnenskayaN. E.

Анненская Наталья Евгеньевна, кандидат экономических наук, доцент департамента банковского дела и финансовых рынков, н.  с. Научно-исследовательского центра денежно-кредитных отношений

Москва

Natalya E. Annenskaya

 Moscow

nannenskaya@gmail.comФинансовый университет при Правительстве Российской ФедерацииРоссияFinancial University under the Government of the Russian FederationRussian Federation2022091020220102036Copyright © Voprosy Ekonomiki, NP, 20222022Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/3958

Значительное число исследований, посвященных разным аспектам финансового развития, обусловливают различное толкование (полисемию) этого понятия. В данной работе финансовое развитие определяется как изменения, которые способствуют снижению явных и неявных издержек, связанных с работой финансовой системы и осуществлением ее функций. На практике для него характерны различные конфигурации и сценарии в зависимости от места и времени. С 1970-х годов наблюдается переход от финансовой репрессии к финансовой либерализации. Однако оценка ее последствий, как показал опыт 1980-х годов, остается неоднозначной. Финансиализация как феномен опережающего роста финансового сектора по сравнению с экономикой, проявившаяся в 1990—2000 годы, могла сдерживать мотивацию к финансовому развитию. Непрерывный поток финансовых инноваций как явление финансового развития способен помочь преодолеть ограничения финансиализации. Финансовые инновации в большей степени способствуют росту доступности и эффективности финансовых систем и в меньшей степени — их углублению. В 2020-е годы тренды финансового развития, обусловленные цифровизацией, закладывают основу фундаментальной модернизации финансового сектора. Они позволят преодолеть диспропорции, которые ассоциировались ранее с понятием финансиализации, ослаблением связи финансового развития и экономического роста, и повысить функциональность и эффективность национальных финансовых систем.

A significant and ever-growing body of papers revealing various aspects of financial development lead to polysemy regarding this concept. Fundamentally financial development is defined in this study as such alterations which help to reduce explicit and implicit costs related to the work of the financial system and providing its functions. Practically it is characterized by various configurations and scenarios depending on the place and time. Historically, we can see the transition from financial repression to financial liberalization, but the assessment of the consequences of financial liberalization remains ambiguous. Moreover, there are concerns that financialization, as a phenomenon of outpacing growth in the financial sector liabilities compared to the economy as a whole, will restrain incentives for financial development. However, financial innovation as another objectification of financial development can overcome the confines imposed by financialization. Financial innovations contribute more to increasing the financial inclusion and financial systems efficiency and to a lesser extent to financial deepening. In contemporary world financial development trends, driven by digitalization, lay the basis of the financial sector’s fundamental modernization. They will make it possible to overcome the imbalances that were previously associated with the concept of financialization, the weakening of the link between financial development and economic growth, and other structural issues.

финансовая системафинансовое развитиефинансиализацияфинансовые инновациицифровизацияfinancial systemfinancial developmentfinancializationfinancial innovationsdigitalizationФинансовый университетReferencesАбрамов А. Е., Радыгин А. Д., Чернова М. И. (2021). Российский фондовый рынок: тенденции, вызовы, ориентиры развития // Вопросы экономики. № 11. С. 5—32. https://doi.org/10.32609/0042-8736-2021-11-5-32Abramov A. E., Radygin A. D., Chernova M. I. (2021). Russian stock market: Trends, challenges and solutions. Academic view. Voprosy Ekonomiki, No. 11, pp. 5—32. (In Russian). https://doi.org/10.32609/0042-8736-2021-11-5-32Криничанский К. В. (2009). Функции рынка ценных бумаг и свойства его институционального механизма // Экономические науки. № 6. С. 58—62.Krinichansky K. V. (2009). Functions of securities market and features of its institutional mechanism. Economic Sciences, No. 6, pp. 58—62. (In Russian).Миркин Я. М (2019). Глобальные финансы: будущее, вызовы роста. М.: Лингва-Ф.Mirkin Y. M. (2019). Global finance: The future, growth challenges. Moscow, Lingva-F. (In Russian).Ampudia M., Ehrmann M. (2017). Financial inclusion: What’s it worth? ECB Working Paper, No. 1990. https://doi.org/10.2866/979715Ampudia M., Ehrmann M. (2017). Financial inclusion: What’s it worth? ECB Working Paper, No. 1990. https://doi.org/10.2866/979715Ang J. (2009). Financial liberalization оr repression? MPRA Paper, No. 14497, University Library of Munich.Ang J. (2009). Financial liberalization оr repression? MPRA Paper, No. 14497, University Library of Munich.Arcand J. L., Berkes E., Panizza U. (2015). Too much finance? Journal of Economic Growth, Vol. 20, No. 2, pp. 105—148. https://doi.org/10.1007/s10887-015-9115-2Arcand J. L., Berkes E., Panizza U. (2015). Too much finance? Journal of Economic Growth, Vol. 20, No. 2, pp. 105—148. https://doi.org/10.1007/s10887-015-9115-2Barradas R. (2016). Evolution of the financial sector — three different stages: Repression, development and financialisation. In: O. Gomes, H. F. Martins (eds.). Advances in applied business research: The L.A.B.S. Initiative. New York: Nova Science Publishers, pp. 127—156.Barradas R. (2016). Evolution of the financial sector — three different stages: Repression, development and financialisation. In: O. Gomes, H. F. Martins (eds.). Advances in applied business research: The L.A.B.S. Initiative. New York: Nova Science Publishers, pp. 127—156.Beck T., Chen T., Lin C., Song F. (2016). Financial innovation: The bright and the darksides. Journal of Banking & Finance, Vol. 72, pp. 28—51. https://doi.org/10.1016/j.jbankfin.2016.06.012Beck T., Chen T., Lin C., Song F. (2016). Financial innovation: The bright and the darksides. Journal of Banking & Finance, Vol. 72, pp. 28—51. https://doi.org/10.1016/j.jbankfin.2016.06.012Beck T., Demirgüç-Kunt A., Levine R. (2000). A new database on the structure and development of the financial sector. World Bank Economic Review, Vol. 14, No. 3, pp. 597—605. https://doi.org/10.1596/1813-9450-2146Beck T., Demirgüç-Kunt A., Levine R. (2000). A new database on the structure and development of the financial sector. World Bank Economic Review, Vol. 14, No. 3, pp. 597—605. https://doi.org/10.1596/1813-9450-2146Beck T., Demirgüç-Kunt A., Levine R. (2010). Financial institutions and markets across countries and over time. World Bank Economic Review, Vol. 24, No. 1, pp. 77—92. https://doi.org/10.1093/wber/lhp016Beck T., Demirgüç-Kunt A., Levine R. (2010). Financial institutions and markets across countries and over time. World Bank Economic Review, Vol. 24, No. 1, pp. 77—92. https://doi.org/10.1093/wber/lhp016Beck T., Feyen E., Ize A., Moizeszowicz F. (2008). Benchmarking financial development. World Bank Policy Research Working Paper, No. 4638. https://doi.org/10.1596/1813-9450-4638Beck T., Feyen E., Ize A., Moizeszowicz F. (2008). Benchmarking financial development. World Bank Policy Research Working Paper, No. 4638. https://doi.org/10.1596/1813-9450-4638Bekaert G., Harvey C. R., Lundblad C. T. (2005). Does financial liberalization spur growth? Journal of Financial Economics, Vol. 77, No. 1, pp. 3—55. https://doi.org/10.1016/j.jfineco.2004.05.007Bekaert G., Harvey C. R., Lundblad C. T. (2005). Does financial liberalization spur growth? Journal of Financial Economics, Vol. 77, No. 1, pp. 3—55. https://doi.org/10.1016/j.jfineco.2004.05.007Bodie Z. (2019). Robert C. Merton and the science of finance. Annual Review of Financial Economics, Vol. 11, pp. 1—20. https://doi.org/10.1146/annurev-financial-011019-040506Bodie Z. (2019). Robert C. Merton and the science of finance. Annual Review of Financial Economics, Vol. 11, pp. 1—20. https://doi.org/10.1146/annurev-financial-011019-040506Broaddus J. A. (1985). Financial innovation in the United States — background, current status and prospects. Economic Review, Vol. 71, No. 1, pp. 2—22.Broaddus J. A. (1985). Financial innovation in the United States — background, current status and prospects. Economic Review, Vol. 71, No. 1, pp. 2—22.Bumann S., Hermes N., Lensink R. (2013). Financial liberalization and economic growth: A meta-analysis. Journal of International Money and Finance, Vol. 33, pp. 255—281. https://doi.org/10.1016/j.jimonfin.2012.11.013Bumann S., Hermes N., Lensink R. (2013). Financial liberalization and economic growth: A meta-analysis. Journal of International Money and Finance, Vol. 33, pp. 255—281. https://doi.org/10.1016/j.jimonfin.2012.11.013Čihák M., Demirgüç-Kunt A., Feyen E., Levine R. (2012). Benchmarking financial development around the world. World Bank Policy Research Working Paper, No. 6175. https://doi.org/10.1596/1813-9450-6175Čihák M., Demirgüç-Kunt A., Feyen E., Levine R. (2012). Benchmarking financial development around the world. World Bank Policy Research Working Paper, No. 6175. https://doi.org/10.1596/1813-9450-6175Cournède B., Denk O., Hoeller P. (2015). Finance and inclusive growth. OECD Economics Department Working Papers, No. 14. https://doi.org/10.1787/5js06pbhf28s-enCournède B., Denk O., Hoeller P. (2015). Finance and inclusive growth. OECD Economics Department Working Papers, No. 14. https://doi.org/10.1787/5js06pbhf28s-enDemetriades P. O., Rewilak J. M. (2020). Recovering the finance-growth nexus. Economics Letters, Vol. 196, article 109563. https://doi.org/10.1016/j.econlet.2020.109563Demetriades P. O., Rewilak J. M. (2020). Recovering the finance-growth nexus. Economics Letters, Vol. 196, article 109563. https://doi.org/10.1016/j.econlet.2020.109563Demirgüç-Kunt A., Detragiache E. (1998). Financial liberalization and financial fragility. IMF Working Paper, No. 98/83. https://doi.org/10.5089/9781451850512.001Demirgüç-Kunt A., Detragiache E. (1998). Financial liberalization and financial fragility. IMF Working Paper, No. 98/83. https://doi.org/10.5089/9781451850512.001Demirguc-Kunt A., Levine R. (2008). Finance, financial sector policies, and long-run growth. World Bank Policy Research Working Paper, No. 4469. https://doi.org/10.1596/1813-9450-4469Demirguc-Kunt A., Levine R. (2008). Finance, financial sector policies, and long-run growth. World Bank Policy Research Working Paper, No. 4469. https://doi.org/10.1596/1813-9450-4469Ehigiamusoe K. U., Samsurijan M. S. (2021). What matters for finance-growth nexus? A critical survey of macroeconomic stability, institutions, financial and economic development. International Journal of Finance & Economics, Vol. 26, No. 4, pp. 5302—5320. https://doi.org/10.1002/ijfe.2066Ehigiamusoe K. U., Samsurijan M. S. (2021). What matters for finance-growth nexus? A critical survey of macroeconomic stability, institutions, financial and economic development. International Journal of Finance & Economics, Vol. 26, No. 4, pp. 5302—5320. https://doi.org/10.1002/ijfe.2066Elkhuizen L., Hermes N., Jacobs J., Meesters A. (2017). Financial development, financial liberalization and social capital. Applied Economics, Vol. 50, No. 11, pp. 1268—1288. https://doi.org/10.1080/00036846.2017.1358446Elkhuizen L., Hermes N., Jacobs J., Meesters A. (2017). Financial development, financial liberalization and social capital. Applied Economics, Vol. 50, No. 11, pp. 1268—1288. https://doi.org/10.1080/00036846.2017.1358446Feyen E., Frost J., Gambacorta L., Natarajan H., Saal M. (2021). Fintech and the digital transformation of financial services: Implications for market structure and public policy. BIS Papers, No. 117.Feyen E., Frost J., Gambacorta L., Natarajan H., Saal M. (2021). Fintech and the digital transformation of financial services: Implications for market structure and public policy. BIS Papers, No. 117.Goel V., Mahajan D., Nadeau M.-C., Sperling O., Yeh S. (2021). New trends in US consumer digital payments. McKinsey & Company, October.Goel V., Mahajan D., Nadeau M.-C., Sperling O., Yeh S. (2021). New trends in US consumer digital payments. McKinsey & Company, October.Gould D.M., Melecky M. (2017). Risks and returns: Managing financial trade-offs for inclusive growth in Europe and Central Asia. Washington, DC: World Bank. https://doi.org/10.1596/978-1-4648-0967-5Gould D.M., Melecky M. (2017). Risks and returns: Managing financial trade-offs for inclusive growth in Europe and Central Asia. Washington, DC: World Bank. https://doi.org/10.1596/978-1-4648-0967-5Guariglia A., Poncet S. (2008). Could financial distortions be no impediment to economic growth after all? Evidence from China. Journal of Comparative Economics, Vol. 36, No. 4, pp. 633—657. https://doi.org/10.1016/j.jce.2007.12.003Guariglia A., Poncet S. (2008). Could financial distortions be no impediment to economic growth after all? Evidence from China. Journal of Comparative Economics, Vol. 36, No. 4, pp. 633—657. https://doi.org/10.1016/j.jce.2007.12.003King R.G., Levine R. (1993). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, Vol. 108. No. 3, pp. 717—737. https://doi.org/10.2307/2118406King R.G., Levine R. (1993). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, Vol. 108. No. 3, pp. 717—737. https://doi.org/10.2307/2118406Krinichansky K. V., Lunyakov O. V., Makovetsky M. Y. (2022). Methodological approaches to measuring financial development. In: P. V. Trifonov, M. V. Charaeva (eds.). Strategies and trends in organizational and project management. Cham: Springer, pp. 552—557. https://doi.org/10.1007/978-3-030-94245-8_75Krinichansky K. V., Lunyakov O. V., Makovetsky M. Y. (2022). Methodological approaches to measuring financial development. In: P. V. Trifonov, M. V. Charaeva (eds.). Strategies and trends in organizational and project management. Cham: Springer, pp. 552—557. https://doi.org/10.1007/978-3-030-94245-8_75Laeven L., Levine R., Michalopoulos S. (2015). Financial innovation and endogenous growth. Journal of Financial Intermediation, Vol. 24, No. 1, pp. 71—88. https://doi.org/10.1016/j.jfi.2014.04.001Laeven L., Levine R., Michalopoulos S. (2015). Financial innovation and endogenous growth. Journal of Financial Intermediation, Vol. 24, No. 1, pp. 71—88. https://doi.org/10.1016/j.jfi.2014.04.001Levine R. (2005). Finance and growth: Theory and evidence. In: P. Aghion, S. Durlauf (eds.). Handbook of economic growth, Vol. 1, Part A. Amsterdam, London: Elsevier, pp. 865—934. https://doi.org/10.1016/S1574-0684(05)01012-9Levine R. (2005). Finance and growth: Theory and evidence. In: P. Aghion, S. Durlauf (eds.). Handbook of economic growth, Vol. 1, Part A. Amsterdam, London: Elsevier, pp. 865—934. https://doi.org/10.1016/S1574-0684(05)01012-9Mayer M. (2001). The Fed: The inside story of how the world’s most powerful financial institution drives the markets. New York: The Free Press.Mayer M. (2001). The Fed: The inside story of how the world’s most powerful financial institution drives the markets. New York: The Free Press.McKinnon R. I. (1973). Money and capital in economic development. Washington, DC: Brookings. Institution.McKinnon R. I. (1973). Money and capital in economic development. Washington, DC: Brookings. Institution.Omar M. A., Inaba K. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Economic Structures, Vol. 9, article 37. https://doi.org/10.1186/s40008-020-00214-4Omar M. A., Inaba K. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Economic Structures, Vol. 9, article 37. https://doi.org/10.1186/s40008-020-00214-4Rajan R. G., Zingales L. (2003). Saving capitalism from the capitalists: Unleashing the power of financial markets to create wealth and spread opportunity. New York: Crown Business.Rajan R. G., Zingales L. (2003). Saving capitalism from the capitalists: Unleashing the power of financial markets to create wealth and spread opportunity. New York: Crown Business.Shaw E. S. (1973). Financial deepening in economic development. New York: Oxford University Press.Shaw E. S. (1973). Financial deepening in economic development. New York: Oxford University Press.Stiglitz J. E. (2000). Capital market liberalization, economic growth, and instability. World Development, Vol. 28, No. 6, pp. 1075—1086. https://doi.org/10.1016/S0305-750X(00)00006-1Stiglitz J. E. (2000). Capital market liberalization, economic growth, and instability. World Development, Vol. 28, No. 6, pp. 1075—1086. https://doi.org/10.1016/S0305-750X(00)00006-1Svirydzenka K. (2016). Introducing a new broad-based index of financial development. IMF Working Paper, No. 16/5. https://doi.org/10.5089/9781513583709.001Svirydzenka K. (2016). Introducing a new broad-based index of financial development. IMF Working Paper, No. 16/5. https://doi.org/10.5089/9781513583709.001Valickova P., Havranek T., Horvath R. (2015). Financial development and economic growth: A meta-analaysis. Journal of Economic Surveys, Vol. 29, No. 3, pp. 506—526. https://doi.org/10.1111/joes.12068Valickova P., Havranek T., Horvath R. (2015). Financial development and economic growth: A meta-analaysis. Journal of Economic Surveys, Vol. 29, No. 3, pp. 506—526. https://doi.org/10.1111/joes.12068Véron N., Wolff G. B. (2016). Capital markets union: A vision for the long term. Journal of Financial Regulation, Vol. 2, No. 1, pp. 130—153. https://doi.org/10.1093/jfr/fjw006Véron N., Wolff G. B. (2016). Capital markets union: A vision for the long term. Journal of Financial Regulation, Vol. 2, No. 1, pp. 130—153. https://doi.org/10.1093/jfr/fjw006

The authors declare that there are no conflicts of interest present.