voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2024-3-5-26voprecotest-4447Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICSФинансовая структура: новый аспект анализа и новые результатыFinancial structure: A new aspect of analysis and new resultshttps://orcid.org/0000-0002-0005-651XДаниловЮ. А.DanilovYu. A.

Данилов Юрий Алексеевич - к. э. н., вед. н. с. кафедры макроэкономической политики и стратегического управления экономического факультета МГУ.

Москва

Yuri A. Danilov

Moscow

ydanilov@rambler.ruhttps://orcid.org/0000-0002-6613-5050ПивоваровД. А.PivovarovD. A.

Пивоваров Данил Александрович - вед. инвестаналитик Фонда НТИ.

Москва

Danil A. Pivovarov

Moscow

pivodanil@gmail.comМГУ имени М.В. ЛомоносоваРоссияLomonosov Moscow State UniversityRussian FederationФонд Национальной технологической инициативыРоссияNTI FoundationRussian Federation20241003202403526Copyright © Voprosy Ekonomiki, NP, 20242024Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/4447

Появляется все больше подтверждений того, что финансовая структура зависит от уровня экономического развития страны. В развитых странах наблюдаются, во-первых, конвергенция финансовых структур и, во-вторых, рост доли небанковских финансовых организаций в национальных финансовых системах. Предлагается перейти к анализу трехзвенной структуры финансового сектора (банки — небанковские финансовые организации — финансовые рынки), для чего были разработаны новые показатели, оценивающие соотношение небанковских финансовых организаций и финансовых рынков. Было выявлено, что в последние 7—8 лет в России также наблюдается опережающий рост небанковских финансовых организаций. Проведенный регрессионный анализ подтвердил вывод о том, что в России финансовая структура (в традиционном понимании) тормозит экономический рост, а также позволил предположить (опираясь на результаты межстранового анализа), что текущая структура российского финансового сектора (с преобладающей долей банков) усиливает волатильность экономического роста. Поведение новых коэффициентов финансовой структуры и регрессионный анализ на основе ее традиционных коэффициентов свидетельствуют о необходимости скорректировать государственную политику в финансовом секторе для обеспечения опережающего роста финансовых рынков.

There is growing evidence that the financial structure depends on the level of economic development of the country. In developed countries, firstly, there is a convergence of financial structures and, secondly, an increase in the share of non-bank financial intermediation sectors in national financial systems. Therefore, we propose to proceed to the analysis of the three-tier structure of the financial sector (banks — non-banking financial institutions — financial markets), for which we have developed new indicators that assess the relationship between a non-bank financial intermediation sector and financial markets. They showed that in the last 7—8 years in Russia there has also been an outstripping growth of this sector. Our regression studies, firstly, have confirmed the conclusion that in Russia the financial structure (in the traditional sense) slows down economic growth and, secondly, allowed us to assume (based on the results of a crosscountry analysis) that the current structure of the Russian financial sector (with a predominant share of banks) contributes to an increase in the volatility of economic growth. The behavior of the new financial structure ratios and regression analysis based on traditional financial structure ratios indicate the need to adjust government policy in the financial sector in order to ensure faster growth of financial markets.

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