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Urgency of financial markets’ and non-banking financial sector reform
https://doi.org/10.32609/0042-8736-2017-9-28-50
Abstract
Russian economy slowdown is exhibited by the investment crisis; its termination is a key factor in the resumption of sustainable growth. As the deficit of durable investment resources is acutely felt today, the article demonstrates that the development of the domestic non-banking financial sector can serve as an efficient mechanism for the long-term investment capital formation. The current state of Russian non-banking financial sector is characterized by numerous structural problems so that a special program of measures, both inside the sector and beyond its limits, is required to address these problems and pull the sector out of stagnation. Systemic implementation of this program will lead to important changes at the macro level, including the increase in the capital investment, especially long-term; the expansion of opportunities for structural reforms; the increase and diversification of household incomes and the acceleration of economic growth.
Keywords
«длинные» деньги,
financial markets,
non-banking financial sector,
fixed asset investment,
long-term money,
crisis of confidence,
reforms
JEL: G20; G23; G28; E22
About the Authors
Y. Danilov
Russian Presidential Academy of National Economy and Public Administration; Faculty of Economics, Lomonosov Moscow State University
Russian Federation
Russian Federation
O. Buklemishev
Faculty of Economics, Lomonosov Moscow State University
Russian Federation
Russian Federation
A. Abramov
Russian Presidential Academy of National Economy and Public Administration
Russian Federation
Russian Federation
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Review
For citations:
Danilov Y., Buklemishev O., Abramov A. Urgency of financial markets’ and non-banking financial sector reform. Voprosy Ekonomiki. 2017;(9):28-50. (In Russ.) https://doi.org/10.32609/0042-8736-2017-9-28-50
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