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A cross-country comparative analysis of the Russian financial sector model
https://doi.org/10.32609/0042-8736-2018-5-5-24
Abstract
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.
Keywords
financial development,
comparative analysis of financial systems,
cluster analysis,
emerging markets,
Russia
JEL: F36; G20; P52
About the Authors
M. I. Stolbov
Moscow State Institute of International Relations
Russian Federation
Russian Federation
I. O. Goloshchapova
X5 Retail Group; Lomonosov Moscow State University; The Center for Macroeconomic Analysis and Short-term Forecasting
Russian Federation
Russian Federation
O. G. Solntsev
The Center for Macroeconomic Analysis and Short-term Forecasting; Institute of Economic Forecasting, RAS; National Research University Higher School of Economics
Russian Federation
Russian Federation
R. R. Akhmetov
The Center for Macroeconomic Analysis and Short-term Forecasting; Institute of Economic Forecasting, RAS; National Research University Higher School of Economics
Russian Federation
Russian Federation
V. A. Pankova
The Center for Macroeconomic Analysis and Short-term Forecasting; Institute of Economic Forecasting, RAS; National Research University Higher School of Economics
Russian Federation
Russian Federation
E. A. Tsepilova
The Center for Macroeconomic Analysis and Short-term Forecasting; Institute of Economic Forecasting, RAS; National Research University Higher School of Economics
Russian Federation
Russian Federation
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Review
For citations:
Stolbov M.I., Goloshchapova I.O., Solntsev O.G., Akhmetov R.R., Pankova V.A., Tsepilova E.A. A cross-country comparative analysis of the Russian financial sector model. Voprosy Ekonomiki. 2018;(5):5-24. (In Russ.) https://doi.org/10.32609/0042-8736-2018-5-5-24
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