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March 2023 (published: 10.02.2023)
Number 1(52)
Home > Issue > The main problems of the performance of the financial sector of the Russian
economy affected by exogenous factors
Zueva O.A.
Most scientists agree on the financial sector as the predominant element of the economic system and the presence of a gap between the financial and real sectors. However, there is no unity of conceptual approaches to the consideration of the phenomenon of the financial sector and the problems of its functioning. Foreign scientists represent the financial sector as: 1) a key element of economic growth (M. Binswanger, J. Gurley, etc.); 2) negative trend (E. Altvater, H. Minsky, etc.); 3) temporal trend (H. Hesse, J. Tobin, etc.). Three main positions of domestic scientists reveal the financial sector as 1) an element of the economic system, including financial services with a predominance of banking activities of subjects and the impossibility of opposing "real" and "unreal" activities (L. Baron, T. Zakharova); 2) the negative reality of the economy (D. Miropolsky, V. Ryazanov and others); 3) the prevailing subsystem in the economy (E. Akopova, A. Borodin, O. Molchanova, I. Sergeeva, etc.) The position of the author lies in the statement about the growth of the scale of the financial sector at different levels as the dominant and speculative subsystem of the economic system. Data and Metods. Different research methods, Russian and foreign experience testify to the unproductive interaction of the domestic real and financial sectors, which increases the gap between these sectors due to problems in the functioning of the financial sector. The exogenous reasons for the unproductive functioning of the financial sector in Russia are revealed: a drop in the growth rate of the global economy, the lack of global regulation of the circulation of virtual money, a ban on the access of financial entities to the international capital market and technologies, the introduction of ESG - estimates, etc. The problems of functioning of the financial sector in Russia under the influence of exogenous factors are identified in a complex way: the decline in the competitiveness of the sector, the strengthening of debt problems and technological backwardness, and the decrease in liquidity. Analys of Results. The identified problems of the inefficient functioning of the Russian financial sector are aggravated by a difficult geopolitical situation, sanctions and aggravation of problems in the activities of financial agents. Over the past twenty years, the ineffectiveness of the monetary policy of the Central Bank of the Russian Federation requires a review of the use of monetary methods of influence as part of the transformation of the financial sector through segmentation and the creation of small banks to reduce the number of restrictions, the introduction of new financial settlement schemes in rubles and the strengthening of the currency subsector.
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Keywords: world economy, national economy, financial sector, real sector, technology, interaction, external causes.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
UDC 330.101.541
The main problems of the performance of the financial sector of the Russian
economy affected by exogenous factors
Most scientists agree on the financial sector as the predominant element of the economic system and the presence of a gap between the financial and real sectors. However, there is no unity of conceptual approaches to the consideration of the phenomenon of the financial sector and the problems of its functioning. Foreign scientists represent the financial sector as: 1) a key element of economic growth (M. Binswanger, J. Gurley, etc.); 2) negative trend (E. Altvater, H. Minsky, etc.); 3) temporal trend (H. Hesse, J. Tobin, etc.). Three main positions of domestic scientists reveal the financial sector as 1) an element of the economic system, including financial services with a predominance of banking activities of subjects and the impossibility of opposing "real" and "unreal" activities (L. Baron, T. Zakharova); 2) the negative reality of the economy (D. Miropolsky, V. Ryazanov and others); 3) the prevailing subsystem in the economy (E. Akopova, A. Borodin, O. Molchanova, I. Sergeeva, etc.) The position of the author lies in the statement about the growth of the scale of the financial sector at different levels as the dominant and speculative subsystem of the economic system. Data and Metods. Different research methods, Russian and foreign experience testify to the unproductive interaction of the domestic real and financial sectors, which increases the gap between these sectors due to problems in the functioning of the financial sector. The exogenous reasons for the unproductive functioning of the financial sector in Russia are revealed: a drop in the growth rate of the global economy, the lack of global regulation of the circulation of virtual money, a ban on the access of financial entities to the international capital market and technologies, the introduction of ESG - estimates, etc. The problems of functioning of the financial sector in Russia under the influence of exogenous factors are identified in a complex way: the decline in the competitiveness of the sector, the strengthening of debt problems and technological backwardness, and the decrease in liquidity. Analys of Results. The identified problems of the inefficient functioning of the Russian financial sector are aggravated by a difficult geopolitical situation, sanctions and aggravation of problems in the activities of financial agents. Over the past twenty years, the ineffectiveness of the monetary policy of the Central Bank of the Russian Federation requires a review of the use of monetary methods of influence as part of the transformation of the financial sector through segmentation and the creation of small banks to reduce the number of restrictions, the introduction of new financial settlement schemes in rubles and the strengthening of the currency subsector.
Read the full article
Keywords: world economy, national economy, financial sector, real sector, technology, interaction, external causes.
DOI 10.17586/2310-1172-2023-16-1-13-20