POTENTIAL OF THE CREDIT AND FINANCIAL SYSTEM OF THE REGIONS OF THE RUSSIAN FEDERATION

Abstract

The relevance of the topic is due to the fact that for any state, the development of the financial and credit system is an important factor determining economic growth, expanding potential opportunities and improving the standard of living of the population. The development of the financial system in Russia takes place in the context of complex macroeconomic changes, which are associated with both the global processes of adjusting the conditions of economic activity, and with the internal problems of stagnation of national economic development. The purpose of the research is to assess the potential of the credit and financial system at the level of the regions of the Russian Federation. Methodology. The methodological basis of the research was the dialectical method. The systemic and institutional approaches, analytical, cartographic and statistical methods were also applied in the work. Results. The financial and credit potential of regions is formed in the course of activity and development of state, municipal, corporate and private financial organizations, and household budgets. There is a lack of financial resources in Russia, which has a huge impact on the development of financial relations between economic entities. As a result of the assessment the following groups of Russia’s regions are identified by the potential of the credit and financial system: regions with high, medium, below average and low potential of the credit and financial sector. Conclusions. The regional structure of the Russian Federation is characterized by differentiated groups of regions. They differ in the scale of financial and credit potential in the sectoral context. The leaders are large financial centres (Moscow and St. Petersburg), regions with raw material exports (the Khanty-Mansi autonomous district, the Tyumen region, the Yamalo-Nenets autonomous district) and some industrial regions (the Republics of Bashkortostan and Tatarstan, the Perm Krai, the Samara and Sverdlovsk oblasts). Agrarian regions have the least financial potential, with the exception of the Krasnodar Krai.