Trends and Factors of Development of the Financial System Elements of the Modern Russian Economy

Abstract

The subject of the research is the segments of the financial system of the Russian Federation: the budget system, the banking sector, the stock and insurance markets, and the currency policy of the state. The purpose of the study is to determine the trends and factors in the development of the main elements of the financial system at the present stage. The relevance of scientific research is due to the fact that the financial system is a key element of the strategy of socio-economic development of any state, providing economic processes with financial resources and capital. The author uses the following methods: analysis, synthesis, generalization, and the logical method. The study highlights promising directions, ways and mechanisms for the development of the Russian financial system that are relevant in the 2020s. The key factors influencing their trends and threats that create barriers are analyzed. The main directions, ways and mechanisms for stimulating the further development of the elements of the financial system are described. The author concludes that due to the spread of the coronavirus pandemic and economic sanctions imposed on Russia, the stability of the Russian financial system has been violated, which requires the adoption of state regulation mechanisms to improve the activities of financial institutions. The prospect of further research on this topic may be related to the development of areas for improving individual elements of the Russian financial system.