Structural Modernization of Russian Financial System

Abstract

The article is based on the report prepared for the president of the Russian Federation. The authors assess the conditions and consequences of different scenarios of financial policy in the medium-term perspective and outline the targeted criteria for development of national financial system. Among the main findings is the thesis that expeditious development of the economy in 2006-2008 is not efficient and in the medium-term the stable development with the balanced economy and financial system would be optimal. To overcome the financial resources deficiency in Russia it is essential to attract long-term foreign investments, primarily direct ones. The article contains the proposals aimed at the increase of financial sectors efficiency in order to transform it into the international financial centre.