A cross-country comparative analysis of the Russian financial sector model-Reference-Cited by-同舟云学术

A cross-country comparative analysis of the Russian financial sector model

Published:2018-05-28 Issue:5 Volume: Page:5-24
ISSN:0042-8736
Container-title:Voprosy Ekonomiki
language:
Short-container-title:Vopr. èkon.

Author:

Stolbov M. I.¹,Goloshchapova I. O.²,Solntsev O. G.³,Akhmetov R. R.³,Pankova V. A.³,Tsepilova E. A.³

Affiliation:

1. Moscow State Institute of International Relations

2. X5 Retail Group; Lomonosov Moscow State University; The Center for Macroeconomic Analysis and Short-term Forecasting

3. The Center for Macroeconomic Analysis and Short-term Forecasting; Institute of Economic Forecasting, RAS; National Research University Higher School of Economics

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.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference41 articles.

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2. Stolbov M., Goloshchapova I., Solntsev O., Tsepilova E., Akhmetov R., Pankova V. (2017). Comparing the Russian financial sector model with financial sector models of other countries. Bank of Russia Working Paper Series, No. 23. (In Russian).

3. Stolbov M., Solntsev O., Goloshchapova I. (2018). Resource dependence and financial development. Mirovaya Ekonomika i Mezhdunarodnye Otnosheniya, No. 5 [forthcoming]. (In Russian).

4. Efron B. (1988). Non-traditional methods of multidimentional statistical analysis. Moscow: Financy i Statistika. (In Russian).

5. Allen F., Gale D. (2000). Comparing financial systems. MIT Press.

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