The impact of financialization on economic growth (the example of the USA and Russia)

Abstract

The article reveals the contradictory impact of financialization on modern economic growth. The approaches of foreign and Russian researchers to the content of the phenomenon of financialization and the consequences of its spread for the economic growth of the national economy are systematized. The positive impact of moderate financialization (stimulating investment, including in knowledge-intensive sectors) and the negative consequences of high financialization for economic growth are highlighted. Econometric models have been constructed that assess the impact of financialization on the dynamics of real GDP in the United States and Russia. The conclusion about the negative relationship between financialization and economic growth in these countries is confirmed. It is noted that in Russia the impact of financialization on economic growth rates is more pronounced, although the indicators of financialization (the share of the financial sector in GDP) are lower than in the United States.