Development of the Financial Market as a Driver of Economic Growth in Russia
Alexander Novikov, Irina Novikova
The article analyzes the financial market as a driver of economic growth in Russia. The problem of accelerating growth is a key problem in the formation of sustainable development of the country. In scientific literature and in recommendations of representatives of business, state and municipal authorities discuss methods and measures to accelerate economic growth. They name one of the trends. It is the search for and justification of mechanisms, sources and tools to accelerate economic growth. The financial market is a recognized mechanism for attracting investment as a necessary condition for financing growth. In turn, the implementation of national projects, according to the presidential Decree No. 204 “On the National Goals and Strategic Objectives Development of the Russian Federation for the Period up to 2024” (07. 05. 2018), requires an analysis of their sources of funding, including not only budgetary financing but also financing through the financial instruments of the external capital market.
The article describes the national projects, their structure in terms of funding and identifies budgetary and extra-budgetary sources of funding. The authors define the place and role of extra-budgetary sources of financing, including the instruments of the external capital market. It is emphasized that the full use of financial market instruments is possible only if the regulatory and legal framework of market participants (issuers, investors, financial intermediaries, infrastructure, regulatory authorities) is created and the status of financial instruments is determined. The article shows the created normative-legal base as well as the directions of its improvement. One can find these directions in the documents of the Government and the Bank of Russia. In particular, it was investigated that the Bank of Russia chose the trajectory of the financial market formation aimed at increasing the importance in the competitiveness rating of the World Economic Forum, replacing the previous targets for the formation of international financial centers in Russia. In fact, the Bank of Russia replaced the idea of forming a financial center with the idea of forming a financial services industry. The authors of the article substantiate the point of view that a financial center can include both the financial services industry and perform other functions related to the concentration of financial market participants.