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Russia’s Financial Structure and Economic Growth

Boris I. Alekhin ()
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Boris I. Alekhin: Russian State University for the Humanities, Moscow 125993, Russia

Finansovyj žhurnal — Financial Journal, 2017, issue 5, 71-83

Abstract: This article is about finance — growth nexus with application to Russia. 57 quarterly observations in 2003-2017 were used to test four popular hypotheses on this subject. The author employed econometric methodology which included vector auto regression (VAR) analysis, stationarity tests, Johansen-Juselius cointegration test, Granger causality test, weak exogeneity tests and variance decomposition. The variables in the our VAR-model are found to be non-stationary and cointegrated. Russia’s economic growth seems to be Granger caused by the proliferation of bank credit to local enterprises and (to a much lesser degree) issuance of shares. In the medium-term prospective the stock market is projected to replace bank finance as a main influence on economic growth.

Keywords: finance; economic growth; cointegration (search for similar items in EconPapers)
JEL-codes: O16 G15 G28 (search for similar items in EconPapers)
Date: 2017
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