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

Mikhail Stolbov (), I. O. Goloshchapova, Oleg Solntsev, R. R. Akhmetov, V. A. Pankova and E. A. Tsepilova.


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.

Keywords: financial development; comparative analysis of financial systems; cluster analysis; emerging markets; Russia. (search for similar items in EconPapers)
JEL-codes: F36 G20 P52 (search for similar items in EconPapers)
Date: 2018
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