The Effect of Countries’ Level of Financial Sector Development on their Economic Growth

In this paper, the goal was to study the dependence of financial sector’s development in countries on their economic growth for relatively short economic cycles - for 10 and 20 years, focusing on the post-Soviet countries, taking into account the similarities of their current institutional problems. This goal provides novelty to this work, since studies have not been conducted earlier to study and compare the influence of the level of development of the financial sector on economic growth for different periods of time - tracking dynamic changes for selected groups of countries. The object of this study is the interaction of financial relations of private sector economic agents with economic growth in countries of the world with different levels of economic development. The subject of the study is the influence of the development of the financial sector on the economic growth rates for developing countries, in particular, for the post-Soviet countries for the period 1991-2015.