The Comparative Effectiveness Analysis of the Financial Regulation Mechanisms in Russia and Canada

The global economy is vulnerable to financial crises that have a destructive impact on the economic development of states. One of the examples of such instability is the global financial crisis of 2008. As a result, financial systems of most of the world's leading economies, including the Russian Federation, have shown their low stability. There was a weakening of national currencies and a slowdown in GDP growth in these countries. However, a number of countries overcame this crisis with insignificant losses for their economies. Therefore, today's agenda is closely related to the long-term development of financial sector and the matters of the improvement of regulatory mechanisms in the global financial market. This research analyzes functions and institutional structure of the mechanisms of financial regulation of Canada and Russia. Then a comparative analysis of the effectiveness of the financial regulation mechanisms of both countries was carried out. It was based on the significant criteria which were determined through the analysis of the relevant scientific literature. Subsequently, it was shown that the effectiveness of regulation in the banking sector of Canada is higher than in Russia. Based on this fact, recommendations were developed with a view to applying the positive experience of Canada's financial regulation practices in the framework of the financial sector regulation system in the Russian Federation.