• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Yuliya Kin
The Impact of Financial Sector Development on Economic Growth in Russia
Applied Economics
(Master’s programme)
2019
The determining factor in a country's economic growth is the level of development of its financial sector. Services provided by financial intermediaries are important for the economy, and a sufficiently developed financial sector has a positive impact on economic growth. However, most developing countries have not yet reached the maximum level of financial development; therefore, by expanding the financial sector, emerging markets can achieve higher rates of economic growth, as well as reduce macroeconomic volatility. The development of the financial sector has a positive effect on investment activity in the country and, therefore, contributes to economic growth. The purpose of this study is to assess the long-term impact of the level of development of the financial sector on the rate of economic growth in Russia using an autoregressive distributional lag model (ARDL). The results indicate that an increase in the ratio of bank loans to the private sector to GDP by 1 percentage point leads to an increase in the growth rate of the economy by 1.07 percentage points. Thus, further expansion of the Russian financial sector will allow for higher rates of economic growth.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses