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Empirical Analysis of an Influence of Financialization on Investment in Russia

Student: Dmitriy Tretiakov

Supervisor: Ivan V. Rozmainsky

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

This study estimates the impact of financialization on investment in the real sector in Russia. The work was carried out using panel data based on reports of non-financial public companies for 1993-2019. There is strong evidence that financialization can negatively affect physical investment in the country, but there is no evidence that the development of Russian financial markets has reached a threshold level. At the initial stages, financialization can promote economic growth through efficient allocation of funds. The institutional features of the country, as well as the level of development of financial markets, determine the nature of the impact of financialization. This study provides an answer to the question about the nature of the impact of financialization on investments in non-financial companies in Russia. The idea of the study is to investigate this process in Russia based on post-Keynesian investment models with the inclusion of proxy of financialization. As a result, we obtained the strength and nature of the impact of financialization on investment both in general and for large and small companies separately.

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