Financial market and economic growth: outlines of the problem
Introduction
The rapid development of the financial market in Russia in 2005-2008. caused a noticeable increase in its share in the domestic economy . If in 1999 the share of capitalization of the stock market in Russia barely reached 20% of GDP, then by the end of 2007 it came close to 100%. A significant breakthrough in development over these years was made in the banking sector: the ratio of commercial banks' assets to GDP as of the beginning of 2008 exceeded 60%, having started in 1999 from 40%. Such dynamics allowed for many indicators to reach ahead of schedule the levels planned as targets for 2009-2010. Accordingly, now the private sector of the financial market, government regulators and the scientific community are faced with the question of further ways of developing this sector of the economy, increasing its efficiency. The problem of assessing the contribution of the financial market to the country's social and economic development has not lost its relevance either. It has been the subject of scientific research by the author of the monograph over the past four years. [ ]
However, the relationship between the financial market and economic growth still remains in the rearguard of research by domestic economists: articles devoted to the macroeconomic analysis of the financial market are rare in leading scientific journals in Russia. [ 2] , not to mention monographic studies. At the same time, foreign interest in this issue is not waning: the research process goes in depth and breadth, providing fresh empirical data on aspects that have been developed for a long time, such as, for example, on the importance of the influence of the structure of the financial market on economic growth. and raising fundamentally new problems ( such as, for example, the influence of the financial market on economic growth through demographic factors). The emergence of such points of growth in the study of the influence of the financial market on economic growth again led the author to the need to summarize the most significant results of these studies in monographic form.
However, this work is not only a critical analysis of the achievements of foreign and Russian economic thought. It also presents the author's own research.
In particular, Chapter 1 proposes a new interpretation of the category of financial convergence, which is defined as the possibility of convergence between developed and developing countries in terms of financial development. The introduction of this category into the scientific turnover makes it possible to significantly enrich the toolkit for analyzing the dynamics of financial development of individual countries, depending on their initial level and development trajectory. In addition, by analogy with the concept of convergence from the neoclassical theory of economic growth, it is proposed to divide financial convergence into two types - - and - convergence.
In Chapter 2, a model that reveals the relationship between the costs of financial intermediation, capital accumulation and economic growth develops in the direction of disaggregating capital into physical and human ; accordingly, a relationship is established between the development of the financial market and the accumulation of these capital components.
Econometric models are widely used in Chapters 3 and 4 to identify the impact of the financial market on the economic growth of various groups of states .
Different sections of the monograph have been worked out to varying degrees: some are deep, others are sufficient, but not exhaustive; still others are only indicated. That is why the title of the book contains the word contours. At the same time, the selection of material and its presentation seem internally logical and holistic. From describing the role of the financial market, indicators of its depth and "inclusiveness", a transition is made to model statements of the influence of this market on economic growth; then the differentiated nature of its impact on economic growth in various groups of countries is revealed, and factors that enhance and weaken such an impact are identified. Finally, the features of the influence of the financial market on economic growth in Russia are considered, a theoretical analysis of the possibility of building a world financial center in our country as a target function of the influence of this market on the socio-economic development of Russia is given.
The author is grateful for the valuable comments and suggestions made by my colleagues in teaching and research at the Department of Economic Theory of MGIMO (U) of the Russian Foreign Ministry on various issues discussed in the monograph. In this regard, I would like to express special thanks to Professors A. V. Kholopov, S. N. Ivashkovsky, M. N. Chepurin and I. A. Strelets. The author owes a lot to Associate Professor V.A.Amvrosov, fruitful scientific cooperation with whom in the field of macroeconomic analysis of the financial market has been developing for a number of years.
The author also addresses the warmest words of gratitude to the deputy of the Council of Deputies of the municipal formation Urban Settlement Staraya Kupavna, Ph.D. N.M.Sultanova for all-round support of the author's scientific undertakings and assistance in solving organizational issues in preparing this work for publication.
Chapter 1. FINANCIAL MARKET: ANALYSIS OF THE ROLE IN THE MODERN ECONOMY AND CURRENT TRENDS OF DEVELOPMENT
The financial market is becoming increasingly important as a mediator of most processes and structural changes in national economies and in the world economy. Changes taking place within the financial market have a noticeable impact on the real sector, state finance and other spheres that seem to be directly unrelated to the development of this market. Therefore, it is advisable and natural to begin macroeconomic analysis of the financial market by considering its place and role in the modern economy, as well as the newest trends in its development. Below we critically interpret approaches to measuring the share of the financial market in the economy, summarize the achievements of various researchers to create a classification of the structures of this market, and develop the concept of financial convergence. It also discusses the most general public policy measures aimed at stimulating the development of the financial market.
1.1 Financial market: methodological aspects of measuring the role in the modern economy
Over the past three decades, the global financial market has undergone revolutionary changes. The impact of this market on the process of creation and exchange of goods and services in the real sector of the economy has significantly increased. Guided by the doctrine of "economic imperialism" [ 3] and believing that "the economic approach is unique in its power" [ 4] , a number of researchers are trying to go even further and identify the relationship between financial development and demographic characteristics of society (for example, the level of fertility); trace the existence of a relationship between the improvement in the functioning of the financial market and the successes or failures of individual countries in the introduction of new technologies (in particular, the effectiveness of overcoming the so-called digital divide by developing countries). In general, the list of research programs focusing on the role of the financial market in the modern economy and society is expanding from year to year.
Qualitative changes in the financial market are the main driver of this process. The number of financial instruments available to investors and more accurately reflecting their preferences in terms of risk-return coordinates has grown many times over ; The technologies of financial transactions also made significant progress, which made it possible to achieve a massive distribution of financial services.
