Financial Development and Economic Growth

Analysis of Approaches to the Problem

Bibliographic Data

ID21973151
AuthorsAlexander Novikov (0000-0002-0406-7996), I A Novikova (0000-0001-5831-1547), Irina Novikova (0000-0001-6689-5861)
Year2020
Volume12
Issue4-2
Pages251-266
Publication date2020-12-23
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueIdeas and Ideals (JOURNAL)
Journal identifiersISSN: 2075-0862 • E-ISSN: 2658-350X
PublisherNovosibirsk State Technical University (PUBLISHER • RU)
DOI10.17212/2075-0862-2020-12.4.2-251-266
OpenAlexW3125265175
LanguageEN
References cited1

The article deals with debatable questions about the relationship between economic growth and financial development. Both foreign and Russian authors have opposite points of view on the relationship between economic growth and financial development. The article states that financial development for developing countries is a factor of economic growth. The authors give a review of the literature proving the influence of financial development and its mechanism – the financial market – on economic growth. To illustrate this conclusion, they analyze the research aimed at studying the theoretical aspects of assessing the ratio of the level of financial market development and economic growth. The authors also investigate the formation of a methodological framework for assessing the impact of the level of financial market development on economic growth; identify the methods to quantitatively measure the level of financial market development and economic growth. The article analyzes the recommendations to develop measures to enhance the significance of financial market for economic growth of the country

Economics · Financial analysis · Financial market · Geography of finance · Economic and Technological Developments in Russia · Economic, Social, and Public Health Issues in Russia and Globally · Finance

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