BRICS: FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH
A.V. Novikov1, I.Ya. Novikova2
1Novosibirsk State University of Economics and Management, Kamenskaya str., 56, Novosibirsk, 630099, Russia
2Siberian Academy of Finance and Banking, ul. Polzunova, 7, Novosibirsk, Novosibirsk reg., 630051
Keywords: стратегия финансового развития, конкурентные преимущества, страны БРИКС, Индекс финансового развития, Индекс глобальных финансовых центров, Индекс глобальной конкурентоспособности, Индекс инклюзивного развития, strategy of financial development, competitive advantages, BRICS countries, The Financial Development Index, Global financial centers index, Global Competitiveness Index, Inclusive Development Index
Abstract
The article studies the level of financial development and growth of the BRICS countries. The viability of the BRICS concept is shown. The interrelation of the notions of financial development and growth was analyzed. The approaches to evaluation of the level of financial development of the BRICS countries were revealed. The depth, availability and efficiency of the financial institutions and financial markets of the BRICS countries were appraised. The competitive advantages of the BRICS countries in the field of the development of the world financial centers and financial markets were revealed. A conclusion was drawn regarding the efficiency of international economic relations of the BRICS countries. The viewpoints of the BRICS countries on net external position, level of development of human potential and human capital, as well as on the level of per capita income were defined. The place of the BRICS countries among the developing countries by the inclusive development index was shown. The obtained results could form the basis for elaboration of the specific activities on formation of the strategy of financial development of the BRICS countries from the perspective of their competitiveness.
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