THE POTENTIAL FOR THE DEVELOPMENT OF FINANCIAL MARKET INSTITUTIONS IN RUSSIA’S FEDERAL DISTRICTS AS THE BASIS FOR THE FUNCTIONING OF REGIONAL FINANCIAL CENTERS
A.V. Novikov
Novosibirsk State University of Economics and Management, Novosibirsk, Russia
Keywords: financial development, financial market, regional financial center, comprehensive model, institutional and instrumental approaches to establishing a financial center, participants and instruments of the financial market
Abstract
The article deals with the problem of establishing regional financial centers as a foundation for stimulating financial development in the regions in question. It puts forward a hypothesis about the need to create conditions for the financial development of federal districts based on the potential of financial market participants (issuers, investors, financial intermediaries, infrastructure organizations, regulatory and self-regulatory bodies), which would stimulate investment activity in the regions. We discuss models to form financial activity centers and substantiate a comprehensive one built upon institutional and instrumental approaches. The use of these approaches is justified with a view to introducing financial “afterburner" in Russia. As applied elements of the study, we have designed directions for a roadmap within each of the approaches (institutional and instrumental) to establish regional financial centers in Russia’s federal districts. The research relies on a representative statistical sample that allows assessing the current potential of participants in the Russian financial market as well as in individual federal districts.
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