NECESSITY AND CHELLENGES OF THE RUSSIAN FINANCIAL SECTOR MODERNIZATION

Abstract

In the article the possibilities of the Russian financial sector modernization for entering the sustainable development trajectory are considered. It touches upon the issues of the division of the Bank of Russia into two functions – a monetary regulator and a body responsible for the creation of a macroprudential supervision system. The questions of the state-owned banks share growth in the Russian banking system, the establishment of the adequate minimum level of capital and the creation of a three-level banking system are examined.

Full Text

The global financial crisis is coming to an end and the question of choosing directions of the Russian economy development is topical again. It is necessary to admit, as one of the major lessons from the crisis, that the growth of gross economic indicators and qualitative economic growth based on increased competitiveness do not always coincide. If the current financial policy, focused on favorable external economic activities, continues, the solution of the structural problems, accumulated in the system, will be set aside for future where this solution will cost significantly more. Currently there are all prerequisites for the development and realization of the strategy for entering the sustainable development trajectory both of financial and real economy sectors. Thus the combination of rapid growth and the achievement and preservation of its stability and resilience seems the most rational. The structural changes in the financial sector, especially in the banking system, where the changes should begin with the Central Bank of the Russian Federation (Bank of Russia), should become the major element of this strategy.