Financial Depth of the BRIC: The Russian Dimension

Paper presented at AIB Meeting, Istanbul, July 4, 2013, Track 8, Session 1.3.9 - Developing Country MNCs: Understanding the Dynamics of Emerging Markets.

37 Pages Posted: 6 Sep 2014

See all articles by Andrei Kuznetsov

Andrei Kuznetsov

University of Central Lancashire - Lancashire School of Business and Enterprise

Olga Kuznetsova

Manchester Metropolitan University Buisness School

Yakov Mirkin

Financial University under the Government of the Russian Federation

Date Written: September 3, 2014

Abstract

The purpose of the paper is to assess the financial depth of the Russian economy in the BRIC context. Russian financial market is evaluated by a set of key indicators that characterize the level of maturity of the national financial system in respect to international standards. This task is implemented through descriptive analysis of extensive international data generated from a time series covering the period of 1995-2010. The paper demonstrates that in comparison to other BRIC countries, the financial depth of the Russian economy may be characterised as inadequate. In the Russian financial market potential for growth is combined with exceptionally high risks. Insufficient depth undermines its long-term competitiveness and exacerbates its exposure to shocks in the international market.

Keywords: Russia, Emerging Market Economies, Financial Depth, Financial Market, BRIC.

Suggested Citation

Kuznetsov, Andrei and Kuznetsova, Olga and Mirkin, Yakov, Financial Depth of the BRIC: The Russian Dimension (September 3, 2014). Paper presented at AIB Meeting, Istanbul, July 4, 2013, Track 8, Session 1.3.9 - Developing Country MNCs: Understanding the Dynamics of Emerging Markets. , Available at SSRN: https://ssrn.com/abstract=2491073

Andrei Kuznetsov (Contact Author)

University of Central Lancashire - Lancashire School of Business and Enterprise ( email )

Preston, PR1 2HE
United Kingdom

Olga Kuznetsova

Manchester Metropolitan University Buisness School ( email )

Oxford Road
Manchester, M15 6BH
United Kingdom
+ 44 161 2476612 (Phone)

HOME PAGE: http://www2.business.mmu.ac.uk/staff/staffdetails.php?uref=375

Yakov Mirkin

Financial University under the Government of the Russian Federation ( email )

49, Leningradsky Prospect
Moscow, 125993
Russia
(495) 943-98-61 (Phone)
(495) 943-93-10 (Fax)

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