Finance and Credit

Cognitive modeling of factors of financial market stability of Russia

Vol. 24, Iss. 5, MAY 2018

Received: 15 March 2018

Received in revised form: 6 April 2018

Accepted: 20 April 2018

Available online: 29 May 2018

Subject Heading: Financial system

JEL Classification: E44, F21, G14, G17

Pages: 1131-1148

Badvan N.L. Don State Technical University, Rostov-on-Don, Russian Federation

Gasanov O.S. Don State Technical University, Rostov-on-Don, Russian Federation

Kuz'minov A.N. Don State Technical University, Rostov-on-Don, Russian Federation

Importance The paper highlights the financial market stability. It is one of the most important components of economic growth ensuring.
Objectives The article is to draw up a cognitive map of the Russian financial market. It also aims at modeling changes in its segments and finding the main stability factors of the national financial market.
Methods The research involves methods of cognitive analysis and cognitive modeling.
Results Cumulative effect of all segments of the financial market forms its stability. The Russian financial market is most sensitive to changes in the monetary and currency markets, corporate and government borrowing market. There is a significant relationship between the market liquidity and its stability. It is necessary to form free resources storage in ruble assets. The dependence of the domestic market on international financial markets remains despite sanctions restrictions.
Conclusions and Relevance Achieving financial stability requires constant attention to liquidity in the market and predictability of the national currency. The priority direction of the state financial policy is establishment of relations between the leading players in the world financial markets and international financial institutions. Experts can apply the results of this work in the financial and monetary policy formation.

Keywords: financial market, financial stability, cognitive map, impulse modeling


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