Subject The article considers the indicators of Russia's financial and economic development and criteria to assess the main trends in the development of the Russian financial system in the face of uncertain financial globalization. Objectives The purpose of the study is to prove the impact of dynamics of foreign direct investment inflow to Russia being the main indicator of uncertainty of financial globalization, on the domestic financial system development for 2011–2017, and to define benefits for the domestic financial system functioning. Methods To analyze the impact of uncertainty of financial globalization on the financial system of Russia development, I use a set of economic and statistical indicators, like financial depth, financial system efficiency, and other financial indicators, as well as the stochastic modeling technique, i.e. the multiple correlation method. Results The paper formulates the specifics of development of the national financial system in the context of financial globalization, discloses economic implications of the uncertainty of financial globalization, shows its inverse dependence. It also proves that the uncertainty of financial globalization increases the efficiency of financial system, the banking system activity and the financial system function. Conclusions Uncertainty in the process of financial globalization, expressed primarily in the unstable dynamics of foreign capital, can be a veiled advantage for domestic financial development, especially when addressing the pressing problems of excessive liquidity in Russian banks and leveling the raw material specificity of exports. If applied, the findings will provide an objective assessment of the depth of existing problems and prospects for the domestic financial system.
Keywords: financialization, financial globalization, foreign direct investment, financial system, development
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