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The state and maintenance of the financial order in the Russian economy

Vol. 25, Iss. 5, MAY 2019

Received: 20 February 2019

Received in revised form: 6 March 2019

Accepted: 20 March 2019

Available online: 30 May 2019

Subject Heading: Financial system

JEL Classification: E44, E60, E69, F40, G18

Pages: 993–1015

Smirnov V.V. I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation

Mulendeeva A.V. I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation

Subject The research focuses on the financial order of the Russian economy, evaluates its state and analyzes opportunities for maintaining it.
Objectives The research analyzes the state of financial processes in the Russian economy and identifies opportunities for maintaining it.
Methods The research is based on a systems approach, statistical, non-parametric and cluster analysis.
Results The article reviews the existing financial order in developed and emerging economies, detects financial and economic issues of Russia. We evaluated trends in prices, production, labor market, interest rates, growth rates of foreign exchange rate, rate of growth in national account indicators, trade, international liquidity. We found the definite opportunity to maintain the financial order of the Russian economy by arranging governmental cash flows. The article illustrates the impact of the Central Bank’s policy for inflation targeting on growth rates of industrial production and median unemployment level. We also show that loan interest rates exceed rates on government bonds, thus influencing growth rates of foreign exchange rates.
Conclusions and Relevance Considering the slowdown in the global economic growth and recession risks, it is necessary to maintain financial processes of national economies. This is mostly vital for emerging markets, including Russia, where national governments have limited resources to maintain the financial order. The findings can be used for adjusting financial processes of the Russian economy.

Keywords: governmental funding, cash flow, cluster analysis, non-parametric analysis, financial order


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