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Financial aspects of innovation-driven economic growth: The challenge is to prevent innovation stagnation

Vol. 17, Iss. 1, JANUARY 2019

Received: 30 November 2018

Received in revised form: 7 December 2018

Accepted: 13 December 2018

Available online: 16 January 2019

Subject Heading: INNOVATION AND INVESTMENT

JEL Classification: F37, F62, G15, O33

Pages: 169–182

https://doi.org/10.24891/re.17.1.169

Matkovskaya Ya.S. Volgograd State Technical University (VSTU), Volgograd, Russian Federation
yana.s.matkovskaya@gmail.com

https://orcid.org/0000-0001-9183-1202

Subject The article identifies stages of the world economy development, financial reasons for a slowdown in innovation-driven growth, which contributes to negative trends at both the regional and global level.
Objectives The purpose of the study is to review the new structural characteristics of the modern financial system, identify areas for solving the problem of innovation stagnation and sustainable development of the financial sector.
Methods I employ a systems approach, institutional, abstract-logical and comparative analyses.
Results The article unveils current issues related to innovation development of financial system, and opportunities to overcome negative trends and prevent innovation stagnation.
Conclusions The problems of innovation and financial sector development should be addressed in a comprehensive manner. Boosting the innovative and growth is a task that should be solved at government and country level. Furthermore, it is crucial to develop infrastructure.

Keywords: innovation, commercialization, marketing strategy, oil market, oil company

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