Studying the «vanishing effect» of the impact of financial development on economic growth: From the cross-country to the subnational scale

Konstantin Krinichansky () and Andrej Fatkin ()
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Konstantin Krinichansky: Financial University under the Government of the Russian Federation, Moscow, Russian Federation
Andrej Fatkin: South Ural State University (National Research University), Chelyabinsk, Russian Federation

Applied Econometrics, 2018, vol. 51, 33-57

Abstract: The paper shows that since 2009 the economic growth of Russian regions has ceased to be positively related to the growth of financial depth. Outwardly this phenomenon is close to the «vanishing effect» of the impact of the financial development on economic growth described by P. Russo and P. Wachtel (2011). At the same time, it is suggested to link its nature not with financial «glut», but with other reasons, including the long-drawn economic crisis in Russia and the exhaustion of the raw-materials-based growth model.

Keywords: financial market; financial systems; economic development; Russia’s regions (search for similar items in EconPapers)
JEL-codes: G20 O16 O47 R58 (search for similar items in EconPapers)
Date: 2018
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