IDEAS home Printed from https://ideas.repec.org/a/arp/tjssrr/2018p44-51.html
   My bibliography  Save this article

Trends in Developing Financial Innovations in the Course of the Economic Development in Russia

Author

Listed:
  • Tolendi Ashimbayev*

    (ADAM University / Bishkek Academy Financial and Economics, 720010, Kyrgyz Republic, Bishkek city, bul. Young Guard)

  • Sarkyt Tashenova

    (Central Asian University, 050090, Kazakhstan, Almaty, Zhandosov Street, 60)

  • Yevgeniy Sadvakassov

    (Kainar Academy, 050013, Kazakhstan, Almaty, Satpaev str. 7A)

  • Alma Karshalova

    (S Narxoz University, 050035, Kazakhstan, Almaty, Zhandossov ave. 55)

Abstract

This article is devoted to studying trends in developing financial innovations in the Russian Federation, which represent implementation and promotion of the financial system with improved financial products, services and new processes to create a new financial structure, which ultimately accelerates the sustainable economic growth. The results obtained during this study show that four most promising segments can be identified in the long-term run, which should be taken into consideration while planning the development of financial innovations: payments and remittances, alternative financing, insurance and capital management. In Russia, the development of the above segments will depend on the creation and effective functioning of its financial technological (FinTech) ecosystem. This may be achieved by developing technologies and increasing demand for new services and innovative financial products through a set of measures aimed at providing capital to financial innovation companies, as well as improving the regulatory environment and developing human intellectual capital. This study has identified key initiatives that should be implemented to support the development of financial innovations and FinTech segments in Russia.

Suggested Citation

  • Tolendi Ashimbayev* & Sarkyt Tashenova & Yevgeniy Sadvakassov & Alma Karshalova, 2018. "Trends in Developing Financial Innovations in the Course of the Economic Development in Russia," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 44-51:3.
    • Handle: RePEc:arp:tjssrr:2018:p:44-51
    as

    Download full text from publisher

    File URL: https://www.arpgweb.com/pdf-files/spi3.7.44.51.pdf
    Download Restriction: no
    File URL: https://www.arpgweb.com/journal/7/special_issue/12-2018/3/4
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Boz, Emine & Mendoza, Enrique G., 2014. "Financial innovation, the discovery of risk, and the U.S. credit crisis," Journal of Monetary Economics, Elsevier, vol. 62(C), pages 1-22.
    2. Phouphet Kyophilavong & Gazi Salah Uddin & Muhammad Shahbaz, 2016. "The Nexus between Financial Development and Economic Growth in Lao PDR," Global Business Review, International Management Institute, vol. 17(2), pages 303-317, April.
    3. Ivan Diaz-Rainey & Gbenga Ibikunle, 2012. "A taxonomy of the 'dark side' of financial innovation: the cases of high frequency trading and exchange traded funds," International Journal of Entrepreneurship and Innovation Management, Inderscience Enterprises Ltd, vol. 16(1/2), pages 51-72.
    4. Franklin Allen, 2001. "Do Financial Institutions Matter?," Journal of Finance, American Finance Association, vol. 56(4), pages 1165-1175, August.
    5. Yasar A. Ozcan, 2008. "Health Care Benchmarking and Performance Evaluation," International Series in Operations Research and Management Science, Springer, number 978-0-387-75448-2, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tamer Khraisha & Keren Arthur, 2018. "Can we have a general theory of financial innovation processes? A conceptual review," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 4(1), pages 1-27, December.
    2. Md. Qamruzzaman & Wei Jianguo & Sharmin Jahan & Zhu Yingjun, 2021. "Financial innovation, human capital development, and economic growth of selected South Asian countries: An application of ARDL approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4032-4053, July.
    3. Md. Qamruzzaman & Wei Jianguo, 2017. "Financial innovation and economic growth in Bangladesh," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 3(1), pages 1-24, December.
    4. Md. Qamruzzaman & Jianguo Wei, 2018. "Financial Innovation, Stock Market Development, and Economic Growth: An Application of ARDL Model," IJFS, MDPI, vol. 6(3), pages 1-30, August.
    5. Muhammad Rizwan Nazir & Yong Tan & Muhammad Imran Nazir, 2021. "Financial innovation and economic growth: Empirical evidence from China, India and Pakistan," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 6036-6059, October.
    6. Pei Kuang, 2013. "Imperfect Knowledge About Asset Prices and Credit Cycles," Discussion Papers 13-02, Department of Economics, University of Birmingham.
    7. Javier Bianchi & Enrique G. Mendoza, 2018. "Optimal Time-Consistent Macroprudential Policy," Journal of Political Economy, University of Chicago Press, vol. 126(2), pages 588-634.
    8. Simona Alfiero & Laura Broccardo & Massimo Cane & Alfredo Esposito, 2018. "High Performance Through Innovation Process Management in SMEs. Evidence from the Italian wine sector," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2018(3), pages 87-110.
    9. Marco Airaudo & Salvatore Nisticò & Luis‐Felipe Zanna, 2015. "Learning, Monetary Policy, and Asset Prices," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(7), pages 1273-1307, October.
    10. Ewa Lechman & Adam Marszk, 2014. "Reshaping financial systems. New technologies and financial innovations - evidence from the United States, Mexico and Brazil," GUT FME Working Paper Series A 20, Faculty of Management and Economics, Gdansk University of Technology.
    11. Larin, Benjamin, 2016. "Bubble-driven business cycles," Working Papers 143, University of Leipzig, Faculty of Economics and Management Science.
    12. Matthias Staat, 2011. "Estimating the efficiency of general practitioners controlling for case mix and outlier effects," Empirical Economics, Springer, vol. 40(2), pages 321-342, April.
    13. Daniel Adelman, 2020. "An Efficient Frontier Approach to Scoring and Ranking Hospital Performance," Operations Research, INFORMS, vol. 68(3), pages 762-792, May.
    14. Jensen, Henrik & Ravn, Søren Hove & Santoro, Emiliano, 2019. "Kinks and Gains from Credit Cycles," CEPR Discussion Papers 13795, C.E.P.R. Discussion Papers.
    15. Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2013. "The Effects of the Saving and Banking Glut on the U.S. Economy," NBER Chapters, in: NBER International Seminar on Macroeconomics 2013, pages 52-67, National Bureau of Economic Research, Inc.
    16. Hur, Sewon & Kondo, Illenin O., 2016. "A theory of rollover risk, sudden stops, and foreign reserves," Journal of International Economics, Elsevier, vol. 103(C), pages 44-63.
    17. Ramakrushna Panigrahi, 2021. "Returns to Growth in Indian Automobile Industry: A Non-Parametric Data Envelopment Analysis (DEA) Approach," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 19(4), pages 747-765, December.
    18. Gérard Charreaux, 2002. "Variation sur le thème:"À la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise"," Revue Finance Contrôle Stratégie, revues.org, vol. 5(3), pages 5-68, September.
    19. Sergio Orlando Antoun Netto & Marcos Pereira Estellita Lins, 2014. "Homogeneous Clustering of Brazilian Municipalities Based on Structuring Health Care through Concept Maps," Research in Applied Economics, Macrothink Institute, vol. 6(4), pages 40-52, December.
    20. Wu, Ming & Ohk, Kiyool & Ko, Kwangsoo, 2019. "Are cash-flow betas really bad? Evidence from the Greater Chinese stock markets," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 58-68.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arp:tjssrr:2018:p:44-51. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Managing Editor (email available below). General contact details of provider: http://arpgweb.com/?ic=journal&journal=7&info=aims .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.