Issue № 60. February 2017

Global Financial Reforms of 2008–2016 in the Context of Russian Economic Development: Threats and Challenges of Institutional Experiment

Ph.D., Senior Researcher, Institute of Economics, Russian Academy of Sciences, Moscow, Russian Federation.
E-mail: q123zv@yandex.ru

The aim of this paper is to analyze the content and estimate the effectiveness of the financial reforms of 2008–2016 in the global financial system and adducing the example of the Russian financial sector. The research takes into account different institutional “traps” that occurred in the course of the global financial reforms. The author presents the specifications of the current model of the Russian economy and focuses on actual external factors causing financial shocks and crises. Such analysis gives an opportunity to identify the real motive in choosing the strategy of national financial transformation. The article illustrates the examples of Russian financial reforms of the 2010s related to the transplantation of institutes and determines the causes and consequences of institutional “illnesses” which occurred under national conditions. The article contents a comprehensive analysis of global and national financial reforms, a complex estimation of the quality of institutional experiments and multinational interactions on creating regulatory institutions for financial systems of different levels. The emphasis is placed on the new transformation initiatives, i.e. recent developments of the OECD Code of capital movement liberalization, functioning of global infrastructure hubs and “green finance” development. The author evaluates the opportunities and advantages of its realization and offers the ways of participation for Russia based on the principals of gradualism.

Keywords

Global financial reforms, financial regulation, Russian economic model, institutional dysfunctions.