INTERNATIONAL COMPETITIVENESS OF THE RUSSIAN FINANCIAL MARKET IN DIGITAL GLOBALIZATION

Aleksei Kuznetsov; Marina  Skripnikova

Authors

Aleksei Kuznetsov Financial University under the Government of the Russian Federation https://orcid.org/0000-0003-3669-0667
Marina Skripnikova Financial University under the Government of the Russian Federation

Keywords:

Russian financial market, digital globalization, competitiveness, international financial centers, nternational financial organizations, digital technologies

Abstract

The paper deals with the problems of interrelation and interdependence of the processes of globalization and development of the national segment of world financial market. The purpose of the paper is to consider the real position of Russia on the global market and identify factors improving international competitiveness in the world finance globalization. The paper discusses the problems hindering the total integration of the Russian financial market into the world financial system. It analyzes the position of Russia in the ranking of global financial centers along with the specifics of its interaction with international financial organizations. The study identifies the main reasons determining the cumulative lagging of Russia, primarily BRICS countries, in improving the model of financial markets. The features characterizing the specifics of the Russian financial market development are classified in the paper. Finally, the paper summarizes the measures taken by the Bank of Russia to address the shortcomings of the Russian financial market, including measures to stimulate innovation in the financial sector using digital technologies. The authors conclude that the international competitiveness of the Russian financial market in digital globalization directly depends on reducing costs and raw material dependence of the Russian economy by effectively using the existing scientific and innovative potential

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INTERNATIONAL COMPETITIVENESS OF THE RUSSIAN FINANCIAL MARKET IN DIGITAL GLOBALIZATION

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