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Determinants of Financial Development

Yury A. Danilov – Leading Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Danil A. Pivovarov – Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Igor S. Davydov – Junior Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The article discusses the impact of factors (determinants) of financial development on the level of financial development described by the Financial Development Index. We have grouped the various determinants of financial development used in previous studies into groups. After that, within each group, determinants were identified that have the most significant impact on the level of financial development. In relation to Russia, we highlight the lag in the quality characteristics of investment and financial regulation, which, in our opinion, is the reason for the lag in Russia in the field of financial development in general, observed after 2009.

Key words: financial development, determinants of financial development, financial sector, investor protection level, sociocultural factors, Financial development index, financial regulation, classification of determinants.