UDC: 338.24
https://doi.org/10.25198/2077-7175-2025-2-23


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INDICATOR ASSESSMENT OF THE QUALITY OF STATE REGULATION OF THE FINANCIAL SYSTEM

E. V. Vakhturov
Lomonosov Moscow State University, Moscow, Russia
e-mail: vakhturov.1999@mail.ru

Abstract. The relevance of the article is determined by the increasing importance of state financial system regulation as the basis for economic development in new realities. The impact of sanctions on the Russian financial system requires it to develop qualitative parameters that ensure protection from emerging risks, which can be achieved by improving its regulatory mechanisms on the part of government agencies.

The purpose of this article is to substantiate the choice of indicators for assessing the quality of state regulation of the Russian financial system, which can form the basis for improving the state policy of its regulation.

The author examines the methods of assessing the financial system that have developed in world and domestic practice and comes to the conclusion that one of the most commonly used evaluation metrics is the financial depth indicator. The calculation structure of this indicator includes: the ratio of domestic loans to private sector companies to GDP; the ratio of market capitalization of listed companies to GDP; the ratio of debt securities issued by issuers on the domestic market to GDP; the ratio of pension savings to GDP. As part of the statistical method and based on data on the development of segments of the Russian financial market, calculations of the financial depth of the Russian financial system over a time period were carried out and the weakest developing segments were identified, including the sector of non-governmental pension funds.

The main results of the study: it was found that indicators of financial depth directly reflect the degree of impact of regulatory mechanisms on specific segments of the financial system, thereby they project the degree of impact of regulatory mechanisms, since they are determined by achieving a certain level of public confidence in financial institutions and financial instruments.

The scientific novelty of the study is to substantiate the importance of a key indicator – financial depth for assessing the level of regulation of the financial system from the perspective of qualitative indicators of the fulfillment of tasks. This made it possible to identify the relationship between the selected indicators for assessing the quality of financial system regulation and its instruments.

The practical significance of the study lies in the fact that the revealed low values of the indicator of the activity of non-governmental pension funds are directly related to the low level of public confidence in these financial institutions. In this regard, the article proposes a set of regulatory tools to improve the efficiency of non-governmental pension funds.

Key words: financial system, financial development, government regulation, financial depth, non-governmental pension funds.

Cite as: Vakhturov, E. V. (2025) [Indicator assessment of the quality of state regulation of the financial system]. Intellekt. Innovacii. Investicii [Intellect. Innovations. Investments]. Vol. 2, pp. 23–30. – https://doi.org/10.25198/2077- 7175-2025-2-23.


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