Effect of the banking system on the economic development of the Russian Arctic regions

• Published in: IOP Conference Series: Earth and Environmental Science
• Main Authors: Verbinenko, E, Badylevich, R
• Format: Article in Journal/Newspaper
• Language: unknown
• Published: IOP Publishing 2019
• Subjects: Arctic
• Online Access: http://dx.doi.org/10.1088/1755-1315/302/1/012140; https://iopscience.iop.org/article/10.1088/1755-1315/302/1/012140/pdf; https://iopscience.iop.org/article/10.1088/1755-1315/302/1/012140

Abstract Issues relating to financial management at the level of individual regions of the Russian Federation become increasingly relevant. At the present stage, it is the regional level that faces the priority challenges of economic development underpinning the economic growth of both individual region and the country. Regional banking sector plays an essential role in formation of financial base. This sector involves interacting regional banks that accumulate and distribute the funds for maintaining ongoing production and consumption of goods and services within the region, wire transfer payments and clearing, lending to social and economic entities, supporting investment projects through provision of loans. One of the key correlations that can be used to describe the extent of investment activity of the banking sector in the RF region is a ratio between the amount of funds attracted by the lending institutions located in the region and the bank loans granted to legal entities and individuals. Systematization provides for twelve types of the regional banking system involvement in the formation of the financial base that can be grouped into six models. This article describes the results of analysis of the banking system impact on the economic development of the Arctic regions of the Russian Federation.