| Summary: | Abstract The paper studied the empirical link between a range of indicators of banking system development and economic growth of the countries of the Arctic Council. The countries which had the Arctic territory were taken as a range: Russia, Canada, Norway, USA, Denmark, Finland, Sweden, Iceland. The analysis was based on the model of the relationship between financial and economic growth of Robert King and Ross Levine. However, the authors modified the model, not examining the entire financial system, but banking one. The indicators defining banking system and economic development were chosen and analyzed in averaged values covering 1950–2015 years. The averaged banking system and economic development indicators of the countries of the Arctic Council showed similar relative values of some indicators and fell into the group according to the value of indicators and dynamics. Such statistical methods of data analysis as analysis of variance, regression analysis were used. Arctic Council, Banking system, Economic development
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