Suchergebnisse

The article provides information on the latest developments in the field of building sustainable finance standards as an integral element of the sustainable development model. The rapid growth of responsible investment naturally created a demand for the formation of principles and standards both for responsible investors themselves and for corporations wishing to attract responsible investments. The development of standards, norms and rules that ensure the effectiveness of responsible investments is carried out in close cooperation with international financial organizations, associations of market participants and regulators. The article presents a general picture of this process, including information about its main participants, their most important decisions and achievements in the field of implementing the concept of sustainable finance. It is divided into 4 blocks. The first block talks about the rules and regulations for responsible investment, including the requirements developed by such investors in relation to themselves. The second block briefly describes the process of standardizing the disclosure of non-financial information and the problems of ensuring its reliability. The standards for disclosure and confirmation of the reliability of information about the adherence of corporations to the principles of sustainable development create the basis for the formation of long-term trust, which is a prerequisite for the functioning of the sustainable development model. The third block briefly describes the styles of responsible investing and the trends in their application. The fourth block is devoted to proposals and projects for central banks to change their monetary policy in order to stimulate responsible investment. The article is aimed at the widest range of readers interested in the problems of responsible investment, focusing on the most important documents in this area developed abroad in recent years.

The article provides a brief overview of the concepts that substantiate the feasibility of moving from the classical paradigm of finance to a new paradigm of sustainable finance. In the modern world, there is a sharp increase in the number of works on the problems of sustainable finance. At the same time, the number of theoretical works in this area is insignificant, and they are underrepresented in leading scientific journals. The concept of sustainable finance has several key elements, including a new interpretation of the value of corporations and securities (which takes into account environmental and social externalities), long-term value creation as the main corporate goal, the adaptive markets hypothesis. All these elements are based on the initial thesis about the need to combine financial and non-financial (social and environmental) goals in the development of corporations, which is followed by an increasing number of investors. Accordingly, supporters of the concept propose a revolutionary transition to a new paradigm, trying to refute such fundamental concepts of the traditional paradigm of finance as the efficient markets hypothesis and the capital asset pricing model. A natural continuation of attempts to refute these concepts are practical recommendations of sustainable finance for financial organizations, suggesting a change in the approach to diversification, preference for passive investment, a reduction in the investment chain, etc. A certain justification for such claims is given by a sharp increase in the share of responsible investors (investors who share the ESG principles) in the total volume of investments under professional management. In addition, special attention to sustainable finance is predetermined by the growing importance of the UN Sustainable Development Goals, one of the instruments for the implementation of which is sustainable finance. Acknowledgements. The paper was written with the support of budget financing for fundamental research at RANEPA.

The article presents the results of the study that assesses the place of Russia in the global financial market. The current ratings of the global competitiveness of national financial markets and financial centers are based on objective and subjective assessment of the competitive factors. Our approach is based on objective indicators, characterizing the results of the competition, including the proportion of countries in the global financial market, P/E, and others. The article presents the results of calculations of Russia's place in the global financial market, based on which the conclusions about the causes of the loss of positions, weak links of the Russian financial market, competitors success factors are made.

The article examines the financial structure of Russia. A retrospective analysis of the concept of financial development in the world economic science was conducted. To calculate the quantitative characteristics of Russia's financial structure, both the indicators from international practice and the original ones supplementing them were used. The analysis of the influence of the financial structure on economic growth was conducted, on the basis of which the conclusion was made about the need to implement state policy aimed at achieving an outstripping growth of the non-banking financial sector. The reasons for this conclusion are given in the discussion of the results.

Nowadays, along with qualitative economic parameters, the absolute size of national economies becomes particularly important for global competition. Due to liberalization of external economic relations and processes of globalization the quantitative economic leadership by a nation produces a potential for reaping certain economic gains, and its combined value can be substantial. We call this amount the "leadership rent". It stems from natural processes like competitive behavior of the transnational corporations or transformation of the leading national monetary units into the reserve currencies. Current configuration of the global system is characterized by the dominance of four leading economies: USA, EU, Japan and China, and the latter is now replacing the US in its role as the world's biggest economy in terms of PPP. The emergence of new dominant leaders in the near future is unlikely while deposition of Japan and/or EU cannot be excluded. Despite the presence of the "leadership rent", the economic dominance of the current leaders in recent years was diminished. This indicates that there exist certain factors preventing the leaders from further consolidating their position. These factors represent the flip side of the economic benefits of the leadership and demonstrate the new possibilities of catching-up progress by the developing countries in the era of globalization. In this regard Russia's role in the future world economic hierarchy now becomes a matter of particular concern as the country is about to persistently lag behind the world average rate of economic growth at least in the middle term. Reversal of this trend will require fundamental policy changes including restart of the deep structural reforms and restoration of unimpeded integration of the Russian economy into the global economic system. Acknowledgements. The research was supported by the grant of the Foundation «World Public Forum "Dialogue of Civilizations"». The authors would like to thank the members of the Editorial Board of the "World Economy and International Relations" for valuable policy comments made during the discussion of the article.

Russian economy slowdown is exhibited by the investment crisis; its termination is a key factor in the resumption of sustainable growth. As the deficit of durable investment resources is acutely felt today, the article demonstrates that the development of the domestic non-banking financial sector can serve as an efficient mechanism for the long-term investment capital formation. The current state of Russian non-banking financial sector is characterized by numerous structural problems so that a special program of measures, both inside the sector and beyond its limits, is required to address these problems and pull the sector out of stagnation. Systemic implementation of this program will lead to important changes at the macro level, including the increase in the capital investment, especially long-term; the expansion of opportunities for structural reforms; the increase and diversification of household incomes and the acceleration of economic growth.