financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2022-26-5-6-21finance-1801Research ArticleФИНАНСОВАЯ ПОЛИТИКАFINANCIAL POLICYРегулирование финансового сектора в повестке реформ экономической политикиFinancial sector regulation on the agenda of economic Policy reformsКриничанскийК. В.KrinichanskyK. V.

Константин Владимирович Криничанский —  доктор экономических наук, профессор департамента финансовых рынков и финансового инжиниринга, научный сотрудник НИЦ денежно-кредитных отношений

Москва

Konstantin V. Krinichansky —  Dr. Sci. (Econ.), Prof., Department of Financial Markets and Financial Engineering, Research Center for Monetary Relations

Moscow

kkrin@fa.ruhttps://orcid.org/0000-0002-8945-605XРубцовБ. Б.RubtsovB. B.

Борис Борисович Рубцов —  доктор экономических наук, профессор департамента финансовых рынков и финансового инжиниринга; ведущий научный сотрудник Отдела международных рынков капитала

Москва

Boris B. Rubtsov —  Dr. Sci. (Econ.), Prof., Department of Financial Markets and Financial Engineering; Leading Researcher, Department of International Capital Markets

Moscow

brubtsov@fa.ruФинансовый университетРоссияFinancial UniversityRussian FederationФинансовый университет; Институт мировой экономики и международных отношений им. Е. М. Примакова РАНРоссияFinancial University; Primakov National Research Institute of World Economy and International RelationsRussian Federation202208112022265621Copyright © Криничанский К.В., Рубцов Б.Б., 20222022Криничанский К.В., Рубцов Б.Б.Krinichansky K.V., Rubtsov B.B.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1801

Целью исследования является выявление трендов, задающих повестку структурных реформ стран ОЭСР, а также стран —  партнеров данной организации в контексте места в ней реформ финансового сектора.

Использованы следующие методы: контент-анализ источников, мониторинг направлений и инструментов экономической политики в сфере финансового сектора, анализ подходов, используемых международными организациями в целях определения приоритетов реформ (бенчмаркинг), декомпозиция компонентов повестки реформ финансового сектора. Показано, что повестка финансовой либерализации, сформулированная в 1970-х гг., главным образом исчерпана, хотя по индексу финансовой либерализации сохраняется некоторый разрыв между странами с развитыми и развивающимися рынками. Реформы системы финансового регулирования, сконцентрированные на задаче построения более устойчивой глобальной финансовой системы, сформулированные после кризиса 2007–2009 гг., затрагивают все страны и также подходят к своему завершению. На первый план в настоящее время выходят реформы, концентрирующиеся на таких направлениях повестки структурных преобразований, как инклюзивный рост и экологическая перспектива.

Сделан вывод, что главными компонентами финансовых реформ в контексте инклюзивности являются финансовая доступность, финансовая и цифровая грамотность. В части экологической повестки страны концентрируются на задачах направления финансовых ресурсов на реализацию целей устойчивого развития ООН, внедрения принципов ESG инвестирования для финансовых институтов, разработке и внедрении принципов выпуска «зеленых» финансовых инструментов.

The aim of the research is to identify trends that set the agenda of the structural reforms of OECD countries, as well as of the organization’s partner countries, in the context of the place of financial sector reforms in it.

The authors apply the following methods: content-analysis of sources, monitoring of directions and instruments of economic policy in the financial sector, analysis of approaches used by international organizations in order to determine reform priorities (benchmarking), and decomposition of the components of the financial sector reform agenda. The paper shows that the agenda of financial liberalization, formulated in the 1970s, is mostly exhausted, although a certain gap remains between countries with developed and emerging markets in terms of the financial liberalization index. Financial regulatory reforms focused on the goal of building a more resilient global financial system, formulated in the aftermath of the 2007–2009 crisis, are affecting all countries and are also ending. Reforms are now coming to the fore, focusing on areas of the structural transformation agenda such as inclusive growth and an environmental perspective.

The paper concludes that the main components of financial reforms in an inclusive context are financial inclusion, financial and digital literacy. In terms of the environmental agenda, the countries are focusing on the tasks of directing financial resources to the implementation of the UN sustainable development goals, introducing ESG investment principles for financial institutions, and developing and implementing principles for issuing green financial instruments.

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The authors declare that there are no conflicts of interest present.