Study on the Relations between the Financial System and Economic Growth in Russia

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This Study investigated the relations between the financial system and economic growth in Russia and clarified (1) the terms of the reproducible economy in barter transactions on the topic of inter-business credit, (2) that foreign banks tended to be more technically efficient than domestic banks on the topic of differences of profits among financial institutions, and (3) on the topic of the relations between financial markets and economic growth, specifically (a) as for the relations between foreign exchange markets and stock markets, that the causal relations between exchange rates and stock prices after the financial turmoil in 2008 are different from those of the crisis in 1998, (b) as for the relations between crude oil futures markets and stock markets, that real stock returns positively respond to some of the oil price indicators with statistical significance for China, India and Russia, and (c) as for the relations between the money supply and loans, and economic growth, that money supply leads economic growth while economic growth leads loans.