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

本研究调查了俄罗斯金融体系与经济增长之间的关系，并阐明了（1）在企业间信贷问题上易货交易中的可再生经济条件，（2）在金融机构之间的利润差异问题上，外国银行往往比国内银行更有技术效率，（3）关于金融市场与经济增长的关系，具体而言，（a）关于外汇市场与股票市场的关系，2008年金融风暴后汇率与股价之间的因果关系与1998年危机时不同，（B）对于原油期货市场和股票市场的关系，中国、印度和俄罗斯的真实的股票收益率对一些具有统计意义的石油价格指标正响应;（c）对于货币供应量和贷款以及经济增长的关系，货币供应量导致经济增长，而经济增长导致贷款。

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.