СОВРЕМЕННЫЕ ПРОБЛЕМЫ ОЦЕНКИ ВЗАИМОДЕЙСТВИЯ ЭКОНОМИЧЕСКОГО РОСТА И ФИНАНСОВОЙ ГЛУБИНЫ Текст научной статьи по специальности «Экономика и бизнес»

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1 Sbu IMF, World Bank, WEF, Oliver Wyman study (2014).

2 Sb u King and Levine,1993. Rajan and Zingales, 1998. Chami, Fullenkamp and Sharma, 2009. Goswami and Sharma, 2011:

IMF STAFF DISCUSSION NOTE. October 19, 2011 SDN/11/16 Financial Deepening and International Monetary Stability, Rishi Goyal, Chris Marsh, Narayanan Raman, Shengzu Wang, and Swarnali Ahmed, tj 4:

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3 Sb'u World Bank, 2012. Global Financial Development Report , 2013: Rethinking the Role of the State in Finance. World Bank, Washington, DC:

4 Цшйрш^ший mb'u История экономических учений / Под ред. В. Автономова, О. Ананьина, Н. Макашевой. М., "ИНФРА-М", 2006, t2 93:

5 Sb'u Schumpeter J.A., The Theory of Economic Development, Cambridge, MA, Harvard University Press, 1934: Goldsmith R.W., Financial Structure and Developmen, New Haven, CT, Yale University Press, 1969: McKinnon R.I., Money and Capital in Economic Development, Washington D.C., The Brookings Institution, 1973: Shaw E.S., Financial Deepening in Economic Development, New York: Oxford University Press, 1973: Robinson J., The generalization of the general theory, in The Rate of Interest and Other Essays, London, 1952: Lucas R.E., On the mechanics of economic development, Journal of Monetary Economics, 1988: Hilferding R., Finance Capital: A study in the latest phase of capitalist development, 1910:

pjnLüübpf ^mppbpm^müübpnLü pü^mübüp hfüq mßfmmmüg t hpm^mpm^-4»[ mj^ pbümjni, m^m 1981-1990 pp.' 1446: Om ^mjümüminpimö tp 80-m-^mü pim^müübpf [mjümöm4m[ mümbum^mü gügnLüübpni' üf ßmpp qmp-qmgn^ bp^pübpf mpmmpfü ^mpmpf L $fümüum^mü hmüm^mpqbpf ¿qüm-dmüni, bpp mrcmjmgmi mümbum^mü m^f ipm $fümüum^mü ßnL^mübpf mq^bgmpjmü opjb^mfi qümhmmümü ün^b[übpf npnüümü mühpmdbßmnL-pjnLü:

Sümbum^mü m^f ipm $fümüum^mü ßnL^mjf mq^bgmpjmü qümhmmümü fü^fpp 20-p^ ^mpf 90-m^mü pp. ßmpnLüm^bg üüm[ mp^fm^mü' ^mj-ümüminpimö $fümüum^mü ßnL^mübpf 6m4m[übpf pü^mjüümü, m^mfi-übpf mbum^übpf m4b[mgümü hbm:

□ü^hmümp mrcümüp, 90-m^mü pim^müübpfg üfü^L mjuop mju fü^pf 4bpmpbpjm[ pn[np hbmmqnmnLpjnLüübpp ^mpb[f t pmdmüb[ bpbp füpf: Ußwjfiü füpf mßfmmmüpübpmü nLunLÜümufpinLÜ t $fümüum^mü ßnL^m-übpf mq^bgnLpjnLüp' pümpmqp4b[n4 pmgmpöm^ üpgm^gnLpjmü mß^mjnL-pjmü ümufü npLt ümfm^mjümüf müfpmqnpöb[fnLpjmüp: <bmmqnmmpjnLü-übpf bp^pnp^ funLÜpp büpm^pnLÜ t $fümüum^mü ßnL^mübpf qnpönLübnL-pjnLüp ü^mpmqpn^ ^n^nfm^müübpf übpmrcmü übpöfü mümbum^mü m^f ün^b[übpnLÜ: ibpjm^bu, bppnp^ fnLÜpü pü^qp^nLÜ t mßfmmmüpübp, npnüp üifpimö bü $fümüum^mü ßnL^mübpf qmpqmgümü L mümbum^mü üfjL ^m^imönLpjmü pmgmhmjmümüp' qnLm mümbumqfmm^mü üb-pn^übpf L püpmgm^mpqbpf üfjngni:

°pb büpm^pbüp, np mümbunLpjnLünLÜ pn[np ßnL^mübpp ^mmmpjm[ üpgnLüm^ bü, mümbum^mü qnpöm^m[übpp mfpm^bmnLü bü müpn^2 mb^b-^mminLpjmüp, L pmgm^mjmü bü qnpömppmjfü ömfubpp, m^m $fümü-um^mü ßnL^mü n^ üf mq^bgnLpjnLü ¿f nLübünLÜ rcbunLpuübpf mb^mpmßfümü ipm: Uju ümfm^mjümüübpp ^mpLnp ^bp bü fm^mü M.tpnnLf L Ä.Obppf mßfmmmüßübpnLÜ ü^mpmqpimö pü^hmümp mümbum^mü hmimumpm-^2^nLpjmü ün^b[übpnLÜ: Um^mjü hmp^ t üßb[, np ^pmüp ßmm hbrcnL bü fpm-^mümpjnLüfg: Uj^ fu^ ^mm^mrcni, hbmmqnmb[ni mümbum^mü m^f ipm $fümüum^mü ßnL^mjf wq^bgmpjnLüp, hbmmqnmn^übpp hpmdmpib bü ^m-mmpjm[ üpgm^gmjfü fpmifÄm^f ^fmmp^nLüfg' pnLj[ mw[n4 mjü^fuf bpLnLjpübpf mß^mjnLpjnLü, fü^fufp bü mb^b^mmimpjmü mühmüm^m^inL-pjnLüp, qnpömppmjfü ömfubpf qnjnLpjnLüp L mj[ü:

Uju^funi' WRWjfü fnLüp ün^b[übpü nLübü üm^pnmümbum^mü mp-ümmübp: Uju ßpsmüm^nLü mßmib[ hmjmüf hb^füm^übp bü S. Umfqifgp, Pbüufibüqmü, P. Uüfpp, O. Omjünü^p, S. QpfüinL^p L mj[ß7: bp^pnp^ fnLüpp übpm^nLü t mjü ün^b[übpp, npnüß ^fümüum^mü ßnL^mü ^fmmp^nLü bü np^bu mbfüf^m^mü m^mjpüpmgp fpmün^ qnpönü, npü, mj^^funi, münL^^m^fnpbü mq^nLü t mümbum^mü m^f ipm. opfüm^' R. LnL^muf L ä. Rnübpf ^nLmm^imö 4m^imm[i ün^b[p (Ak-model)8:

0n^b[übpf hmjnp^ mbum^p hmßif t mßünLü ^fümüum^mü ßnL^mjf qnpön^nLpjnLüp pmgmhmjm ^bp^ni, ümuüminpm^bu' übpünLÖb[ni ^fümü-

6 Sbu Sinha T., The Role of Financial Intermediation in Economic Growth: Schumpeter Revisited. In Economic Theory in the light of Schumpeter's Scientific Heritage. Spellbound Publishers, India, 2001, t2 67:

7 Sb'u Levine R., Finance and Growth: Theory and Evidence. NBER Working Paper № 10766, September, 2004, t2 98:

8 Sb'u Thiel M., Finance and Economic Growth - A Review of Theory and the Available Evidence. European Commission, 2001, t2 17:

uw^wO dfijOnp^mpjwO hwmnL^ qnpdwRnLjp: Uju ^b^pnLd dw^ubpi mijw[ mbuw^p wdnpmiqwgiwji Onpdwji ^wd $nO^bpi omwpdwO hbm db^mb^ uwhdwOw^iw^nLd t ^w^imw[i ^mmw^mdp, hbmLw^bu' mOmbuw^wO w^p9: Pwgi wj^, ibpjbpu mwpwdnLd bO umwgb[ dn^b[Obp, npnOgnLd OwOuw^wO 2nL^wO ^pwOnLd t mb^O^^w^wO wRwjpOpwgp L OnpwpwpnL-pjnLOObpp' wib[wgOb[ni RbunLpuObpp, npnOp nL^inLd bO q^mwhbmwqn-mw^wO L ^npdwpwpw^wO w2^wmwOpObp^O10: Uju ^dpi dn^b[ObpnLd wib[i 2wm q^mw^wO d2w^mdObp bO ipw^wOwgpb[ 0. ^wqwOnO, <n^-pp, O. Uq^nOp, U. UwOmndbpnO:

^bpnO2jw[ dn^b[Obpp hi2wmw^4b[ bO wjO wRnLdni, np ^pwOp pnLj[ bO mw[iu $npdw[ w^wgmgb[ mOmbuw^wO w^i mbd^fi ipw $^OwOuw^wO 2nL^wObpi wq^bgmpjwO nL^iObpfi wR^wjmpjnLOp: RpwOp pOmpwqpimd bO pwpdp wumi^wOi dwpbdwmi^w^wO O^wpwqpnLpjwdp L Ow^w^wjdwO-Obpi ^wRnLgiwd hwdw^wpqni: Uj^ qnpdnOObpp pwp^wgOnLd bO O2iwd dn-^b[Obpi bqpw^wgnLpjnLOObpi m^w^wqpw^wO umnLqnLdp: Uj^ fiu^ ^wm-¿wRni wRwjiO ^[wO bO d^inLd wjO^^ui dn^b[Obp, npnOp mOmbuw^wO w^i L $^OwOuw^wO 2nL^wObpi ^npmpjwO ^w^p pOnLpwqpnLd bO mOmb-uw^w^iw^wO dbpn^Obpni: Uju dnmbgnLdp hfidOimd t wdbpfi^wgi hwjmOi mOmbuwqbm R. Pwpnji bqpwhwOqnLdObpi ipw, ni 90-w^wO piw^wOOb-pfiO mOmbuw^wO w^p qOwhwmb[nL hwdwp wRwjwp^bg pwiw^wO ub^d L hwdbdwmwpwp hwuwpw^ qnpd^pObp' ^ipwRb[ni ^nppwqnLjO pwRw^mui-Obpi dbpn^p L dwdwOw^wjfiO 2wppbpi (n^ ^w^wu, pwO 15-20 mwpi) dbd pOmpwOpp: 1993 p. hbmn, bpp [nLju mbuwi R. 0^Oqi L R. LLfiOi «ifiOwOu-Obp L mOmbuw^wO w^. hOwpwinp t, np Cmd^bmbpp t» 4bpOwqpn4 hn^iwdp' u^iqp ^Ob[ni ^OwOuw^wO 2nL^wObpi qwpqwgdwO L mOmbuw-^wO w^i dfijL ^pw^wO ^w^i wR^wjnLpjwO pwgwhwjmdwOp, i hwjm b^wO wju pbdwjiO ibpwpbpn^ 2wm nLunLdOwuipnLpjnLOObp:

UOgwd ^wpi 80-w^wO piw^wOObp^O <wdw2^wphwj^O pwO^i hbmw-qnmnLpjnLOObpnLd di pwOi mwuOjw^ bp^pObpi op^Ow^ni w^wgmg4b[ t, np iO^pwO dbd t mOmbunLpjwO ^OwOuw^wO ^npmpjnLOp, wju^OpO' nppwO pwpdp t mOmbunLpjwO hwqbgiwdmpjwO wumi^wOp ^pwdw^wO dfijng-Obpni, wjOpwO, wj[ hwiwuwp ^wjdwOObpnLd, pwpdp t mOmbuw^wO w^fi mbd^p (wib[i dwiw[wjiO L pwqdwqwObgiwd t ^pwdw^wO wRwjwp^p, ^pwdw^wO dijngObpi w4b[fi ^n2np hnupbpp 4bpwpw2^4nLd bO' ^^OwOuw-inpb[nL hwdwp mOmbuw^wO qwpqwgnLdp, pnLj[wmpinLd ^n^i wphbu-mw^wO, Obp^pnLdObpp uwhdwOw^w^n^ ^w^wunLp^i wR^wjnLpjnLO)11:

UjOnLwdbOwjOii, ^^OwOuw^wO ^npnLpjwO L mOmbuw^wO w^i ^n^-hwpwpbpnLpjwO hwpgp m^whwpnLjg t: URwjw^piwd mbuw^bmObpi w^wgnLjgp ^wd hbppnLdp gnLjg mw[nL hwdwp ipw^wOwgpb[ bOp hbmw-qnmnLpjnLO, npp ObpwRnLd t ^w^w^L L ^wOb[wj^O mijw[Obp 5 bp^pObpi' «-!, U^ppbjwOi, ^pwumwOi, BnLppiwji L RR-i hwdwp, npnOp pO^qp^nLd bO 1991-2014 pp. dwdwOw^whwmiwdp: Sijw[Obpp ibpgib[ bO <wdw2-

9 Sbu Lee J., Financial Reforms: Benefits and Inherent Risks. Asian Development Bank Institute Discussion Paper № 44, February, 2005:

10 Sbu Morales M., Financial Intermediation in a Model of Growth Through Creative Destruction. University of Murcia, Spain, March, 2001:

11 Sbu World Bank, 2012. Global Financial Development Report 2013: Rethinking the Role of the State in Finance. World Bank, Washington, DC.

^wphwj^O pwO|i hwdw2^wphwj^O qwpqwgdwO gnLgwO^Obpi pwqwjig: L LL^Oi u|qpOw|wO ibp[nLdnLpjwO hbm hwdw^pb[finLpjnLOp ^whb[nL hwdwp np^bu $iOwOuw|wO ^npmpjnLOp pOrnpwqpn^ grngwOfa t pO^nLO4b[ dwuOwinp hwmiwd^O mpwdw^piwd 4wp|bpi L <"bU-i dijL hwpwpbpw|-gnLpjnLOp: <bmwqnmnLpjwO hwdwp np^bu mbuwdbpn^wpwOw|wO h^idp dwRwjb[ t 0fiOqi L LL^Oi hidOw|wO w2^wmmpjnLOp, npnLd pO^[wjO4b[ t Pwpnji Rbqpbu^wjnLd Obp|wjwg4wd d^jbp^pwj^O ibp[nLdnLpjwO 2pjwOw-|p' wib[wgOb[ni $!OwOuw|wO wjO^^ui ^n^n^w|wOObp, iO^fiufip bO dwuOwinp hwmiwdnLd ipwgib[i ^wpmwinpmpjnLOObpi |wd ^whwOj-Obpi L <"bU hwpwpbpnLpjnLOp: LipwOp qmb[ bO |wjnLO, ^pw|wO L m^w-|wqpnpbO O2wOw^w[i u|qpOw|wO $iOwOuw|wO ^wjdwOObpi L db| 2O^iO pwd^O pO|On^ ipw|wO b|wdmi dijL:

Pwpnji mOmbuw|wO w^i Rbqpbu^nO dn^b[i' 0^Oqi L LL^Ofi qwpqwg-pwd mwppbpw|p ^wp6b[ t dbp ibp[nLdnLpjwO b[w|bmp.

= sF№+£jrM + iL№, (1)

npinbrf Y-1- Ci 1 pwdfiCi ptiL|[inri |ipwl|w[i <TjU inbi5u|Ci t, - O' $!OwOuw|wO hwmiwdi qwpqwgdwO gmgwO^p, Xlt - O' b[w^bmwj!O pwgwmpn^ ^n^n^w|wOObpi hwiwpw-

dnLO12:

Pbpiwd (1) hwiwuwpnLdp qOwhwmb[nL hwdwp Rbqpbu^nO dn^b[nLd ^imwp|4b[ bO hbmLjw[ pOrnpwqpfaObpp.

U^jnLuw^ 1

ntqpbutinO dnqhimti Obpiumlwd gnLgLuOfobbpO

SnigwOh? bl|upLuqpnlp/llO

$!OwOuwl|wO hwmiwdi qwpqwgdwO gnLgwO^ ^^OwOuwlwO ^npnLpjnLO

b[wl|bmwjiO pwgwmpn^ ^n^n^wlwOObpi hwiwpwdnL dijOwlwpq ^^pngi pO^qpl|4wdnLpjwO dwl|wp^wl|

i^bmwl|wO dw^ubpi pwd^Op <bU-nLd

wRLmpwjiO hw24bl|2Rh L <bU hwpwpbpnLpjnLOp

dijOw^wpq ^png! pO^qpliwdnLpjwO dw^wp^wl

URwjiOp dwuOwinp hwmiwd^O mpwdw^piwd 4wp|i L <"bU hwpwpb-pnLpjnLOO t (PC), npp ^mwp^inLd t np^bu $!OwOuw|wO ^nprnpjwO gnLgfa: Rw <bU-i O|wmdwdp mOwjiO mOmbunLpjnLOObpiO L dwuOwinp ¿bROwp-^nLpjnLOObp^O pwO|bpi mpwdw^pwd 4wp|bpi hwpwpbpw|gnLpjnLOO t, npp $!OwOuw|wO ^nprnpjwO L pwO|wjiO hwmiwdi qwpqwgdwO grngwO^ t:

bp|pnp^p ^bmw|wO dw^ubpi pwd^OO t <bU-nLd (GE), npO pO^qp|nLd t pn[np pOpwgi| dw^ubpp' ObpwRjw[ w^pwOpObpi L dwRwjnLpjnLOObpi qOnLdp, wj^ pinLd' w2^wmn^Obpi 4wp6wmpnLpjnLOp, iO^^bu OwL wqqwj^O wOimwOqnLpjwO L ^w2m^wOnLpjwO dw^ubpp, pwgwRnLpjwdp Rwqdw|wO dw^ubpi, npnOp Lu l|wRwiwpnLpjwO |w^imw[i ¿LwinpdwO dwuO bO |wq-dnLd:

bppnp^p ibpwpbpnLd t dwp^|wj!O Iw^mw^O, npi hwdwp ObpdnLd-ib[ t wOnL^w|f dwp^|wj!O |w^imw[nLd Obp^pnLdObpi dw|wp^w|p

12 Sbu King R., Levine R., Finance, Entrepreneurship, and Growth: Theory and evidence, Journal of Monetary Economics, 1993:

Glmpmqpn^ gnLgmGj2, dmuGminpm^bu' djjGmlmpq ^pngj pG^qplimdnL-pjmG dmlmp^mlp (SE), npp, pum ImG^mmbudmG, mGmbumlmG m^j ipm InLGbGm ^pmlmG mq^bgnLpjnLG' m2^mmmGpj mpmm^pn^mlmGnLpjmG ipm mq^bgmpjmG djjngni:

Qnppnp^p mrcLmpmjjG hm24bl2Rj L hmpmpbpnLpjnLGG t (TD):

UrcLmmpp GbpdnLddmG L mpmmhmGdmG qrndmpG t, npp qGmhmmirnd t np-^bu <"bU dmuGmpmdjG: Om mpmmgn[nLd t m4jm[ bplpj' hmdm2^mphmjjG mGmbunLpjmGG jGmbqpdmG dmlmp^mlp: hul djjmqqmjjG mrcLmpj pmgnL-pjnLGG mpmmhmjminLd t djjmqqmjjG mrcLmpj pm^mpmlmGnLpjmG ^n^in-^mlmGj dijngni, mjujGpG' mrcLmpj L <"bU hmpmpbpnLpjnLGp:

Rp^bu lm^jm[ ^n^n^mlmG t pG^mG4b[ mGmbumlmG m^p, dmuGm-inpm^bu' dbl 2G^|G pmdjG pGlGn^ jpmlmG <"bU m^p13: SGmbumlmG m^j ipm mq^n^ dGmgmd ^n^in^mlmGGbpp, npnGp Gbplmjmgib bG dn^b[nLd, GbpmpnLd bG dbl 2G^jG pmdjG pGlGn^ b^mdmmp, djjjG IppnLpjnLGp, pm-^mpmlmG L ImjnLGnLpjmG gnLgmG|2Gbpp, npnGp mpmmgn[nLd bG mrcLmmpp, $julm[ L dnGbmmp pm^mpmlmGnLpjnLGp' ^bmm^mG dm^ubpp L mrcLmpj pmgnLpjnLGp:

^bp[nLdnLpjmG mp^jnLGpnLd rcbqpbujnG dn^b[p ummgb[ t hbmLjm[ mbupp.

Y= - 0.064 PC +0.11 GE + 0.07 SE -0.063 TD (2)14

0n^b[nLd pG^qplimd pn[np qnpdnGGbpp m^m^mqpnpbG G2mGm^m[|

bG.

UnjnLum^ 2

SOwbuwl/wG uuSji ipw qnpdnOQbpj luqijbgnLpjnLCiQ

SOtnbuwl/cuO iwiji uimjudqwUwbnLpiuiG qnpdwQjggt/bpO pum

dmuGminp hmmimdjG mpmdm^pmd 4mp^/<bU (PC) i^bmwl|wG dm^ubp/<bU (GE) djgGmlmpq ^^pngj pG^qplimdnLpjmG dmlmp^ml (SE) wrcLmpwjjG hm2ibl2jR/<^U (TD)

- 0.064 0.11 0.07 - 0.063

Uju^bu' pum m^jrnuml 2-j, ^bmm^mG dm^ubpj mGmbumlmG m^j mrcmdqmlmGnLpjmG qnpdmljgp 0.11 t: UjujGpG' ^bmm^mG dm^ubpj dm-Imp^mlj m^p 1 mnlnumjjG Ibmni, mj[ hmimump ^mjdmGGbpmd (mj[ qnp-dnGGbpj mG^in^n^nLpjmG ^mjdmGGbpmd), mib[mgGmd t mGmbumlmG m^j mbd^p 0.11 mn^nuni: 0jnLu bplnL qnpdnGGbpp, mj[ hmimump ^mjdmGGb-pnLd, pmgmumlmG ^in^in^nLpjnLG bG mrcmjmgGnLd mGmbumlmG m^j mbd-dbj (GimqbgGnLd bG, hmdm^mmmu^mGmpmp' 0.064%-ni L 0.063%-ni): UjjGm^mpq ^pngj pG^qplimdnLpjmG dmlmp^mlj 1% m^p hmGqbgGmd t mGmbumlmG m^j mbd^j pmpdpmgdmG 0.07%-ni: Uju^juni' «-j, HO-j, ^pmummGj, U^ppbjmGj L BnLppjmjj hmdmp Immmpimd 4bp[nLdnLpjnLGp ¿j hmdm^mmmu^mGmd £jGqj L LLjGj ummgmd mp^jnLGpGbpjG:

13Sbu Levine R., Financial development and economic growth: Views and agenda, Journal of

Economic Literature, 1997:

14<mimumpnLdp ummgb[ bGp 5 bplpGbpj 1991-2014 pp. i^wGb[wjjG mijm[Gbpj ^m^mdL rcbqpbujnG qGmhmmm^mGj hjdmG ipm: <bmmqnmnLpjmG hmdmp npi^bu hjdp t dmRmjb[ <mdm2^mphmjjG pmG^j hmdm2^mphmjjG qmpqmgdmG gnLgmGj2Gbpj pmqmG:

Шфпф^пЦ hbлuqnлnLpJUû uprçJnLÛùûbpp, ^pn^ búp |uлupbl hb-nUjrni bqpuhuûqnLÚûbpp.

UR^jú' лupuáu2P2Uû| bp|púbp| U ПО-j huúup ф|ûuûuu|uû Ën-P^pú^ú^ pûnLpuqpn^ g^g^^l' úuuûuЦnp Ц^Ц uqrçbgnLpJnLÛp núnb-uu|uû Цpu pшgшuш|шú t, npp лpuúupuûu|uû ¿t U h^^pi^ù t LUjúj U íjúqj uлuguá upп.JnLÛùûbp|û: Фuuлnpbû, Ú2ШÚш|nLÚ t, np ^rç bp|púbpnLÚ úuuûuЦnp Ь^лЦшб^ Lp^^p^d ^p^pp ¿bú ú^rnu-nnLÚ лûлbuu|uû ^jú, p^j np |pu|uûnLÚ ^p^p т^Цшб bú ^plrn-énLÚbpj |up|ùûbp| puЦupupúuûp: ^p^p^lú t, np ^rç

^p^pp hjúúш|шúnLÚ u^^n^i^ bú U ¿bú ú^^l^ú n'¿ únp pjqúbuj unb^öü^p, n'¿ ti лûлbunLpJUû npUt ¿jnL^j q^q^ú^p:

bplpnp^ TD фпфпёшц^! (<ÜU-| ú»2 ußUлp| лbuu|upup |2|ép) uq^bgnLpJnLÛp pшgшuш|шú t: Ош puguлpЦnLÚ t úprnúní, np ^л^Щ^ bp|púbp| Ëùpj qbpu|2|ß úuu| ^Unp^^ h^íb^jép puguuu|uû t (<<, Bmp^^, Цpuuлuû): Op^^' qшpqшgшá ^ú^ju! bp|púbpnLÚ, |ú¿-^jujp bú U0ü-p U 0bó Pp|лuû|uû, ^Unp^^ h^íb^jép únLjú^bu puguuu|uû t, uш|шJÚ ßnLji t лul|u Ц^ё» qú^p U шщ^пЦ» Lü^^I prnpöp np^' bp|p| uuhúuûûbp|g rçmpu лЬ^шфпё^пЦ ш2Ёшлш-лup upлu^pnLpJnLÛp: Ujrç^juj bp|púbpú nLÚbú ^^л^шл^ U p^Ôp лbËûnlnq|uûbpnЦ лûлbunLpJUû ¿jnL^bp, npnúú ûbpqpuЦnLÚ bú |шщ|-лш1| tu|uû ^^^bp фшрьрщ^ |шй úbp^pnLÚúbp| nbupní:

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úbpúnLánLÚúbp| ¿í^p^ú hbn:

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Uju^^uni' rnju фпфп^шЦшЬр Lu, np| Ишйшр^^тй шртшИшЬйшЬ L ЬЬр-йтбйшЬ d^jL тшррЬрт^тйй t, ршдшишЦшЬ шq^ЬgnLpJnLЬ t тйЬйтй тЬтЬишЦшЬ Црш:

Ьррпр^' шЬ^рш^шгсЬш[пЦ щЬтшЦшЬ дш^иЬр^ L <bU ИшршрЬрт-PJшЬр (GE), Ь|шрЦ t &2Ы пр шJЬ, рЬ^шЬтр шгсйшйр, ЁршЬтй t тЬтЬ-ишЦшЬ ш^р: mЬmЬunLpJшЬ Црш щЬтшЦшЬ дш^иЬр^ шq^ЬgnLpJшЬ

йши|Ь mbumpJnLbbbpp й|шЬ2шЬшЦ ¿ЬЬ: СштЬрр ЦhшйшЙшJЬЬЬ, пр qnJnL-PJrnb nLb| |ршЦ|^шЦ, Ьрр щЬтшЦшЬ дш^иЬр^ дшдр йшЦшр^шЦр ЁршЬтй t тЬтЬишЦшЬ ш^р, |иЦ щЬтшЦшЬ дш^иЬр! шЦЬф ршрЙр йшЦшр^шЦр дшЬЦшф ЦфЬ| шJ[ |ршЦ|^шЦЬЬртй: UJu|bpb' тЬтЬишЦшЬ Црш щЬ-тшЦшЬ дш^иЬр! рЬ^шЬтр шq^ЬgnLpJnLЬр Цш^Цшб t шJЬщ|u| qnpdnb-ЬЬр|д, ЬЬ щЬтшЦшЬ дш^иЬр! шpmш^pn^шЦшЬnLpJnLЬр L Цш-

гсшЦшртйр, Ь|шрЦЬр| шq^ЬgnLpJnLЬр, щшЦшитр^| дшЦш[ЬЬрр L

ф|ЬшЬишЦпрйшЬ nL^mpJnLbbbpp, прпЬр Ь||йЬшЦшЬтй щшртшфр ЬЬ фпрЙЬшЦшЬ ЦЬp[nLдnLpJnLЬЬЬp| Ь|шйшр:

OqmшqnpдЦшд чршЦшйтр^й

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4. Levine R., Financial development and economic growth: Views and agenda, Journal of Economic Literature, 1997.

5. Levine R., Finance and Growth: Theory and Evidence. NBER Working Paper № 10766, September, 2004.

6. Lucas R.E., On the mechanics of economic development, Journal of Monetary Economics, 1988.

7. McKinnon R.I., Money and Capital in Economic Development", Washington D.C., The Brookings Institution, 1973.

8. Morales M., Financial Intermediation in a Model of Growth Through Creative Destruction. University of Murcia, Spain, March, 2001.

9. Robinson J., The generalization of the general theory, in The Rate of Interest and Other Essays, London, 1952.

10. Hilferding R., Finance Capital: A study in the latest phase of capitalist development, 1910.

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12. Shaw E.S., Financial Deepening in Economic Development, New York: Oxford University Press, 1973.

13. Sinha T., The Role of Financial Intermediation in Economic Growth: Schumpeter Revisited. In Economic Theory in the light of Schumpeter's Scientific Heritage. Spellbound Publishers, India, 2001.

14. Thiel M., Finance and Economic Growth. A Review of Theory and the available evidence. European Commission, 2001.

15. World Bank, 2012. Global Financial Development Report 2013. Rethinking the Role of the State in Finance. WorldBank, Washington, DC.

16. История экономических учений / Под ред. В. Автономова, О. Ананьина, Н. Макашевой. М., "ИНФРА-М", 2006.

17. www.data.worldbank.org

йьъиъиичиъзьиъиюъчьръьр 127

АШОТ САЛНАЗАРЯН

Заведующий кафедрой Финансов АГЭУ,

доктор экономических наук, профессор

СРПУИ ИСРАЕЛЯН

Аспирант кафедры Финансов АГЭУ

Современные проблемы оценки взаимодействия экономического роста и финансовой глубины.- В современных условиях одна из важных характеристик развития любой экономики - это обеспечение стабильно и эффективно функционирующего финансовго рынка, а также финансовой глубины экономики.

В статье рассматриваются экономическое содержание финансовой глубины экономики, ее современные характеристики и ключевая роль в обеспечении экономического роста. Посредством версии регрессионной модели экономического роста Барро, разработанной Кингом и Левином, даны количественные оценки взаимодействия основных показателей финансовой глубины и экономического роста в ряде стран региона.

Ключевые слова: финансовый рынок, финансовая глубина, финансовое вовлечение, экономический рост, регрессионная модель, государственные расходы, сальдо торгового баланса, ВВП.

JEL: G10, G01, G18, G23

ASHOT SALNAZARYAN

Head of the Chair of Finance at ASUE,

Doctor of Economics, Professor

SRBUHI ISRAYELYAN

Assistant at the Chair of Finance at ASUE

Contemporary Issues of Assessing Economic Growth and Financial Depth Interaction.- Nowadays, provision of a stable and efficiently functioning financial market, as well as financial depth are important characteristics of any economy's development.

The article examines the economic content of the financial depth of the economy, its current characteristics and its key role in the promotion of economic growth. Through the version of Barro's economic growth regression model, developed by King and Levin, quantitative estimates of the interaction of the main indicators of financial depth and economic growth are given for a number of countries in the region.

Key words: financial market, financial depth, financial inclusion, economic growth, regression model, public expenditure, trade balance, GDP.

JEL: G10, G01, G18, G23