ISSN (print) - 0131-7652

ISSN (online) - 2686-7605

Vol. 51 No. 1 (2021)
MONITORING OF ECONOMIC TRANSFORMATION

The Influence of Sociocultural Factors on Financial Development

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  • Yu. Danilov,
  • D. Pivovarov
Yu. Danilov
Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow
Bio
D. Pivovarov
Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow
DOI: https://doi.org/10.30680/ECO0131-7652-2021-1-93-111

Published 2021-01-13

Keywords

  • financial development,
  • sociocultural factors,
  • socio-economic development,
  • Hofstede variables,
  • financial structure,
  • individualism,
  • indulgence,
  • long-term orientation
    • ...More
    Less

How to Cite

1.
Danilov Ю, Pivovarov Д. The Influence of Sociocultural Factors on Financial Development. ECO [Internet]. 2021 Jan. 13 [cited 2024 Sep. 5];51(1):93-111. Available from: https://ecotrends.ru/index.php/eco/article/view/4180

Abstract

The work assesses the impact of a number of socio-cultural factors, which are based on Hofstede’s variables, on financial development. Using cross-country analysis, the authors identified three socio-cultural dimensions that have a significant impact on the Financial Development Index, which was used as an integral measure of national financial development: individualism, tolerance (acceptability), and long-term orientation. Based on the results obtained, recommendations were formulated for adjusting the state influence on socio-cultural factors in the Russian Federation. In our opinion, it is necessary to maintain a long-term orientation as an advantage and overcome the lack of tolerance and individualism. Since financial development contributes to economic growth and overcoming inequality, such an adjustment of socio-cultural parameters (in general, extremely inertial) will have a positive effect on the parameters of socio-economic development of Russia in the long term.
PDF (Русский)

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