Theoretical Issues Concerning the Reform of the National Financial System

Theoretical Issues Concerning the Reform of the National Financial System

DOI: 10.34130/2070-4992-2021-1-4-476

Full article (in English )

Zhuk I. N. — PhD in Economics, Associate Professor, Head of the Department of Integration Relations within the framework of the Union State, the EAEU and the CIS, GNU «Research Economic Institute of the Ministry of Economy of the Republic of Belarus», Minsk, Republic of Belarus, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Zhang Mingjun — Manager, Sino-European Cultural and Educational Center «Dunou», Minsk, Republic of Belarus–China, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

From the perspective of ensuring financial stability as one of the basic conditions for sustainable economic growth, the issue of the effective operation of the national financial system is extremely important. However, despite a lot of re-search, no unified and clear conclusions have been drawn on the impact of the financial system on economic growth. In regard, the reality of this article is due to the need for theoretical research on the relationship between the operation of the financial system and the country’s economic growth; in the process of improving the financial system of the Republic of Belarus, the importance of using advanced methods and technologies is increasing.
The purpose of this research is to confirm the necessity of financial system reform to ensure economic growth and macroeconomic stability based on the provisions of the theories of financial repression, financial constraints and financial deepening.
The original concept, methodology, and research method were based on a comparative analysis of the main provi-sions of the classic basic works of economic sciences and the main provisions of modern domestic and foreign authors in the field of research issues.
The research results obtained during the preparation phase and subsequent phases of this article make it possible to develop methodological methods for implementing the reform of the financial system of the Republic of Belarus.
Based on the synthesis of exogenous and endogenous economic growth theories, and the correlation of development vectors at different stages of financial system reform, it reveals that the relationship between the operation of the finan-cial system and the country’s economic growth depends on the type of relationship that occurs at a specific stage (“supply-leading” or “demand-following”).

Keywords: theories of reforming the financial system, financial constraint, financial repression, financial deepening, financial stability.

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For citation: Zhuk I. N., Zhang Mingjun, Theoretical Issues Concerning the Reform of the National Financial System. Corporate Governance and Innovative Economic Development of the North: Bulletin of the Research Center of Corporate Law, Management and Venture Investment of Syktyvkar State University. 2021. Vol. 1, issue 4. Р. 476—482. DOI: 10.34130/2070-4992-2021-1-4-476 (In Russian).