guuvestВестник университетаVestnik Universiteta1816-42772686-8415State University of Management10.26425/1816-4277-2021-4-152-160guuvest-2843Research ArticleФИНАНСЫ И БАНКОВСКОЕ ДЕЛОFINANCE AND BANKINGИзмерение национального финансового развития: индексы и методыMeasuring national financial development: indexes and methodshttps://orcid.org/0000-0002-4982-8189ЗыонгТ. Ф.Т.DuongT. Ph.T.

Зыонг Тхи Фыонг Тхюи – аспирант.

Москва.

Duong Thi Phuong Thuy - Postgraduate Student, State University of Management.

Moscow.

thuyduong.guu@gmail.comГосударственный университет управленияРоссияState University of ManagementRussian Federation20210506202104152160Copyright © Зыонг Т.Ф., 20212021Зыонг Т.Ф.Duong T.P.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vestnik.guu.ru/jour/article/view/2843

Финансовое развитие страны - широкое понятие, которое может измеряться по-разному. В статье представлены показатели финансового развития, применимые для разработки индекса финансового развития отдельно взятой страны. Индекс финансового развития можно было бы использовать для ранжирования и сравнения уровня финансового развития стран или проверки взаимосвязи между финансовым развитием и экономическим ростом. Указаны преимущества и ограничения разных методов, включая стандартизированный метод, метод анализа основных компонентов, анализа охвата данных. Также предложено использовать анализ охвата данных в качестве обновленного и продвинутого метода построения индекса финансового развития. Ожидается, что этот метод усилит количественный подход в исследованиях финансового развития и экономического роста.

Financial development of a country is a broad concept and can be measured in different ways. The article presents the indicators of financial development applicable for the development of the Financial Development Index (FDI) of a particular country. Financial development index could be used to rank and compare the level of financial development among countries or to test the relationship between financial development and economic growth. The paper points out the advantages and limitations of several methods including standardized method, Principle Component Analysis (PCA) method, Data Envelopment Analysis (DEA) method. The author also suggests to use Data Envelopment Analysis as an updated and advanced method to construct Financial Development Index. It is expected that this method will strengthen the quantitative approach in the research of financial development and economic growth.

индекс финансового развитиянациональное финансовое развитиеметоды измеренияанализ основных компонентовPCAанализ охвата данныхDEAсредневзвешенное значениефинансовая системафинансовый рынокфинансовые институтыэкономический ростFinancial Development IndexNational financial developmentmethods measurementPrinciple Component AnalysisPCAData Envelopment AnalysisDEAWeighted averagefinancial systemfinancial marketfinancial institutionseconomic growthReferencesЖилкина, А. Н. Управление финансами. Финансовый анализ предприятия: учебник. - М.: Инфра-М, 2018. - 332 с.Zhilkina A. N. Financial management. Financial analysis of the enterprise: textbook, Moscow, Infra-M, 2018, 332 p. (In Russian).Игонина, Л. Л. Оценка финансового развития в российской экономике // Международный журнал прикладных и фундаментальных исследований. - 2016. - № 1-2. - С. 222-226.Igonina L. L. Assessment of financial development in the Russian economy, International Journal of Applied and Fundamental Research, 2016, vol. 1-2, pp. 222-226. (In Russian).Ang, J. B., McKibbin, W. J. Financial liberalization, financial sector development and growth: evidence from Malaysia // Journal of Development Economics. - 2007. - V. 84, No. 1. - Pp. 215-233. http://doi.org/10.1016/j.jdeveco.2006.11.006Ang J. B., McKibbin W. J. Financial liberalization, financial sector development and growth: evidence from Malaysia, Journal of Development Economics, 2007, vol. 84, no. 1, pp. 215-233. http://doi.org/10.1016/j.jdeveco.2006.11.006Beck, T., Demirguc-Kunt, A., Levine, R., Cihak, M., Feyen, E. Financial development and structure dataset (updated September 2019) // World Bank. - September 2019 [Электронный ресурс]. - Режим доступа: https://www.worldbank.org/en/publication/gfdr/data/financial-structure-database (дата обращения: 01.03.2021).Beck T., Demirguc-Kunt A., Levine R., Cihak M., Feyen E. Financial development and structure dataset (updated September 2019), World Bank, September 2019. Available at: https://www.worldbank.org/en/publication/gfdr/data/financial-structure-database (accessed 01.03.2021).Bowen, H., Moesen, W. Composite competitiveness indicators with endogenous versus predetermined weights: An application to the World Economic Forum's global competitiveness index // Competitiveness Review. - 2011. - V. 21, No. 2. - Pp. 129-151. https://doi.org/10.1108/10595421111117434Bowen H., Moesen W. Composite competitiveness indicators with endogenous versus predetermined weights: An application to the World Economic Forum's global competitiveness index, Competitiveness Review, 2011, vol. 21, no. 2, pp. 129-151. https://doi.org/10.1108/10595421111117434Hartmann, P., Heider, F., Papaioannou, E., Lo Duca, M. The role of financial markets and innovation in productivity and growth in Europe: Occasional Paper No. 72. - European Central Bank, 2007.Hartmann P., Heider F., Papaioannou E., Lo Duca M. The role of financial markets and innovation in productivity and growth in Europe: Occasional Paper No. 72, European Central Bank, 2007.King, R. G., Levine, R. Finance and growth: Schumpeter might be right // The Quarterly Journal of Economics. - 1993. - V. 108, No. 3. - Pp. 717-737. https://doi.org/10.2307/2118406King R. G., Levine R. Finance and growth: Schumpeter might be right, The Quarterly Journal of Economics, 1993, vol. 108, no. 3, pp. 717-737. https://doi.org/10.2307/2118406Levine, R. Finance and growth: Theory, evidence, and mechanisms: Working Paper No. 10766. - National Bureau of Economic Research, Inc., 2004.Levine R. Finance and growth: Theory, evidence, and mechanisms: Working Paper no. 10766, National Bureau of Economic Research, Inc., 2004.Levine, R. Financial development and economic growth: views and agenda // Journal of Economic Literature. - 1997. - V. 35, No. 2. - Pp. 688-726.Levine R. Financial development and economic growth: views and agenda, Journal of Economic Literature, 1997, vol. 35, no. 2, pp. 688-726.Lovell, C. A. K. Measuring the macroeconomic performance of the economy // International Journal of Production Economics. - 1995. -V. 39, No. 1-2. - Pp. 165-178.Lovell C. A. K. Measuring the macroeconomic performance of the economy, International Journal of Production Economics, 1995, vol. 39, no. 1-2, pp. 165-178.Lynch, D. Measuring financial sector development: a study of selected Asia-Pacific countries // The Developing Economies. - 1996. - V. 34, no. 1. - Pp. 2-33.Lynch D. Measuring financial sector development: a study of selected Asia-Pacific countries, The Developing Economies, 1996, vol. 34, no. 1, pp. 2-33.Noureen, A. Measurement of financial development: a fresh approach // 8th International Conference on Islamic Economics and Finance. Doha, Qatar. December 19-21, 2011.Malul M., Shoham A. A global analysis of culture and imperfect competition in banking, International Journal of Financial Services Management, 2008, vol. 4, no. 2, pp. 159-172. http://dx.doi.org/10.1504/IJFSM.2008.019666Malul, M., Shoham, A. A global analysis of culture and imperfect competition in banking systems // International Journal of Financial Services Management. - 2008. - V. 3, No. 2. - Pp. 124-135. http://dx.doi.org/10.1504/IJFSM.2008.019666Muhammad Adnan Hye Q. Financial development index and economic growth: empirical evidence from India, The Journal of Risk Finance, 2011, vol. 2, no. 2, pp. 98-111. https://doi.org/10.1108/15265941111112820Muhammad Adnan Hye, Q. Financial development index and economic growth: empirical evidence from India // The Journal of Risk Finance. - 2011. - V. 2, No. 2. - Pp. 98-111. https://doi.org/10.1108/15265941111112820Noureen A. Measurement of financial development: a fresh approach, 8th International Conference on Islamic Economics and Finance, Doha, Qatar, December 19-21, 2011.Shlens, J. A tutorial on principal component analysis // International Journal of Remote Sensing. - 2014. - V. 51, No. 2 [Электронный ресурс]. - Режим доступа: https://arxiv.org/pdf/1404.1100.pdf (дата обращения: 01.03.2021).Shlens J. A tutorial on principal component analysis, International Journal of Remote Sensing, 2014, vol. 51, no. 2. Available at: https://arxiv.org/pdf/1404.1100.pdf (accessed 01.03.2021).The Financial Development Reports 2008, 2009, 2010, 2011, 2012 // World Economic Forum [Электронный ресурс]. - Режим доступа: https://www.weforum.org/reports?year=2010 (дата обращения: 01.03.2021).The Financial Development Reports, 2008, 2009, 2010, 2011, 2012, World Economic Forum. Available at: https://www.weforum.org/reports?year=2010 (accessed 01.03.2021).Vierstraete, V. Efficiency in human development: a data envelopment analysis // European Journal of Comparative Economics. -2012. - V. 9, No. 3. - Pp. 425-443.Vierstraete V. Efficiency in human development: a data envelopment analysis, The European Journal of Comparative Economics, 2010, vol. 9, no. 3, pp. 425-443.Zrelli Ben Hamida, N., El Ghak, T. Finance, governance and inequality: A non parametric approach // International Strategic Management Review. - 2014. - V. 2, No. 1. - Pp. 31-38. https://doi.org/10.1016/j.ism.2014.01.001Zrelli Ben Hamida, N., El Ghak T. Finance, governance and inequality: A non parametric approach, International Strategic Management Review, 2014, vol. 2, no. 1, pp. 31-38. https://doi.org/10.1016/j.ism.2014.01.001

The authors declare that there are no conflicts of interest present.