Analyzing the impact of the financial system on the consistency of sustainable development goals in the Russian economy

Abstract

Subject. The article reviews the modern financial system in Russia. Objectives. The study determines how the financial system currently influences the consistency of sustainable development goals in Russia. Methods. The study is based on the systems approach and methods of descriptive statistics, cluster, neural network and non-parametric analysis. Results. The article provides the rationale for addressing the impact of the financial system on the consistency of sustainable development goals in the Russian economy. We consider the set of financial system functions in terms of inherent abilities of finance to coordinate goals and tasks of the predicted development of economic, social and environmental systems. Evaluating the impact of the modern financial system on the consistency of sustainable development goals in the Russian economy, we discover that the Russian financial system operates in a metronome mode. The metronome model helps keep the speculative income stable notwithstanding stock exchange trading in Euro against ruble by changing the volume of circulating cash and high rate of return, federal loan bonds. In the Russian economy, the consistency of sustainable development is influenced by a growth in GDP per capita, foreign direct investment, forest and coal rent, the number of adolescents missing out of school, percentage of job places occupied in national parliament by women, and a growth in the urban population. Conclusions and Relevance. Nowadays, Russia’s financial system can coordinate how sustainable development goals are attained, since there is an excess liquidity of the speculative income from stock exchange trade and high rate of return of federal loan bonds. The findings enrich the knowledge of the way the financial system influences the economic development, raising new competencies for managerial decision-making on global goals of sustainable development and improvement of the people’s wellbeing and protection of the planet.