• English (United Kingdom)
  • Russian (CIS)


Alexey A. Ilyukhin, Ural State University of Economics, Ekaterinburg, Russia

Svetlana I. Ponomareva, Ural State University of Economics, Ekaterinburg, Russia

Svetlana V. Ilyukhinа, Ural State University of Economics, Ekaterinburg, Russia


Economic growth and its financial component is one of the thorniest problems of economic theory and practice. The paper studies the evolution of views on the relationship between economic growth and financial development. Methodologically, the research relies on the theories of economic growth; applies general scientific methods of synthesis and analysis, in particular, methods of structural and time series analysis. Theoretical insight into the research findings on the problem confirms the reasonableness of the conclusion about the formation of the new paradigm of the scientific knowledge, which changes approaches to exploring the content and orientation of the interrelation between financial development and economic growth. The authors review the discussion about non-trivial impact of finance on macroeconomic parameters, which implies nonlinear relationship between financial depth and economic growth. The paper identifies and examines the most important lines of further research in this field: the impact of financial development on economic growth; assessment and identification of indicators of the level of financial development; financial inclusion as a possible avenue towards overcoming a deficit in financial development under excessive financial depth and simultaneously, as an element of the model of inclusive economic growth (the model of growth for all). The paper concludes that with other conditions equal, the economic growth directly depends on economy saturation with financial resources differentiated by the form and content. The paper proves that developing a theory of the impact of financial development on economic growth allows picking the tools of economic policy aimed at redressing imbalances in the Russian financial system.

Keywords: economic growth; macroeconomic stability; financial development; financial markets; state economic policy

Download article

For citation: Ilyukhin A. A., Ponomareva S. I., Ilyukhina S. V. (2021). Ekonomicheskiy rost i finansovoe razvitie: makroekonomicheskiy aspekt [Economic growth and financial development: A macroeconomic aspect]. Journal of New Economy, vol. 22, no. 1, pp. 53–70. DOI: 10.29141/2658-5081-2021-22-1-3