Trust Problems in the Financial Sector of the Economy

About the authors:

Darya V. Lazutina, Cand. Sci. (Econ.), Associate Professor, Director of the Financial and Economic Institute, University of Tyumen, Tyumen, Russia; d.v.lazutina@utmn.ru, https://orcid.org/0000-0002-2423-961X

Elena P. Danilova, Cand. Sci. (Soc.), Associate Professor, Department of Management and Business, University of Tyumen; e.p.danilova@utmn.ru; ORCID: 0000-0002-8254-2342

Vladimir A. Davydenko, Dr. Sci. (Soc.), Professor, Head of the Research Center, University of Tyumen; v.a.davydenko@utmn.ru; ORCID: 0000-0001-8389-4254

Abstract:

The present article pursues three goals. Firstly, we estimate the fundamental basis of economic-sociological approach to the issue of trust on the conceptual and operational levels, which have been developed in the recent years in Russia and abroad. Secondly, we analyze the results of sociological research in the financial sector of the Russian economy on data of the dynamics of the assessment of public trust in financial institutions over the past six years. Thirdly, we discuss the effectiveness of the Russian financial market, which is defined by both the lowest depth of the Russian financial market in General and the problems of qualitative character, the defining of which are: lack of businesses’ trust in the government as the regulator; distrust of the government to citizens and businesses; lack of trust of the population/households to business and the government. The problems of mutual distrust are a brake on financial development in Russia, while these problems are caused by poor quality of institutions that determine poor investment climate and the poor quality of the state as a whole.

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