Trust Problems in the Financial Sector of the Economy

Tyumen State University Herald. Social, Economic, and Law Research


Release:

2017, Vol. 3. №3

Title: 
Trust Problems in the Financial Sector of the Economy


For citation: Lazutina D. V., Danilova E. P., Davydenko V. A. 2017. “Trust Problems in the Financial Sector of the Economy”. Tyumen State University Herald. Social, Economic, and Law Research, vol. 3, no 3, pp. 273-295. DOI: 10.21684/2411-7897-2017-3-3-273-295

About the authors:

Darya V. Lazutina, Cand. Sci. (Econ.), Associate Professor, Director of Institute of Finance and Economics, University of Tyumen; 72ldv@mail.ru

Elena P. Danilova, Cand. Sci. (Soc.), Associate Professor, Department of Management, Marketing and Logistics, University of Tyumen; danilovaep@rambler.ru

Vladimir A. Davydenko, Dr. Sci. (Soc.), Professor, Head of the Research Center, Institute of Finance and Economics, University of Tyumen; v.a.davydenko@utmn.ru

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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