The impact of the financial system on economic growth is mixed. As a rule, the financial system is considered to be able to create preconditions for stable economic growth. And, thus, it is advisable to financially stimulate the economy. However, the relationship between financial development and economic growth is non-linear as can be seen in emerging markets. On the one hand, emerging markets have not reached the limit of financial saturation. On the other hand, the imperfect institutions of these countries hinder effective financial stimulation of the economy. In this regard, the aim of the study was to substantiate the instruments of financial stimulation of economic growth in the emerging market (on the example of the Russian Federation). Objectives of the research were revealing the prerequisites of financial stimulation of the economy in the countries with emerging financial markets and formulation recommendations in the field of financial and monetary policy of Russia.

When justifying financial incentive instruments, general scientific methods are used, as well as methods of statistical analysis of aggregated data on the functioning of the financial sector of the Russian Federation. The main results and conclusions of the study include the following.

Emerging markets are characterized by significant institutional weaknesses, including weak protection of property rights, which limits the use of financial instruments in developed markets. In these conditions, the fiscal and monetary mechanisms of financial stimulation of economic growth have the highest potential, which is clearly seen in the example of neocontinental financial systems.

According to the authors, the instruments of financial stimulation of economic growth in the emerging market should be based on the principles of transparency and efficiency. For Russia, this means, first of all, the use of such financial incentive instruments that would contribute to the growth of the efficiency of public institutions ' expenditures, the reduction of the share of shadow business; the use of monetary policy instruments that stimulate, first of all, economic growth; creation of new institutions of economic development.

The study makes a certain contribution to the system of scientific ideas about the applicability of certain instruments of financial stimulation of economic growth in emerging markets. The applied value of the research results is that they can be used in the practice of management and regulatory decisions made in emerging markets.