TY - GEN

T1 - The relevance of the sustainable finance paradigm in the EAEU financial market's strategy development

AU - Lvova, Nadezhda A.

AU - Voronova, Natalya S.

AU - Ivanov, Viktor V.

PY - 2019/1/1

Y1 - 2019/1/1

N2 - The financial market is the most important economic mechanism that supports the development of real economy and contributes to the improvement of the society's welfare. Traditional views on the role of the financial market in the economy appeal to the theory of financial development primacy. However, in recent years it has become increasingly clear that this theory is not able to reflect the diversity of new global challenges associated with the depletion of natural resources. The traditional demands of the consumer society are replaced by a gradual awareness of environmental responsibility in its broader sense, which correlates with sustainable development goals adopted for all countries of the world. Therefore, the research addresses the sustainable development of the EAEU financial market as a driver of the Eurasian integration, revealing three key issues: the essence of the sustainable finance; essential features of the EAEU countries' financial markets and the role of the Russian market as a driving force of the integration; current trends in the development of a strategy for forming the common EAEU financial market. The paper shows that the EAEU financial integration strategy should be analyzed and recommendations for its development should be offered taking into account the sustainable finance paradigm as an open window of opportunities.

AB - The financial market is the most important economic mechanism that supports the development of real economy and contributes to the improvement of the society's welfare. Traditional views on the role of the financial market in the economy appeal to the theory of financial development primacy. However, in recent years it has become increasingly clear that this theory is not able to reflect the diversity of new global challenges associated with the depletion of natural resources. The traditional demands of the consumer society are replaced by a gradual awareness of environmental responsibility in its broader sense, which correlates with sustainable development goals adopted for all countries of the world. Therefore, the research addresses the sustainable development of the EAEU financial market as a driver of the Eurasian integration, revealing three key issues: the essence of the sustainable finance; essential features of the EAEU countries' financial markets and the role of the Russian market as a driving force of the integration; current trends in the development of a strategy for forming the common EAEU financial market. The paper shows that the EAEU financial integration strategy should be analyzed and recommendations for its development should be offered taking into account the sustainable finance paradigm as an open window of opportunities.

KW - Emerging markets

KW - Eurasian financial integration

KW - Financial markets

KW - National financial systems

KW - Sustainable development

KW - Sustainable finance

UR - http://www.scopus.com/inward/record.url?scp=85074068023&partnerID=8YFLogxK

UR - https://pure.spbu.ru/admin/files/43108440/33rd_IBIMA_Conference_proceedings_to_be_updated_.pdf

M3 - Conference contribution

SN - 9780999855126

SP - 2933

EP - 2941

BT - Proceedings of the 33rd International Business Information Management Association Conference, IBIMA 2019

A2 - Soliman, Khalid S.

PB - IBIMA

T2 - 33rd International Business Information Management Association Conference: Education Excellence and Innovation Management through Vision 2020, IBIMA 2019

Y2 - 10 April 2019 through 11 April 2019

ER -