«Public Administration Issues» Journal,

Post. address:
National Research University
Higher School of Economics
20 Myasnitskaya Str., Moscow 101000, Russian Federation
Location address:
of. 307, 4/2, Slavyanskaya sq., Moscow 109074, Russian Federation

Tel./fax: 7 (495) 772-95-90, ext. 12631

E-mail: vgmu@hse.ru 

Science Index rating

23nd place in the SCIENCE INDEX
for 2021 (more than 4000 journals)
Russian Science Citation Index

two-year impact factor for 2021: 2,314
(the citation of all sources)

Russian Science Citation Index
five-year impact factor for 2021: 1,898

Ten-year h-index 2021: 34


Journal's Indexing


Research and educational journal
Published quarterly since 2007
ISSN 1999-5431
E-ISSN 2409-5095

Mstislav Afanasyev1,2, Thi Tan Chuong Pham 3, Nataliya Shash4
  • 1 National Research University Higher School of Economics, 20 Myasnitskaya Str., Moscow, 101000, Russian Federation
  • 2 Doctor of Economics, Professor of the Department “Public and Municipal Management”, National Research University Higher School of Economics
  • 3 Specialist, Vung Tau Educational Center, Republic of Vietnam.
  • 4 Doctor of Economics, Professor, Department of Sustainable Development Finance, Russian University of Economics named after G.V. Plekhanov (PRUE), 36 Stremyanny Per., 117997 Moscow, Russian Federation.


2022. No. 3. P. 87–113 [issue contents]
The article explores the development and implementation of promising options for state regulation of the financial sector in the Russian Federation under economic sanctions. It is noted that the presence of systemic problems that caused the slowdown in the development of key segments of the financial market in the pre-sanctions period did not allow the potential of the financial sector to be used in order to stabilize the growth rates of the national economy during the sanctions period. It is shown that the solution of this problem requires stimulating the development of key segments of the financial market (credit market, equity market, debt market and insurance market) through government tools, including a set of diagnostic models, regulatory and strategic tools. Based on the selection of indicators and rates with the strongest correlation, a set of diagnostic models was developed, the testing of which in financial market segments made it possible to establish target strategic values characterizing the level of their development. Theoretical and methodological justification is proposed and testing of diagnostic models of the development level of key financial market segments is carried out. The authors suggested proposals for selecting and implementing the tools for state regulation of the financial sector of the Russian Federation under economic sanctions. Promising options for state regulation of the financial sector to achieve the target values of financial depth indicators based on data from the pre-sanction period are shown and measures for their implementation are proposed that remain relevant in the current sanctions restrictions. The use of the proposed regulatory tools can make it possible to build forecasts for the development of key segments of the financial market of the Russian Federation for the period up to 2028, taking into account the changes in the Russian economy caused by sanctions pressure, which becomes critically important when compensating for serious macroeconomic shocks.


Afanasiev, M.P., Fam, T.D.Ch. and Shash, N.N. (2022) ‘ Financial sector perspective public regulation (the case of Russian economy.)’, Public Administration Issues, 3, pp. 87-113. (In English).

ISSN 1999-5431
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