The Influence of Sociocultural Factors on Financial Development
The work assesses the impact of a number of socio-cultural factors, which are based on Hofstede’s variables, on financial development. Using cross-country analysis, the authors identified three socio-cultural dimensions that have a significant impact on the Financial Development Index, which was used as an integral measure of national financial development: individualism, tolerance (acceptability), and long-term orientation. Based on the results obtained, recommendations were formulated for adjusting the state influence on socio-cultural factors in the Russian Federation. In our opinion, it is necessary to maintain a long-term orientation as an advantage and overcome the lack of tolerance and individualism. Since financial development contributes to economic growth and overcoming inequality, such an adjustment of socio-cultural parameters (in general, extremely inertial) will have a positive effect on the parameters of socio-economic development of Russia in the long term.