Financial sector efficiency as a factor of maximizing long-term economic growth

The paper analyzes various concepts of financial sector efficiency, and, based on this analysis, the authors established financial sector indicators that are the most appropriate for empirical research and for the establishment of key performance indicators for financial regulators. The authors develop a set of performance indicators, based on which they analyze changes in various aspects of efficiency of the Russian financial sector, including its usefulness for the investment recipients and for households, as the main suppliers of investment resources. Based on the Russian data, empirical studies of the impact of efficiency on economic growth have been conducted. Proposals for the construction of a set of key performance indicators that evaluate the performance of social and economic functions by the financial sector, its participation in the achievement of strategic national objectives and the level of financial development are formulated