The Role of Non-Bank Financials in the Formation of Long-Term Resources for Economic Growth in Russia

Round 1

Reviewer 1 Report

The topic chosen by the author (-s) is analyzed at both theoretical and practical levels. Despite this, there are some aspects that the author (-s) should pay attention:

1. The introduction part could be improved. It is not clear enough, what scientific problem are you going to solve? The novelty is also debatable. The purpose of the study is not clearly defined. Also, it would help if you could mention what methods have you used to tackle the problem. It is said in the Abstract, but in the Results part, it is evident that you have used more of them than you have mentioned.
2. It is written: „At the same time, the 27 share of gross savings in Russia's GDP has been 25-27% for a long time, and the conversion 28 ratio of savings into investments is insufficient for their implementation in significant vol- 29 umes and now barely exceeds 60%.“ Could you specify the literature source?
3. All the statements in the text must be proved or please indicate the literature source. Also, try to avoid unproven comments, such as: „in some years the even declined“. The scientific text must be accurate.
4. The article is based only on one country. What about the same problem in other countries or globally?
5. In the Methodology part, you have mixed methodology and the Literature Review. I would advise you to divide it into two different chapters to clarify what others have investigated and what you are going to investigate and show your originality. Also, please describe in detail what you will explore and how.
6. The literature sources you are using are pretty old. Would you please refresh the sources and use the newest ones from 2016-2021?
7. All the text should be written in English. Take a look at Figure 3.
8. In all figures, the axes must have units of measure.
9. In the Methodology part, you have mentioned: “The research methodology was based on the proven positive dependence of macroeconomic dynamics <….>”. What do you mean by it? If they are macroeconomic indexes, please identify them.
10. The Empirical part from Mutual Investment funds is based on data from 2019 (III quarter)- 2021 (III quarter). Would it be possible to include more data in your analysis from previous years? If not, why?
11. The discussion should be intended to show how your research results correlate with others. It is not the same as the Conclusions part. Please compare your results with others.
12. The Reference list should be formalized in accordance with the requirements of the Journal.

RECOMMENDATION: REVISIONS REQUIRED

Author Response

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Reviewer 2 Report

This paper studies the resources of the national savings system on a long-term basis and applies weight and dynamic analysis. The overall is good and needs the following revision.

1. Please double-check the paper and fix the typos and grammar mistakes.
2. Can the authors state the advantage of its method and discuss some other techniques that can be used in this paper.v

Author Response

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Reviewer 3 Report

This is a very interesting paper about the nonbank financial sector in Russia. The paper discusses the structural problem of the nongovernmental pension funds sector and recommends future changes. I think the paper is well structured and ready to be accepted for publication

Author Response

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