Study of the Role of Banking Clusters as Initiators of Innovation Processes in the Conditions of Regional Economic Development: The Case of Tajikistan

Abstract

The formation of a modern financial system that meets international standards and effectively affects all sectors of the economy, contributes to the increase in revenues to the budget, will transform the business infrastructure and living conditions of the population. Proceeding from the fact that the banking cluster is the localization of banking and nonbanking organizations created with the aim of achieving a positive effect, we will conclude that in practice the use of the cluster direction in the financial markets is the key to the high development of the economic system and the natural stage in the development of the modern economy. The formation of clusters becomes a reliable means for banks to maintain their competitive advantages in the market. But there are a number of problems that hamper the development and development of banking clustering, such as the distrust of potential members of the cluster, the low level of funding, the lack of a culture of information transparency and openness. Therefore, it is advisable to involve the state in this process, which should promote the development of financial associations and bring the national economy to a high level of development on the international market. It is financial clusters that allow state structures in the regions to specifically regulate the directions of social and economic development of the territories, to forecast and correct the trends of economic development through coordination and efforts of interested parties.