AN INQUIRY OF THE STRATEGIC GUIDELINES OF THE GLOBAL FINANCIAL SYSTEM INSTITUTIONAL TRANSFORMATION
R.F. Arslanov, M.A. Mochalov
Saint-Petersburg State University of Economics, Sadovaya str., 21, St. Petersburg, 191023, Russia
Keywords: мировая финансовая архитектура, финансовая система, финансовая глобализация, глобализация, институциональные изменения, виртуализация экономики, global financial architecture, financial system, financial globalization, globalization, institutional changes, virtualization of the economy
Abstract
As known, the globalization has seriously affected various areas of activity of the majority of the countries, in particular the financial globalization has acted as a catalyst of the world financial architecture modification, and resulted in the new forms and subjects of economic relations, transformation of directions and mechanisms of cash flow movements, and creation of fundamentally new institutional environment reflecting the influence of internationalization processes of national economies. The institutional paradigm based on the new institutional economic theory makes it possible to analyze the modern processes of economy transformation. Knowledge gained in a variety of related sciences also can be applied to the study employing this approach. Based on the methodological framework of contemporary institutionalism, the article examines the substance, principal aspects and specifics of the controversial problems of modern global finance system and its future development in world economic area. The survey’s results confirm the productivity of the proposed approach and the possibility of its application to outline ways to the solution to a number of general issues of the world economy. As founded, in the conditions of globalization, free capital flow and dynamic development of the capital market and new financial instruments thanks to advanced information technologies when together they form the really effecting space of virtual information objects and flows, the world economy faces with its new threatening features such as increasing volatility, its susceptibility to various manipulations and information asymmetry. That is why there is a strong idea de-scribed in the article to reassembly more controlled global financial system. Problems of the economic relations stabilizing regulation in the global finance area are systemic and complex, require a remedial attention on the part of government agencies and a painstaking daily work of international authorities. It should facilitate bringing the reconstructed global financial system and its institutions to a fundamentally different and whole new level which would be relevant to the present requirements of information society with data-based network economy.
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