TRANSFORMATION OF THE WORLD FINANCIAL SYSTEM: TRENDS AND PROSPECTS OF DEVELOPMENT OF MODERN FINANCIAL MARKETS

Abstract

The current stage of development of the global economy is characterized by the acceleration of the processes of financial globalization, which qualitatively and quantitatively change its institutional environment, as well as the relationship and interdependence of all components of the global financial system. These changes are ambiguous and contradictory. On the one hand, there is a reduction in the cost of interstate financial cooperation and, as a consequence, increase the efficiency of redistribution of global capital and increase the growth rate of national economies.

The global crisis has exposed all the key problems of the global financial architecture related to its unipolar structure "led" by the US dollar. It has virtually exhausted its potential and is no longer able to provide adequate answers to the challenges posed by the world economy: its unipolarity is in sharp contrast to the multipolarity of the global economy, which is already beginning to strengthen the position of developing countries. The article analyzes the prospects for reforming the global financial system, which are quite relevant.

It should be noted that the global crisis has forced to return to the theoretical and practical legacy left in the past by economists, who stood at the origins of the international financial system, given that already developed scientific methods and practices have failed in overcoming the shock of financial stability. -economic systems.

Currently, modern scientific literature is represented by a number of research papers related to the formation, transformation and strengthening of the global financial architecture, but they are often unsystematic and instantaneous with a clear politicized tone. In this regard, the issues of analysis and systematic conceptual understanding of the prospects for the global financial system at the present stage of global economic development are heterogeneous in their theoretical and methodological basis: in the research and expert community there are fundamentally inconsistent theoretical and practical differences in approaches; which necessitates the argumentation of the purpose and objectives of this study.