Banking Business under the Reform of the Financial System
Journal Title: Проблеми економіки - Year 2014, Vol 2014, Issue 3
Abstract
The aim of the article is to study the features of the world economy today. The global financial crisis has diagnosed the most problematic aspects of the development of the economies of individual countries and the relationships between them, which proves the relevance of the revision of the conceptual foundations of the structure and functions of the economic system in the world. The paper analyzes the features of modern reform of the existing and the creation of a new world (international) financial architecture. The basic characteristics of the development of the global banking system were highlighted, dominated by the functioning of the banking business under the conditions of financial globalization. Factors, which in the context of globalization form a strategy for the global banking system are the international nature of banking activities, the liberalization of financial markets, the emergence of global markets, strengthening of the global resource competition, increasing demand for larger loans, the development of the global information market. Among the factors promoting financial globalization authors suggest: uneven economic development of countries and the disproportionate allocation of financial resources; the deficit of own resources for the implementation of investment projects and financing of social and economic programs in most countries; significant potential of the markets in developing countries, which attracts high-yield operations; reduction of legal and regulatory restrictions on financial transactions between the countries; virtualization of financial transactions.
Authors and Affiliations
Oleg Pidkhomnyi, Yuliana Kudlyak
Keywords
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