•  
  •  
 

International Finance and Accounting

Abstract

This article describes the changes in the global financial architecture in the context of globalization and current trends in the development of the international financial system, as well as the international movement of capital and the dynamics of the global currency market. The article formulates the author's concept of creating a crisis-resistant global financial architecture, which includes two stages. At the first stage, it is necessary to resolve all the key problems of stabilization and post-crisis development of the global financial architecture in the short and medium term. The second stage of its restructuring includes a direct transformation of the global financial architecture in the context of a change in the financial and economic paradigm (neoliberal doctrine) and the establishment of a new world order - a more active movement towards multipolarity, taking into account the interests of "growing markets". New directions and dominants of the institutional formation of the world financial architecture are investigated. According to the candidate's assessment, in addition to the rather effective activities of the Financial Stability Council, it is advisable to create another international regulatory body for the financial sector, as well as to organize a new international institution to monitor and research financial and capital markets, within which the function of ensuring cooperation may be required national regulators, uniform standards of information disclosure by issuers, behavior of market participants, bidding procedures, accounting rules, risk assessment.

References

1. Andronova N.E. (2012). Problems of reforming the global financial architecture in the context of financial globalization // Economic Sciences. - No. 5. 2. Andronova N.E. (2014). Modern trends in the transformation of global financial architecture in the context of financial globalization // Education. The science. Scientific staff. - No. 01/14. - S. 169 -172. 3. Alfaro L. (2016). "Gains from Foreign Direct Investment: Macro and Micro Approaches."World Bank Economic Review (2016). P. 1-14. 4. Bayraktar N. (2013). Foreign Direct Investment and Investment Climate // Procedia Economics and Finance. Vol. 5. P. 83-92. 5. Belov V.A. (2013). The main directions of reforming the global financial system. RUDN University Bulletin, a series of legal sciences, No. 4. - P. 211-214. 6. Bodyienkova V.S., Desyatnichenko D.Yu., Kondyukova E.S. (2017). The influence of transnational corporations on the world economy // Economic relations. - Volume 7. - No. 3. - S. 269-278. 7. Viliam Vajda. Pavel Kisela. Martin Užik. (2015). The Impact of Fundamental Information on EUR Currency - Evidence from the Market. Procedia Economics and Finance. Volume 32, P. 87-94. 8. Edwards S. (2006). Financial Openness, Currency Crises and output Losses in Strengthening Global Financial Markets, ed. by S. Edwards and M. Garcia. Chicago. 9. Jaworek M., Kuzel M. (2015). Transnational Corporations in the World Economy: Formation, Development and Present Position. Copernican Journal of Finance&Accounting, 4(1), P. 55-70. 10. Pierre-Olivier Gourinchas, H´el`ene Rey, Maxime Sauzet. (2019). The International Monetary and Financial System. Annual Review of Economics, Volume 11. P. 859-893. 11. Eskindarov M., Zvonova E. (2019). World finances. Textbook. - M.: KnoRus. – 424 p. 12. Mapping Global Capital Markets. McKinsey Global institute Annual Reports. 13. Transnational corporations investment and development. United Nations. New York and Geneva, 2018. Volume 25, Number 2. 14. Triennial Central Bank Survey: Foreign exchange and derivatives market activity in 2019 / Bank for International Settlements. September, 2019. 15. UNCTAD, World Investment Report 2020. International production beyond the pandemic. New York and Geneva, 2020.

Share

COinS
 
 

To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.