capital market
Capital Market Structure Changes in an Emerging Digital Economy |
Introduction. The structure of the capital market can be classified according to several parameters: time, institutional, organizational, etc. The article examines the functional structure of the capital market. Theoretical analysis. Various types of changes in the functional structure of the capital market due to the digitalization of the economy – human, monetary, currency, stock, credit and investment – are analyzed. Particular attention is paid to changes in the structure of human capital associated with the replacement of traditional economic activities (primarily based on the exploitation of natural resources) by technologically more advanced types. First of all, changes in the structure of monetary capital are the introduction of various electronic payment systems and non-state monetary systems based on cryptocurrencies. Shifts in the capital structure in the foreign exchange and stock markets are manifested in the transfer of major transactions into the virtual sphere. Changing the structure of credit markets in the context of digitalization has both positive (growth of lending) and negative sides (increase in overdue debt). Results. A conclusion is made about the contradictory impact of the capital market structure changes on economic dynamics in the conditions of digitalization. |
Izv. Saratov Univ. (N. S.), Ser. Economics. Management. Law, 2019, vol. 19, iss. 4 |
The Role of Financial and Investment Policy of State in Overcoming the Disfunction of Capital Market |
Introduction. One of the serious consequences of capital market dysfunction which exists in Iraq›s economy is the imbalance of its sectoral structure. Hypertrophied development of extractive industries leads to inefficient investment activity, weak capital formation, and unsustainable economic growth. Overcoming these destructive dysfunctions in financial and investment sphere of Iraq›s economy is an urgent task of the state financial and investment policy. The necessity and possibility of solving this problem is the subject of the article presented. Theoretical analysis. The article presents approaches to assessment of impact of state financial and investment policies on development of investment activities, functioning of capital market and economics in general, and formation of its balanced structure.Empirical analysis based on the assessment of results of functioning of Iraq’s economy for the period from 2005 to 2016, and the analysis of the most important directions of the state economic policy of Iraq. Results. The ambiguous role of the state financial and investment policy in overcoming the dysfunctions of capital market has been revealed. Effective state economic policy allows to reduce the destructive consequences of the functioning of capital market. However, the ineffective financial and investment policy itself is capable of generating dysfunctions. |
IZVESTIYA OF SARATOV UNIVERSITY. NEW SERIES. SERIES: ECONOMICS. MANAGEMENT. LAW. 2018. vol. 18, iss. 1 |
The Influence of Globalization on Performance of Capital Market |
Introduction. The functionality of national market capital in globalization determines not only by processes runing in national economy system, but by the international range of capital and development of multinational corporation. Transnationalization of modern economy leads to dysfunction of capital market, that actualize the reseach of influence on globalization in operating capital market. Theoretical analysis. In this article considered the estimation approach of evaluation impact on globalization in national economy development, that allows to determine the presence of transfer globalization mechanism impulse on capital market function. National economy transnationalisation in absense of worked through investment strategy gives the disfunction of capital market shown up in investment abnormality in national economy. Results. Globalisation differently affects the capital market of countries. The effect of disparity in development of capital market with recovering economy under globalisation impact is detected. Straight foreign investments in economy of this countries doesn’t bring tangible benefits to investors, however in surplus of capital conditions it raise profitability of settable capital. The result of investment flow globalisation appears in country recipient dependence from donor country. The effect of disparity should be taken into consideration in investment programme development of national economy. |
IZVESTIYA OF SARATOV UNIVERSITY. NEW SERIES. SERIES: ECONOMICS. MANAGEMENT. LAW. 2017. Т. 17, вып. 2 |