+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Finance and Credit
 

The opportunism of geo-financial policy as a form of global competition

Vol. 21, Iss. 10, MARCH 2015

PDF  Article PDF Version

Available online: 9 March 2015

Subject Heading: CHALLENGES OF GLOBALIZATION

JEL Classification: 

Pages: 27-36

Glukhov V.V. Far Eastern Federal University, Vladivostok, Russian Federation
gvv61@fromru.com

Ostanin V.A. Far Eastern Federal University, Vladivostok, Russian Federation
ostanin1945@gmail.com

Rozhkov Yu.V. Khabarovsk State Academy of Economics and Law, Khabarovsk, Khabarovsk Krai, Russian Federation
zdnrf@mail.ru

The article points out that political, socio-economic, and other processes at the end of the 20th century not only provoked the deformation of national economies of many countries, but also intensified the completion of supranational financial institutions with their specific tools. Under the conditions of globalization and internationalization of economic relations, the new economic space is evolving, which is contrasted by the rudimentary aspiration to independence and autonomy of modern States. The expanding geo-economic processes of global level have resulted in updating the traditional monetary and financial relations and emergence of new forms of money. The volumes of flow of capital, goods, and services have increased. Innovative financial services and adequate tools have emerged. Liberalization of access of foreign capital to national financial and credit markets have occurred, and international collective currencies and other facilities have appeared. At the same time, the world economic science has not developed a holistic theory, which would disclose the essence of geo-finance. The authors emphasize that financial globalization has led to considerable strengthening and growth of the global payment system institution with its basket of reserve currencies recognized by the financial and economic community. The importance of national currencies remains so far, but their volume in financial cross-border transactions is gradually decreasing. The globalization has seriously affected various areas of activity of the majority of the countries, 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. We performed an analysis of economic behavior of the main actors of the geo-financial policy, which enabled to identify and describe the activity of the main geo-finance entities implementing their private or public economic policies. The paper analyses both the intra-country and inter-country financial relations, which have radically changed under the impact of globalization process. This caused the formation of the new economic category of geo-finance. We considered the controversial problems of geo-finance formation and development. The paper reveals the essence of opportunistic behavior of large countries and multinational corporations, which are actively using the geo-financial market as an arena of competitive struggle for further repartition of the world.

Keywords: globalization, geo-economy, geo-finance, policy, market opportunism, geo-competition

References:

  1. Berezkin Yu.M. Metafinansy: postanovka problem [Meta-finance: a problem statement]. Irkutsk, BSUEL Publ., 2008, p. 14.
  2. Verteiko K.V., Drozdovskaya L.P., Ostanin V.A., Rozhkov Yu.V. Bank Rossii: informatsionno-issledovatel'skaya funktsiya i diskretsionnaya denezhno-kreditnaya politika: monografiya [The Bank of Russia: an information and research function and the discretionary monetary policy: a monograph]. Khabarovsk, RIC KhSAEL Publ., 2013, 204 p.
  3. Glukhov V.V., Ostanin V.A., Rozhkov Yu.V. O prichinakh vozniknoveniya i problemakh funktsionirovaniya elektronnykh deneg [The reasons of emergence and problems of functioning of electronic money]. Ekonomika i predprinimatel'stvo = Economics and Entrepreneurship, 2014, no. 1, pp. 664–667.
  4. Glukhov V.V., Ostanin V.A., Rozhkov Yu.V. Elektronnye finansy kak novaya ekonomicheskaya kategoriya [Electronic finance as a new economic category]. Audit i finansovyi analiz = Audit and Financial Analysis, 2014, no. 2, pp. 293–298.
  5. Drozdovskaya L.P., Rozhkov Yu.V. Bankovskaya sfera: mekhanizm informatsionno-finansovoi intermediatsii: monografiya [Banking sphere: the mechanism of information and financial intermediation: a monograph]. Khabarovsk, RIC KhSAEL Publ., 2013, 320 p.
  6. Kochetov E.G. Kosmologizatsiya. Novyi etap mirovogo razvitiya v kontekste gumanitarnoi kosmologii [The cosmological theory. A new stage of world development in the context of humanitarian cosmology]. Moscow, Mezhdunarodnye otnosheniya Publ., 2001, 912 p.
  7. Kochetov E.G. Globalistika. Teoriya, metodologiya, praktika [Global studies. Theory, methodology, practice]. Moscow, NORMA Publ., 2002, 672 p.
  8. Kochetov E.A. Rossiiskaya shkola globalistiki i ee geoekonomicheskii otdel – vykhod na novye gorizonty (mir s pozitsii cheloveka novogo, global'nogo – geoekonomicheskogo) [The Russian school of global studies and its geo-economic department: an entry to the new horizons (the world from a position of the new, global geo-economic person)]. Available at: Link. (In Russ.)
  9. Lees F.A., Mauer L.J., Eng M.V. Mirovye finansy [Global Finance]. Moscow, DeKa Publ., 1998, 768 p.
  10. Lomakin V.K. Mirovaya ekonomika [World economy]. Moscow, YUNITI Publ., 2007, p. 123.
  11. Mandelbrot B., Hudson R.L. (Ne)poslushnye rynki. Fraktal'naya revolyutsiya v finansakh [The (Mis)Behavior of Markets: A Fractal View of Financial Turbulence]. Moscow, Vil'yams Publ., 2006, 408 p.
  12. Mirkin Ya.M. Mirovaya finansovaya sistema 2013 [Global financial system 2013]. Available at: Link. (In Russ.)
  13. Mironova O.A., Sokolova E.M. Sovremennye tendentsii razvitiya mirovoi finansovoi sfery [Current trends in global financial sphere development]. Finansovye issledovaniya = Financial Research, 2000, no. 1, pp. 56–60.
  14. Nuryshev G.N. Teoretiko-metodologicheskie osnovy geoekonomiki [Theoretical and methodological fundamentals of geo-economics]. Available at: Link. (In Russ.)
  15. Ostanin V.A. Obshchaya i chastnaya ekonomicheskaya politika gosudarstva: problemy vzaimootnosheniya i vzaimoobuslovlennosti [General and private economic policy of the State: problems of relationship and interconditionality]. Tamozhennaya politika Rossii na Dal'nem Vostoke = Russia’s Customs Policy in Far East, 2013, no. 4, pp. 23–27.
  16. Pan'kov V.S. Globalizatsiya ekonomiki: sushchnost', proyavleniya, vyzovy i vozmozhnosti dlya Rossii [Globalization of the economy: the essence, manifestations, challenges and opportunities for Russia]. Yaroslavl, Verkhnyaya Volga Publ., 2009, 368 p.
  17. Pan'kov V.S. Globalizatsiya ekonomiki: sushchnost', realii, vidy na budushchee [Globalization of the economy: the essence, realities, and prospects]. Mezhdunarodnaya ekonomika = International Economics, 2009, no. 6, pp. 4–23.
  18. Rozhkov Yu.V., Chernaya I.P. Innovatsionnyi vektor razvitiya geofinansov epokhi postglobalizatsii [An innovative vector of geo-finance development of the post-globalization era]. Bezopasnost' Evrazii = Eurasia’s Security, 2012, no. 2, pp. 263–271.
  19. Rozhkov Yu.V., Chernaya I.P. Geofinansovye problemy razvitiya integratsionnykh protsessov v usloviyakh postglobalizma [Geo-financial problems of integration processes development under post-globalism]. Tamozhennaya politika Rossii na Dal'nem Vostoke = Russia’s Customs Policy in Far East, 2012, no. 2, pp. 34–42.
  20. Rozhkov Yu.V., Chernaya I.P. Geofinansovye innovatsii epokhi postglobalizatsii [Geo-financial innovation of the post-globalization era]. Available at: Link. (In Russ.)
  21. Telemtaev M.M. Ot razroznennykh idei i znanii k tselostnoi sisteme. Kompletika: ot teorii k sushchestvovaniyu [From separate ideas and knowledge to the integrated system. Complete science: from theory to existence]. Moscow, LIBROKOM Publ., 2013, 312 p.
  22. Fulcheri B.R. Geoekonomicheskii faktor v finansovykh otnosheniyakh s zarubezhnymi stranami [The geo-economic factor in financial relations with foreign countries]. Available at: Link. (In Russ.)
  23. Brown G.A. New Global Financial Architecture. The Wall Street Journal Europe, 1998, no. 6, p. 10.
  24. Cox R.W. Structural issues of global governance: implications for Europe. Gramsci, Historical Materialism and International Relations. Edited by St. Gill. Toronto, York University, 1993, pp. 259–289.
  25. Goldfinger Ch. Innovation in Financial Services. Communications & Strategies, 2002, no. 48, pp. 139–160.
  26. Helleiner E. Post-globalization. Is the financial liberalization trend likely to be reversed? States against Markets: The Limits of Globalization. Edited by R. Boyer and D. Drache. Routledge, 1996, pp. 193–210.
  27. Levitt T. The Globalization of Markets. Harvard Business Review, 1983, no. 61, pp. 92–102.

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 30, Iss. 3
March 2024

Archive