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Modern approaches to the regional financial system category definition

Vol. 24, Iss. 11, NOVEMBER 2018

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Received: 7 May 2018

Received in revised form: 18 July 2018

Accepted: 1 August 2018

Available online: 29 November 2018

Subject Heading: Financial system

JEL Classification: G00

Pages: 2568–2577

Zav'yalova D.A. Omsk State Transport University, Omsk, Russian Federation

Subject The article addresses the regional financial system category. In modern economic literature, no consensus has been built about the category so far. This is confirmed by the lack of definition in the reference and educational literature; in academic literature the category is a matter of argument.
Objectives The aim is to formulate a definition of the regional financial system that would adequately reflect the nature of the category, based on modern paradigms of regional economy.
Methods The paper employs an analogy method to perceive objects and phenomena on the basis of their similarity with others, and systematization method, enabling to rank different interpretations of the definition, proceeding from modern paradigms of regional economy.
Results Using modern methodological approaches in the regional economy, I analyzed all existing definitions of the regional financial system category and offered an interpretation of the definition under study from the perspective of three paradigms, i.e. a region as a quasi-State, a region as a market, and a region as a society. The paper defines the regional financial system as a form of interaction arrangements between economic agents through money and financial instruments, which has an impact on the level of socio-economic development of the region.
Conclusions The findings may be used by students, postgraduate students and teachers of economic universities, and by other experts in the field of finance and regional studies for further elaboration of the issue in related areas.

Keywords: financial system, region, financial market, stock market


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