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Analyzing the impact of financial momentum on the development of the economy

Vol. 26, Iss. 2, FEBRUARY 2020

Received: 10 December 2019

Received in revised form: 30 December 2019

Accepted: 21 January 2020

Available online: 28 February 2020

Subject Heading: Financial system

JEL Classification: Е44, Е60, F30, G32, O16

Pages: 299–315

Smirnov V.V. I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation

Subject The article discusses the momentum in finance.
Objectives The study reveals the impact of financial momentum as the unity of antipodes in the development of the national economy.
Methods The study is based on a systems approach and methods of descriptive statistics.
Results I discover the ultimate goal of globalization, i.e. the substantive simplification of national economies and strengthening of global economic ties. The goals determine the logic tendency of national economies for reducing the interest rate so as to gain the financial momentum and, consequently, fanning the crisis risk in the global financial system. The global financial system became the substance of global economic processes, which determined development opportunities of national economies. I reveal what countries have the high and low financial momentum.
Conclusions and Relevance Being the unity of antipodes in the modern economic development, financial momentum causes countries to lose their economic identity, making them just functions of the global financial system. The cyclical development model of national economies is replaced with the metron model that rests on fluctuating advanced economies with the low financial momentum at its bottom and emerging economies at its top. The findings crystallize the concept and new competencies for a person who decide on the determination and performance of financial regulation activities.

Keywords: analysis, model, national economy, growth rate, financial momentum


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