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Development of the category of financial capital and the modernity

Metel'skaya V.V. Kuban State University, Krasnodar, Russian Federation ( )

Journal: Finance and Credit, #8, 2018

Subject This paper considers the phenomenon of financial capital in the modern theoretical economics. The subject needs a deep investigation, based on a logical and gnosiological approach, to determine dominant values in the process of its formation and development.
Objectives The paper aims to increase the efficiency of research on the current form of global financial and information capital. It analyzes the specifics and main problems of financial capital essence determination.
Methods The study uses the dialectical gnosiological approach, value-based approach, systems approach, extrapolation method, and the structural and functional approach.
Conclusions Taking into account the peculiarities of development of modern financial markets of financial services, the study of the financial capital category should be based on dialectical principles and laws, the need to identify the value dominants of historical-social and economic phenomenon, strengths and weaknesses based on understanding the attitude of the subject to reality. The global process of transforming financial capital into a dominant universal category, influencing the forming structure of finances and the behavior of the financial system as a whole, should be understood not only as a result of many factors influencing the process of its formation, but as a necessity caused by the law of the negation of the negation.

Financial capital as a product of financial globalization at the present stage of economic development

Metel'skaya V.V. Kuban State University (KubSU), Krasnodar, Krasnodar Krai, Russian Federation ( )

Journal: Financial Analytics: Science and Experience, #2, 2019

Subject Since the 1980s, the economic growth of leading capitalist countries was driven by enormous expansion of financial capital accompanied by ongoing industrialization. In recent years, the financial capital has demonstrated new characteristics of a monopoly resulting from the integration of financial services and information services. To trace the rapid transformation of financial capital, it is important to scrutinize theoretical foundations of the global financialization process.
Objectives The study aims at critical consideration of some aspects of the financial globalization phenomenon and the role of financial capital.
Methods I apply methods of abstraction, analysis and synthesis, and scientific forecasting.
Results The study reveals the essence of financialization as a manifestation of global transformation of economy, defines the effect of financialization on the economy and other spheres of public relations, assesses the implications, the role of modern financial capital as a concentrated manifestation of financial globalization.
Conclusions The paper presents a broadside approach to defining the financialization. According to the definition, it is a global process that regulates international movement of capital, provides a possibility for legal entities and individuals regardless of their country of origin to perform financial transactions in financial markets, contributes to free movement of financial capital between States and financial centers.

An econometric analysis of the impact of financial globalization uncertainty factor on Russia's financial system development

Metel'skaya V.V. Kuban State University, Krasnodar, Russian Federation ( )

Journal: Finance and Credit, #10, 2018

Subject The article considers the indicators of Russia's financial and economic development and criteria to assess the main trends in the development of the Russian financial system in the face of uncertain financial globalization.
Objectives The purpose of the study is to prove the impact of dynamics of foreign direct investment inflow to Russia being the main indicator of uncertainty of financial globalization, on the domestic financial system development for 2011–2017, and to define benefits for the domestic financial system functioning.
Methods To analyze the impact of uncertainty of financial globalization on the financial system of Russia development, I use a set of economic and statistical indicators, like financial depth, financial system efficiency, and other financial indicators, as well as the stochastic modeling technique, i.e. the multiple correlation method.
Results The paper formulates the specifics of development of the national financial system in the context of financial globalization, discloses economic implications of the uncertainty of financial globalization, shows its inverse dependence. It also proves that the uncertainty of financial globalization increases the efficiency of financial system, the banking system activity and the financial system function.
Conclusions Uncertainty in the process of financial globalization, expressed primarily in the unstable dynamics of foreign capital, can be a veiled advantage for domestic financial development, especially when addressing the pressing problems of excessive liquidity in Russian banks and leveling the raw material specificity of exports. If applied, the findings will provide an objective assessment of the depth of existing problems and prospects for the domestic financial system.

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