The current tendencies accounting for the competition in the global financial environment
DOI:
https://doi.org/10.21847/1728-9343.2015.5(137).48781Keywords:
the currency market, global financial competition, world financial market, financialization, financial competitive environmentAbstract
The essence and peculiarities of the global finance competition functioning was researched in this article. The world currency and derivatives markets within the context of the world financial system were analyzed. The dynamics of these markets development was assessed in terms of counteragents, currencies, currency pairs and financial instruments. The principles of the "Financialization" is defined and outlined by means of scrutinizing and summarizing the concepts of the economics such as Greta Krippner, Gerald Epstein and others, as well as its role and part in the formation and functioning of the global financial competitive environment. The inherent features of competitive relations, as well as the inalienable characteristics of a competitive market were defined and thoroughly grounded. Within the context of Adam Smith's competition theory, both the outstanding aspects and nature of competition were given a detailed description. BIS's (Bank of International Settlements) recent background research into the world financial market depicted precipitous soar in financial transaction, especially a striking discrepancy between the current amount of transactions and those of the end of the last century. On the basis of this analysis, the most tradable financial instruments on the world derivatives market, which is a branch of the world financial market, were defined and their driving forces were analyzed. Additionally, the financial transactions were also analyzed from the perspective of the crucial financial actors on the market.
References
Stepanenko S. V., Antoniuk V. M., Feshchenko N. O. (2010), History of Economics, KNEU Publishing, Kyiv, 743 p. (ukr).
Epstein G. (2006), Introduction: Financialization and the world economy, Edward Elgar Publishing,Cheltenham, p. 456 (engl).
Krippner G. (2005), The financialization of the American economy, Socio-Economic Review, Vol. 3, Issue 2, 173-208. doi: 10.1093/SER/mwi008
Stockhammer E. (2010), Financialization and the global economy, Political Economy Research Institute University of Massachusetts Amherst, № 240, p. 17 (engl).
Bank for International Settlements (2013). Triennial Central Bank Survey. Foreign exchange turnover in April 2013: preliminary global results, available at: https://www.google.com.ua/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved= 0CB8QFjAA&url=http%3A%2F%2Fwww.bis.org%2Fpubl%2Frpfx13fx.pdf&ei=SHVkVdixNMWfyAPeuICIAg&usg=AFQjCNF-M2Zztx3r5J1yS05M1SaKq7RwhA&sig2=BYgVk6eaLjExP9deutbLbg&bvm=bv.93990622,d.bGQ (engl).
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2015 Andrii Pin
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
1. Authors bear responsibility for the accuracy of facts, quotations, numbers and names used.
2. Manuscripts are not sent back.
3. The publisher does not always agree with the authors' opinion.
4. The authors reserve the right to authorship of the work and pass the first publication right of this work to the journal under the terms of a Creative Commons Attribution Non-Commercial License, which allows others to freely distribute the published research with the obligatory reference to the authors of the original work and the first publication of the work in this journal.
5. The authors have the right to conclude separate supplement agreements that relate to non-exclusive work distribution in the form in which it has been published by the journal (for example, to upload the work to the online storage of the journal or publish it as part of a monograph), provided that the reference to the first publication of the work in this journal is included.
