Problems and perspectives of development of the world financial system in the conditions of globalization

Abstract

In the modern conditions of deepening of integration of developed countries’ economies, the world financial system acquires more important and independence role in the global economic connections. Development of the world financial system influences the factors that determine the economic position of a country: growth rates of international exchange and production, rates of economic growth, volumes of gross domestic product, social, demographic, and political processes. The purpose of the research is to determine the problems of development of the world financial system in the conditions of globalization; the main consequences of financial crisis and its influence on economy of certain countries, including Russia, and to determine the perspectives of its harmonization. After the global financial crisis, previous trends of development of the world financial system became disrupted, and it wasn’t possible to fully return to them. The new configuration of the system is not yet obvious, but certain elements of its post-crisis structure could be identified. The research uses the methods of statistical, comparative, and scenario analysis and content analysis. Scenarios of development of the world financial system and their consequences for the world and Russian economy are determined and analyzed. The initial tasks for sustainable development of the financial system by the example of Russia are given.