Comparative Analysis of the Financial Systems of the United Kingdom of Great Britain and Northern Ireland and the Republic of Armenia

Abstract

Within the scope of the research, studies were carried out in the field of control and regulation of the financial system of the United Kingdom of Great Britain and Northern Ireland (hereinafter, the UK), the purposes of which are to identify the existing problems in the field of state control and regulation of the financial system of the Republic of Armenia (hereinafter, the RA), particularly credit institutions, banks and credit organizations, and offer appropriate solutions. The methods of theoretical research, scientific review, comparative and combination analysis were used to achieve the set goals in the process of solving the tasks. To understand the trends in the development of the application of the level of control and regulations, studies were conducted across the activities of the monetary financial institutions and credit unions of the Bank of England1 . The financial indicators of monetary financial institutions and credit unions of the UK were studied. The latter were also studied from the point of view of gross domestic product (hereinafter, GDP), thus trying to present the role of these financial institutions in the economic system of the country. The conducted studies were compared with the control and regulation implemented by the Central Bank of the RA for banks and credit organizations (hereinafter, credit institutions) development trends, as well as from the perspective of GDP. Problems in the field of control and regulation of credit institutions of the RA were revealed as a result of comparing the control, regulation and financial indicators. Recommendations were presented to solve the problems.