Formation of theoretical aspects of financial science at internationalization of economic relations

Abstract

During the transformations taking place in socio-economic life of any state, the Russian science faces an important issue of development and proposal of relevant theoretical concepts and recommendations that may be demanded by society in the process of reforms. Major trends of financial science internationalization and the concordance of its theory with the process of globalization shall include the symbiosis of main domestic achievements of the theory of finance and usage of foreign theoretical concepts adapted to the specificity of the Russian national economy. However, new terminology requires correctness and accuracy of its use as determinative definitions of the theory of finance, replacing the previously widely used terms and definitions given in the Soviet and Russian textbooks and teaching aids, since it strongly affects their content and meaning. One of the features of financial science is the complexity of theory and practice interdependence, which is manifested in the existence of applied economic disciplines that are relatively independent compared with theoretical aspects. Globalization goes along with crisis processes that occur in the economy of one country, leading to a chain of interrelated economic collapses in other countries and prejudicing the existing theoretical concepts describing the functioning of financial system of each individual state and their conformity with reality. In this regard, in the recurring economic crises there is a need for further study of the theoretical aspects of financial science necessary to develop effective public financial policies. Consequently, the role of modern financial science is the development and supply of concepts and theories relevant to real economic processes, which ignorance leads to unpredictable consequences for the national economy, especially in the management of financial flows.