Imperatives of development of post-socialist countries financial markets

Abstract

The relevance of the article in the analysis of the modern geopolitical space in which there are dramatic changes that qualitatively alter the disposition of post-socialist countries and regions of the world under the influence of scientific, technological, information, organizational and social process. The process of forming regulatory mechanisms for the functioning of the financial markets of the post-Soviet countries is linked to the transformation processes of global monetary and financial relations management. In modern conditions, the national financial market cannot be separated from the processes occurring in the world economy. In the last decades theoretical and practical problems of geoeconomics and global science have been investigated in the works of foreign scientists: L. Abalkin, M. Alle, U. Anderson, A. Anikina, J. Ackerloff, J. Arriga, D. Bell, W. Beck, Z. Brzezinski, I. Wallerstein, L. Galitz, J. Gelbraith, E. Giddens, M. Golovnin, P. Drucker, A. Kavkin, M. Castels, D. Keynes, L. Krasavina, V. Kruglov and others. It is observed that in the process of interaction of various factors of development in the world markets, an appropriate market conjuncture is formed, which reflects changes in specific conditions of market functioning and supply and demand, related to the dynamics of prices for goods and profits of firms and based on the cyclical development of the world economy, reflecting the nature of a market economy. Research methods are based on general scientific principles and fundamental principles of economic theory, theories of international economic relations and financial globalization, evolving in the face of geo-economic changes. The development of post-socialist countries is characterized by significant differences in the rates of economic growth and stabilization of monetary and financial systems, which is caused by: first, a significant stratification of economies in terms of development; second, the disintegration processes in mutual trade and more successful integration into the global trading environment due to the accelerated liberalization of the foreign trade sector compared to the financial sector; third, the incompleteness of financial sector reforms and the low level of development of financial services markets, respectively, the inefficiency of financial integration; fourth, the monetary and financial systems of the countries of the region remain vulnerable to the external effects of the crisis. The most powerful post-socialist countries (Russia, Kazakhstan, Ukraine, Azerbaijan) make more effective use of the benefits of globalization in the sphere of integration into the world economy.