Innovation and knowledge coordinates of modern financial market development

Abstract

This article deals with the functioning of the modern financial market in the context of increasing innovation trends and the transformation of knowledge into a full-fledged economic resource. The characteristics of knowledge as a resource are highlighted from the perspective of key participants in the financial market using dialectic and abstraction methods. It has been established that in the post-industrial economy, information and knowledge have become vital resources and radically changed the principles of economic relations. Owning information and knowledge and the ability to use them forms significant competitive advantages for all economic agents without exception. In turn, analysis and synthesis methods have been used to study the innovative components of the modern financial market. It has been determined that the rapid spread of financial innovations has a contradictory nature. On the one hand, new opportunities arise for participants in the financial market, but new threats and risks also emerge. These imbalances directly result from the information-knowledge asymmetry, which has significantly intensified under modern conditions. It is argued that the development of global information asymmetry has yet to weaken information asymmetry. The massive quantitative growth of information flows forms fundamentally new approaches to their use in the financial market, primarily based on digital technologies. The article argues that the innovative and knowledge trend of the modern financial market is of a long-term nature and dictates a rapid digital transformation. The spread of digital transformations, on the one hand, is precisely the result of the innovative and knowledge paradigm of financial market development, and on the other, digitization directly "fuels" innovative trends. The innovative and knowledge model of the modern financial market forms a fundamentally new agenda for the state as a regulator. Keywords: financial market, financial intermediaries, financial instruments, individual investors, financial literacy, innovations, knowledge.