Abstract
The article examines different concepts of international financial law, it role in maintaining order in the world financial system. The author examines the connection between international financial law and other regulators in the international financial system: private international law, national law. The international financial system as a complex phenomenon comprises various groups of interconnected social relations related to cross-border capital flow. The international inancial relations involve direct interrelations between public legal bodies, while the private bodies are involved only in terms of national jurisdictions where domestic law or international private law (if the foreign element appears in these relations) are enforced. The influence of international inancial law on private bodies is indirect and is enforced only through the influence on domestic law of States. Today, the concept of public inance is added up with the criterion of the public interest that dictates the necessity of State legal public regulation in such spheres as banking, securities market and insurance. The key qualification criterion of international inancial relations is the maintenance of public economic order aiming at secure functioning of national inancial systems and international inancial system as a whole through international cooperation.
Highlights
While only the first decade of the XXI century is over, this short period of time was enough to bring intensified globalization processes to the significant transformation of the world financial system architecture.The international financial system that had been developed by the second half of the last century failed to further meet the society needs, and due to its unipolar character imposed risks both to the world economy as a whole and to the sovereign national economies.Since the 70s of the XX century, the monopoly role of the dollar as the world reserve currency weakens
The concept of public finance is added up with the criterion of the public interest that dictates the necessity of State legal public regulation in such spheres as banking, securities market and insurance
The first concepts of international financial law are based on law of public finance, which originates from Cameralistics science
Summary
While only the first decade of the XXI century is over, this short period of time was enough to bring intensified globalization processes to the significant transformation of the world financial system architecture. Introduction of Euro resulted in changes in national legal systems of the European countries, and in international legal regulations implementation. Genesis of the current foreign legislation evidences a new tendency, namely strengthening of governmental regulating of economics, and redistribution of functions between financial controlling and supervising bodies. The world financial crisis enhanced the development of new international regulation principles of banks supervision - Basel III (Third Basel Accord). These principles are meant to address the internal and external deficiencies (risks) of the national bank systems, including macroeconomic and institutional factors, and to take into account stability of all financial market segments. Russia having the ambitious aim of setting up an international financial centre in Moscow and improving its investment climate cannot avoid the global processes connected to legal regulation of the financial relations
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