Abstract
The relevance of the article is due to the need for a comprehensive analysis of the latest processes in the global financial system, as well as a complex development of a methodological approach to its study. With the transition to digital technologies in the global financial market, in particular, when processing and storing data in electronic format, there is a change in the form of financial circulation, which can lead to a number of problems and risks. In this context, special attention should be paid to the international credit market and the international bond market, which are, in fact, circulating in cyberspace and are evolving through info-communication technologies. The purpose of this research is an in-depth analysis of the main globalisation processes of the world economy and their impact on the development of competition between exchange and over-the-counter trade. The study used general scientific methods of analysis, theoretical generalisation, and synthesis, as well as methods of mathematical, statistical, and economic analysis. According to the study of the dynamics of capitalisation of the global stock market, the authors of this article identified a trend towards dynamic growth in the use of alternative trading systems, which is a factor in the development of exchange and over-the-counter securities trading. The article provides a comprehensive analysis of the directions of impacts of digitalisation on the global monetary and financial system, among which the positive and negative effects are considered in detail and substantiated. The negative effects of virtualisation of the global monetary and financial system are identified, as well as perspective directions of modification of the economic system and finance with the introduction of digital technologies are formulated. The information presented in this paper can be used to further consider the dynamics of stock market capitalisation in the world, as well as to develop methods to improve the efficiency of digitalisation of operating processes for individual enterprises and the global economy as a whole
Highlights
In the context of virtualisation, the theoretical and methodological foundations of the global monetary and financial system need to be reconsidered
According to the study of the dynamics of capitalisation of the global stock market, the authors of this article identified a trend towards dynamic growth in the use of alternative trading systems, which is a factor in the development of exchange and over-the-counter securities trading
A virtualised global financial system is an interconnected and interdependent integrated set of financial markets, institutions developed based on server virtualisation that serve as its infrastructure support
Summary
In the context of virtualisation, the theoretical and methodological foundations of the global monetary and financial system need to be reconsidered. Finances originated with the emergence of the first state entities, but the term “finance” in its modern sense first began to be used in Italy in the 18th century, when it began to mean the accumulation of monetary funds by the state to ensure the performance of state functions. Finance in the context of virtualisation takes the form of the alienated intrinsic value of goods embodied in electronic units of payment circulating in the information economy to mediate exchange. With regard to the financial system as a whole, the paper first explores the classical definitions and augments them, taking into account the information aspect of development and the virtualisation of the global financial market
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