International Financial Relations Research Articles

US Policy on Dollarization of the World Economy

In its essence and content, dollarization is one of the keys and most significant phenomena of modern dynamically developing international monetary and financial relations. There are different theoretical approaches to determining the economic essence and content of the complex and contradictory phenomenon of dollarization. Different scientists have investigated the monetary nature of this phenomenon and have given a comparison of the concepts of official and partial dollarization, based on the degree of economic coverage of dollarization. In this research the process of official dollarization is considered on the example of Eurasian Economic Union (EAEU) member states. The paper examines the scale of financial dollarization in the EAEU member states, where, due to the loss of residents' confidence in the monetary policy and the national monetary unit, the functions of the national currency are partially replaced by the US dollar. Furthermore, the role of the US Federal Reserve in the implementation of dollarization of the foreign economies is analyzed. The article substantiates the intention of the US Federal Reserve to take steps to dollarize the foreign countries' economy in the context of the started process of de-dollarization of the world economy. The most active supporters of de-dollarization are Russia, China, and Iran. Their efforts are aimed at weakening the dominant position of the dollar as a key reserve currency, the currency of international settlements. In the current condition of the world economic development, it is unlikely to expect a weakening of the position of the US dollar, given the role of the US dollar in the trade of oil and petroleum products. The petrodollar system is the basis of the US dominance in the global financial system and the key to the stability of the US dollar. As a result, countries are forced to buy dollars in order to be able to purchase oil on the open market. While the demand for the US dollar will remain at a high level, it is not necessary to talk about the success of de-dollarization and the transition from an American-centered monetary and financial system to a polycentric one in the near future.

ВІД СИНТЕЗУ ЕКОНОМІЧНИХ ТЕОРІЙ ДО ПОЛІТИЧНОГО КОНСЕНСУСУ: МОНЕТАРНО-ФІСКАЛЬНІ ДИЛЕМИ МАКРОЕКОНОМІЧНОЇ СТАБІЛІЗАЦІЇ В УМОВАХ КОРОНАКРИЗИ

Базуючись на ревізії змістовних положень неокласичного синтезу і нового макроекономічного консенсусу задля висвітлення особливостей інтерпретації їхніми адептами макроекономічних процесів, природи циклічних коливань і способів їх нівелювання та коригування, проведено аналіз урядових програм макроекономічної стабілізації обраних країн на предмет встановлення їх відповідності науковим підходам, що детермінують політичний вибір на користь застосування монетарних і/або фіскальних інструментів стимулювання економічної активності. Встановлено, що найбільш затребуваними в політичній площині стають висновки нового неокласичного синтезу (Нового макроекономічного консенсусу), який об'єднує новий кейнсіанський підхід і підхід реального ділового циклу, втім і вони коригуються в довільній формі, залежно від пріоритетності завдань, що ставить перед собою уряд (прагнення до досягнення повної зайнятості; стабілізація цін; економічне зростання і рівновага платіжного балансу; ефективне використання обмежених ресурсів), передбачають здебільшого короткостроковий горизонт планування, що ускладнює вихід із «зачарованого кола» економічної політики, коли її динамічний розвиток стає заручником потреби в постійній адаптації поведінки відповідно до мінливих умов, які вона сама своїм коригуванням і зумовлює. Виявлено, що в ситуації коронакризи питання боротьби з одночасними проявами шоків попиту і пропозиції,та зокрема безробіттям, визнаються за пріоритетні й прагнуть бути вирішеними за рахунок поєднання інструментарію монетарної та фіскальної політик, у тому числі й на засадах регуляторної конкуренції, яка реалізуєтьсязасобами неопротекціонізму, що визначається нами як сукупністьпринципів, інструментів і методів регуляторної політики держави у сфері міжнародної торгівлі, міжнародного руху капіталу і зарубіжних інвестицій, а також міжнародних валютно-фінансових і кредитних відносин, імперативом реалізації якої є стимулювання соціально-економічного розвитку та економічного зростання країни шляхом створення умов для підвищення економічної активності всіх суб’єктів господарювання.

East Asia has delinked – can Ethiopia delink too?

ABSTRACT The possible emergence of a developmental state in Ethiopia has renewed the debate among African activists, scholars and policymakers over how to explain the remarkable success of the ‘East Asian model’. Rapid industrialisation in South Korea, Taiwan and China supposedly invalidates dependency theory, yet Samir Amin’s framework of delinking can better explain the success of these countries than can competing theories of the developmental state, since it highlights the role of international and domestic political alliances. Delinking means submitting international trade and financial relations to domestic priorities and is necessary for capitalist or socialist development.

Інституціональне забезпечення та регулювання світової фінансової архітектури

The article explains the essence of institutional provision and characterizes the main aspects of regulation of the world financial architecture. It is defined that no other element of financial architecture has such powerful financial resources to realize the goal of financial stability and to assist developing countries, as well as countries with transition economies. The main directions of implementation of strategic goals for regulation of financial architecture are considered. The authors justify the need to timely improve the institutional provision for the process of regulating international financial relations in the context of increasing financial stability in the global economic environment and as an appropriate reflection on the conditions of transformational uncertainty and strategic imperatives of the development of the world financial architecture. The conceptual scheme of institutional provision for regulation of world financial architecture is presented and characterized. A new world financial architecture is proposed and its main advantages are analyzed. The need for algorithmic transformation of the liberal model of world financial architecture to a clearer regulation both the State-based and the superior one fulfilled on the grounds of regionalization is argued. It is concluded that the main factors of negative impact of global disparities on the world economy are as follows: imperfection of the financial mechanism, aggravation of a totality of contradictions between financial and real sectors of the economy, between national and international structures in the direction of implementation of the strategic State goals and strengthening of regionalism.

Financial implications of globalization and new technologies Ukraine international relations

Research background: The world will change radically after the COVID-2019 pandemic. The transformation of financial globalization is already taking place. It contributes to the emergence of new international relation’s forms, institutions, technologies of interaction. All these trends necessitate a revision of the basic Ukraine concepts on convergent integration into the international financial space. Purpose of the article: To identify effects of financial globalization in Ukraine and characteristics of digital human interaction; to define an expansion of digital health principles for the elimination of the population’s cognitive skills atrophy and to offer new information convergence technology, financial autonomy and identity of the country in global financial market. Methods: The methods of divergence and convergence, rationality and irrationality – to find effective tools for regulating international financial relations in Ukraine; methods of cognitive data analysis – to determine forms, directions of Ukrainian society digital hygiene; conceptualization of consequences and duality of results evaluation – for clarity of reflection of a modern development condition for а society emotional intelligence and levelling of Ukraine dependence on financial hedonism in the world. Findings & Value added: This search for regulation methods is based on a hybrid combination of global professional achievements in the regulation of financial markets, author’s work, applied projects to stabilize the financial system and priority measures to balance the development of the national economy of Ukraine. This approach will increase the effectiveness of financial relations and solving socio-economic problems at the national and international levels, while ensuring the achievement of national priorities and interests.

Prospects for Applying the Experience of Financial Cooperation within the ASEAN + Russia Framework

Aim. The presented study aims to summarize the experience of ASEAN countries in the harmonization of national legislations regulating the financial markets of the Association’s individual member states and to systematize approaches used by this regional bloc when building cooperation in the financial sector within the ASEAN + framework.Tasks. The authors analyze an association’s experience of coordinating a financial market regulation policy among a group of countries; examine the experience of ASEAN’s financial cooperation with other countries within the ASEAN + framework, primarily with the region’s leading countries — China, Japan, and the Republic of Korea; assess the current level of financial and trade interaction between Russia and ASEAN member states (ASEAN + Russia framework).Methods. This study uses general scientific methods of cognition to examine various aspects of the financial market integration policy of ASEAN member states, trends in the current state and development of the pursued policy, and major directions for its modernization.Results. ASEAN countries have devoted considerable time to building relations in the field of financial market integration. However, this process has not reached the level of development that would indicate a significant breakthrough in the convergence of financial regulation or progress in the harmonization of national legislations of ASEAN member states. At the current stage of development, the pace of financial integration is slowing down. ASEAN countries have developed a structure of international financial relations, where developed countries and multinational companies play a significant role. In these circumstances, key ASEAN partners have to compete in order to change the established relations. The current results of cooperation within the ASEAN + framework do not provide a clear indication of its effectiveness.Conclusions. Since Russia’s financial cooperation with ASEAN countries is currently at the stage of formation, obtaining results from its development requires more active efforts to create an institutional environment for cooperation and finding promising projects and junction points for its development.

FORMATION AND SUBSTANTIATION OF ANTI-CRISIS STRATEGY OF FINANCIAL SECURITY OF COUNTRIES WITH ECONOMIES IN TRANSITION

The purpose of the article is to form and substantiate the anti-crisis strategy of financial security of countries with economies in transition. This need is due to the fact that the development of the world economy and international financial relations, strengthening integration processes in the world in times of the ongoing global financial instability, internal and external contradictions and imbalances in financial markets require the development of new ways to improve financial security. Methodology. In the course of the analysis, various concepts and directions of improving the financial security of the state were considered, using the methodology of system analysis in the study, which allowed to form the principles of anti-crisis strategy of financial security of countries with economies in transition. Results. The most important tasks of strategic anti-crisis management of financial security of the state on the way to its integration into the world economy are to ensure an effective integration of the financial component of the economy within the regional and global financial relations, to improve the efficiency of public administration and optimize the system of overcoming external and internal threats to financial security, conduct a policy of reasonable protectionism within the framework of generally accepted and effective procedures, as well as to maintain stability of the national currency and its moderate volatility, etc. Practical implications. The analysis of concepts and areas of improvement of financial security of the state allowed to formulate the principles of anti-crisis strategy of the financial security of countries with economies in transition and to develop practical recommendations for improving the process of financial security management in Ukraine. Value/originality. The use of systematic analysis allowed to formulate the principles of anti-crisis strategy of the financial security of countries with economies in transition in modern conditions.

The instruments of currency regulation of foreign economic activity

Relevance of research topic. In conditions of the high-level export-oriented national economy of Ukraine, the importance of foreign trade and monetary policy research including the development of currency regulation becomes especially relevant. The need for a system of currency regulation based on the principles of liberalization, which corresponds to both the general economic situation in Ukraine and global trends, requires special attention to studying the instruments of currency regulation. Analysis of recent research and publications. Among the most studied aspects of regulating currency relations should be noted: the theoretical fundamentals of international monetary and financial relations, state regulation of the economy, international regulation of monetary relations, liberalization of international monetary relations, the current state and prospects of development of currency regulation in Ukraine and the monetary and financial mechanism of foreign economic activity. Selection of unexplored parts of the general problem. Due to the global challenges and the constant evolution of monetary and financial relations, as well as the modernization of the system of currency regulation in Ukraine, the peculiarities of formation and application of the instruments of currency regulation of foreign economic activity require a more detailed study. Setting the task, the purpose of the study. To analyze the modern instruments of currency regulation of foreign economic activity and the peculiarities of their use in Ukraine. Method or methodology for conducting research. System and structural approach, method of logical analysis, statistical method, method of graphic analysis, method of comparison, method of structuring. Presentation of the main material (results of work). The paper describes approaches to the definition of currency regulation of foreign economic activity. Its place in the economic system of the state is considered. The system of instruments and levers of currency regulation of foreign economic activity is proposed based on direct and indirect regulation. The use of instruments of currency regulation of foreign economic activity in Ukraine in the modern conditions of currency regulation system liberalization is characterized. The field of application of results. Educational process (in the preparation of the relevant sections of textbooks and tutorials for courses “International Economics”, “Global Economics”, “Finance”). Conclusions according to the article. Analysis of the essence and approaches to the definition of currency regulation of foreign economic activity allows considering it as an instrument of currency policy and an integral part of foreign economic policy, state regulation of the economy, financial regulation of foreign economic activity. Indirect and direct currency regulations define its regulatory and control functions. Thereafter the exchange rate and currency transactions should be considered as the main instruments of currency regulation of foreign economic activity. The corresponding regulation levers are triggering the instruments of currency regulation of foreign economic activity. The levers of currency transactions instrument are rules of trade in currency values, currency restrictions, rules of administrating the foreign exchange proceeds of business entities. The levers of the exchange rate instrument are exchange rate regimes, devaluation/revaluation, foreign exchange interventions, foreign exchange reserves diversification. A new currency regulation system that provides the significant liberalization of currency transactions and capital movements was launched in Ukraine in 2019. According to it the concept of foreign exchange control as a repressive mechanism will be removed from the legislation, and a system of currency supervision will be introduced instead. The priority of less discriminatory instruments of currency regulation is also defined. Thus, it can be argued that the considered instruments of currency regulation of foreign economic activity reflect the trends of Ukraine's integration into the world financial and economic system.

INTERNATIONAL FINANCE IN THE CONDITIONS OF GLOBALIZATION

Background. The international finance in the conditions of globalization is providing the strengthening for international cooperation and activity of supranational institutions, up growth volumes of foreign trade, and development of digital technology. It is important to identify the factors that influence and determine the development of international finance. The aim of the paper is to develop the theoretical and methodological approaches to defining the determinants of globalization's impact on the development of international finance. Materials and methods. It was used a system of scientific methods and approaches, which allowed to achieve the study goal, in particular: system method –for disclosing approaches to the evolution of international financial relations and substantiation of the determinants of their development; methods of scientific abstraction, structural, analysis and generalization are used for the study of the dynamics and features of the functioning of individual segments of international finance. Results. The development of international finance reflects the growth of financial potential countries and the global GDP. The new general principles in society development are forming in the condition of globalization. The international finance makes for “blurring the borders”, acceleration of calculations and the movement of capital. It has deepened the system of interrelations of the architectonics of international finance and it is forming a new matrix of their relations. The financial and banking technologies of settlements play an important role in the conditions of globalization. The emergence and functioning of global financial centers accelerated the movement of international financial flows. There is an accumulation of significant financial resources at the disposal of TNCs, TNPs, TNBs in the world. The dollarization of the nation's economy and rapid development of Internet digital technologies affect the volumes of foreign economic activity, and individual sovereign and global risks. International financial institutions play an important role in stabilizing global development, financing the strategic goals of the world community, counteracting and overcoming financial-banking crises, etc. Conclusion. The deepening of integration processes in international finance strengthens the influence of general and specific factors. The adaptability of the international finance system provides a new global matrix of financial relations and its institutional architecture. Transparency, stability, and development of national financing and banking systems and international financial-credit institutions play a significant role in ensuring sustainable development in the world. The development of the institutional environment should ensure the effectiveness of international cooperation and the use of financial resources, the protection of national sovereignty, and national security.

Innovative Technology in Terms of Socio-Economic Value Diffusion: Accounting and Analytical Support

The potential of using information technology for socio-economic development of the country and the life quality of every citizen is quite significant now in Ukraine. The aim of the article is to study the modern possibilities of using information technologies, namely, adaptations of accounting and analytical support in the conditions of diffusion of socio-economic values to increase the welfare of the population. The methods of divergence and convergence, rationality and irrationality were used in the work - to search for effective tools for regulating national and international financial relations in Ukraine in the context of the challenges of globalization; methods of analysis of cognitive data – to determine the forms and directions of digital hygiene in Ukrainian society; conceptualization of consequences and the duality of assessing results - to illustrate the reflection of the current state of development of the analytical basis and levelling Ukraine’s dependence on financial hedonism, which currently prevails in the world. Specific areas of application of innovative technologies are proposed, such as tourism services and hotel and restaurant business. Ensuring the competitiveness of national industries as a result of their use of innovative behaviour and the development of new technologies and the accumulation by economically active subjects of innovative knowledge and empirical skills ensures the introduction of new information technologies in various spheres of human life, with no exception of tourism and restaurant industry. The modern industry of restaurant and tourism business has been actively using specialized software and global computer networks in recent years to increase the efficiency of the placement and search of information, the activation of promotion and services marketing, and the improvement of the quality of customer service, as this is an important condition for the quality of such services. Thus, integration aspirations in the global socio-economic system should be supplemented by facilitating access to advanced information technologies within the country itself. This is a necessary condition for the process of diffusion of socio-economic development and innovative knowledge that should be accumulated in the country.
 Keywords: innovation, technology transfer, welfare, socio-economic development, accounting and analytical support

Cooperation between the Russian Federation and EAEU with Asian financial institutions: current state and development of strategy for further cooperation

The Russian Federation and EAEU actively participate in the international financial relations, as well as represent large financial markets. At the same time, economies of the Union are in need for an impulse that would allow them to transition towards sustainable course of long-term development. Such impulse can come from a dialogue with Asian financial institutions (AFI). The goal of this work is to describe the contours of the dialogue and strategies for gaining maximum benefit out of it, as well as discover possible paths for future transformation of Asian financial institutions. The results of this research allow discovering paths for overcoming the key problems of Russian economy – lack of direct foreign investments, as well as lack of diversification of exports – through cooperation with the AFI in the financial sphere and trade. The article determines the main paths for structuring the Asian financial architecture, and make proposals on a strategy for intertwining the EAEU and the AFI with consideration of interest of the EAEU member-states, primarily Russia. The author proposes the model for redistribution of investments within EAEU taking into account the investment position of the country, and conducts analysis of the effects of cooperation with the AFI upon the EAEU countries. Moreover, the research reveals the main advantages of this cooperation for the Asian countries, which allows speaking of bilateral benefits of the cooperation.

Детермінанти цифровізації сфери міжнародних валютно-фінансових відносин

The article explores and substantiates the versatility of the category digitalization. The meaning of the digital economy is revealed. The influence of digitalization on the sector of international finance is determined, the main directions of the influence of digitalization on international monetary and financial relations are highlighted. It is argued that the digital economy is changing approaches to international financial transactions: the creation and implementation of new types of currencies (cryptocurrencies) and the possibilities of their use, the features of cryptocurrencies are disclosed. The features of application of blockchain technologies, and also other means of improvement of process of realization of payments are described. In particular, the market of mobile money transfers was characterized. The use of supply chain finance and the development of platforms for the application of such technology are also explained. Incidentally, the article identifies possible risks in the use of digital technologies in the field of international financial services.

Mobilization modernization of the industry of the Russian Federation — a strategic direction of the import substitution process

The first decades of the 21st century are characterized by the growth of not only armed conflicts, but also local wars, as well as a whole host of so-called "color" revolutions, accompanied by an increase in the terrorist threat in the immediate vicinity of Russia's borders. The facts indicate that the geopolitical situation that has developed at the present stage of world social development is far from stable and is characterized by a global transformation of the entire system of international economic, financial and military-economic relations, directly related to the intensification of the struggle for reliable provision of own production with a resource base and possession of promising markets. marketing of finished products. The mobilization of the national industry, carried out with the outbreak of war, or in a period threatening the country, as the experience of past wars shows, is most optimal if, in peacetime, the country's leadership conducts advance mobilization preparation of all components of the resource potential of the military-industrial complex. The strategic priority in modern conditions for Russian society is the mobilization modernization of Russian industry with the strengthening of the scientific and industrial direction, which is understood as industry, the resources of which are concentrated and used to counter the threats and risks of the country's existence on an innovative basis as an integral system.

FINANCIAL CRISIS: ILLUSION OF SUPPRESSION

It has been shown, that the financial crises in the last twenty years intensified attempts to rethink the dominant neo-liberal concepts of globalization of monetary and credit relations. Achievements of financial technology allowed to overcome some arising problems and generated hopes for a possibility of preservation of a former paradigm of market capitalism and regularities of globalization of world economy. However, a more detailed consideration of new developments in the field of international monetary and financial relations leads to the conclusion, that such hopes are illusory.

The Return of International Finance and the Martínez de Hoz Plan in Argentina, 1976–1978

This article is an effort to update a discussion of Argentina’s international financial relations during the late 1970s that is lagging behind recent scholarly developments on the cases of Mexico and Chile. It focuses on the early restoration of Argentine credit standing with multilateral financial institutions, as well as their loans and technical assistance, achieved by Minister Martínez de Hoz and his team during their early years in office. So far this stage had not elicited detailed analyses of its differences with the controversial and better-known monetary balance of payments approach adopted in December 1978 to finally curb inflation, and which gave international private bankers a leading role in the financing of Argentina’s foreign exchange needs.

Integration of Ukraine to the world financial space in the context of cooperation with the IMF and the world bank

Relevance of the research topic. After the national sovereignty proclamation, the Ukraine`s important task was to create a new model of socio-economic development of the country based on openness of the economy and integration into the world financial space. The process of integration is extremely complex and multifaceted, which involves the formation and implementation of an effective state policy in the field of international financial relations, raising the level of efficiency of the state administration system and creating conditions for the development of the real economy. Formulation of the problem. Transformations in the global economic environment, accelerating the processes of financial globalization are currently actualizing issues of countries integration into the world financial space. At the same time, the implications of integration are rather ambiguous, especially from the point of view of their financial component, which requires further scientific research of the theoretical and applied aspects of Ukraine's integration into the world financial space, in particular in the context of cooperation with the IMF and the World Bank. Analysis of recent research and publications. The problem of the globalization processes impact on the domestic economy, the development of international financial and economic relations is quite widespread today in the scientific research of famous foreign and domestic scientists: J. Buchanan, P. Samuelson, J. Stiglitz, T. Bogolib, V. Kolosova, G. Kucher, L. Lisyak, I. Lukyanenko, A. Mazaraki, V. Sidenko, I. Chugunov and others. Selection of unexplored parts of the general problem. The issues mentioned above are actualized in connection with the acceleration of the financial globalization processes, which determine the solution of a significant range of tasks related to the integration of developed and transformational economies into the world financial space. Setting the task, the purpose of the study. The purpose of the study is to determine the main directions of Ukraine's integration into the world financial space in the context of cooperation with the IMF and the World Bank. To achieve this goal, the following tasks were set: to analyze and evaluate the peculiarities of Ukraine's cooperation with the IMF and the World Bank; to substantiate the influence of globalization processes on the development of the financial and economic environment in Ukraine, to reveal the peculiarities and to determine the main directions of Ukraine's integration into the world financial space. Method or methodology for conducting research. The article uses a set of methods of scientific research: system approach, statistical analysis, structuring, analysis and synthesis, etc. Presentation of the main material (results of work). The analysis and evaluation of the peculiarities of Ukraine's cooperation with the IMF and the World Bank is carried out. The globalization processes influence on the development of the financial and economic environment in Ukraine is substantiated. The peculiarities and the main directions of integration of Ukraine into the world financial space are determined. The field of application of results. The results of this study can be applied in the process of formation and implementation of Ukraine's fiscal policy. Conclusions according to the article. Cooperation with international financial organizations is a powerful tool for attracting external state loans aimed at addressing the strategic objectives of socio-economic development of countries. Investments of international organizations create appropriate conditions for accelerating economic growth. The domestic economy restructuring in combination with the measures proposed by international financial organizations creates the basis for increasing the population welfare. The article substantiates that Ukraine's integration into the world financial space is a complicated and multi-faceted process, and the continuation of cooperation with international financial organizations will allow to receive financing on attractive conditions and to increase international reserves.

Multilayered Governance and the International Financial Architecture: The Erosion of Multilateralism in International Liquidity Provision

AbstractWe analyze the ‘plurilateralization’ of global financial governance, defined as the proliferation of bilateral, regional and global governance arrangements, exploring how these have shaped international monetary and financial relations. We argue that the added layers of governance are the outgrowth of four factors: the demand for an international lender of last resort, the need to manage cross‐border financial and monetary policy spillovers, the desire for policy ownership and flexibility in an increasingly globalized world, and the confluence of bilateral liquidity provision policies with countries’ strategic foreign economic policy goals. Despite the desire to rationalize and streamline an increasingly complex international financial architecture, we argue that plurilateral governance is here to stay. We therefore offer some guidelines for living with this complexity.

Graph representation of balance sheets: from exogenous to endogenous money

A graph representation of the financial relations in a given monetary structure is proposed. It is argued that the graph of debt-liability relations is naturally organized and simplified into a tree structure, around banks and a central bank. Indeed, this optimal graph allows to perform payments very easily as it amounts to the suppression of loops introduced by pending payments. Using this language of graphs to analyze the monetary system, we first examine the systems based on commodity money and show their incompatibility with credit. After dealing with the role of the state via its ability to spend and raise taxes, we discuss the chartalist systems based on pure fiat money, which are the current systems. We argue that in those cases, the Treasury and the central bank can be meaningfully consolidated. After describing the interactions of various autonomous currencies, we argue that fixed exchanged rates can never be maintained, and we discuss the controversial role of the IMF in international financial relations. We finally use graph representations to give our interpretation on open problems, such as the monetary aggregates, the sectoral financial balances and the endogenous nature of money. Indeed, once appropriately consolidated, graphs of financial relations allow to formulate easily unambiguous statements about the monetary arrangements.

Financial Disputes in International Courts

The question of adjudication in international financial law has rarely been analysed comprehensively in the legal literature. This can probably be explained with the fact that, unlike in other areas of international economic law, there is no international financial court specifically designed to adjudicate international disputes between financial regulators, or between governments and financial institutions or investors. Moreover, the informality of regulatory cooperation through Transnational Regulatory Networks (TRNs), the use of soft laws to regulate international financial relations, and the presence of prudential carve-outs in international treaties was supposed to keep financial supervisory and regulatory authorities free from international scrutiny and to limit the judicial review of regulatory measures to a purely domestic exercise. Yet, financial measures are increasingly challenged in international investment tribunals, human rights courts, and regional courts. From 1995 to 2016, there have been more than 100 known international disputes on financial services, of which roughly two-thirds involved a supervisory measure such as the resolution or bankruptcy of an insolvent bank or the imposition of supervisory fines. The remaining claims mostly included violation of sovereign debt contracts, or emergency legislation affecting financial services. Investment arbitrations, in particular, are considerably on the rise. The increased number of regulatory disputes represents fundamental implications for the financial regulatory community in terms of domestic governance, regulatory cooperation, and global financial stability. This essay empirically investigates and maps for the first time the patterns of international adjudication in financial law, and comments on what the rise of international litigation means for the global financial architecture.

Monetary System of Georgia in XI-XII Centuries and Its Effect on Economic Activity

This works covers peculiarities of formation of Georgian monetary system in XI-XII centuries and their effect on the international financial and economic relations. In this works we have researched the matters of formation of monetary policy of feudal age and their effect on development of foreign trade, methods of money formation important for the present world, which correct choice may provide increase of production volume and economic activity. Currency policy, geopolitical and geostrategic localization proved the country to turn into one of the economically strong economic states with high standard of life, developed system of socioeconomic relations approached to the international standards and democratic institutions.