Institutional and Regulatory Architecture of the Global Financial Innovation Ecosystem

Анотація

The article is devoted to a comprehensive study of the processes of development of financial innovations and determination of the effects of their implementation, as well as to the characterisation of key institutions, levels and instruments in the regulatory architecture of national financial markets and outlining trends in the development of the global financial innovation ecosystem. It is substantiated that financial innovations not only significantly expand the resource capabilities of economic entities to overcome the discretionary restrictions imposed by market regulators, but also ensure the most productive use of financial capital and accelerate the recovery of national economies from recession; in addition, by penetrating national markets, they cause radical modernisation of the global financial infrastructure and existing financial services, and also bring them to a qualitatively higher level of development. It is stated that large-scale digitalisation of all spheres of human life, as one of the universal forms of global economic development, has had a powerful impact on the structural dynamics of financial innovation in recent decades, which takes the form of manifestation in the dynamic spread of digital channels of financial and banking services for business entities; transformation of classical financial intermediaries into high-tech corporate structures with a diversified range of client services; and global spread of It is noted that the global stage of the world economic development based on the digital paradigm is characterised by a systemic, multi-level and multicomponent influence on the development of financial innovations of the whole system of universal and specific factors. It is determined that the global ecosystem of financial innovations, as a qualitatively new value proposition of innovative developments of financial profile and a group of interconnected and interacting institutions that ensure their creation and market circulation, is at the stage of forming its institutional and regulatory architecture in modern conditions. Based on the results of the study of the processes of innovation in the global financial sector, the author concludes that national financial markets tend to follow two main and conceptually different models, namely, centralised and decentralised, some features of which are now clearly manifested in many countries.

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