Annotation

The article deals with specialities of global financial sphere development. The work shapes theoretical fundamentals and methodical approaches to the global financial system reformation. The peculiarities of entering the term “world financial system” into scientific circulation are presented in the research. The emphasis is made on the integration of financial system in the historical aspect. The peculiarities of independence of the world financial sphere from the state control and regulation are considered by the authors.

It is substantiated that globalization is the essential feature of the world financial environment at the present stage of development. It is determined that globalization is becoming a constant factor in both the international economic environment and domestic economic life. It is noted that growth of the world financial market, financial transactions between various actors in world economic relations is one of the brightest forms of manifestation of the process of globalization.

It is noted that the main feature of globalization is the free movement of financial capital. It is argued that the processes of economic and financial globalization has resulted in the obvious socio-economic gap between a small group of post-industrial countries and other countries. It is stressed that today the processes of capital transfer between countries are mainly due to the diversification of risks in order to increase profits. It is substantiated that the impact of financial globalization on the efficiency of financial markets in developing countries is low.

It is concluded that development of the global financial market is aimed at the weakening of ties with the real sector of economy and reduction of the control over them by the governments of individual countries and international organizations. It is noted that financial globalization is developing in an uncontrolled manner, which poses a real threat to the economic stability of all countries. The researchers note that integration of the national financial markets due to financial globalization is the cause of the growing general instability of the global financial market. It is argued that globalization of capital is a prerequisite for the instability of the global financial market.