The Future of the Global Financial System: Downfall or Harmony

1299 Pages·2019·45.588 MB·English

by  Elena G. Popkova

Lecture Notes in Networks and Systems 57
Elena G. Popkova Editor
The Future of the
Global Financial
System: Downfall
or Harmony
Lecture Notes in Networks and Systems
Volume 57
Series editor
Janusz Kacprzyk, Polish Academy of Sciences, Warsaw, Poland
e-mail: [email protected]
The series “Lecture Notes in Networks and Systems” publishes the latest
developmentsinNetworksandSystems—quickly,informallyandwithhighquality.
Originalresearchreportedin proceedings andpost-proceedings represents thecore
of LNNS.
Volumes published in LNNS embrace all aspects and subfields of, as well as
new challenges in, Networks and Systems.
The series contains proceedings and edited volumes in systems and networks,
spanning the areas of Cyber-Physical Systems, Autonomous Systems, Sensor
Networks, Control Systems, Energy Systems, Automotive Systems, Biological
Systems, Vehicular Networking and Connected Vehicles, Aerospace Systems,
Automation, Manufacturing, Smart Grids, Nonlinear Systems, Power Systems,
Robotics,SocialSystems,EconomicSystemsandother.Ofparticularvaluetoboth
the contributors and the readership are the short publication timeframe and the
world-wide distribution and exposure which enable both a wide and rapid
dissemination of research output.
Theseriescoversthetheory,applications,andperspectivesonthestateoftheart
andfuturedevelopmentsrelevanttosystemsandnetworks,decisionmaking,control,
complex processes and related areas, as embedded in the fields of interdisciplinary
andappliedsciences,engineering,computerscience,physics,economics,social,and
lifesciences,aswellastheparadigmsandmethodologiesbehindthem.
Advisory Board
FernandoGomide,DepartmentofComputerEngineeringandAutomation—DCA,Schoolof
Electrical and Computer Engineering—FEEC, University of Campinas—UNICAMP,
São Paulo, Brazil
e-mail: [email protected]
Okyay Kaynak, Department of Electrical and Electronic Engineering, Bogazici University,
Istanbul,Turkey
e-mail: [email protected]
Derong Liu, Department of Electrical and Computer Engineering, University of Illinois
at Chicago, Chicago, USA and Institute of Automation, Chinese Academy of Sciences,
Beijing,China
e-mail: [email protected]
WitoldPedrycz,DepartmentofElectricalandComputerEngineering,UniversityofAlberta,
Alberta, Canada and Systems Research Institute, Polish Academy of Sciences, Warsaw,
Poland
e-mail: [email protected]
Marios M. Polycarpou, KIOS Research Center for Intelligent Systems and Networks,
DepartmentofElectricalandComputerEngineering,UniversityofCyprus,Nicosia,Cyprus
e-mail: [email protected]
Imre J.Rudas, ÓbudaUniversity, BudapestHungary
e-mail: [email protected]
Jun Wang, Departmentof Computer Science, CityUniversity ofHong Kong
Kowloon, HongKong
e-mail: [email protected]
More information about this series at http://www.springer.com/series/15179
Elena G. Popkova
Editor
The Future of the Global
Financial System: Downfall
or Harmony
123
Editor
ElenaG.Popkova
Institute of ScientificCommunications
Volgograd,Russia
ISSN 2367-3370 ISSN 2367-3389 (electronic)
Lecture Notesin Networks andSystems
ISBN978-3-030-00101-8 ISBN978-3-030-00102-5 (eBook)
https://doi.org/10.1007/978-3-030-00102-5
LibraryofCongressControlNumber:2018953030
©SpringerNatureSwitzerlandAG2019
Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpart
of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations,
recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission
orinformationstorageandretrieval,electronicadaptation,computersoftware,orbysimilarordissimilar
methodologynowknownorhereafterdeveloped.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexemptfrom
therelevantprotectivelawsandregulationsandthereforefreeforgeneraluse.
The publisher, the authors and the editors are safe to assume that the advice and information in this
book are believed to be true and accurate at the date of publication. Neither the publisher nor the
authorsortheeditorsgiveawarranty,expressorimplied,withrespecttothematerialcontainedhereinor
for any errors or omissions that may have been made. The publisher remains neutral with regard to
jurisdictionalclaimsinpublishedmapsandinstitutionalaffiliations.
ThisSpringerimprintispublishedbytheregisteredcompanySpringerNatureSwitzerlandAG
Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland
Preface
This volume contains the best works that were presented at the conference “The
Future of the Global Financial System: Downfall or Harmony,” which took place
on April 13–14, 2018, in Limassol, Cyprus. The conference was devoted to
reconsiderationoftheroleandmeaningoftheglobalfinancialsysteminthemodern
global economy in the context of the crisis, which started in 2008 and is still
observed in a lot of countries, and to development of conceptual and applied
recommendations for activation of development of the global financial system.
Allworksunderwentpeer-reviewandconformtostrictcriteriathatincludehigh
level of originality (more than 90%), elements of scientific novelty, contribution
into development of economic science, and wide possibilities for practical appli-
cation. The target audience of this scientific work includes postgraduates, lecturers
ofhighereducationalestablishments,andresearcherswhostudythemodernglobal
financial system. Based on the authors’ conclusions and results, representatives
of the target audience will be able to build their new scientific research.
The topics of the works contained in this volume cover (but are not limited to)
the following issues, which are interesting for the modern economic science and
practice:
– Financial globalization as a foundation of modern times;
– new role offinances in the global economy: from background to foreground;
– transition offinancial system from infrastructure to new vector of development
of the global economy in the twenty-first century;
– fiasco of the modern financial system and ways of overcoming it;
– problems and perspectives of harmonization of the global financial system;
– scenarios of development of the global financial system.
Materials of the volume are divided into the following parts: development of
financialsystemsofmicro-,meso-,andmacro-levels,financialinfrastructureofthe
moderneconomy,legalissuesofdevelopmentofthemodernfinancialsystem,and
management of the global financial system. The conference was organized by the
v
vi Preface
InstituteofScientificCommunications(Volgograd,Russia).Almost2,500scholars
participatedintheconferenceasvisitorsandspeakers,withmorethan500scientific
works.
Introduction
The recent global financial and economic crisis attracted attention of international
society to the modern global financial system, showing its unsustainability and
causing threats to its further development in the long term. Obvious, the current
trajectory of its movement is not perfect for participants of international financial
relations and requires correction.
If these corrections are not timely, the next crisis might lead to downfall of the
whole modern financial system. On the contrary, selection of right direction of its
development will ensure harmonization of interests of its participants and estab-
lishment of balance at the global financial markets. Due to this, topicality of
determining new outlines of the global financial system, which allow making it
more sustainable against crises, grows constantly.
Materialsofthisvolumearedevotedtogeneralizingtheaccumulatedexperience
in transformation of financial system and discussing perspectives and developing
recommendationsformodernizationofthemodernfinancialsysteminviewofnew
challenges of the modern times for increasing its sustainability. For this, efforts of
various experts in the sphere of finance are united, which allowed comparing
variouspointsofviewonthefutureoftheglobalfinancialsystemandcompilingits
various forecasts and scenarios. This will allow reducing uncertainty and risk of
execution of international financial operations and will increase international
financial flows.
Thisvolumecontainsthebestworksthatwerepresentedattheconference“The
Future of the Global Financial System: Downfall or Harmony,” which took place
on April 13–14, 2018, in Limassol, Cyprus. The conference was devoted to
reconsiderationoftheroleandmeaningoftheglobalfinancialsysteminthemodern
global economy in the context of the crisis, which started in 2008 and is still
observed in a lot of countries, and to development of conceptual and applied
recommendations for activation of development of the global financial system.
The conference was organized by the Institute of Scientific Communications
(Volgograd, Russia). This volume contains scientific studies in the sphere of eco-
nomic, management, and law—which ensured a multi-disciplinary approach to
studying the modern global financial system and substantiation of the offered
recommendations from the organizational and managerial and normative and legal
points of view.
OneofthemostinterestingworksofthevolumeisthearticlebyElenaSysoeva,
Elena Budilova, Oksana Kachur, and Olga Dolgova “Financing of Russian
Companies in the Conditions of Distortion of International Trade Relations and
EconomicSanctions,”whichcontainstheauthors’opinionontheproblemofdeficit
Preface vii
offinancialresourcesfordevelopmentofthemodernRussianentrepreneurshipand
offers the means for its complex and highly effective solution.
The work of Tatiana Malova and Marina Pivovarova “The Dilemmas of
Macroeconomic Management: Impact on Global Financial Stability” is very
interesting for researchers, as it contains framework strategic recommendations for
provision of sustainability of the global financial system on the basis of macroe-
conomic regulation tools.
Legal aspects offuture development of the global financial system are reflected
in the work “Peculiarities of Protecting the Rights of Participants of Financial
Markets in Court”— this article contains practical recommendations for modern-
izing the normative and legal and institutional provision of supporting stability
of the global financial system. This work is logically continued by the work of N.
V. Tskhadadze and N. V. Chernorizova “International Financial Markets in the
Conditions of Transformation of the Financial System.”
These and other works contain objective and various opinions on the future
of the global financial system and offer perspective solutions to the problem of
activation of its post-crisis growth and prevention of new crises, as well as
restoration of its leading role in the global economy.
Conclusions
Asaresultoftheconference,itispossibletoconcludethatthefutureoftheglobal
financial system is not ambiguous. Joint efforts of the authors of the works of the
volume allowed determining the main factors and risks of development of the
global financial system, tracking transformation of its role in the global economy
before,during,andafterthe2008globalcrisis,anddetermining perspectivesofits
sustainable development in the long term.
Themostimportantresultoftheseriesofresearchisactualizationoftheproblem
ofdevelopmentoftheglobalfinancialsystem.Wehopethattheseworkswillattract
attention of the global society to this problem and will lead to implementation of
complexmeasures(includingourrecommendations),aimednotonlyatprovisionof
highly effective execution infrastructural role of the global financial system in
economic systems of various scale but also at assigning a new role to it—accel-
erator of growth and development of the global economy.
One of the advantages of this volume is that it contains studies not only in the
sphere of macroeconomics but also meso-economic and microeconomics. Due to
this, it was possible to study the issues of including regions of national economic
systemsintotheglobalfinancialsystems,developmentofseparatefinancialmarkets
andfinancialorganizations,andtheissuesofovercomingoffinancialbarriersonthe
path of development of entrepreneurship.
We’reproudthatourjointeffortswereabletocoversuchlargelayerofscientific
and practical issues, thus reducing uncertainty as to future development of the
global financial system. At the same time, we acknowledge topicality and lack of
viii Preface
solutionstosuchissuesasprovisionofbalance(overcomingdisproportions)ofthe
global financial system’s development, standardization and unification of func-
tioning of national financial markets and activities offinancial organizations, har-
monization of the level and rate of its development with the needs of global
economicsubjects,etc.,andcallforscholarsandexpertstoconductresearchaimed
at solving them.
Contents
Development of Financial Systems of the Micro-, Meso-,
and Macro-Levels
InfluenceofIntegration Processes onEconomy oftheAgro-Industrial
Complex: A View from the Positions of Various Models
of Economic Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Larisa V. Popova, T. A. Dugina, A. V. Malofeev, I. S. Korabelnikov,
and E. A. Likholetov
Economic Analysis of Labor Resources Usage in Regional Markets . . . 10
Tatiana N. Gogoleva, Pavel A. Kanapukhin, Margarita V. Melnik,
Irina Y. Lyashenko, and Valeriya N. Yaryshina
Technical Forensic Technique of Human Hair Examination:
Forensic Practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Eduard E. Genzyuk, Lyudmila A. Spektor, Viktoria S. Kirilenko,
and Aleksandr V. Sukhanov
Project Finance for Africa’s Construction Sector: Can Stabilization
Funds Work?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Lubinda Haabazoka
The Shift of the Competition Paradigm in the Banking Sector
of Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Anna Kladova, Marina Alpidovskaya, and Valeriy Gordeev
Socio-Cultural Activities in the Implementation of Educational
Programs for Tourism Based on the Competence Model . . . . . . . . . . . . 69
Irina V. Borisenko, Tatyana V. Degtyaryova, and Gulmira B. Grigoryeva
Communicative Tolerance of Students of Higher Educational
Establishments in the Context of Social and Economic Dimension
of the Region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Snezhana V. Yavon and Tatyana N. Ivanova
ix