FORMING FINANCIALLY MONETARY MODELS OF GLOBAL ECONOMY AND ITS CONSEQUENCES FOR THE NATIONAL STATES

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Abstract

     Analyses the interaction between the real and financial sectors as important components of the functioning of the modern global economy. Found that this interaction as a global economy provides advantages and generates economic instability and danger for the country. Investigated the following forms of financial globalization, as the growing mobility of international capital through liberalization of the conditions of transboundary move; the international expansion of multinational banks and other financial institutions; increase in international financial flows in the form of international settlements, payments, transfers, migration capital; enhancing the role of international financial institutions, in particular IMF, the World Bank and the WTO in the formation and regulation of the global financial system; convergence of national banking systems and strategies of monetary policy of central banks. It is proved that the transformation of the global economy in a global monetary economy occurs as a result of the prevalence of its financial component and the functioning of the latter as a separate independent system and increase the role and influence of currency the components of the global processes.

Detected the influence of these processes on the development of the country's financial system based on the individual behind the growing internationalization of financial portfolios as a result of widespread internal liberalization of capital movements; reduction of market the significance of banks as financial intermediary institutions; the determination of exchange rates the financial markets because of the increasing volume of international financial transactions concerning trade, market instability in the financial and monetary system of a particular country. Found that the new conditions of formation and development of global monetarism require combining the efforts of national Governments to organize the controls in the new situation. First, the regulation requires the problem of speculative short-term capital flows, which can make the chaos in the activities of national Governments and their economic policies. It is proved that the failure of States to regulate the national economy will grow, because the rivalry by the inflow of foreign investment, stronger makes use of such traditional tools of macroeconomic Regulation, as export subsidies, exchange rate of the national currency, customs tariffs, the rate of refinancing of the Central Bank and the growth of internal transactions complicates the implementation of economic and tax policy. Found that the national Government is losing more and more opportunities to influence the governance of their State, and the Institute of the State in terms of financial and monetary model of the global economy is undergoing changes, and above all, through the transfer of its sovereignty to supranational structures.

Keywords:  global economy, financial globalization, monetary globalization, monetary policy, transnacionalization, national government, state.