STRUCTURAL CHANGES IN THE MODERN WORLD FINANCIAL ARCHITECTURE
This article analyzes the structure of the modern trends in the global financial architecture. The author represents the concept of “global financial architecture”, discloses the sources of its emergence and the various interpretations of this term in the international and domestic literature. The paper illustrates the main institutional elements that define the structure of the global financial architecture, and a gradual analysis of recent changes in their structure, geography and level of influence. It is concluded that there is a multipolar financial world with an increasing role of developing Asian economies in it. The author defines the factors that contribute to this process and its braking. In particular, special attention is paid to excessive financial flexibility that has been analyzed in the Russian scientific literature for the first time.
Keywords: global financial architecture, financial and monetary system, financial institutions, financial centers, excessive financial flexibility, financial crisis, capital, reserve currencies, integration associations.
Dmitry S. Trifonov, a post-graduate student. Saratov Socio-Economic Institute (branch) of Plekhanov Russian University of Economics.