The Financial Architecture of the National Economy: Configuration and Structural Components

Abstract

The aim of the article is to study the configuration of the financial architecture of the national economy, determine its structural components, as well as reveal the properties of its construction. It is proposed to single out the following main structural components: national, international, global (supranational) one, presented in the configuration and investigated in conjunction with the external environment. The national component represents conditions for the functioning of the financial system within the national economy. To a certain extent, this component characterizes the degree of liberalization of the country’s financial sector. The international component is the state’s activities to create and develop conditions for free movement of capital and to a certain extent ensure the financial sovereignty of an individual country. The global (supranational) component includes the development and implementation of fundamentally new mechanisms and methods for managing the international community as a whole (in financial terms), without limiting national sovereignty. A classification of types of financial architecture depending on the properties of its construction and the specifics of its interaction with the external environment is proposed. Taking into account the totality of the properties presented in the article, it is proved that the financial architecture is a complex hierarchical configuration of constituent components, and, in this regard, signs of complexity are identified. The analysis showed that further studies should be aimed at considering the dynamic patterns of institutional changes in the financial architecture.

Keywords

• financial architecture
• national economy
• configuration
• structural components
• construction properties